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Covance Reports Full-Year 2007 Revenue Growth Of 15.4% and Seventh Consecutive Year of EPS Growth in Excess of 20%
Date:1/30/2008

e in revenue per FTE, incremental Six Sigma benefits of $12 million, and a 40 basis point expansion in operating margin for the year. In 2008, we continue to target low- to mid-teens revenue growth and a 20% year-over-year growth in EPS to $3.18 per diluted share."

Consolidated Results

($ in millions except 4Q07 4Q06 Change FY 2007 FY 2006 Change

EPS)

Total Revenues $435.7 $359.1 $1,631.5 $1,406.1

Less: Reimbursable

Out-of-Pockets $24.7 $16.1 $85.1 $65.9

Net Revenues $411.0 $343.0 19.8% $1,546.4 $1,340.2 15.4%

Operating Income $61.0 $51.3 18.9% $228.6 $193.2 18.3%

Operating Margin % 14.8% 15.0% 14.8% 14.4%

Net Income $50.9 $38.3 32.9% $175.9 $145.0 21.3%

Diluted EPS $0.78 $0.59 32.7% $2.71 $2.24 21.3%

Income Tax Gain - - - $ 2.5

Gain on Sale, net of

tax $4.1 - $4.1 -

Net Income Excluding

Gain on Sale and Tax

Tax Gain $46.8 $38.3 22.0% $171.8 $142.5 20.5%

Diluted EPS Excluding

Gain on Sale

and Tax Gain $0.72 $0.59 21.8% $2.65 $2.20 20.5%

Operating Segment Results

Early Development

($ in millions) 4Q07 4Q06 Change FY 2007 FY 2006 Change

Net Revenues $207.9 $167.2 24.3% $777.7 $632.8 22.9%

Operating

Income $51.5 $38.6 33.3% $195.9 $153.6 27.6%

Margin % 24.8% 23.1% 25.2% 24.3%

The Company's Early Development segment includes preclinical toxicology, analytical chemistry, clinical pharmacology services, and research products. Early Development net revenues for the fourth quarter of 2007 grew 24.3% year- on-ye
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SOURCE Covance Inc.
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