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Financial Report: Covance

Late-Stage Development revenues up 13%

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Covance
 
2Q Revenues: $585.0 million (+7%)

2Q Loss: $12.7 million (earnings were $37.6 million 2Q11)

YTD Revenues: $1.2 billion (+8%)

YTD Earnings: $23.0 million (-67%)

Comments: Early Development revenues in the quarter were down 5% to $219.7 million. Late-Stage Development revenues were up 13% to $323.1 million. Backlog at June 30, 2012 was $6.2 billion compared to $6.3 billion at June 30, 2011. Foreign exchange negatively impacted backlog by $105 million. Expenses totaled $38.9 million in the quarter (including $0.3 million in restructuring costs) compared to $38.7 million in 2Q11 (including $1.8 million in restructuring costs). The company announced further streamlining of operations, with plans to close its Phase I clinics in Honolulu and Basel, and reduce toxicology capacity at Muenster by a third. The company is pursuing other cost actions, including a reduction of our corporate spending.

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