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Covance

Revenues up, earnings down at Covance

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Covance 2Q09

2Q Revenues: $466 million (+7%)

2Q Earnings: $43 million (-16%)

YTD Revenues: $907 million (+7%)

YTD Earnings: $83 million (-17%)

Comments: Early Development revenues dropped 6% in the quarter to $200 million, reflecting lower demand in toxicology services. Demand grew for clinical pharmacology, analytical chemistry and research services. Late-Stage Development revenues grew 19% to $266 million, driven by increases in demand for central lab services, as well as clinical development and commercialization services.

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