Covance Reports First Quarter Revenue of $441M and EPS of $0.63; Updates Full Year Financi...(anagement's expectations and are subject...)

Date:4/29/2009

anagement's expectations and are subject to and qualified by risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, competitive factors, outsourcing trends in the pharmaceutical industry, levels of industry research and development spending, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of contracts or the loss of large contracts, risks associated with acquisitions and investments, the Company's ability to increase order volume, the pace of translation of orders into revenue in late-stage development services, fluctuations in currency exchange rates, and other factors described in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no duty to update any forward looking statement to conform the statement to actual results or changes in the Company's expectations.

Financial Exhibits Follow

                                 COVANCE INC.
                        CONSOLIDATED INCOME STATEMENTS
              FOR THE THREE MONTHS ENDED MARCH 31, 2009 AND 2008
                 (Dollars in thousands, except per share data)
                                (UNAUDITED)
                                                 Three Months Ended
                                                       March 31
                                                 ------------------
                                                   2009        2008
                                                   ----        ----
    Net revenues                                 $441,236    $412,432
    Reimbursable out-of-pockets                    27,221      21,605
                                                   ------      ------
        Total revenues 
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SOURCE  Covance Inc.
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