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Financial Reports: Covance 2Q11

Sanofi sites boost early-stage revenues

By: Gil Roth

President, Pharma & Biopharma Outsourcing Association

Covance 2Q

2Q Net Revenues: $518 million (+9%)

2Q Earnings: $37 million (+19%)

YTD Net Revenues: $1.0 billion (+7%)

YTD Earnings: $70 million (-1%)

Comments: Early Development revenues rose 11% for 2Q ($232 million) and 10% for YTD ($456 million), driven by results from the new sites in UK and France recently acquired from Sanofi. Revenues were down at the Vienna, VA toxicology site. Late-Stage Development revenues were up 7% for 2Q ($286 million) and 4% YTD ($564 million). Growth was attributed to strong performance in clinical development and a weakening dollar.

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