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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

gely on management'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 or delay of large studies, 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, testing mix and geographic mix of kit receipts in central laboratories,  fluctuations in currency exchange rates, the price and rate at which the company executes its share repurchase program, the cost and pace of completion of our information technology projects and the realization of benefits therefrom, 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 STATEMENTSFOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2011 AND 2010(Dollars in thousands, except per share data)Three Months Ended December 31Years Ended December 312011201020112010(UNAUDITED)Net revenues$
532,478$
491,513$ 2,095,938$ 1,925,630Reimbursable out-of-pocket expenses49,90727,942140,508112,843Total revenues582,385519,4552,236,4462,038,473Costs and expenses:  Cost of revenue371,852346,9241,467,0511,348,498  Reimbursable out-of-pocket expenses49,90727,942140,508112,843  Selling, general and administrative95
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