<PAGE>


                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-Q


          (Mark One)
                       ( X )QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                                 THE SECURITIES EXCHANGE ACT OF 1934
          For the Quarterly Period Ended June 30, 1997

                                       OR

                       (   )TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                                 THE SECURITIES EXCHANGE ACT OF 1934
          For the transition period from ..................... to .............
          Commission file number 0-29100


                        PREMIER RESEARCH WORLDWIDE, LTD.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)



                      Delaware                                 22-3264604
---------------------------------------------           ------------------------
          (State or other jurisdiction of                    (I.R.S. Employer
           incorporation or organization)                   Identification No.)

               124 South 15th Street
                  Philadelphia, PA                               19102
----------------------------------------------          ------------------------
      (Address of principal executive offices)                 (Zip Code)


                                215 - 972 - 0420
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)


                                       N/A
--------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)


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


Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

 The number of shares of Common Stock, $.01 par value, outstanding as of July
 31, 1997, was 6,938,400.

<PAGE>

                PREMIER RESEARCH WORLDWIDE, LTD AND SUBSIDIARIES


                                      INDEX
                                      -----
                                                                          Page
                                                                          ----
Part I.  Financial Information

         Item 1.  Financial Statements

                  Condensed consolidated balance sheets --                 3
                  June 30, 1997 (unaudited) and December 31, 1996          

                  Condensed consolidated statements of operations          4
                  (unaudited) -- Three months and six months               
                  ended June 30, 1997 and 1996

                  Condensed consolidated statements of cash flows          5
                  (unaudited) -- Six months ended June 30, 1997
                  and 1996                                                 

                  Notes to condensed consolidated financial                6
                  statements (unaudited)                                   


         Item 2.  Management's Discussion and Analysis of                  7
                  Financial Condition and Results of Operations            



Part II.  Other Information

         Item 6.  Exhibits and Reports on Form 8-K

                  a.)      Exhibits

                           4.1      Preferred Stock Purchase Agreement
                                    between DLB Systems, Inc. and
                                    Premier Research Worldwide Limited
                                    (excluding all exhibits thereto)
                           11       Computation of Net Income
                                    per Common Share                      
                           27       Financial Data Schedule               

                  b.)      Reports on Form 8-K

                           None

Signatures                                                                

<PAGE>

               PREMIER RESEARCH WORLDWIDE, LTD. AND SUBSIDIARIES
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                      (in thousands, except share amounts)


                                       June 30, 1997   December 31, 1996
                                       -------------   -----------------
ASSETS                                  (unaudited)
Current assets:
   Cash & cash equivalents                $25,593           $ 1,498
   Marketable securities                    7,358                --
   Accounts receivable, net                 3,080             2,837
   Prepaid expenses and other                 933               386
   Deferred income taxes                      106               106
                                          -------           -------
     Total current assets                  37,070             4,827

Property and equipment, net                 1,104               732
Other assets                                1,166               189
                                          -------           -------
                                          $39,340            $5,748
                                          -------           -------
LIABILITIES & STOCKHOLDERS' EQUITY 
Current liabilities:
   Accounts payable                          $650           $  831
   Accrued expenses                         1,474              664
   Accrued income taxes                        --              106
   Payable to UM Holdings Ltd.
    for income taxes                           --              485
   Deferred revenue                           681            1,146
                                          -------          -------
     Total current liabilities              2,805            3,232
                                          -------          -------
Stockholders' equity:
   Common stock, $.01 par value,
    15,000,000 shares authorized,
    6,938,400 and 4,402,000 shares
    issued and outstanding,
    respectively                               69               44
   Additional paid-in capital              36,408            2,273
   Retained earnings                           58              199
                                          -------          -------
     Total stockholders' equity            36,535            2,516
                                          -------          -------
                                          $39,340          $ 5,748
                                          =======          =======




        The accompanying notes are an integral part of these statements.



<PAGE>


                PREMIER RESEARCH WORLDWIDE, LTD. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                         (in thousands, except per share data)
 
<TABLE>
<CAPTION>

                                           For the Three Months Ended                  For the Six Months Ended
                                      ---------------------------------           -------------------------------
                                      June 30, 1997       June 30, 1996           June 30, 1997     June 30, 1996
                                      -------------       -------------           -------------     -------------
                                                 (unaudited)                                (unaudited)

<S>                                       <C>                <C>                        <C>                <C> 
Revenues                                  $3,059           $4,278                     $7,201            $7,186
Less-Reimbursed costs                       (249)              (7)                      (292)              (25)
                                          ------           ------                     ------            ------
Net revenues                               2,810            4,271                      6,909             7,161

Costs and expenses:
   Direct costs                            1,647            1,702                      3,068             2,872
   Selling, general and administrative     2,502            1,655                      4,561             3,203
   Depreciation and amortization             148              188                        286               391
                                          ------           ------                     ------            ------
     Total costs and expenses              4,297            3,545                      7,915             6,466

Income (loss) from operations             (1,487)             726                     (1,006)              695
 
Other income, net                            430               --                        679                --

Income (loss) before income taxes
   and minority interest                  (1,057)             726                       (327)              695
Minority interest in limited
   liability company's loss                   --              107                         --               208
                                          ------           ------                     ------            ------
 
Income before income taxes                (1,057)             833                       (327)              903

Income taxes provision (benefit)            (496)             359                       (190)              389
                                          ------           ------                     ------            ------
Net income (loss)                         $ (561)          $  474                     $ (137)            $ 514
                                          ======           ======                     ======            ======
Income (loss) per share                   $(0.08)                                     $(0.02)
                                          ======                                      ======
Weighted average shares outstanding        6,938                                       6,517
                                          ======                                      ======
Pro forma net income per share
   (Note 4)
   Income before income taxes & 
     minority interest                                        726                                         695
   Pro forma income tax provision                             305                                         292
                                                           ------                                      ------
   Pro forma net income                                    $  421                                      $  403
                                                           ======                                      ======
   Pro forma net income per share                            0.08                                        0.08
                                                           ======                                      ======
   Shares used in computing pro
    forma net income per share                              5,003                                       5,003
                                                           ======                                      ======
 
</TABLE>


 
 
 
        The accompanying notes are an integral part of these statements.



<PAGE>



                PREMIER RESEARCH WORLDWIDE, LTD. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (in thousands)
<TABLE>
<CAPTION>

                                                                            For the Six Months Ended
                                                                   -----------------------------------------
                                                                   June 30, 1997               June 30, 1996
                                                                   -------------               -------------
                                                                                  (unaudited)
<S>                                                                  <C>                         <C>   

Operating activities:
   Net income (loss)                                                 $ (137)                     $  514
   Adjustments to reconcile net income to net cash
    provided by (used in) operating activities:
     Depreciation and amortization                                      286                         391
     Minority interest in limited liability company's loss               --                        (208)
     Gain on sale of equipment                                           --                          (2)
     Changes in assets and liabilities:
       Accounts receivable                                             (243)                       (401)
       Prepaid expenses and other                                      (196)                        169
       Accounts payable                                                (181)                        142
       Accrued expenses                                                (190)                         18
       Accrued income taxes                                            (432)                        343
       Payable to UM Holdings Ltd. for income taxes                    (485)                         --
       Deferred revenues                                               (465)                         95
                                                                      ------                      ------
         Net cash provided by (used in) operating activities         (2,043)                      1,061
                                                                      ------                      ------

Investing activities
   Purchases of property and equipment                                 (663)                        (71)
   Proceeds from sales of property and equipment                         --                          64
   Net purchases of marketable securities                            (7,358)                         --
                                                                      ------                      ------
         Net cash used in investing activities                       (8,021)                         (7)
                                                                      ------                      ------
Financing activities:
   Net proceeds from the issuance of common stock                    34,159                          --
   Net distributions to UM Holdings Ltd.                                 --                        (404)
                                                                      ------                      ------
         Net cash provided by (used in) financing activities         34,159                        (404)

Net increase in cash and cash equivalents                            24,095                         650
Cash and cash equivalents, beginning of period                        1,498                          33
                                                                     ------                       ------
Cash and cash equivalents, end of period                            $25,593                      $  683
                                                                     ======                       ======
</TABLE>
 

         The accompanying notes are an integral part of these statements



<PAGE>


                PREMIER RESEARCH WORLDWIDE, LTD. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1.  Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring adjustments) considered necessary for fair presentation have
been included. Operating results for the six-month period ended June 30, 1997,
are not necessarily indicative of the results that may be expected for the year
ended December 31, 1997. For further information, refer to the consolidated
financial statements and footnotes thereto included in the Company's S-1
registration statement filed with the Securities and Exchange Commission as part
of its initial public offering on February 3, 1997.

Note 2.  Net Income per Share

Net income per share is calculated based on the weighted average shares
outstanding during the periods presented. Due to the net losses for the periods,
common stock equivalents, consisting of common stock options, were not included
as they are anti-dilutive.

Note 3.  New Accounting Pronouncement

In February 1997, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 128 ("SFAS No. 128"), "Earnings Per Share."
SFAS No. 128 is designed to improve the earnings per share information provided
in financial statements by simplifying the existing computational guidelines,
revising the disclosure requirements and increasing comparability of earnings
per share data on an international basis. This pronouncement is effective for
periods beginning after December 15, 1997, and is not expected to have a
material impact on the Company's reported earnings per share.

Note 4.  Pro Forma Net Income Per Share

For the periods ended June 30, 1996, the Company's historical stockholders'
equity and net income does not reflect the conversion of the minority interest
in Premier Research LLC into Common Stock of the Company upon the closing of the
Company's initial public offering in February 1997. Accordingly, historical net
income per share is not considered meaningful and has not been presented.

Pro forma net income excludes the minority interest in the limited liability
company's income or loss. The shares used in computing pro forma net income per
share include the effect of the minority interest conversion as if the
conversion occurred on January 1, 1996. In addition, the shares used in
computing pro forma net income per share also include the dilutive effect of
common stock equivalents outstanding during the periods, consisting of common
stock options, using the treasury stock method.


<PAGE>


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

Overview

The Company is a clinical research organization providing a broad range of
integrated product development services on a global basis to its clients in the
pharmaceutical, biotechnology and medical device industries. The Company's
services include centralized core laboratory testing, clinical trial management,
clinical data management, biostatistical analysis, Phase I clinical research,
health care economics and outcomes research and regulatory affairs services.

The Company's centralized core laboratory contracts are on a fee-for-service
basis and generally have terms from one month to two years. A portion of the
Company's fee typically is paid upon contract execution as a non-refundable
up-front payment, with the remaining amounts billed monthly. Clinical research
service contracts are generally fixed priced, with certain variable components,
and range in duration from a few months to two years. A portion of the Company's
fee typically is paid upon contract execution as a non-refundable up-front
payment, with the balance billed in accordance with contract terms. The
Company's contracts generally may be terminated with or without cause on 30 to
90 days notice. Clients terminate or delay contracts for a variety of reasons,
including, among others, the failure of products being tested to satisfy safety
or efficacy requirements; unexpected or undesirable clinical results of the
product; the client's decision to forego a particular study; insufficient
patient enrollment or investigator recruitment; and production problems
resulting in shortages of required clinical supplies.

Revenues from core laboratory service contracts generally are recognized on a
per procedure basis as the work is performed. Revenues from clinical research
service contracts generally are recognized on a percentage of completion basis
as work is performed. For the three months and six months ended June 30, 1997
the core laboratory services revenues represented 50.6% and 54.0%, respectively,
of total net revenues. The Company regularly subcontracts with third-party
investigators in connection with clinical trials and with other third-party
providers for specialized services. These and other reimbursable costs are paid
by the Company and reimbursed by clients and in accordance with industry
practice, are included in revenues. Since reimbursed costs may vary
significantly from contract to contract and are not meaningful for analyzing
trends in revenues, they are included in gross revenues but excluded from net
revenues. Consistent with industry practice, the Company considers net revenues
its primary measure of growth. The Company has had, and expects to continue to
have, certain clients from which at least 10% of the Company's overall revenue
is generated. The Company believes that such concentration of business is not
uncommon in the clinical research industry.

Results of Operations

Three months ended June 30, 1997 compared to three months ended June 30, 1996

Net revenue decreased $1,461,000, or 34.2%, to $2,810,000 for the three months
ended June 30, 1997, compared to the three months ended June 30, 1996. This
decrease was primarily due to core laboratory revenues for the three months
ended June 30, 1997, being $2,390,000 less than the three months ended June 30,
1996. Core laboratory revenues decreased as several material ECG contracts which
were ongoing in 1996, were completed in early 1997, with a low level of new ECG
contracts in 1997. Partially offsetting the core laboratory revenue decrease
were increased Phase I and clinical trial management revenues of $670,000 and
$227,000, respectively, over the three months ended June 30, 1996. The increase
in Phase I revenues was the result of several large contracts that were
conducted increasing the utilization of the facility and services rendered. The 
clinical trial management revenue growth was attributable to the Company's 
increased service capabilities developed during the last year.

Direct costs decreased $55,000, or 3.2%, to $1,647,000 for the three months
ended June 30, 1997, compared to the three months June 30, 1996. For the quarter
ended June 30, 1996, the Company paid ECG reading analysis fees of $725,000 to a
professional corporation owned by Joel Morganroth, M.D., the Company's President
and Chief Executive Officer. The Company and Dr. Morganroth have entered into
new employment and consulting agreements effective January 1, 1997; under these
agreements Dr. Morganroth no longer receives ECG reading fees. Offsetting this
decrease, were increases in Phase I direct expenses, and salary and related
expenses in clinical research services. Phase I direct expenses increased
$423,000 for the three months ended June 30, 1997, compared to the three months
ended June 30, 1996, to support the increased level of operations. The Company 
<PAGE>

increased the clinical trials and data management staff to support additional
service capabilities. Direct costs as a percentage of net revenues increased to
58.6% for the three months ended June 30, 1997, from 39.9% for the three months
ended June 30, 1996, because Phase I and CTM revenues have higher direct costs
associated with its services.

Selling, general and administrative expenses increased $847,000, or 51.2%, to
$2,502,000 for the three months ended June 30, 1997, compared to the three
months ended June 30, 1996. Salaries and related benefits increased $490,000 for
the second quarter of 1997 due to the Company's decision to double the sales
staff and increase clinical trial and data management personnel. In addition to
the increased sales force, non-salary related sales expenses increased by
$205,000 for the quarter ended June 30, 1997, over June 30, 1996. These expenses
were for sales literature, promotional items, folders, sales sheets and assorted
other sales related material for a new sales campaign. Travel and telephone
expenses increased as a result of the Company's 27% increase in staff from the
quarter ended June 30, 1996, as compared to the quarter ended June 30, 1997.

Depreciation and amortization expense decreased $40,000, or 21.3%, to $148,000
for the quarter ended June 30, 1997, compared to the quarter ended June 30,
1996.

Other income of $430,000 for the three months ended June 30, 1997, resulted from
the interest income on cash, cash equivalents and marketable securities due
primarily from the net proceeds of the Company's initial public offering in
February 1997.

The Company's effective tax rate was a 46.9% benefit for the three months ended
June 30, 1997, versus 42.0% tax for the three months ended June 30, 1996. The
difference was due to the effects of the loss from operations and investments in
tax exempt securities in 1997.

Six months ended June 30, 1997 compared to six months ended June 30, 1996

Net revenue decreased $251,000, or 3.5%, to $6,909,000 for the six months ended
June 30, 1997, compared to the six months ended June 30, 1996. This decrease was
primarily due to core laboratory revenues for the six months ended June 30,
1997, being $2,431,000 less than the six months ended June 30, 1996. Core
laboratory revenues decreased as several material ECG contracts which were
ongoing in 1996, were completed in early 1997, with a low level of new ECG
contracts in 1997. Offsetting most of the core laboratory revenue decrease were
increased Phase I and clinical trial and data management revenues of $1,013,000
and $1,708,000, respectively, over the six months ended June 30, 1996. The
increase in Phase I revenues was the result of several large contracts that were
conducted increasing the utilization of the facility and services rendered. The
clinical trial and data management revenue growth was attributable to the
Company's increased service capabilities developed during the last year.

Direct costs increased $196,000, or 6.8%, to $3,068,000 for the six months ended
June 30, 1997, compared to the six months ended June 30, 1996. For the six
months ended June 30, 1996, the Company paid ECG reading analysis fees of
$1,023,000 to a professional corporation owned by Joel Morganroth, M.D., the
Company's President and Chief Executive Officer. The Company and Dr. Morganroth
have entered into new employment and consulting agreements effective January 1,
1997; under these agreements Dr. Morganroth no longer receives ECG reading fees.
Offsetting this decrease, were increases in Phase I direct expenses and salary
and related expenses in clinical research services. Phase I direct expenses
increased $423,000 for the six months ended June 30, 1997 compared to the six
months ended June 30, 1996 to support the increased level of operations. For the
six months ended June 30, 1997, the Company increased the clinical trials and
data management staff to support additional service capabilities. Direct costs
as a percentage of net revenues increased to 44.4% for the six months ended June
30, 1997, from 40.1% for the six months ended June 30, 1996.

Selling, general and administrative expenses increased $1,358,000, or 42.4%, to
$4,561,000 for the six months ended June 30, 1997, compared to the six months
ended June 30, 1996. This increase is primarily the result of initiating new
sales and marketing campaigns and related expenses, doubling the sales staff,
increased commitment to developing the Company's proprietary software systems,
and additional personnel costs associated with expanding service capabilities.
Selling, general and administrative expenses as a percentage of net revenues
increased to 66.0% for the six months ended June 30, 1997, from 44.7% for the
six months ended June 30, 1996.

<PAGE>

Depreciation and amortization expense decreased $105,000, or 26.9%, to $286,000
for the six months ended June 30, 1997, compared to the six months ended June
30, 1996. The decrease is primarily the result of equipment for the Phase I
facility and clinical laboratory purchased in prior years becoming fully
depreciated in 1997, and the Company's decision to move development of
information technology to personal computers and server-based computer system
from the more expensive VAX systems.

Other income of $679,000 for the six months ended June 30, 1997, resulted from
the interest income on cash, cash equivalents and marketable securities due
primarily from the net proceeds of the Company's initial public offering in
February 1997.

The Company's effective tax was a 58.1% benefit for the six months ended June
30, 1997, versus a 42.0% tax for the six months ended June 30, 1996. The
difference was due to the effects of the loss from operations in 1997 and
investments in tax exempt securities in 1997.

Liquidity and Capital Resources

As of June 30, 1997, the Company had $25.6 million of cash and cash equivalents
and $7.4 million invested in marketable securities. The Company has historically
funded its operations and growth with cash flow from operations. In February
1997, the Company completed an initial public offering of its common stock.
Proceeds of the offering, after expenses, were approximately $34.2 million.

During the six months ended June 30, 1997, the Company used cash in operating
activities of $2.0 million, versus cash provided in the same period of the prior
year. The decrease in operating cash flows is primarily due to an operating loss
and changes in working capital accounts. Capital expenditures totaled $0.7
million in the first half of 1997. Net proceeds from the Company's initial
public offering totalled $34.2 million. The Company used $7.4 million to acquire
marketable securities.

The Company has a line of credit arrangement totaling $1 million with First
Union National, Bank. At June 30, 1997, the Company had no borrowings under the
line of credit.

The Company expects existing cash and cash equivalents, marketable securities,
cash flow from operations, and the borrowings under its line of credit will be
sufficient to meet its foreseeable cash needs for at least the next two years.
Although the Company presently is not a party to any acquisition agreements or
similar arrangements, there may be acquisitions or other growth opportunities
that require additional external financing, and the Company may from time to
time seek to obtain additional funds from the public or private issuances of
equity or debt securities. There can be no assurances that such financings will
be available on terms acceptable to the Company.

DLB Systems

On June 30, 1997, the Company acquired a 14% equity position in a clinical trial
software and service developer, DLB Systems, a subsidiary of Safeguard
Scientifics, Inc. As part of the transaction, the Company has been granted the
option, expiring March 31, 1998, to purchase all of the assets of DLB Systems.

Inflation

The Company believes the effects of inflation generally do not have a material
adverse effect on its results of operations or financial condition.

Cautionary Statement for Forward Looking Information

Statements included in Management's Discussion and Analysis of Financial
Condition and Results of Operations set forth above may constitute forward
looking statements within the meaning of the Private Security Litigation Reform
Act of 1995. Such statements involve a number of risks and uncertainties such as
competitive factors, technological development, market demand, and the Company's
ability to obtain new contracts and accurately estimate net revenues due to
variability in size, scope and duration of projects, and internal issues of the
sponsoring client. Further information on potential factors that could affect
the Company's financial results can be found in the Company's Registration
statement filed with the Securities and Exchange Commission.




<PAGE>

                                   SIGNATURES


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

                                          PREMIER RESEARCH WORLDWIDE, LTD
                                          ------------------------------- 
                                                   (Registrant)




     Date:  August 14,  1997         By:  /s/ Joel Morganroth
                                          -------------------------------
                                          Joel Morganroth, MD
                                          President and Chief Executive Officer




     Date:  August 14,  1997         By:  /s/ Fred M. Powell
                                          ------------------------------- 
                                          Fred M. Powell
                                          Chief Financial Officer
                                          (Principal Financial and Accounting 
                                          Officer)