<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 10-Q


                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


                  For the quarterly period ended March 31, 1997


                         Commission file number 01-9723


                     PHARMACEUTICAL MARKETING SERVICES INC.
             (Exact Name of Registrant as Specified in its Charter)


           Delaware                                            51-0335521
  (State or Other Jurisdiction                            (I.R.S. Employer
of Incorporation or Organization)                         Identification Number)

                    Suite 912, 45 Rockefeller Plaza, NY10111
               (Address of Principal Executive Offices) (Zip Code)

        Registrant's Telephone Number, Including Area Code (212) 841 0610

              (Former Name, Former Address and Former Fiscal Year,
                         if Changed Since Last Report.)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days Yes  X  No
                                      ---    ---

As of April 30, 1997, there were outstanding 13,196,975 shares of Common Stock
of Pharmaceutical Marketing Services Inc.

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<PAGE>   2
             PHARMACEUTICAL MARKETING SERVICES INC. AND SUBSIDIARIES
                               INDEX TO FORM 10-Q



<TABLE>
<CAPTION>
                                                                              PAGE NO.
<S>                                                                           <C>
PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

                  Consolidated Statements of Operations
                  (unaudited) for the Three and Nine Months
                  Ended March 31, 1997 and 1996....................              3

                  Consolidated Balance Sheets as of
                  March 31, 1997 (unaudited) and
                  June 30, 1996....................................              4

                  Consolidated Statements of Cash Flows
                  (unaudited) for the Nine Months Ended
                  March 31, 1997 and 1996..........................              5

                  Notes to Consolidated Financial Statements.......              6


Item 2.  Management's Discussion and Analysis
                  of Results of Operations and
                  Financial Condition..............................              8


PART II. OTHER INFORMATION

Item 4.  Submission of Matters to a Vote of
                  Security-Holders.................................             11

Item 6.           Exhibits and Reports on Form 8-K.................             11

                  Signatures.......................................             12

                  Index to Exhibits................................             13
</TABLE>
<PAGE>   3
PART I.                        FINANCIAL INFORMATION
ITEM 1.                        FINANCIAL STATEMENTS

             PHARMACEUTICAL MARKETING SERVICES INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                        THREE MONTHS ENDED              NINE MONTHS ENDED
                                                        ------------------              -----------------
                                                            MARCH 31,                       MARCH 31,
                                                            ---------                       ---------
                                                       1997            1996            1997            1996
                                                       ----            ----            ----            ----
<S>                                                 <C>             <C>             <C>             <C>
Revenue                                             $ 22,794        $ 23,126        $ 71,268        $ 68,125

Production costs                                     (12,453)        (13,651)        (39,249)        (38,005)

Selling, general and administrative expenses          (8,031)         (8,490)        (26,048)        (25,620)

Amortization of intangible assets                       (438)           (524)         (1,289)         (1,558)

Impairment of long-lived assets                           --          (2,368)             --          (2,368)

Restructuring charge                                      --          (2,314)             --          (2,314)

Operating loss from assets held for sale                (287)             --            (287)             --
                                                    --------        --------        --------        --------

Operating income (loss)                                1,585          (4,221)          4,395          (1,740)

Interest expense                                        (756)           (610)         (2,293)         (2,047)

Interest and other income                                729             435           2,141           1,859
                                                    --------        --------        --------        --------
Income (loss) from continuing operations
   before income taxes                                 1,558          (4,396)          4,243          (1,928)

Income tax provision                                    (546)           (276)         (1,502)           (276)

Minority interest                                         34              12             (12)             41
                                                    --------        --------        --------        --------

Income (loss) from continuing operations               1,046          (4,660)          2,729          (2,163)

Loss from discontinued operations, net                    --          (1,452)             --          (3,205)

Loss on disposal of discontinued operations,
    net                                                   --          (5,710)         (9,914)         (5,710)
                                                    --------        --------        --------        --------

Net income (loss)                                   $  1,046        $(11,822)       $ (7,185)       $(11,078)
                                                    ========        ========        ========        ========

Income (loss) per share:

  Income (loss) from continuing operations          $   0.08        $  (0.35)       $   0.21        $  (0.17)

  Loss from discontinued operations                       --           (0.11)             --           (0.24)

  Loss on disposal of discontinued operations             --           (0.43)          (0.75)          (0.44)
                                                    --------        --------        --------        --------

  Net income (loss) per share                       $   0.08        $  (0.89)       $  (0.54)       $  (0.85)
                                                    ========        ========        ========        ========

Common stock and common stock equivalents             13,316          13,146          13,268          13,110
</TABLE>

    The accompanying notes are an integral part of these financial statements


                                       3
<PAGE>   4
             PHARMACEUTICAL MARKETING SERVICES INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                      (IN THOUSANDS, EXCEPT FOR SHARE DATA)


<TABLE>
<CAPTION>
                                     ASSETS
                                                                      MARCH 31, 1997   JUNE 30, 1996
                                                                      --------------   -------------
Current assets                                                         (Unaudited)
<S>                                                                <C>                  <C>
        Cash and cash equivalents                                       $ 23,204        $  12,669
        Marketable securities                                             37,686           16,174
        Accounts receivable, principally trade
          (less allowance for doubtful accounts of
          $561 and $400, respectively)                                    23,689           29,283
        Work in process                                                    3,075            2,986
        Prepaid expenses and other current assets                          9,285            7,398
        Net current assets held for sale                                   3,425               --
        Net current assets of discontinued operations                         --            9,276
                                                                        --------        ---------
            Total current assets                                         100,364           77,786

Marketable securities                                                      4,312           18,515
Property and equipment, net                                               11,025            9,004
Goodwill, net                                                             25,185           25,895
Other assets, net                                                          9,140            8,613
Net assets held for sale                                                  16,462               --
Net assets of discontinued operations                                         --           33,595
                                                                        --------        ---------
    Total assets                                                        $166,488        $ 173,408
                                                                        ========        =========
                      LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

        Current maturities of long-term debt                            $    143        $     219
        Accounts payable                                                   4,665            4,411
        Accrued liabilities                                               12,685           11,489
        Unearned income                                                   16,867           14,040
                                                                        --------        ---------
        Total current liabilities                                         34,360           30,159
Long-term debt                                                            69,044           69,131
Other liabilities                                                            585              454
Minority interest                                                            125              710
                                                                        --------        ---------
    Total liabilities                                                    104,114          100,454
                                                                        --------        ---------

Stockholders' equity

        Common stock, $0.01 par value, 25,000,000
           shares authorized and 13,196,975 and 13,169,275 shares
           issued and outstanding, respectively                              132              132
        Paid-in capital                                                   87,158           86,923
        Accumulated deficit                                              (21,959)         (14,776)
        Cumulative translation adjustment                                 (2,938)             722
        Unrealized loss on investments, net of
           income tax benefit of $12 and $32, respectively                   (19)             (47)
                                                                        --------        ---------
                                                                          62,374           72,954
                                                                        --------        ---------
        Total stockholders' equity                                            --               --

        Total liabilities and stockholders' equity                      $166,488        $ 173,408
                                                                        ========        =========
</TABLE>

    The accompanying notes are an integral part of these financial statements


                                       4
<PAGE>   5
             PHARMACEUTICAL MARKETING SERVICES INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                 NINE MONTHS ENDED
                                                                                 -----------------
                                                                                      MARCH 31,
                                                                                      ---------
                                                                                1997           1996
                                                                                ----           ----

<S>                                                                           <C>            <C>
Net cash provided by (used in) operating activities                           $11,194        $(3,325)
                                                                              -------        -------
Cash flows provided by (used in) investing activities:

       Capital expenditures                                                    (3,607)        (3,484)

       Proceeds from the sale of property and equipment                            --            162

       Proceeds from sale of assets relating to discontinued operations         3,825             --

       Purchase of marketable securities, net                                  (7,287)          (240)

       Acquisitions payments, net of cash acquired                                 --           (607)
                                                                              -------        -------

Net cash used in investing activities                                          (7,069)        (4,169)
                                                                              -------        -------
Cash flows provided by (used in) financing activities:
       Net proceeds from options exercised                                        235            746
       Repayments of long-term debt and capital lease obligations                (165)          (476)
                                                                              -------        -------

Net cash provided by financing activities                                          70            270

Effect of discontinued operations                                               8,261          1,808

Effect of exchange rate movements                                              (1,921)        (2,231)
                                                                              -------        -------

Net increase (decrease) in cash and cash equivalents                           10,535         (7,647)

Cash and cash equivalents at beginning of period                               12,669         27,840
                                                                              -------        -------

Cash and cash equivalents at end of period                                    $23,204        $20,193
                                                                              =======        =======
</TABLE>


    The accompanying notes are an integral part of these financial statements


                                       5
<PAGE>   6
             PHARMACEUTICAL MARKETING SERVICES INC. AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                   (UNAUDITED)


1.       INTERIM UNAUDITED FINANCIAL INFORMATION

                  The accompanying statements of operations for the three and
         nine months ended March 31, 1997 and 1996, the statements of cash flows
         for the nine months ended March 31, 1997 and 1996, the balance sheet as
         of March 31, 1997 and the related information of Pharmaceutical
         Marketing Services Inc. (the "Company" or "PMSI") included in these
         notes to the financial statements are unaudited. These financial
         statements, where applicable, have been restated for discontinued
         operations. In the opinion of management, the interim financial
         information reflects all adjustments (consisting only of items of a
         normal recurring nature, except for discontinued operations) necessary
         for the fair presentation of the financial position, results of
         operations and cash flows for the periods presented. Results of
         operations for the three and nine months ended March 31, 1997 are not
         necessarily indicative of the results to be expected for the entire
         fiscal year.

                  The June 30, 1996 balance sheet was derived from the Company's
         June 30, 1996 audited consolidated financial statements, but does not
         include all disclosures required by generally accepted accounting
         principles.

                  These interim financial statements should be read in
         conjunction with the audited consolidated financial statements and
         related notes thereto included in the Company's Annual Report for the
         year ended June 30, 1996.

                  At March 31, 1997, Source Informatics Inc. ("Source") owned
         7.6% of the Company's common stock.

2.       INCOME (LOSS) PER SHARE

                  Earnings per share for the three and nine months ended March
         31, 1997 and 1996 were computed based upon the weighted average number
         of shares outstanding and common stock equivalents (stock options), to
         the extent that their inclusion had a dilutive effect on earnings per
         share, using the treasury stock method.

3.       INCOME TAXES

                  The effective continuing operations income tax rates for the
         quarters ended March 31, 1997 and 1996 were 35% and 106%, respectively.
         For the nine months ended March 31, 1997 and 1996 the effective income
         tax rates were 35% and 114%, respectively. The 1997 fiscal year
         effective income tax rate is based on the Company's projected mix of
         country profits which includes actual results for the nine months ended
         March 31, 1997.

                                       6
<PAGE>   7
4.       GOODWILL

                  The Company assesses the recovery of its goodwill on a
         subsidiary-by-subsidiary basis by determining whether amortization of
         goodwill can be recovered through expected net future cash flows
         (undiscounted and without interest charges). Impairment is measured
         based on the present value of estimated expected future net cash flows
         using a discount rate reflecting the Company's cost of funds.

5.       DISCONTINUED OPERATIONS

                  In the third quarter of fiscal 1996, the Company made the
         determination that substantially all of its non-database marketing and
         communication businesses would be sold and, therefore, accounted for
         those businesses as Discontinued Operations.

                  Upon adoption of the plan, the Company recorded a charge of
         $5.7 million in Discontinued Operations which included an estimate of
         operating income, net of tax, of $2.0 million during the phase out
         period. Based on its quarterly review of the assumptions used in
         determining the estimated loss relating to the Discontinued Operations,
         the Company recorded an additional net charge for loss on the disposal
         of the Discontinued Operations of $9.9 million during the quarter
         ending December 31, 1996. This charge was principally a result of the
         changes in the estimated proceeds from the remaining businesses to be
         sold. The charge also included a reduction of $1.8 million, net of an
         income tax benefit of $1.0 million, to the original estimate of the
         income to be generated in the phase out period.

                  Of the three businesses remaining to be sold at 31 December
         1996, one was sold during the third quarter, the Company entered into a
         firm commitment regarding the sale of another, and one business
         remained to be sold. In accordance with EITF90-6, the net assets of
         this remaining business, together with the remaining accrual for the
         loss expected to be generated on disposition, are now classified as net
         current assets held for sale and net assets held for sale in the
         balance sheet at March 31, 1997 and its operating loss for the quarter
         is recorded in operating income as a separate item.

                  The loss from the Discontinued Operations for the three and
         nine months ended March 31, 1997 were $0.4 million and $1.3 million net
         of income taxes, respectively.


                                       7
<PAGE>   8
ITEM 2.

            PHARMACEUTICAL MARKETING SERVICES INC. AND SUBSIDIARIES
               MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
                       OPERATIONS AND FINANCIAL CONDITION


         The operating results for the three and nine months ended March 31,
1997 reflect the Company's decision to focus on being an information provider to
the pharmaceutical and healthcare industries. One business from the Company's
non-database segment consisting of its European communication and marketing
services group is still to be divested. This business is reflected as "Assets
held for sale". The Company also plans to sell its international publishing
business which is included in continuing operations.


                   THREE MONTHS ENDED MARCH 31, 1997 AND 1996

REVENUE

         Revenue from continuing operations for the Company's third quarter of
fiscal 1997 decreased to $22.8 million from $23.1 million for the corresponding
quarter of 1996, representing a decrease of 1%. The decrease in revenue related
primarily to the Company's international publishing business and the divestment
of two poorly performing database businesses during fiscal 1997. The revenue
reduction in these businesses masked the growth recorded by the ongoing
information services businesses. Currency exchange rate movements, principally
in Japan and the Netherlands, negatively impacted the quarter's revenues by $0.7
million, or 3%.

PRODUCTION COSTS

         Production costs from continuing operations decreased to $12.5 million
(55% of revenue) from $13.6 million (59% of revenue) in the comparable quarter
of fiscal 1996. The 8% decrease in costs was associated with the reduced
revenue.

SELLING, GENERAL AND ADMINISTRATIVE COSTS

         Selling, general and administrative costs from continuing operations
decreased to $8.0 million (35% of revenue) from $8.5 million (37% of revenue) in
the comparable quarter of fiscal 1996. The 6% decrease was principally due to
improved control over administrative expenses following the divestment of poorly
performing database businesses which had disproportionately high selling,
general and administrative costs.


NET INTEREST EXPENSE

         Net interest expense from continuing operations for the quarter ended
March 31, 1997 was $0.1 million, compared with $0.2 million in the equivalent
quarter in fiscal 1996. The net improvement was due to improved rates of return
and interest income from assets held for sale.


                                       8
<PAGE>   9
INCOME TAXES

         The Company incurred an income tax charge of $0.5 million for the three
months ended March 31, 1997 on pre-tax profit of $1.6 million, an effective rate
of 35%. The fiscal 1996 effective tax rate was 106% on a pre-tax operating loss
of $4.4 million.

         The rate differential reflected changes in the anticipated mix of
country profits for the year ending June 30, 1997 and the effects, in the third
quarter of fiscal 1996, of charges for impairment of long-lived assets and
restructuring.


                    NINE MONTHS ENDED MARCH 31, 1997 AND 1996

REVENUE

         Revenue for the nine months ended March 31, 1997 increased to $71.3
million from $68.1 million for the corresponding period in 1996. The 5% increase
was due to growth in all businesses, but in particular, the Company's targeting
and market research businesses in the US. Currency exchange rate movements,
mainly in Japan and the Netherlands, negatively impacted revenue for the nine
month period by $2.5 million, or 4%.

PRODUCTION COSTS

         Production costs increased to $39.3 million (55% of revenue) from $38.0
million (56% of revenue) in the comparable period of fiscal 1996. The 3%
increase in costs was attributable to revenue growth.

SELLING, GENERAL AND ADMINISTRATIVE COSTS

         Selling, general and administrative costs increased to $26.0 million
(36% of revenue) from $25.6 million (38% of revenue) in the comparable period of
fiscal 1996. The 2% increase in costs was attributable to higher selling costs
partially offset by savings from the divestment of non-performing database
businesses.

NET INTEREST EXPENSE

         The net interest expense for the nine months ended March 31, 1997 and
for the same period in fiscal 1996 was $0.2 million.

INCOME TAXES

         The Company recorded a tax charge of $1.5 million for the nine months
ended March 31, 1997 on a pre-tax profit of $4.2 million, an effective rate of
35%. The fiscal 1996 effective rate for the comparable period was 114% on a
pre-tax operating loss of $1.9 million.

         The rate differential reflected changes in the anticipated mix of
profits for the year ended June 30, 1997 plus the effects of charges for
impairment of long-lived assets and restructuring in fiscal 1996.


                                       9
<PAGE>   10
LIQUIDITY AND CAPITAL RESOURCES

         At March 31, 1997, the Company's cash, cash equivalents and marketable
securities in continuing operations totalled $65.2 million, an increase of $17.8
million from the $47.4 million balance at June 30, 1996. The increase was
primarily due to movements in working capital and proceeds from the sale of
assets relating to discontinued operations. The current ratio at March 31, 1997
increased to 2.9 from 2.6 at June 30, 1996 due to the increase in cash and cash
equivalents.

         The Company anticipates, in fiscal year 1997 and in subsequent years,
its capital expenditures and working capital requirements will be funded from
existing cash, cash equivalents and marketable securities, internally generated
funds, and funds from the divestiture of its non-database business segment and
its international publishing unit. The timing and magnitude of future
acquisitions will continue to be the single most important factor in determining
the Company's long-term capital needs.

RECENTLY ISSUED ACCOUNTING STANDARD

         In February 1997, the FASB issued SFAS No. 128, "Earnings Per Share",
which is effective for financial statements issued for periods ending after
December 15, 1997. The new standard requires changes to computation,
presentation and disclosure requirements of primary and fully diluted earnings
per share. The Company has not yet made a determination of the impact of the new
standard on the financial statements and related disclosures, but does not
expect the calculated earnings per share to be significantly affected.


                                       10
<PAGE>   11
PART II.                     OTHER INFORMATION


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS

                     None.


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         Exhibits

         11          Computation of Earnings per Share.

         Reports on Form 8-K

                     None.



                                       11
<PAGE>   12
                                   SIGNATURES


                  Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.


Date: May 14, 1997               Pharmaceutical Marketing Services Inc.



                                 By /s/ Norman Lindsay
                                    ----------------------------------
                                 Norman Lindsay
                                 Chief Financial Officer

                                 On behalf of the registrant and as principal
                                 financial officer.


                                       12
<PAGE>   13
                                INDEX TO EXHIBITS


<TABLE>
<CAPTION>
Exhibit                        Description                           Page Number
-------                        -----------                           -----------
<S>               <C>                                                <C>
  11              Computation of Earnings (Loss) per Share               14
</TABLE>





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