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Financial Report: Covance 3Q11

Early Development segment up 16%

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Covance 3Q11

3Q Revenues: $578.9 million (+13%)

3Q Earnings: $40.7 million (loss of $30.9 million 3Q10)

YTD Revenues: $1.7 billion (+9%)

YTD Earnings: $111.0 million (earnings were $39.9 million YTD10)

Comments: Revenues for the Early Development segment, which includes preclinical toxicology, analytical chemistry, clinical pharmacology, discovery support, and research products, were up 16% to $240.2 million, driven by new sites in Alnwick, UK and Porcheville, France. Also, analytical chemistry, North American toxicology, and clinical pharmacology experienced growth in the quarter. Revenues for the Late-Stage Development segment, which includes central lab, Phase II-IV clinical development, and market access services, grew 12% to $303.0 million. Backlog at September 30, 2011 grew 1% to $6.1 billion. Restructuring costs and an asset impairment charge impacted 2010 earnings.

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