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Financial Reports: Covance

Growth pushed by Late-Stage Development segment

By: Gil Roth

President, Pharma & Biopharma Outsourcing Association

Covance 4Q13

4Q Net Revenues: $623 million (+11%)

4Q Earnings: $36 million (+35%)

FY Net Revenues: $2.4 billion (+10%)

FY Earnings: $179 million (+89%)

Comments: Late-Stage Development revenues grew 15% in 4Q to $395 million, led by 17% growth in central laboratories and 13% growth in clinical development. FY revenues in Late-Stage Development were up 17% to $1.5 billion. Early Development revenues grew 5% in 4Q to $228 million, led by growth in clinical pharmacology and toxicology. For FY, Early Development revenues were flat at $871 million. The company cited discovery support and “certain pharmaceutical chemistry services” as areas of decline during the period.

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