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Covance Reports Fourth Quarter Revenue of $532M, GAAP EPS of $0.35, Pro Forma EPS of $0.73, and Adjusted Net Orders of $759M
Date:1/25/2012

Operating Income

$39.0

$28.9

35.0%

$180.6

$47.5

280.3%Net Income

$21.1

$28.4

(25.5%)

$132.2

$68.3

93.7%Earnings Per Share

$0.35

$0.45

(23.6%)

$2.16

$1.06

104.3%2011 Charges*

($31.1)

-($46.8)

-2010 Charges*

-

($18.4)-

($137.6)Favorable Income Tax items*

$1.8

$6.9$2.5

$17.3Operating Income, excluding items*

$57.9

$47.2

22.6%

$215.3

$185.1

16.3%  Operating Margin %, ex items*

10.9%

9.6%10.3%

9.6%Net Income, excluding items*

$44.6

$35.1

26.9%

$165.0

$138.6

19.1%Diluted EPS, excluding items*

$0.73

$0.56

30.4%

$2.70

$2.15

25.7%* See attached pro forma income statements for reconciliation of GAAP to pro forma amounts.

Operating Segment Results Early Development($ in millions)4Q114Q10ChangeFY 2011FY 2010ChangeNet Revenues

$234.5

$220.6

6.3%

$930.6

$840.3

10.7%GAAP Operating Income (Loss)

$17.7

$21.1

(16.3%)

$105.3

($32.0)

-GAAP Operating Margin %

7.5%

9.6%11.3%

(3.8%)2011 Charges

($15.0)

-($21.7)

-2010 Charges

-

($5.4)-

($124.6)2010 Cost Actions

-

--

($8.0)Pro Forma Operating Income

$32.6

$26.6

22.8%

$127.0

$100.7

26.1%Pro Forma OM%

13.9%

12.0%13.7%

12.0%The Early Development segment includes preclinical toxicology, analytical chemistry, clinical pharmacology, discovery support, and research products.  Net revenues in the fourth quarter of 2011 grew 6.3% year-on-year to $234.5 million, driven by the results from our new Alnwick, UK and Porcheville, France sites and clinical p
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SOURCE Covance Inc.
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