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Covance 3Q

Late-stage revenues were up 24%, but early-stage revenues were down 9% in 3Q09

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Covance 3Q09

3Q Revenues: $475 million (+8%)

3Q Earnings: $51 million (flat)

YTD Revenues: $1.4 billion (+7%)

YTD Earnings: $134 million (-11%)

Comments: Late-Stage Development accounted for 59% of 3Q revenues and was up 24% to $279 million. Early Development was down 9% to $196 million. For YTD, Late-Stage is up 21% to $794 million and Early is down 7% to $631 million. 3Q09 net income got a $9 million boost from the save of IV/WRSand $2 million from a favorable tax settlement.

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