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Financial Report: Covance 1Q

Early development revenues were $205.0 million (+7%).

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Covance 1Q

1Q Revenues: $505.0 million (+9%)

1Q Earnings: $39.1 million (+3%)

Comments: Early development revenues were $205.0 million (+7%). Late-stage development revenues were $276.9 million (+11%). The company’s backlog at March 31, 2010 grew 8% to $4.8 billion. Foreign exchange negatively impacted backlog growth by approximately $37 million. Adjusted net orders (adjusted for dedicated capacity contracts) were $490 million in quarter.


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