<PAGE>

                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549
                                   FORM 10-Q

    (Mark one)
      [ X ]     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                SECURITIES EXCHANGE ACT OF 1934

      For the quarterly period ended December 31, 1999
                                         OR
      [   ]     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                SECURITIES EXCHANGE ACT OF 1934

                Commission file number 0-11580

                       PHARMAKINETICS LABORATORIES, INC.
            (Exact name of registrant as specified in its charter)

            Maryland                                     52-1067519
 (State or other jurisdiction of                      (I.R.S. Employer
  incorporation or organization)                    Identification No.)

                            302 West Fayette Street
                          Baltimore, Maryland  21201
                   (Address of principal executive offices)

                                (410) 385-4500
             (Registrant's telephone number, including area code)

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
                                       ---     ---

               APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                 PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes  X   No
                          ---     ---

                     APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date. 2,496,129 common shares were
outstanding as of February 7, 2000.
<PAGE>

                       PHARMAKINETICS LABORATORIES, INC.
                                   FORM 10-Q

                                     INDEX



                                                               Page No.

PART 1.  FINANCIAL INFORMATION

Item 1.  Financial Statements

         Consolidated balance sheets at December 31,              3
         1999 (unaudited) and June 30, 1999

         Consolidated statements of operations for                4
         the three and six months ended December 31,
         1999 and 1998 (unaudited)

         Consolidated statements of comprehensive                 5
         income (loss) for the three and six months
         ended December 31, 1999 and 1998 (unaudited)

         Consolidated statements of cash flows for                6
         the six months ended December 31, 1999
         and 1998 (unaudited)

         Notes to consolidated financial statements (unaudited)   7

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

Item 3.  Quantitative and Qualitative Disclosures                12
         About Market Risk


PART II. OTHER INFORMATION

Item 1.  Legal Proceedings                                       12

Item 4.  Submission of Matters to a Vote of Security-Holders     12

Item 6.  Exhibits and Reports on Form 8-K                        13

Signatures                                                       14

                                      -2-
<PAGE>

                       PHARMAKINETICS LABORATORIES, INC.
                          CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                                December 31,             June 30,
                                                                                   1999                    1999
                                                                                -----------              --------
                                                                                (Unaudited)
<S>                                                                             <C>                    <C>
ASSETS
Current Assets:
 Cash and equivalents                                                            $1,107,968            $  2,233,198
 Accounts receivable, net                                                           807,458               1,518,030
 Contracts in process                                                               170,799                 849,768
 Prepaid expenses                                                                   307,398                 241,469
                                                                                 ----------            ------------
  Total Current Assets                                                            2,393,623               4,842,465
Property, plant and equipment, net                                                4,338,248               4,324,543
Other assets                                                                        136,400                 117,946
                                                                                 ----------            ------------
  Total Assets                                                                   $6,868,271            $  9,284,954
                                                                                 ==========            ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
 Accounts payable and accrued expenses                                           $  807,738            $  1,073,455
 Deposits on contracts in process                                                   591,942               1,481,554
                                                                                 ----------            ------------
  Total Current Liabilities                                                       1,399,680               2,555,009
Other liabilities                                                                   106,922                 142,702
                                                                                 ----------            ------------
  Total Liabilities                                                               1,506,602               2,697,711
                                                                                 ----------            ------------
Commitments and Contingencies
Stockholders' Equity:
 Class A Convertible Preferred stock, no
  par value; authorized 1,500,000 shares;
  issued and outstanding 833,300 shares                                           4,937,500               4,937,500
 Common stock, $.005 par value; authorized,
  10,000,000 shares; issued and
  outstanding, 2,496,129 shares                                                      12,481                  12,481
 Additional paid-in capital                                                      11,929,886              11,929,886
 Accumulated deficit                                                            (11,537,952)            (10,292,624)
 Accumulated comprehensive income                                                    19,754                       -
                                                                                 ----------            ------------
  Total Stockholders' Equity                                                      5,361,669               6,587,243
                                                                                 ----------            ------------
  Total Liabilities and Stockholders' Equity                                     $6,868,271            $  9,284,954
                                                                                 ==========            ============
</TABLE>
-------------------------------------------------------------------------------
See notes to consolidated financial statements.


                                      -3-
<PAGE>

                       PHARMAKINETICS LABORATORIES, INC.
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                          Three Months Ended            Six Months Ended
                                                              December 31,                 December 31,

                                                          1999         1998            1999           1998
                                                          ----         ----            ----           ----
<S>                                                   <C>            <C>            <C>            <C>
Revenues                                              $ 1,884,424    $2,384,987     $ 5,094,952    $5,191,119
Cost of contracts                                       2,403,961     2,181,527       4,815,800     4,629,000
                                                      -----------    ----------     -----------    ----------
  Gross profit (loss)                                    (519,537)      203,460         279,152       562,119

Selling, general and
 administrative expenses                                  798,607       613,418       1,459,259     1,220,490
Research and
 development expenses                                      61,822       129,173          88,901       262,730
                                                      -----------    ----------     -----------    ----------
Loss from operations                                   (1,379,966)     (539,131)     (1,269,008)     (921,101)

Interest expense                                            5,072         7,573          10,796        15,778
Interest income                                            12,505        37,106          34,476        78,537
                                                      -----------    ----------     -----------    ----------
Loss before income taxes                               (1,372,533)     (509,598)     (1,245,328)     (858,342)

Income taxes                                                    -             -               -             -
                                                      -----------    ----------     -----------    ----------
Net loss                                              $(1,372,533)   $ (509,598)    $(1,245,328)   $ (858,342)
                                                      ===========    ==========     ===========    ==========

Basic loss per share                                  $     (0.55)   $    (0.20)    $     (0.50)   $    (0.35)
                                                      ===========    ==========     ===========    ==========

Diluted loss per share                                $     (0.55)   $    (0.20)    $     (0.50)   $    (0.35)
                                                      ===========    ==========     ===========    ==========
Basic and diluted weighted
 average shares outstanding                             2,496,129     2,496,129       2,496,129     2,490,654
                                                      ===========    ==========     ===========    ==========
</TABLE>

-------------------------------------------------------------------------------
See notes to consolidated financial statements.

                                      -4-
<PAGE>

                       PHARMAKINETICS LABORATORIES, INC.
            CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
                                  (Unaudited)


<TABLE>
<CAPTION>
                                    Three Months Ended           Six Months Ended
                                       December 31,                 December 31,

                                   1999          1998          1999           1998
                                   ----          -----         ----           ----
<S>                            <C>            <C>           <C>             <C>
Net loss                       $(1,372,533)   $(509,598)    $(1,245,328)    $(858,342)
Other comprehensive income:
   Unrealized gain (loss)
     on investment                  25,892      (27,204)         19,754       (45,341)
                               -----------    ---------     -----------     ---------

Comprehensive loss             $(1,346,641)   $(536,802)    $(1,225,574)    $(903,683)
                               ===========    =========     ===========     =========
</TABLE>



------------------------------------------------------------------------------
See notes to consolidated financial statements.

                                      -5-
<PAGE>

                       PHARMAKINETICS LABORATORIES, INC.
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)


<TABLE>
<CAPTION>
                                                               Six Months Ended
                                                                 December 31,
                                                         ----------------------------
                                                             1999            1998
                                                         -------------   ------------
<S>                                                       <C>             <C>
Cash flows from operating activities:
  Net loss                                                $(1,245,328)    $ (858,342)
  Adjustments to reconcile net (loss) to
  net cash used by operating activities:
    Depreciation and amortization                             319,844        284,335
    Changes in operating assets and liabilities:
      Accounts receivable, net                                710,572        422,346
      Contracts in process                                    678,969        354,674
      Prepaid expenses and other assets                       (64,629)        44,759
      Accounts payable and accrued expenses                  (251,997)       (98,377)
      Deposits on contracts in process                       (889,612)      (235,996)
                                                          -----------     ----------
Net cash used by operating activities                        (742,181)       (86,601)
                                                          -----------     ----------
Cash flows from investing activities:
    Payment for purchases of property and equipment          (333,549)      (906,726)
                                                          -----------     ----------
Net cash used by investing activities                        (333,549)      (906,726)
                                                          -----------     ----------
Cash flows from financing activities:
    Payments for capital lease obligations                    (49,500)       (52,414)
    Proceeds from exercise of stock options                         -         63,000
                                                          -----------     ----------
Net cash provided (used) by financing activities              (49,500)        10,586
                                                          -----------     ----------
Decrease in cash and equivalents                           (1,125,230)      (982,741)
Cash and equivalents, beginning of period                   2,233,198      3,358,506
                                                          -----------     ----------
Cash and equivalents, end of period                       $ 1,107,968     $2,375,765
                                                          ===========     ==========

Supplemental Cash Flow Information:
Non-Cash Transactions:
 Cash Paid for Interest:                                  $    10,502     $   15,574

</TABLE>


------------------------------------------------------------------------------
See notes to consolidated financial statements.

                                      -6-
<PAGE>

                       PHARMAKINETICS LABORATORIES, INC.
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)

BASIS OF PRESENTATION

   The consolidated balance sheet as of December 31, 1999, the consolidated
statements of operations for the three and six months ended December 31, 1999
and 1998, the consolidated statements of comprehensive income (loss) for the
three and six months ended December 31, 1999 and 1998, and the consolidated
statements of cash flows for the six months ended December 31, 1999 and 1998,
have been prepared by the Company without audit. In the opinion of management,
all adjustments necessary to present fairly the financial position, results of
operations and cash flows at December 31, 1999, and for all periods presented,
have been made. The consolidated balance sheet at June 30, 1999 has been derived
from the audited financial statements as of that date.

   Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted. It is suggested that these financial statements
be read in conjunction with the financial statements and notes thereto included
in the Company's annual report on Form 10-K for the year ended June 30, 1999.

   The Company operates principally in one industry segment, the testing of
pharmaceutical products and related services. Revenues include contract revenue
and revenue from license fees under special agreements whereby the Company
receives license fees based upon the clients' actual product sales.

WARNING LETTER

   At the end of July 1999, the Company received a warning letter from the
United States Food and Drug Administration ("FDA") regarding PharmaKinetics'
noncompliance with certain required protocols in bioequivalence studies, which
were conducted prior to fiscal 1999. In the warning letter, the FDA advises
PharmaKinetics to take immediate corrective action and that the failure to do so
may result in regulatory action. The Company has responded to the FDA and has
taken the corrective actions it believes necessary to address the issues and
concerns raised in the warning letter, the costs of which are not material to
the Company's results of operations.

ACCOUNTING ESTIMATES

   The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the

                                      -7-
<PAGE>

financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual amounts could differ from these estimates.

EARNINGS (LOSS) PER SHARE

   Basic earnings (loss) per share ("EPS") is calculated by dividing net
earnings (loss) by the weighted average common shares outstanding during the
period. Diluted EPS reflects the potential dilution to EPS that could occur upon
conversion or exercise of securities, options or other such items, to common
shares using the treasury stock method based upon the weighted average fair
value of the Company's common stock during the period. The Company's Class A
Convertible Preferred Stock, warrants to acquire common stock, outstanding stock
options granted under the Company's stock option plans and other options granted
outside of the Company's plans are considered common stock equivalents for the
purpose of the diluted earnings (loss) per share data; however, they are
excluded from the calculations for the three and six month periods ended
December 31, 1999 and 1998, because the effect of their inclusion would be anti-
dilutive. For the three and six month periods ended December 31, 1999, dilutive
common stock equivalents totaled 1,669,482, and 1,669,927, respectively, of
which 2,882 and 3,327, respectively, related to options outstanding. For the
three and six month periods ended December 31, 1998, dilutive common stock
equivalents totaled 1,678,949, and 1,734,613, respectively, of which 12,349 and
68,013, respectively, related to options outstanding.

PART I.

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
         AND RESULTS OF OPERATIONS

CERTAIN FORWARD-LOOKING INFORMATION

   Certain statements in this Management's Discussion and Analysis and elsewhere
in this Form 10-Q are forward-looking statements based on current expectations,
and entail various risks and uncertainties that could cause actual results to
differ materially from those expressed in such forward-looking statements. Such
risks and uncertainties include the effect on the Company's ability to market
its services and obtain new business in light of the receipt of a warning letter
from the United States Food and Drug Administration (the "FDA"); dependence of
the Company on product development cycles of its clients; dependence of the
Company on certain customers; dependence of the Company on its key personnel and
their ability to continuously develop new methodology for clinical and
analytical applications; the effect of litigation on the Company's financial
condition and results of operations; dependence of the Company on the
availability of volunteer study participants; and the Company's ability to raise
sufficient working capital to meet current operating needs during the downturn
in business associated with receipt of the FDA warning letter. Other more

                                      -8-
<PAGE>

general factors that could cause or contribute to such differences include, but
are not limited to, general economic conditions, conditions affecting the
pharmaceutical industry, and consolidation resulting in increased competition
within the Company's market. These risk factors are discussed more specifically
in the Company's Form 10-K filing for its fiscal year ended June 30, 1999.

   A warning letter, which addressed the Company's failure to conduct certain
studies in compliance with the protocol in prior years, was received from the
FDA in July 1999. As a result, a number of clients have recently elected to
place projects with competing contract research organizations, causing a
downturn in the Company's business. Therefore, the Company expects that revenues
and cash will decline and losses will increase for at least the next quarter.

   The Company has responded to the warning letter in writing and
representatives of the Company have had a meeting with the FDA to discuss the
steps which it is taking to comply with all regulatory requirements. The Company
has also addressed this situation directly with its clients and is undertaking
an aggressive effort to regain their confidence. Although the Company has taken
these steps, it is unable to forecast with certainty the duration of the
downturn or the magnitude of the impact on revenues, losses and cash balances.
However, the Company anticipates that the effect of the warning letter will be
short term.

RESULTS OF OPERATIONS

   The Company's total revenue, which includes contract revenue and license fees
based upon clients' actual product sales, decreased 21.0% and 1.9%, to
$1,884,424 and $5,094,952, for the three and six month periods ended December
31, 1999, from $2,384,987 and $5,191,119, respectively, for the same periods in
the prior year. The decrease was the result of lower contract revenue from a
reduced number of contracts and significantly lower license fee income.

   Contract revenues decreased 18.9% and 0.1% to $1,862,365 and $5,039,322, for
the three and six month periods ended December 31, 1999, respectively, compared
to $2,296,131 and $5,043,882, in the same periods in 1998, primarily as a result
of a reduction in revenues of approximately $700,000 for Phase I and Clinical
Trial Management studies for the three month period ended December 31, 1999,
offset by increases of approximately $200,000 in revenues from bioequivalence
studies, as compared with the same period of the prior year. The Company
believes that the decrease in revenues in the quarter ended December 31, 1999
reflects the initial downturn in business resulting from receipt of a warning
letter in July 1999.

   License fee income decreased 75.2% and 62.2% to $22,059 and $55,630, for the
three and six month periods ended December 31, 1999, compared to $88,856

                                      -9-
<PAGE>

and $147,237, respectively, for the same periods in the prior year. This
decrease was the result of the expiration of one of the Company's license fee
agreements on June 30, 1999, and a decline in sales for the product covered by
the remaining license fee agreement. The Company believes it is unlikely that
its clients will wish to utilize license fee arrangements in the future as
compensation for work performed. As a result of this trend, contract revenues,
rather than licensing income, will continue to be the primary source of
revenues.

   The Company's gross profit decreased 355.4% and 50.3%, to ($519,537) and
$279,152 for the three and six month periods ended December 31, 1999,
respectively, compared to $203,460 and $562,119 for the same periods of the
prior year. Gross profit as a percentage of revenues declined to (27.6%) and
5.5%, for the three and six month periods ended December 31, 1999, from 8.5% and
10.8%, respectively, for the comparable periods of the prior year. The decrease
in gross margin for the three and six month periods ended December 31, 1999,
reflects the fact that in the short term the Company's costs are relatively
fixed and, in keeping with its strategic plan, investment in personnel and
instrumentation has been ongoing to improve the Company's long term competitive
position. As a result, staffing remained at levels comparable to the prior year
despite decreases in revenue.

   Selling, general and administrative expenses of $798,607 and $1,459,259 for
the three and six month periods ended December 31, 1999, increased 30.2% and
19.6%, respectively, compared to $613,418 and $1,220,490 for the same periods in
the prior year. The increase is primarily attributable to increases in spending
for the Company's Year 2000 compliance effort and other non-recurring items,
offset by reductions in general corporate support functions commensurate with
reductions in the Company's revenue levels. The Company continues to focus its
business development efforts on generating revenues from existing and potential
clients.

   Research and development expenses decreased 52.1% and 66.2% to $61,822 and
$88,901 for the three and six month periods ended December 31, 1999,
respectively, from $129,173 and $262,730 for the comparable periods of the prior
year. The decrease in research and development expenses for the six month period
ended December 31, 1999, compared to the same period of the prior year, is
primarily attributable to the loss of certain of the Company's research and
development staff for which the Company is currently recruiting replacements. In
addition, during the quarter ended September 30, 1999 the Company redeployed
certain of its research and development personnel, as well as instruments
normally used to conduct research and development, to activities necessary to
meet project deadlines for clients. Further, because of the slowdown in current
business, research and development expenses increased in the quarter ended
December 31, 1999, compared to the quarter ended September 30, 1999, due to the
redeployment of various personnel to the Company's research and development
efforts.

                                      -10-
<PAGE>

   No provision for income taxes has been recorded. The Company has available
unused operating loss and business tax credit carryforwards, the benefit of
which is reduced by a full valuation allowance.

YEAR 2000

   As of December 31, 1999, the Company had completed its Year 2000 compliance
program, replaced or remediated computer systems and related software for
continued operation in the Year 2000, and identified alternative sources for its
key vendors. The activities encompassed all major categories of systems used by
the Company, including laboratory instrumentation, clinical systems, building
systems, and sales and finance systems, among others. In some instances the
installation of new software and hardware in the normal course of business was
accelerated to also afford a solution to Year 2000 issues. The Company invested
approximately $432,000 in a new Laboratory Information Management System
("LIMS") and ancillary data acquisition system, which was fully operational as
of December 31, 1999. Other Year 2000 spending totaled approximately $66,000.

   The capital improvements and expenses required for the Year 2000 effort were
included as part of the Company's annual budgets. The capital spending or period
expense associated with the Year 2000 issues did not have a material effect on
the Company's financial position or results of operations. The Company expensed
all costs related to its Year 2000 compliance program unless the useful life of
the technological asset was extended or increased.

LIQUIDITY AND CAPITAL RESOURCES

   At December 31, 1999, the Company had available $1,107,968 in current
operating cash to meet the needs of its business, compared to $2,233,198 at June
30, 1999. Cash decreased principally as a result of the Company's net loss from
operations in the six month period ended December 31, 1999. In addition, changes
in the Company's operating accounts and continued investment in equipment for
utilization in the Company's operations adversely affected the Company's cash
position. During the six months ended December 31, 1999, the Company invested
$333,549 for capital purchases all of which was paid in cash.

   The Company's primary source of funds is cash flow from operations, which
decreased by $655,580 in the six months ended December 31, 1999, compared to the
same period of the prior year. The Company had available a $500,000 line of
credit from Allfirst Bank, which had not been drawn upon, but which the Company
voluntarily elected to terminate on September 3, 1999, due to the fact that the
Company was not in technical compliance with the restrictive covenants at June
30, 1999. To conserve cash, the Company has initiated cost cutting measures and
is taking other appropriate steps to manage the Company's cash balances through
the current business downturn. However, no assurances can be given that the
Company's current cash balances will be sufficient to meet the Company's
operating needs through the current business downturn.

                                      -11-
<PAGE>

   At December 31, 1999, the Company reported a decrease in its contracts in
process account which represents costs incurred for studies for which revenues
have not been recognized and which are currently underway. Deposits on contracts
in process have also decreased indicating a decrease in the number of contracted
studies. Prepaid expenses have increased at December 31, 1999, compared to June
30, 1999, due to the timing of payments on certain expense items related to
future periods. Changes in these account balances affect the Company's operating
cash flow.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risks

   The exposure to market risk for changes in interest rates relates primarily
to the Company's short-term investments, which generally have maturities of
three months or less. The Company does not use derivative financial instruments
for speculative or trading purposes. The Company invests its excess cash in
short-term fixed income financial instruments with an investment strategy to buy
and hold to maturity.

Foreign Currency Risk

   The Company does not have exposure to foreign currency exchange rate
fluctuations since the Company's contracts require payment to the Company in
U.S. dollars.

PART II. OTHER INFORMATION

Item 1.  Legal Proceedings

   In December 1999, the Company received a Summons in a Civil Action entitled
Altana, Inc. vs. PharmaKinetics Laboratories, Inc. (case number CV-99 7917). The
complaint was filed in the United States District Court for the Eastern District
of New York and alleges, among other things, that PharmaKinetics performed
certain clinical studies for Altana, Inc., which were deemed unsatisfactory by
Altana. The complaint requests damages for five causes of action in an amount
exceeding $1 million each, plus legal fees, costs of the action, punitive
damages, and other relief deemed proper by the Court. While the ultimate outcome
of these matters cannot be determined at this time, management believes it has
reached a settlement with Altana, the terms of which, when finalized, would not
have a material adverse effect upon the Company's cash position or future
results of operations. The foregoing is a forward looking statement subject to
risks and uncertainties and the future outcome of these matters could differ
materially due to the uncertain nature of legal proceedings and because the
lawsuit is still in its pre-trial stage.

ITEM 4.  Submission of Matters to a Vote of Security-Holders

   The Annual Meeting of Stockholders of PharmaKinetics Laboratories, Inc.,

                                      -12-
<PAGE>

a Maryland Corporation, was held November 30, 1999, at 11:00 a.m., local
prevailing time, at PharmaKinetics Laboratories, Inc., 302 W. Fayette Street,
Baltimore, Maryland 21201, to consider and vote upon:

   1.  The election of five directors to serve until the next Annual Meeting of
       Stockholders, and until their successors are duly elected and qualified.

   Election by holders of Common Stock and Preferred Stock voting together:

           Name                             For                 Against
   James K. Leslie                       2,671,348              233,057
   Roger C. Thies                        2,804,649               99,756
   Thomas F. Kearns, Jr.                 2,804,649               99,756

   Election by holders of Preferred Stock voting alone:

           Name                             For                 Against
   Leslie B. Daniels                       653,306               33,332
   Kamal K. Midha, C.M., Ph.D., D.Sc.      653,306               33,332

   2.  An amendment of the Company's 1996 Incentive Stock Option Plan to
       increase the number of shares of Common Stock authorized for issuance
       under the Plan.
                                                               Broker Non-votes
                           For                 Against          or Abstentions
                        1,370,734              258,212              178,977

   3. A proposal to ratify the selection of PricewaterhouseCoopers LLP, as the
      Company's independent auditors for the fiscal year ending June 30, 2000.

                                                               Broker Non-votes
                           For                 Against          or Abstentions
                        2,872,841               12,165               41,621

   All proposals presented were approved by the Stockholders of the Company.

ITEM 6.  Exhibits and Reports on Form 8-K

         (a) Exhibits:
             Exhibit 27: Financial Data Schedule
         (b) Reports on Form 8-K

   On February 4, 2000, the Company filed a report on Form 8-K regarding the
issuance of a press release on January 28, 2000, with respect to a change in
management of the Company. In the press release, the Company announced that Dr.
James M. Wilkinson, II, Vice President of Analytical Laboratory Services,
succeeds Mr. James K. Leslie as the Company's President and Chief Executive
Officer. In addition, Cynthia A. Schurick, Senior Director of Client Services,
has been appointed Vice President of Business Development. Taryn L. Kunkel will
continue to serve as Vice President of Finance and Chief Financial Officer.

                                      -13-
<PAGE>

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



                                   PHARMAKINETICS LABORATORIES, INC.
                                   Registrant



February 14, 2000                  /s/ James M. Wilkinson, II, Ph.D.
-----------------                  ---------------------------------
Date                               James M. Wilkinson, II, Ph.D.
                                   President and
                                   Chief Executive Officer



February 14, 2000                  /s/ Taryn L. Kunkel
-----------------                  -------------------
Date                               Taryn L. Kunkel
                                   Vice President and
                                   Chief Financial Officer

                                      -14-