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Financial Report: Covance

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Covance

1Q Revenues: $376.9 million (+13%)

1Q Earnings: $38.9 million (+16%)

Comments: Operating income for the quarter increased 23% to $43.7 million. Late-Stage Development revenue was flat at $179.1 million. Early Development revenue was $179.2 million, up 26%. Net orders were up 36% in the quarter to $510 million. Backlog grew 39% to $2.4 billion in the quarter.

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