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Financial Report: Covance

Late-Stage Development revenues up 17%

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Covance

1Q Revenues: $634.3 million (+11%)

1Q Earnings: $48.2 million (+35%)

Comments: Late-Stage Development revenues grew 17% to $373 million. Central laboratories and clinical development grew 20% and 18%, respectively. Early Development revenue was $207 million (-2%), with growth in clinical pharmacology, research products, and nutritional chemistry offsetting a decline in toxicology and discovery support services. Results include a $15.7 million gain on the sale of BioClinica, Inc. and restructuring costs totaling $6.2 million.

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