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Financial Report: Covance 3Q

Late-Stage revenues up 19% in the quarter

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Covance

3Q Revenues: $606.7 million (+11%)

3Q Earnings: $44.2 million (+17%)

YTD Revenues: $1.8 billion (+10%)

YTD Earnings: $133.4 million (+119%)

Comments: Late-Stage Development revenue grew 19% to $386 million in the quarter, driven by kit volumes and central lab services, up 26%, and clinical development revenue up 14%. Early Development revenue was $220 million, up 1%, with growth in clinical pharmacology, offset by declines in discovery support services and pharmaceutical chemistry services. YTD12 earnings include restructuring costs, inventory impairment charges, goodwill impairment charges, impairment of equity, and losses at sites in wind-down.

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