Navigation Links
Covance Reports First Quarter Revenue of $441M and EPS of $0.63; Updates Full Year Financial Targets
Date:4/29/2009

PRINCETON, N.J., April 29 /PRNewswire-FirstCall/ -- Covance Inc. (NYSE: CVD) today reported earnings for its first quarter ended March 31, 2009 of $0.63 per diluted share versus $0.76 per diluted share in the first quarter of 2008 (or $0.73 per diluted share after excluding the centralized ECG gain on sale).

"On a consolidated basis, first quarter net revenues grew 7.0% (13.8% excluding the impact of foreign exchange), operating margin was 12.7%, and diluted EPS of $0.63 met our first quarter expectation," said Joe Herring, Chairman and Chief Executive Officer. "First quarter results were impacted by reduced market demand in Early Development, resulting in year-on-year and sequential declines in revenue and profitability, offset by record results in Late-Stage Development. Our forecast for Early Development results is to be sequentially flat in the second quarter, followed by sequential growth in the third and fourth quarters. In Late-Stage Development, increased demand led to accelerated revenue growth of 18.2% in the quarter (25.0% excluding the impact of foreign exchange) and exceptional operating margins of 22.6% (a 290 basis point increase above our previous record high).

"On the commercial front, adjusted net orders in the first quarter were $589 million, representing an adjusted book-to-bill ratio of 1.34 to 1. Central laboratory and clinical development services each delivered record adjusted net orders in the quarter, leading to a trailing twelve month book-to-bill for Late-Stage Development greater than 1.5 to 1.

"In December we released our initial financial targets for 2009, including revenue growth of 5% to 10% over 2008 and earnings per share in the range of $3.00 to $3.20. As previously outlined, these targets assumed foreign exchange rates would remain at budgeted levels throughout the year, Late
'/>"/>

SOURCE Covance Inc.
Copyright©2009 PR Newswire.
All rights reserved

Page: 1 2 3 4 5 6 7 8 9 10 11 12

Related biology technology :

1. Covance Opens New Clinical Development Offices in Chile, Peru and Expands Argentina Office
2. Jina Ventures Advises Swiss Pharma Contract on Strategic Sale to Covance Inc
3. Covance Increases Early Clinical Footprint in Europe with Acquisition of Swiss-Based Early Clinical Development Site
4. Covance Purchases Equity Stake in Caprion Proteomics
5. Covance and Lilly Finalize 10-Year, $1.6 Billion Strategic R&D Collaboration
6. Covance Decides to Pursue Its Original Preclinical Strategy in China
7. Covance and WuXi PharmaTech to Form a Joint Venture to Provide World-Class Preclinical Services in China
8. Covance to Present at The R.W. Baird 2008 Growth Stock Conference
9. Covance to Present at Merrill Lynch Global Pharmaceutical, Biotechnology and Medical Device Conference
10. Covance Reports Full-Year 2007 Revenue Growth Of 15.4% and Seventh Consecutive Year of EPS Growth in Excess of 20%
11. Covance Inc. Invites You to Join the Webcast of Its Third Quarter 2007 Financial Results Conference Call

Post Your Comments:
*Name:
*Comment:
*Email:
(Date:11/25/2009)... Ambassador to Speak at Economic Club of... (Vocus) November 25, 2009 -- Ambassador to Speak ...ppia, French Ambassador for International Investme...gency ,To view a biography of David Appia go to w...pia is available to meet with press to discuss rec...
(Date:11/25/2009)...,Nov.25/PRNewswire/--Reportlinker.comannouncesthat... ,, BrazilBioethanolMarketAnalysisandForecasts...3/Brazil-Bioethanol-Market-Analysis-and-Forecasts-...andForecaststo2013 ,, Summary ,, Thereport...ethanolmarketandtheBrazilbioethanolmarketinparticu...
(Date:11/24/2009)... Ambassador to also Visit Detroit , ..., , ,Who: David Appia, French Ambassador for Inter...nvest in France Agency, , , , ,What: Ambassador A...cent pro-business initiatives adopted by France to...c landscape for innovation and development., , ,Wh...
(Date:11/24/2009)...IK,Iceland,November24/PRNewswire-FirstCall/--deCOD...hasreceivednoticefrom,theNasdaqStockMarketthattrad...vember30,2009andaForm25-NSEwillbefiledwiththe,Secu...scommonstock,fromlistingonNasdaq,unlessthecompanyf....Thecompanyhasfiledsuchanappeal,which,willstaythes...
Breaking Biology Technology:French Ambassador for International Investment to Visit Toronto December 11 2Reportlinker Adds Brazil Bioethanol Market Analysis and Forecasts to 2013 2Reportlinker Adds Brazil Bioethanol Market Analysis and Forecasts to 2013 3Reportlinker Adds Brazil Bioethanol Market Analysis and Forecasts to 2013 4Reportlinker Adds Brazil Bioethanol Market Analysis and Forecasts to 2013 5Reportlinker Adds Brazil Bioethanol Market Analysis and Forecasts to 2013 6Reportlinker Adds Brazil Bioethanol Market Analysis and Forecasts to 2013 7Reportlinker Adds Brazil Bioethanol Market Analysis and Forecasts to 2013 8Reportlinker Adds Brazil Bioethanol Market Analysis and Forecasts to 2013 9deCODE Receives Delisting Notice From Nasdaq, Plans to Appeal 2deCODE Receives Delisting Notice From Nasdaq, Plans to Appeal 3
...rmuda, March 27 Warner Chilcott Limited (Nasdaq: ...r Chilcott Company Inc. has submitted a New Drug A...ive, to the U.S. Food and Drug Administration. , ... leading specialty pharmaceutical company currentl...y segments of the U.S. pharmaceuticals market. Th...
...Platform launch will Enable 60,000+ Researchers at...C., March 3 Collexis Holdings Inc. (OTC Bulletin ...rch and knowledge discovery software, announced to... Translational Research drawing on the research p...000 life science researchers. The platform is avai...
...RD, Denmark, March 27 Today Bavarian,Nordic publi...is available on,the company,s website: http://www...enue for the year 2008 was DKK 209 million with a,...ine with the Company,s,latest guidance. At year-en...t DKK 796 million. For 2009, Bavarian Nordic expec...
Other Biology Technology:Warner Chilcott Announces NDA Submission for Low Dose Oral Contraceptive 2Warner Chilcott Announces NDA Submission for Low Dose Oral Contraceptive 3Collexis Connects Biomedical Researchers and Clinical Scientists with the Collexis Expert Platform for Translational Research 2Collexis Connects Biomedical Researchers and Clinical Scientists with the Collexis Expert Platform for Translational Research 3Collexis Connects Biomedical Researchers and Clinical Scientists with the Collexis Expert Platform for Translational Research 4Bavarian Nordic Publishes its Annual Results 2008 2Bavarian Nordic Publishes its Annual Results 2008 3Bavarian Nordic Publishes its Annual Results 2008 4Bavarian Nordic Publishes its Annual Results 2008 5Bavarian Nordic Publishes its Annual Results 2008 6Bavarian Nordic Publishes its Annual Results 2008 7
(Date:11/24/2009)... NEW YORK (November 24, 2009) -- The Wildlife C... revealing that the last remaining population of S...ue to the rising tide of poaching and habitat loss...form Russian officials of what needs to be done to...est cat. , The report was released ...
(Date:11/23/2009)...w research presents strong evidence that the "syne...door traffic-related pollution and indoor endotoxi... the other exposure alone. , Environmental hea...) College of Medicine have shown that children exp...les and indoor endotoxin during early life are six...
(Date:11/23/2009)...f. -- More than 160 participants gathered this wee...UTURES INITIATIVE conference. This year,s topic, "...ngineers, and medical researchers to explore the e...ing the emerging field of synthetic biology. , B...t Princeton University and this year,s conference ...
Breaking Biology News(10 mins):Report shows dramatic decline in Siberian tigers 2Exposure to both traffic, indoor pollutants puts some kids at higher risk for asthma later 2Synthetic biology offers new opportunities for interdisciplinary collaboration 2Method to Identify Female Athletes at a High Risk for Knee Injury Discovered 58628 1Method to Identify Female Athletes at a High Risk for Knee Injury Discovered 58628 2Oakstone Medical Publishing Launches Unique Website Specifically Geared to Radiologists and Their Continuing Education Needs 58624 1Oakstone Medical Publishing Launches Unique Website Specifically Geared to Radiologists and Their Continuing Education Needs 58624 2SIUE School of Pharmacy Launches Collaborative Site for Pain Palliative Care Pharmacy 58620 1SIUE School of Pharmacy Launches Collaborative Site for Pain Palliative Care Pharmacy 58620 2SIUE School of Pharmacy Launches Collaborative Site for Pain Palliative Care Pharmacy 58620 3
...ies of human brain cells, the widely-used anesthet...duction of amyloid-beta protein; however, when com...ore of this Alzheimers associated protein. , Ove...d there has been concern that anesthetic use may c... Bin Zhang, Yuanlin Dong, Rudolph Tanzi, Zhongcong...
...rthcoming special issue of the Inderscience public...d Pollution (2008, Volume 32, Issue 4), researcher... can be used to track the dispersal of atmospheric...Borut Smodi, of the Joef Stefan Institute, in Ljub...how biomonitoring can be used in environments wher...
...study mapping the evolutionary history of animals ...creature whose characteristics can only be inferre...probably significantly more complex than previousl... National Science Foundation (NSF), is the cover s...new high-powered technologies for analyzing massiv...
Other Biology News:Biomonitoring 2And the first animal on Earth was a ... 2And the first animal on Earth was a ... 3
Rabbit Anti-ICAD Polyclonal Antibody, Unconjugated from BD Biosciences Pharmingen
EDG-6 Lysate from Exalpha Biologicals, Inc.
Anti-Indoleamine 2,3-dioxygenase (IDO) Monoclonal Antibody, Unconjugated from CHEMICON
Mouse Anti-RYK Monoclonal Antibody, Unconjugated, Clone F30 P7 D7 F5 from Abcam
Biology Products: