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Financial Report: Covance

Late-Stage revenues up 17% in the quarter

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Covance
 
2Q Revenues: $644.0 (+10%)

2Q Earnings: $41.0 million (loss of $12.7 million 2Q12)

YTD Revenues: $1.3 billion (+10%)

YTD Earnings: $89.2 million (+287%)

Comments: Late-Stage development revenue grew 17% to $378 million in the quarter, driven by central lab services. Early Development revenue was flat at $215 million. Clinical development was up 13% in the quarter and delivered record adjusted orders of $776 million in the quarter, resulting in an adjusted book-to-bill of 1.31 to 1. Results in 2012 included charges associated with restructuring and other cost reduction actions. Facilities closed in 2012 include Chandler, Honolulu, and Basel.

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