**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**[X]      Quarterly Report Pursuant to Section 13 or 15(d) of the      Securities**

**[_]      Transition Report Pursuant to Section 13 or 15(d) of the      Securities**

**VENTIV      HEALTH, INC.**

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**VENTIV      HEALTH, INC.**

**INDEX      TO QUARTERLY REPORT ON**

**FORM      10-Q**

|                                                                                                                                                        |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **PART                I. FINANCIAL INFORMATION**                                                                                                            |   |
|                                                                                                                                                        |   |
| ITEM                1. Financial Statements                                                                                                                 |   |
| Condensed                Consolidated Balance Sheets as of March 31,                2006 and                December 31, 2005 (unaudited)                   |   |
|                                                                                                                                                             |   |
| Condensed                Consolidated Income Statements for the                three-months ended                March 31, 2006 and 2005 (unaudited)        |   |
|                                                                                                                                                             |   |
| Condensed                Consolidated Statements of Cash Flows for the                three-months ended                March 31, 2006 and 2005 (unaudited) |   |
|                                                                                                                                                             |   |
| Notes                to Condensed Consolidated Financial                Statements                                                                          |   |
|                                                                                                                                                        |   |
| ITEM                2. Management's Discussion and Analysis of Financial                Condition and Results of Operations                                 |   |
|                                                                                                                                                        |   |
| ITEM                3. Quantitative and Qualitative Disclosures About                Market Risk                                                            |   |
|                                                                                                                                                        |   |
| ITEM                4. Controls and Procedures                                                                                                              |   |
|                                                                                                                                                        |   |
| **PART                II. OTHER INFORMATION**                                                                                                               |   |
|                                                                                                                                                        |   |
| ITEM                1. Legal Proceedings** **                                                                                                          |   |
|                                                                                                                                                        |   |
| ITEM                1A. Risk Factors                                                                                                                        |   |
|                                                                                                                                                        |   |
| ITEM                5. Additional Information                                                                                                               |   |
|                                                                                                                                                        |   |
| ITEM                6. Exhibits and Reports on Form                8-K                                                                                      |   |
|                                                                                                                                                        |   |
| **SIGNATURES**                                                                                                                                              |   |
|                                                                                                                                                        |   |
| **EXHIBITS**                                                                                                                                                |   |

----

**PART      I. FINANCIAL INFORMATION**

**ITEM      1.**
***Financial      Statements***

**VENTIV      HEALTH, INC.**

**CONDENSED      CONSOLIDATED BALANCE      SHEETS**

**(in      thousands, except share and per share amounts)**

**(unaudited)**

|                                                                                                      |   | **March                31,** |    | **December                31,** |   |
|-----------------------------------------------------------------------------------------------------------|--------|------------------------------|---------|---------------------------------|--------|
|                                                                                                      |   | **2006**                     |    | **2005**                        |   |
|                                                                                                      |   |                         |    |                            |   |
| **ASSETS**                                                                                                |   |                         |    |                            |   |
| Current                assets:                                                                            |   |                         |    |                            |   |
| Cash                and equivalents                                                                       |   | $                            | 43,863  |                            | $      | 73,102 |   |
| Restricted                cash                                                                            |   |                         | 1,064   |                            |   | 3,878 |   |
| Accounts                receivable, net of allowances for doubtful accounts of                $3,963      |   |                         |    |                            |   |   |   |
| and                $3,979 at March 31, 2006 and December 31, 2005,                respectively            |   |                         | 88,238  |                            |   | 112,782 |   |
| Unbilled                services                                                                          |   |                         | 69,334  |                            |   | 41,206 |   |
| Prepaid                expenses and other current assets                                                  |   |                         | 9,774   |                            |   | 5,737 |   |
| Current                deferred tax assets                                                                |   |                         | 4,063   |                            |   | 4,029 |   |
| Total                current assets                                                                       |   |                         | 216,336 |                            |   | 240,734 |   |
| Property                and equipment, net                                                                |   |                         | 40,012  |                            |   | 36,637 |   |
| Equity                Investments                                                                         |   |                         | 4,935   |                            |   | 5,183 |   |
| Goodwill                                                                                                  |   |                         | 206,025 |                            |   | 173,777 |   |
| Other                intangibles, net                                                                     |   |                         | 144,728 |                            |   | 117,606 |   |
| Deferred                tax assets                                                                        |   |                         | 2,475   |                            |   | 3,428 |   |
| Deposits                and other assets                                                                  |   |                         | 9,826   |                            |   | 6,529 |   |
| Total                assets                                                                               |   | $                            | 624,337 |                            | $      | 583,894 |   |
|                                                                                                      |   |                         |    |                            |   |   |   |
| **LIABILITIES                AND STOCKHOLDERS' EQUITY**                                                   |   |                         |    |                            |   |   |   |
| Current                liabilities:                                                                       |   |                         |    |                            |   |   |   |
| Current                portion of capital lease obligations                                               |   | $                            | 10,997  |                            | $      | 10,859 |   |
| Current                portion of long-term debt                                                          |   |                         | 1,750   |                            |   | 1,750 |   |
| Accrued                payroll, accounts payable and accrued expenses                                     |   |                         | 64,396  |                            |   | 77,816 |   |
| Current                income tax liabilities                                                             |   |                         | 9,693   |                            |   | 7,359 |   |
| Client                advances and unearned revenue                                                       |   |                         | 40,594  |                            |   | 29,393 |   |
| Total                current liabilities                                                                  |   |                         | 127,430 |                            |   | 127,177 |   |
| Capital                lease obligations, net of current portion                                          |   |                         | 18,587  |                            |   | 17,695 |   |
| Long-term                debt                                                                             |   |                         | 172,375 |                            |   | 172,813 |   |
| Other                non-current liabilities                                                              |   |                         | 14,404  |                            |   | 12,994 |   |
| Total                liabilities                                                                          |   |                         | 332,796 |                            |   | 330,679 |   |
|                                                                                                      |   |                         |    |                            |   |   |   |
| Commitments                and contingencies                                                              |   |                         |    |                            |   |   |   |
|                                                                                                      |   |                         |    |                            |   |   |   |
| Minority                Interest                                                                          |   |                         | 61      |                            |   | (4 | ) |
|                                                                                                      |   |                         |    |                            |   |   |   |
| Stockholders'                equity:                                                                      |   |                         |    |                            |   |   |   |
| Preferred                stock, $.001 par value, 10,000,000 shares authorized, none                issued |   |                         |    |                            |   |   |   |
| and                outstanding at March 31, 2006 and December 31, 2005,                respectively       |   |                         | --      |                            |   | -- |   |
| Common                stock, $.001 par value, 50,000,000 shares authorized; 29,018,922                and |   |                         |    |                            |   |   |   |
| 27,862,436                shares issued and outstanding at March 31, 2006 and                             |   |                         |    |                            |   |   |   |
| December                31, 2005, respectively                                                            |   |                         | 29      |                            |   | 28 |   |
| Additional                paid-in-capital                                                                 |   |                         | 257,929 |                            |   | 233,441 |   |
| Deferred                compensation                                                                      |   |                         | --      |                            |   | (3,563 | ) |
| Accumulated                other comprehensive earnings                                                   |   |                         | 440     |                            |   | 221 |   |
| Accumulated                earnings                                                                       |   |                         | 33,082  |                            |   | 23,092 |   |
| Total                stockholders' equity                                                                 |   |                         | 291,480 |                            |   | 253,219 |   |
| Total                liabilities and stockholders' equity                                                 |   | $                            | 624,337 |                            | $      | 583,894 |   |

----

**VENTIV      HEALTH, INC.**

**CONDENSED      CONSOLIDATED INCOME      STATEMENTS**

**(in      thousands, except per share amounts)**

**(unaudited)**

|                                                                             **For                the Three-Months Ended****                                                                             March 31,** |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | **2006** |   | **2005** |   |
| Net                revenues                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | $ | 142,938 |   | $ | 104,516 |   |
| Reimbursable                out-of-pockets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 30,739 |   |   | 16,343 |   |
| Total                revenues                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   | 173,677 |   |   | 120,859 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
| Operating                expenses:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |
| Cost                of services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | 95,115 |   |   | 77,653 |   |
| Reimbursed                out-of-pocket expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | 29,693 |   |   | 16,059 |   |
| Selling,                general and administrative expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   | 29,986 |   |   | 14,401 |   |
| Total                operating expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   | 154,794 |   |   | 108,113 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
| Operating                income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | 18,883 |   |   | 12,746 |   |
| Interest                expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | (1,657 | ) |   | (388 | ) |
| Interest                income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   | 734 |   |   | 253 |   |
| Income                from continuing operations before income tax provision, minority                interest                in income of subsidiary and loss from equity investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   | 17,960 |   |   | 12,611 |   |
| Income                tax provision                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | (7,184 | ) |   | (3,419 | ) |
| Income                from continuing operations before minority interest in income of                subsidiary and loss from equity investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   | 10,776 |   |   | 9,192 |   |
| Minority                interest in income of subsidiary                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | (323 | ) |   | -- |   |
| Loss                from equity investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   | (310 | ) |   | -- |   |
| Income                from continuing operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | 10,143 |   |   | 9,192 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
| Income                from discontinued operations:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   |   |
| Gains                on disposals of discontinued operations, net of taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 105 |   |   | 99 |   |
| Net                income from discontinued operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   | 105 |   |   | 99 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
| Net                income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $ | 10,248 |   | $ | 9,291 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |
| Earnings                per share (see Note 6):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |
| Continuing                operations:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |
| Basic                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $ | 0.36 |   | $ | 0.35 |   |
| Diluted                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | $ | 0.35 |   | $ | 0.33 |   |
| Discontinued                operations:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |
| Basic                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $ | 0.00 |   | $ | 0.01 |   |
| Diluted                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | $ | 0.00 |   | $ | 0.01 |   |
| Net                income:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
| Basic                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $ | 0.36 |   | $ | 0.36 |   |
| Diluted                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | $ | 0.35 |   | $ | 0.34 |   |
| Weighted                average common shares outstanding:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |
| Basic                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   | 28,199 |   |   | 26,102 |   |
| Diluted                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   | 29,359 |   |   | 27,678 |   |

----

**VENTIV      HEALTH, INC.**

**CONDENSED      CONSOLIDATED STATEMENTS OF CASH      FLOWS**

**(in      thousands)**

**(unaudited)**

|                                                                                                                |   | **For                  the Three-Months Ended** |     |
|---------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|----------|
|                                                                                                                |   | **March                  31,**                  |     |
|                                                                                                                |   | **2006**                                        |     | **2005** |   |   |
| Cash                  flows from operating activities:                                                              |   |                                            |     | (Revised) |   |   |
| Net                  income from continuing operations                                                              |   | $                                               | 10,143   |   | $ | 9,192 |   |   |
| Adjustments                  to reconcile net income to net cash provided by operating                  activities: |   |                                            |     |   |   |   |   |   |
| Depreciation                                                                                                        |   |                                            | 3,774    |   |   | 5,274 |   |   |
| Amortization                                                                                                        |   |                                            | 1,048    |   |   | 301 |   |   |
| Loss                  from equity investments                                                                       |   |                                            | 310      |   |   | -- |   |   |
| Minority                  interest in income of subsidiary                                                          |   |                                            | 323      |   |   | -- |   |   |
| Fair                  market value adjustment on derivative financial instrument                                    |   |                                            | (1,717)  |   |   | -- |   |   |
| Deferred                  taxes                                                                                     |   |                                            | 919      |   |   | (166) |   |   |
| Stock                  compensation expense                                                                         |   |                                            | 1,602    |   |   | 94 |   |   |
| Tax                  benefit from stock option exercises and vesting of restricted                  shares          |   |                                            | 3,504    |   |   | 7,177 |   |   |
|                                                                                                                |   |                                            |     |   |   |   |   |   |
| Changes                  in assets and liabilities, net of effects from discontinued                  operations:   |   |                                            |     |   |   |   |   |   |
| Accounts                  receivable, net                                                                           |   |                                            | 31,906   |   |   | (3,291) |   |   |
| Unbilled                  services                                                                                  |   |                                            | (26,281) |   |   | (10,728) |   |   |
| Prepaid                  expenses and other current assets                                                          |   |                                            | (1,319)  |   |   | (782) |   |   |
| Accrued                  payroll, accounts payable and accrued expenses                                             |   |                                            | (5,863)  |   |   | (3,381) |   |   |
| Current                  income tax liabilities                                                                     |   |                                            | 2,315    |   |   | (3,914) |   |   |
| Client                  advances and unearned revenue                                                               |   |                                            | (1,437)  |   |   | (2,558) |   |   |
| Excess                  tax benefits from stock-based compensation                                                  |   |                                            | (3,331)  |   |   | -- |   |   |
| Other                                                                                                               |   |                                            | 2,116    |   |   | 1,856 |   |   |
| Net                  cash provided by (used in) continuing operations                                               |   |                                            | 18,012   |   |   | (926) |   |   |
| Net                  cash (used in) provided by discontinued operations                                             |   |                                            | (13)     |   |   | 99 |   |   |
| Net                  cash provided by (used in) operating activities                                                |   |                                            | 17,999   |   |   | (827) |   |   |
|                                                                                                                |   |                                            |     |   |   |   |   |   |
| Cash                  flows from investing activities:                                                              |   |                                            |     |   |   |   |   |   |
| Restricted                  cash balances                                                                           |   |                                            | 2,814    |   |   | (1,731) |   |   |
| Investment                  in cash value of life insurance policies                                                |   |                                            | (2,630)  |   |   | (740) |   |   |
| Cash                  paid for acquisitions, net of cash acquired                                                   |   |                                            | (42,443) |   |   | (903) |   |   |
| Acquisition                  earn-out payments                                                                      |   |                                            | (4,138)  |   |   | -- |   |   |
| Equity                  investments                                                                                 |   |                                            | (62)     |   |   | -- |   |   |
| Purchases                  of property and equipment                                                                |   |                                            | (2,737)  |   |   | (2,126) |   |   |
| Proceeds                  from manufacturers rebates on leased vehicles                                             |   |                                            | 69       |   |   | 603 |   |   |
| Net                  cash used in continuing operations                                                             |   |                                            | (49,127) |   |   | (4,897) |   |   |
| Net                  cash provided by discontinued operations                                                       |   |                                            | 118      |   |   | -- |   |   |
| Net                  cash used in investing activities                                                              |   |                                            | (49,009) |   |   | (4,897) |   |   |
|                                                                                                                |   |                                            |     |   |   |   |   |   |
| Cash                  flows from financing activities:                                                              |   |                                            |     |   |   |   |   |   |
| Repayments                  on credit agreement                                                                     |   |                                            | (438)    |   |   | -- |   |   |
| Repayments                  of capital lease obligations                                                            |   |                                            | (3,461)  |   |   | (3,818) |   |   |
| Proceeds                  from exercise of stock options                                                            |   |                                            | 2,378    |   |   | 3,154 |   |   |
| Excess                  tax benefits from stock-based compensation                                                  |   |                                            | 3,331    |   |   | -- |   |   |
| Distributions                  to minority interests in affiliated partnership                                      |   |                                            | (258)    |   |   | -- |   |   |
| Net                  cash provided by (used in) continuing operations                                               |   |                                            | 1,552    |   |   | (664) |   |   |
| Net                  cash provided by discontinued operations                                                       |   |                                            | --       |   |   | -- |   |   |
| Net                  cash provided by (used in) financing activities                                                |   |                                            | 1,552    |   |   | (664) |   |   |
|                                                                                                                |   |                                            |     |   |   |   |   |   |
| Effect                  of exchange rate changes                                                                    |   |                                            | 219      |   |   | (20) |   |   |
|                                                                                                                |   |                                            |     |   |   |   |   |   |
| Net                  decrease in cash and equivalents                                                               |   |                                            | (29,239) |   |   | (6,408) |   |   |
| Cash                  and equivalents, beginning of period                                                          |   |                                            | 73,102   |   |   | 50,809 |   |   |
| Cash                  and equivalents, end of period                                                                |   | $                                               | 43,863   |   | $ | 44,401 |   |   |
|                                                                                                                |   |                                            |     |   |   |   |   |   |
| Supplemental                  disclosures of cash flow information:                                                 |   |                                            |     |   |   |   |   |   |
| Cash                  paid for interest                                                                             |   | $                                               | 3,201    |   | $ | 323 |   |   |
| Cash                  paid for income taxes                                                                         |   | $                                               | 447      |   | $ | 327 |   |   |
| Supplemental                  disclosure of non-cash activities:                                                    |   |                                            |     |   |   |   |   |   |
| Vehicles                  acquired through capital lease agreements                                                 |   | $                                               | 5,619    |   | $ | 2,328 |   |   |
| Stock                  issuance related to acquisitions                                                             |   | $                                               | 20,471   |   | $ | 2,680 |   |   |

----

**VENTIV      HEALTH, INC.**

**NOTES      TO CONDENSED CONSOLIDATED      FINANCIAL STATEMENTS**

**1.**
**Organization      and Business:**

*Business      Segments*

| ·   | inVentiv                Clinical,                which provides services related to permanent placement, clinical                staffing,                data collection and management and functional service provision.                This                segment was initially built through several businesses that were                acquired                in the fourth quarter of 2004: the Smith Hanley group of companies                (which                includes Smith Hanley Associates, Smith Hanley Consulting Group and                MedFocus) and HHI Clinical & Statistical Research Services                (“HHI”). |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | ** **inVentiv                Communications,                which provides services related to pharmaceutical advertising, branding,                interactive communication development and patient and physician education.                This segment includes inChord, which we acquired in October 2005,                and                Adheris, Inc. ("Adheris"), a patient compliance and persistence                communications company, which we acquired in the first quarter of                2006, as                more fully discussed below. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | inVentiv                Commercial,                which consists of our outsourced sales and marketing teams, planning                and                analytics services, sample accountability and patient assistance                businesses, marketing support services, professional development                and                training, and recruitment of sales representatives in the commercial                services area. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**2.**
**Basis      of Presentation**

----

**VENTIV      HEALTH, INC.**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL      STATEMENTS - Continued**

*Income      Statement Characterization of Reimbursements Received for "Out-of-Pocket"      Expenses Incurred*

*Condensed      Consolidated Statements of Cash Flows*

|                                                                                             |   |   |
|--------------------------------------------------------------------------------------------------|--------|--------|
| *(in                thousands)*                                                                  |   |   | **Three                Months Ended****March                31, 2005** |   |
| Net                cash flows used in operating activities as previously                reported |   | $      | (1,707) |   |
| Change                in net cash flows from discontinued operations                             |   |   | 99 |   |
| Changes                in net cash flows from restricted cash balances                           |   |   | 781 |   |
| Net                cash flows used in operating activities as currently                reported  |   | $      | (827) |   |
|                                                                                             |   |   |   |   |
| Net                cash flows used in investing activities as previously                reported |   | $      | (3,166) |   |
| Changes                in net cash flows from restricted cash balances                           |   |   | (1,731) |   |
| Net                cash flows used in investing activities as currently                reported  |   | $      | (4,897) |   |
|                                                                                             |   |   |   |   |
| Net                cash flows used in financing activities as previously                reported |   | $      | (1,614 | ) |
| Changes                in net cash flows from restricted cash balances                           |   |   | 950 |   |
| Net                cash flows used in financing activities as currently                reported  |   | $      | (664 | ) |

----

**VENTIV        HEALTH, INC.**

**NOTES        TO CONDENSED CONSOLIDATED FINANCIAL        STATEMENTS - Continued**

**3.**
**Recently      Issued Accounting Standards:**

*Application      of FASB Interpretation No. 45 to Minimum Revenue Guarantees Granted to a      Business or Its Owners*
*Guarantor’s Accounting and Disclosure      Requirements for Guarantees, Including Indirect Guarantees of Indebtedness      of      Others*

*Accounting      Changes and Error Corrections*
*Accounting      Changes*
*Reporting      Accounting Changes in Interim Financial Statements*

**4.**
**Acquisitions:**

----

**VENTIV          HEALTH, INC.**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL          STATEMENTS - Continued**

**5.**
**Employee      Stock Compensation:**

*Share-Based Payment*

----

**VENTIV          HEALTH, INC.**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL          STATEMENTS - Continued**

*Transition Election Related to Accounting for Tax Effects of      Share-Based Payment Awards*

*Accounting for Stock-Based Compensation      - Transition and Disclosures*

| (in                thousands, except per share data)                                                                                                            |   | **Three-Months                Ended March 31, 2005** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------|--------|
|                                                                                                                                                            |   |                                                 |   |
| Net                income attributable to common shareholders, as reported                                                                                      |   | $                                                    | 9,291  |   |
|  Add:                total stock-based compensation expense included in reported net income                attributable to common shareholders, net of tax |   |                                                 | 29     |   |
| Less:                stock-based employee compensation expense determined under                the fair value method, net of related income tax                 |   |                                                 | (2,000 | ) |
|                      Pro forma net earnings                                                                                            |   | $                                                    | 7,320  |   |
|                               As reported: Basic                                          |   | $                                                    | 0.36   |   |
|                               As reported: Diluted                                        |   | $                                                    | 0.34   |   |
|                Pro                forma: Basic                                       |   | $                                                    | 0.28   |   |
|                               Pro forma: Diluted                                          |   | $                                                    | 0.26   |   |

----

**VENTIV          HEALTH, INC.**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL          STATEMENTS - Continued**

|                                   | **Three                Months Ended****March                31,** |
|----------------------------------------|-------------------------------------------------------------------|
|                                   | **2006**                                                          | **2005** |
| Expected                life of option | 5.5-6                yrs                                          | 4                yrs |
| Risk-free                interest rate | 4.72%                                                             | 4.17% |
| Expected                volatility     | 45%                                                               | 84% |
| Expected                dividend yield | 0.00%                                                             | 0.00% |

|                                                      |   **Shares** |  **Weighted                Average Exercise Price** | **Weighted                Average****Remaining                Contractual****Term                (in years)** |  **Aggregate                Intrinsic Value** |
|-----------------------------------------------------------|------------------------|----------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|----------------------------------------------------|
| Outstanding                at January 1, 2006        | 2,971                  | $10.47                                                   |                                                                                                          |                                               |
| Granted                and assumed                        | 148                    | $24.81                                                   |                                                                                                               |                                                    |
| Exercised                                                 | (383)                  | $6.20                                                    |                                                                                                          |                                               |
| Forfeited/expired/cancelled                               | (60)                   | $14.25                                                   |                                                                                                          |                                               |
| Outstanding                at March 31, 2006         | 2,676                  | $11.79                                                   | 7.45                                                                                                          | $57,366                                            |
| Options                exercisable at March 31, 2006 | 1,183                  | $8.29                                                    | 6.46                                                                                                          | $29,494                                            |

----

**VENTIV                  HEALTH, INC.**

**NOTES                  TO CONDENSED CONSOLIDATED FINANCIAL                  STATEMENTS - Continued**

|   (in                thousands, except per share amounts) |  **Shares** | **Weighted                Average Grant-Date Fair Value** |
|---------------------------------------------------------------------|------------------|-----------------------------------------------------------|
| Nonvested                at January 1, 2006                    | 209              | $20.31                                                    |
| Granted                                                             | 220              | $24.74                                                    |
| Released                                                            | --               | $--                                                       |
| Forfeited                                                           | (4)              | $23.33                                                    |
| Nonvested                at March 31, 2006                     | 425              | $22.58                                                    |

**6.**
**Earnings      Per Share (“EPS”):**

| (Unaudited)                                                           |   | **Three-Months                Ended March 31,**                                                                                                                                                                          |   |
|-----------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                  |   | **2006**                                                                                                                                                                                                                 |   | **2005** |   |
| **Basic                EPS from Continuing Operations Computation**   |   |                                                                                                                                                                                                                     |   |
| Income                from continuing operations                      |   | $                                                 10,143 |   | $                                                  9,192 |   |
| Weighted                average number of common shares outstanding   |   |                                                                                                                                                                                                                     | 28,199 |   |   | 26,102 |   |
| Basic                EPS from continuing operations                   |   | $                                                                                                                                                                                                                        | 0.36   |   | $ | 0.35 |   |
|                                                                  |   |                                                                                                                                                                                                                     |   |   |   |   |   |
| **Diluted                EPS from Continuing Operations Computation** |   |                                                                                                                                                                                                                     |   |   |   |   |   |
| Income                from continuing operations                      |   | $                                                                                                                                                                                                                        | 10,143 |   | $ | 9,192 |   |
|                                                                  |   |                                                                                                                                                                                                                     |   |   |   |   |   |
| Weighted                average number of common shares outstanding   |   |                                                                                                                                                                                                                     | 28,199 |   |   | 26,102 |   |
| Stock                options (1)                                      |   |                                                                                                                                                                                                                     | 1,081  |   |   | 1,568 |   |
| Restricted                stock awards (2)                            |   |                                                                                                                                                                                                                     | 79     |   |   | 8 |   |
| Total                diluted common shares outstanding                |   |                                                                                                                                                                                                                     | 29,359 |   |   | 27,678 |   |
|                                                                  |   |                                                                                                                                                                                                                     |   |   |   |   |   |
| Diluted                EPS from continuing operations                 |   | $                                                                                                                                                                                                                        | 0.35   |   | $ | 0.33 |   |

----

**VENTIV            HEALTH, INC.**

**NOTES            TO CONDENSED CONSOLIDATED FINANCIAL            STATEMENTS - Continued**

**7.**
**Significant      Clients:**

**8.      **
**Restricted      Cash:**

**9**
**Goodwill      and Other Intangible Assets:**

| (in                thousands)          |   | **January                1,****2006** |    | **2006****Acquisitions** |   | **Contingent**(1)**Consideration** |   | **March                31, 2006** |   |
|----------------------------------------|--------|---------------------------------------|---------|--------------------------|--------|------------------------------------|--------|-----------------------------------|--------|
| inVentiv                Clinical       |   | $                                     | 45,427  |                     | $      | --                                 |   | $                                 | 1,004  |   | $ | 46,431 |   |
| inVentiv                Communications |   |                                       | 87,538  |                     |   | 31,417                             |   |                              | --     |   |   | 118,955 |   |
| inVentiv                Commercial     |   |                                  | 40,812  |                     |   | --                                 |   |                              | (173   | ) |   | 40,639 |   |
| Total                                  |   | $                                     | 173,777 |                     | $      | 31,417                             |   | $                                 | 831    |   | $ | 206,025 |   |

|                                           |   | **March                31, 2006** |    | **December                31, 2005** |   |
|------------------------------------------------|--------|-----------------------------------|---------|--------------------------------------|--------|
| (in                thousands)                  |   |                              |    | **Accumulated**                      |   |   |   |   |   | **Accumulated** |   |   |   |
|                                           |   | **Gross**                         |    | **Amortization**                     |   | **Net** |   | **Gross** |   | **Amortization** |   | **Net** |   |
| Customer                relationships          |   | $                                 | 50,687  |                                 | $      | (3,100 | ) | $ | 47,587 |   | $ | 37,787 |   | $ | (2,099 | ) | $ | 35,688 |   |
| Noncompete                agreement            |   |                              | 690     |                                 |   | (140 | ) |   | 550 |   |   | 690 |   |   | (103 | ) |   | 587 |   |
| Other                                          |   |                              | 530     |                                 |   | (199 | ) |   | 331 |   |   | 260 |   |   | (189 | ) |   | 71 |   |
| Total                definite-life intangibles |   |                              | 51,907  |                                 |   | (3,439 | ) |   | 48,468 |   |   | 38,737 |   |   | (2,391 | ) |   | 36,346 |   |
| Tradename                                      |   |                              | 96,260  |                                 |   | -- |   |   | 96,260 |   |   | 81,260 |   |   | -- |   |   | 81,260 |   |
| Total                other intangibles (1)     |   | $                                 | 148,167 |                                 | $      | (3,439 | ) | $ | 144,728 |   | $ | 119,997 |   | $ | (2,391 | ) | $ | 117,606 |   |

----

**VENTIV            HEALTH, INC.**

**NOTES            TO CONDENSED CONSOLIDATED FINANCIAL            STATEMENTS - Continued**

|  **Intangible                asset** |   |  **Amount****(in                thousands)**                                                                               |    | **Weighted                average amortization period** |   |
|-------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------|---------|---------------------------------------------------------|--------|
| Tradename                                 |   | $                    96,260 |    | Indefinite                                              |   |
| Customer                relationships     |   |                                                                                                                            | 50,687  |                                                    |   | 11.4                years |   |
| Noncompete                agreement       |   |                                                                                                                            | 690     |                                                    |   | 4.7                years |   |
| Technology                                |   |                                                                                                                            | 270     |                                                    |   | 4.0                years |   |
| Total                                     |   | $                                                                                                                               | 147,907 |                                                    |   |   |   |

**10.**
**Debt:**

| ·   | A                $175 million term loan facility was made available to the Company                in a                single drawing at the time of the inChord transaction. The credit                agreement also includes a $50 million revolving credit facility,                of which                $5 million is available for the issuance of letters of credit, and                a $5                million swingline facility. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The                term loan will mature on the sixth anniversary of the Credit Agreement,                with scheduled quarterly amortization of 1% per year during years                one                through five and 95% during year six. The revolving loans will mature                on                the sixth anniversary of the Credit Agreement.  |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Amounts                advanced under the credit agreement must be prepaid with a percentage,                determined based on a leverage test set forth in the credit agreement,                of                Excess Cash Flow (as defined in the credit agreement) and the proceeds                of                certain non-ordinary course asset sales and certain issuances of                our debt                obligations or equity securities, subject to certain exceptions.                The                Company may elect to prepay the loans, in whole or in part at any                time, in                certain minimum principal amounts, without penalty or premium (other                than                normal LIBOR break funding costs). Amounts borrowed under the credit                agreement that are repaid or prepaid may not be                reborrowed. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Interest                on the loans accrue, at our election, at either (1) the Alternate                Base                Rate (which is the greater of UBS’s prime rate and federal funds effective                rate plus 1/2 of 1%) or (2) the Adjusted LIBOR Rate, with interest                periods                determined at our option of 1, 2, 3 or 6 months (or, if the affected                lenders agree, 9 months), in each case plus a spread based on the                type of                loan and method of interest rate determination                elected. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**VENTIV            HEALTH, INC.**

**NOTES            TO CONDENSED CONSOLIDATED FINANCIAL            STATEMENTS - Continued**

| (in                  thousands)                |   |   |    |
|------------------------------------------------|--------|--------|---------|
| March                  31, 2007                |   | $      | 1,750   |   |
| March                  31, 2008                |   |   | 1,750   |   |
| March                  31, 2009                |   |   | 1,750   |   |
| March                  31, 2010                |   |   | 1,750   |   |
| March                  31, 2011                |   |   | 84,000  |   |
| March                  31, 2012 and thereafter |   |   | 83,125  |   |
|                                           |   | $      | 174,125 |   |

**11.**
**Capital      Lease Obligations:**

*Accounting      for Leases*

**12.      **
**Derivative      Financial Instruments:**

**13.      **
**Commitments      and Contingencies:**

----

**VENTIV            HEALTH, INC.**

**NOTES            TO CONDENSED CONSOLIDATED FINANCIAL            STATEMENTS - Continued**

**14.**
**Deferred      Compensation:**

**15.**
**Equity**

|                                                                                                              |   |   Common                Stock |   |   Additional                Paid-InCapital |   |   Accumulatedearnings |   |   Deferred                Compen-sation |   |  Compre-hensiveIncome |   |  Accumulated                Other Comprehen-sive Income |   |     Total |   |
|-------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|--------|------------------------------------------------------|--------|---------------------------------|--------|---------------------------------------------------|--------|----------------------------|--------|--------------------------------------------------------------|--------|-------------------------------|--------|
| Balance                at December 31, 2005                                                                       |   | $                                       | 28     |                                                 | $      | 233,441                         |   | $                                                 | 23,092 |                       | $      | (3,563                                                       | )      |                          |   |   | $ | 221 |   | $ | 253,219 |   |
| Net                income                                                                                         |   |                                    |   |                                                 |   |                            |   |                                              | 10,248 |                       |   |                                                         |   | $                             | 10,248 |   |   |   |   |   | 10,248 |   |
| Foreign                currency translation Adjustment                                                            |   |                                    |   |                                                 |   |                            |   |                                              |   |                       |   |                                                         |   |                          | 219    |   |   | 219 |   |   | 219 |   |
|                                                                                                              |   |                                    |   |                                                 |   |                            |   |                                              |   |                       |   |                                                         |   |                          | 10,467 |   |   |   |   |   |   |   |
| Reclassification                of unvested restricted shares to additional paid-in                capital        |   |                                    |   |                                                 |   | (3,563                          | )      |                                              |   |                       |   | 3,563                                                        |   |                          |   |   |   |   |   |   | -- |   |
| Vesting                of restricted shares                                                                       |   |                                    |   |                                                 |   | 541                             |   |                                              |   |                       |   |                                                         |   |                          |   |   |   |   |   |   | 541 |   |
| Tax                benefit from exercise of employee stock options and vesting of restricted                stock |   |                                    |   |                                                 |   | 3,485                           |   |                                              |   |                       |   |                                                         |   |                          |   |   |   |   |   |   | 3,485 |   |
| Consultant                compensation                                                                            |   |                                    |   |                                                 |   | 115                             |   |                                              |   |                       |   |                                                         |   |                          |   |   |   |   |   |   | 115 |   |
| Exercise                of stock options                                                                          |   |                                    |   |                                                 |   | 2,378                           |   |                                              |   |                       |   |                                                         |   |                          |   |   |   |   |   |   | 2,378 |   |
| Stock                option expense                                                                               |   |                                    |   |                                                 |   | 1,061                           |   |                                              |   |                       |   |                                                         |   |                          |   |   |   |   |   |   | 1,061 |   |
| Issuance                of shares in connection with acquisitions                                                 |   |                                    | 1      |                                                 |   | 20,471                          |   |                                              |   |                       |   |                                                         |   |                          |   |   |   |   |   |   | 20,472 |   |
| Cash                distribution TSP                                                                              |   |                                    |   |                                                 |   |                            |   |                                              | (258   | )                          |   |                                                         |   |                          |   |   |   |   |   |   | (258 | ) |
| Balance                at March 31, 2006                                                                          |   | $                                       | 29     |                                                 | $      | 257,929                         |   | $                                                 | 33,082 |                       |   | --                                                           |   |                          |   |   | $ | 440 |   | $ | 291,480 |   |

**16.**
**Discontinued      Operations:**

**17.**
**Related      Parties:**

**18.**
**Segment      Information:**

| ·   | inVentiv                Clinical,                which provides services related to permanent placement, clinical                staffing,                data collection and management and functional service                provision |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | inVentiv                Communications,                which provides services related to pharmaceutical advertising, branding,                interactive communication development and patient and physician education |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | inVentiv                Commercial,                which consists of the Company’s outsourced sales and marketing teams,                planning and analytics services, sample accountability and patient                assistance businesses, marketing support services, professional                development and training, and recruitment of sales representatives                in the                commercial services area. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Other,                which encompasses the activities of the corporate management group. |
|--------------------|-------------------------------------------------------------------------------------------|

----

**VENTIV            HEALTH, INC.**

**NOTES            TO CONDENSED CONSOLIDATED FINANCIAL            STATEMENTS - Continued**

|                                                                                                                                  |   | **inVentiv ****                 Clinical     ** |   | ** inVentiv                Communications** |   | ** inVentiv****Commercial** |   | ** Other** |     | ** Total** |    |
|---------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|--------------------------------------------------|--------|----------------------------------|--------|-----------------|----------|-----------------|---------|
|  Revenues                                                                                                                        |   | $                                                                                  | 32,470 |                                             | $      | 52,578                           |   | $               | 89,805   |            | $       | -- |   | $ | 174,853 |   |
|  Less:              Intersegment revenues                                                                                        |   |                                                                               | (34    | )                                                |   | (127                             | )      |            | (1,015   | )          |    | --  |   |   | (1,176  | )  |
|  Reported              Revenues                                                                                                  |   |                                                                               | 32,436 |                                             |   | 54,451                           |   |            | 88,790   |            |    | --  |   |   | 173,677  |   |
|  Depreciation              and amortization                                                                                      |   |                                                                               | 312    |                                             |   | 867                              |   |            | 3,622    |            |    | 21  |   |   | 4,822  |   |
|  Interest                expense                 |   |                                                                               | --     |                                             |   | 11                               |   |            | 399      |            |    | 1,247 |   |   | 1,657  |   |
|  Interest              income                                                                                                    |   |                                                                               | 12     |                                             |   | 127                              |   |            | --  |            |    | 595  |   |   | 734  |   |
|  Segment              income (loss)              (1)                                                                             |   | $                                                                                  | 1,327  |                                             | $      | 8,711                            |   |  $         | 11,112   |            |  $ | (3,190  | ) |  $ | 17,960  |   |

|                                                    |   | **inVentiv****Clinical** |   | **inVentiv****Communications** |    | **inVentiv                Commercial** |   |  **Other** |   |  **Total** |   |
|---------------------------------------------------------|--------|--------------------------|--------|--------------------------------|---------|----------------------------------------|--------|-----------------|--------|-----------------|--------|
| Revenues                                                |   | $                        | 24,710 |                           | $       | --                                     |   | $               | 96,305 |            | $      | -- |   | $ | 121,015 |   |
| Less:                Intersegment revenues              |   |                     | (8)    |                           |    | --                                     |   |            | (148)  |            |   | -- |   |   | (156) |   |
| Reported                revenues                        |   |                     | 24,702 |                           |    | --                                     |   |            | 96,157 |            |   | -- |   |   | 120,859 |   |
| Depreciation                and amortization            |   |                     | 310    |                           |    | --                                     |   |            | 5,244  |            |   | 21 |   |   | 5,575 |   |
| Interest                expense                         |   |                     | --     |                           |    | --                                     |   |            | 288    |            |   | 100 |   |   | 388 |   |
| Interest                income                          |   |                     | 6      |                           |    | --                                     |   |            | 25     |            |   | 222 |   |   | 253 |   |
| Segment                income (loss)                (1) |   | $                        | 1,954  |                           |  $ | --                                     |   | $               | 12,443 |            | $      | (1,786) | ) | $ | 12,611 |   |

| (in                thousands)          |   | **March                31 Dec 31** |    |
|----------------------------------------|--------|------------------------------------|---------|
|                                   |   | **2006**                           |    | **2005** |   |
| Total                Assets:           |   |                               |    |   |   |
| inVentiv                Clinical       |   | $                                  | 88,100  |   | $ | 84,731 |   |
| inVentiv                Communications |   |                               | 327,138 |   |   | 248,986 |   |
| inVentiv                Commercial     |   |                               | 161,553 |   |   | 171,468 |   |
| Other                                  |   |                               | 47,546  |   |   | 78,709 |   |
| Total                assets            |   | $                                  | 624,337 |   | $ | 583,894 |   |

**ITEM      2.** ***Management's      Discussion and Analysis of Financial Condition and Results of Operations***

*Forward-Looking      Statements*

|   | · | our                estimates regarding our liquidity, capital expenditures and sources                of                both, and our ability to fund our operations and planned capital                expenditures for the foreseeable future; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | our                expectations regarding our pursuit of additional debt or equity sources                to                finance our internal growth initiatives or acquisitions;                and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | our                expectations regarding the impact of the adoption of certain accounting                standards. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------|

|   | · | our                ability to sufficiently increase our revenues and maintain or decrease                expenses and cash capital expenditures to permit us to fund our                operations; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | our                ability to continue to comply with the covenants and terms of our                credit                facility and to access sufficient capital to fund our                operations; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the                  actual impact of the adoption of certain accounting standards;                  and |
|--------|--------|----------------------------------------------------------------------------------------------------------|

|   | · | changes                  in trends in the pharmaceutical industry or in pharmaceutical                  outsourcing |
|--------|--------|---------------------------------------------------------------------------------------------------------------------|

----

*Overview      *

*Business      Segments*

| ·   | inVentiv                Clinical,                which provides services related to permanent placement, clinical                staffing,                data collection and management and functional service provision.                This                segment was initially built through several businesses that were                acquired                in the fourth quarter of 2004: the Smith Hanley group of companies                (which                includes Smith Hanley Associates, Smith Hanley Consulting Group and                MedFocus) and HHI Clinical & Statistical Research Services                (“HHI”). |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | ** **inVentiv                Communications,                which provides services related to pharmaceutical advertising, branding,                interactive communication development and patient and physician education.                This segment includes inChord and Adheris, Inc. ("Adheris"), a patient                compliance and persistence communications company, which we acquired                in                the first quarter of 2006, as more fully discussed below. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | inVentiv                Commercial,                which consists of our outsourced sales and marketing teams, planning                and                analytics services, sample accountability and patient assistance                businesses, marketing support services, professional development                and                training, and recruitment of sales representatives in the commercial                services area. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*Recent      Business Developments *

*Acquisitions*

----

**Divesting      Transactions**

----

**Three-Months      Ended March 31, 2006 Compared to Three-Months Ended March 31,      2005**

**Results      of Operations**

|                                                                                                                                                                  |   | **For                the Three-Months Ended March 31,**      |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|---------|
|                                                                                                                                                                  |   | **2006**                                                     |    | **2005** |   |
|                                                                                                                                                                  |   | **(in                thousands, except for per share data)** |    |
| Revenues:                                                                                                                                                             |   |                                                         |    | Percentage* |   |   |   | Percentage* |   |
| inVentiv                Clinical                                                                                                                                      |   | $                                                            | 32,436  |   |   | 18.7 | % | $ | 24,702 |   |   | 20.4 | % |
| inVentiv                Communications                                                                                                                                |   |                                                         | 52,451  |   |   | 30.2 | % |   | -- |   |   | -- |   |
|                    inVentiv Commercial                                                                                                                 |   |                                                         | 88,790  |   |   | 51.1 | % |   | 96,157 |   |   | 79.6 | % |
| Other                                                                                                                                                                 |   |                                                         | --      |   |   | -- |   |   | -- |   |   | -- |   |
| Total                revenues                                                                                                                                         |   |                                                         | 173,677 |   |   | 100.0 | % |   | 120,859 |   |   | 100.0 | % |
|                                                                                                                                                                  |   |                                                         |    |   |   |   |   |   |   |   |   |   |   |
| Cost                of services:                                                                                                                                      |   |                                                         |    |   |   |   |   |   |   |   |   |   |   |
| inVentiv                Clinical                                                                                                                                      |   |                                                         | 22,844  |   |   | 70.4 | % |   | 16,126 |   |   | 65.3 | % |
| inVentiv                Communications                                                                                                                                |   |                                                         | 32,166  |   |   | 61.3 | % |   | -- |   |   | -- |   |
|                    inVentiv Commercial                                                                                                                 |   |                                                         | 69,798  |   |   | 78.6 | % |   | 77,586 |   |   | 80.7 | % |
| Other                                                                                                                                                                 |   |                                                         | --      |   |   | -- |   |   | -- |   |   | -- |   |
| Total                cost of services                                                                                                                                 |   |                                                         | 124,808 |   |   | 71.9 | % |   | 93,712 |   |   | 77.5 | % |
|                                                                                                                                                                  |   |                                                         |    |   |   |   |   |   |   |   |   |   |   |
| Selling,                general and administrative expenses                                                                                                           |   |                                                         | 29,986  |   |   | 17.3 | % |   | 14,401 |   |   | 11.9 | % |
|                                                                                                                                                                  |   |                                                         |    |   |   |   |   |   |   |   |   |   |   |
| Total                operating income                                                                                                                                 |   | $                                                            | 18,883  |   |   | 10.9 | % | $ | 12,746 |   |   | 10.5 | % |
| Interest                expense                                                                                                                                       |   |                                                         | (1,657  | ) |   | (1.0 | )% |   | (388 | ) |   | (0.3 | )% |
| Interest                income                                                                                                                                        |   |                                                         | 734     |   |   | 0.4 | % |   | 253 |   |   | 0.2 | % |
| Income                from continuing operations before income tax provision,minority                interest in income of subsidiary and loss from equityinvestments |   |                                                         | 17,960  |   |   | 10.3 | % |   | 12,611 |   |   | 10.4 | % |
| Income                tax provision                                                                                                                                   |   |                                                         | (7,184  | ) |   | (4.1 | )% |   | (3,419 | ) |   | (2.8 | )% |
| Income                from continuing operations before minority interest inincome                of subsidiary and income from equity investments                    |   |                                                         | 10,776  |   |   | 6.2 | % |   | 9,192 |   |   | 7.6 | % |
| Minority                interest in subsidiary                                                                                                                        |   |                                                         | (323    | ) |   | (0.2 | )% |   | -- |   |   | -- |   |
| Loss                from equity investments                                                                                                                           |   |                                                         | (310    | ) |   | (0.2 | )% |   | -- |   |   | -- |   |
| Income                from continuing operations                                                                                                                      |   |                                                         | 10,143  |   |   | 5.8 | % |   | 9,192 |   |   | 7.6 | % |
|                                                                                                                                                                  |   |                                                         |    |   |   |   |   |   |   |   |   |   |   |
| Income                from discontinued operations:                                                                                                                   |   |                                                         |    |   |   |   |   |   |   |   |   |   |   |
| Gains                on disposals of discontinued operations, net of taxes                                                                                            |   |                                                         | 105     |   |   | 0.1 | % |   | 99 |   |   | 0.1 | % |
| Income                from discontinued operations                                                                                                                    |   |                                                         | 105     |   |   | 0.1 | % |   | 99 |   |   | 0.1 | % |
|                                                                                                                                                                  |   |                                                         |    |   |   |   |   |   |   |   |   |   |   |
| Net                income                                                                                                                                             |   | $                                                            | 10,248  |   |   | 5.9 | % | $ | 9,291 |   |   | 7.7 | % |
|                                                                                                                                                                  |   |                                                         |    |   |   |   |   |   |   |   |   |   |   |
| Earnings                per share:                                                                                                                                    |   |                                                         |    |   |   |   |   |   |   |   |   |   |   |
| Continuing                operations:                                                                                                                                 |   |                                                         |    |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                                                                                                 |   | $                                                            | 0.36    |   |   |   |   | $ | 0.35 |   |   |   |   |
| Diluted                                                                                                                                                               |   | $                                                            | 0.35    |   |   |   |   | $ | 0.33 |   |   |   |   |
| Discontinued                operations:                                                                                                                               |   |                                                         |    |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                                                                                                 |   | $                                                            | 0.00    |   |   |   |   | $ | 0.01 |   |   |   |   |
| Diluted                                                                                                                                                               |   | $                                                            | 0.00    |   |   |   |   | $ | 0.01 |   |   |   |   |
| Net                earnings:                                                                                                                                          |   |                                                         |    |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                                                                                                 |   | $                                                            | 0.36    |   |   |   |   | $ | 0.36 |   |   |   |   |
| Diluted                                                                                                                                                               |   | $                                                            | 0.35    |   |   |   |   | $ | 0.34 |   |   |   |   |

----

***Revenues***

***Cost      of Services***
*Share-Based      Payment*

***Selling,      General and Administrative Expenses (“SG&A”)***

----

***Provision      for Income Taxes***

***Discontinued      Operations***

***Net      Income and Earnings Per Share (“EPS”)***
*:*

----

**Liquidity      and Capital Resources **

| ·   | A                $175 million term loan facility was made available to Ventiv in a                single                drawing at the time of the inChord transaction. The credit agreement                also                includes a $50 million revolving credit facility, of which $5 million                is                available for the issuance of letters of credit, and a $5 million                swingline facility. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The                term loan will mature on the sixth anniversary of the Credit Agreement,                with scheduled quarterly amortization of 1% per year during years                one                through five and 95% during year six. The revolving loans will mature                on                the sixth anniversary of the Credit                Agreement. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Amounts                advanced under the credit agreement must be prepaid with a percentage,                determined based on a leverage test set forth in the credit agreement,                of                Excess Cash Flow (as defined in the credit agreement) and the proceeds                of                certain non-ordinary course asset sales and certain issuances of                debt                obligations or equity securities of Ventiv and its subsidiaries,                subject                to certain exceptions. We may elect to prepay the loans, in whole                or in                part at any time, in certain minimum principal amounts, without penalty                or                premium (other than normal LIBOR break funding costs). Amounts borrowed                under the credit agreement that are repaid or prepaid may not be                reborrowed. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Interest                on the loans accrue, at our election, at either (1) the Alternate                Base                Rate (which is the greater of UBS’s prime rate and federal funds effective                rate plus 1/2 of 1%) or (2) the Adjusted LIBOR Rate, with interest                periods                determined at our option of 1, 2, 3 or 6 months (or, if the affected                lenders agree, 9 months), in each case plus a spread based on the                type of                loan and method of interest rate determination                elected. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The                credit agreement contains, among other things, conditions precedent,                representations and warranties, covenants and events of default customary                for facilities of this type. Such covenants include certain limitations                on                indebtedness, liens, sale-leaseback transactions, guarantees, fundamental                changes, dividends, acquisitions and transactions with affiliates.                The                credit agreement also includes covenants under which we are required                to                maintain a maximum leverage ratio and minimum interest rate coverage                and                fixed charge coverage ratios that vary based on the amount of time                elapsed                since the initial extension of                credit. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**Off-Balance      Sheet Arrangements**

**Critical      Accounting Policies**

**Risk      Factors**

----

**ITEM      3.*****Quantitative      and Qualitative Disclosures About Market Risk***** **

**Long-Term      Debt Exposure**

**Derivative      Financial Instrument**

**Foreign      Currency Exchange Rate Exposure**

**ITEM      4. **
***Controls      and Procedures***

----

**PART      II.**
**OTHER      INFORMATION**

**ITEM      1.** ***Legal      Proceedings***** **

**ITEM      1A.** ***Risk      Factors***** **

**ITEM      5.** *Other      Information*

----

**ITEM      6.** ***Exhibits      and Reports on Form 8-K***

*Exhibits*

|   |         |                                                                                                                                                                                                                             |
|--------|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.21  |         | Employment                Agreement dated as of May 9, 2006 between Eran Broshy and the                registrant.                                                                                                               |
|   |         |                                                                                                                                                                                                                             |
| 31.1   |         | Certification                by the Chief Executive Officer Pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002                                                                                             |
|   |         |                                                                                                                                                                                                                             |
| 31.2   |         | Certification                by the Chief Financial Officer Pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002                                                                                             |
|   |         |                                                                                                                                                                                                                             |
| 32.1   |    | Chief                Executive Officer’s Certification of Financial Statements Pursuant to 18                U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the                Sarbanes-Oxley Act of 2002 |
|   |         |                                                                                                                                                                                                                             |
| 32.2   |    | Chief                Financial Officer’s Certification of Financial Statements Pursuant to 18                U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the                Sarbanes-Oxley Act of 2002 |

*Reports      on Form 8-K *

----

**SIGNATURES**

|                                              |                                                                                                              |                                             |
|---------------------------------------------------|-------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|
|                                              | **VENTIV              HEALTH, INC.**                                                                              |
|                                         |                                                                                                         |                                        |
| Date: May              10,              2006 | By:                                                                                                     | /s/ John              R.              Emery |
|                                              | John              R. Emery                                                                                        |
|                                              | Chief                Financial Officer (Principal financial officer and duly authorized                signatory) |