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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

harmacology. On a sequential basis, revenues declined $5.7 million due to lower demand in research products and European toxicology services, as well as a $2.3 million foreign exchange headwind. North American toxicology experienced modest year-on-year growth and was flat sequentially.  

GAAP operating income for the fourth quarter of 2011 was $17.7 million, and included $4.7 million in charges relating to our previously announced restructuring activities as well as $10.3 million in charges associated with lower demand for our research products (costs to terminate a product supply agreement and inventory write-down).  Pro forma operating income, excluding charges in all periods, was $32.6 million in the current quarter, compared to $35.0 million last quarter and $26.6 million in the fourth quarter of last year.  The primary driver of the sequential decline in pro forma operating income was the loss we incurred in our research products operation from lower demand, as previously discussed.  Pro forma operating margins, excluding charges in all periods, were 13.9% for the fourth quarter, compared to 14.6% last quarter and 12.0% in the fourth quarter of 2010.  

Late-Stage Development($ in millions)4Q114Q10ChangeFY 2011FY 2010 ChangeNet Revenues






7.4%GAAP Operating Income

$ 58.2





0.4%GAAP Operating Margin %



20.8%2011 Charges



-2010 Charges



($7.1)2010 Cost Actions



($0.2)Pro Forma Operating Income


$ 54.7




(0.7%)Pro Forma OM%



21.5%The Late-Stage Development segment includes central laboratory, Phase II-IV clinical development, and market access s

SOURCE Covance Inc.
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