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Financial Report: Covance 3Q

Late-stage development revenues up 7%

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Covance

3Q Revenues: $597.6 million (+3%)
 
3Q Earnings: $37.8 million (-7%)
 
YTD Revenues: $1.8 billion (+6%)
 
YTD Earnings: $60.8 million (-45%)
 
Comments: Late-Stage Development revenues grew 7% to $324.1 million, led by an 18% boost in clinical development and central laboratories revenues. Early Development revenues in the quarter fell 8% to $220.7 million, due to declines in toxicology services, research products, and clinical pharmacology, as well as the impact of the sale of environmental services. Earnings included $17.2 million in costs associated with restructuring and $2.6 million in losses at locations in wind-down.

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