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Financial Report: Covance 1Q08

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Covance

1Q Revenues: $434.0 million (+15%)

1Q Earnings: $49.1 million (+26%)

Comments: Early development revenues were $202.0 million (+13%) led by growth of toxicology and chemistry services. Operating income increased 16% to $50.6 million. Late-stage development revenues were $210.4 (+18%). Growth was led by performances in central laboratory (+30%) due to an increase in kit volumes and clinical development as well as a strengthening of the Swiss franc. Operating income was $38.9 million (+33%). Backlog at March 31, 2008 grew 20% to $2.86 billion.

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