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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

ar to $207.9 million, compared to $167.2 million in the fourth quarter of 2006, representing exceptionally strong performances across the segment's service offerings. For the full year 2007, net revenues increased 22.9% to $777.7 million compared to $632.8 million in 2006.

Operating income for the fourth quarter of 2007 increased 33.3% to $51.5 million compared to $38.6 million for the fourth quarter of last year. Operating margins for the fourth quarter of 2007 grew 170 basis points to 24.8% versus 23.1% in the fourth quarter of the prior year on the strong performances across the segment. Full year operating margins grew 90 basis points to 25.2% compared to 24.3% in the prior year. We expect continued expansion in Early Development operating margin in 2008 on a full-year basis.

Late-Stage Development

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

Net Revenues $203.1 $175.8 15.6% $768.8 $707.4 8.7%

Operating

Income $32.6 $32.7 -0.4% $128.1 $123.6 3.6%

Margin % 16.0% 18.6% 16.7% 17.5%

The Late-Stage Development segment includes central laboratory, Phase II- III clinical development, and commercialization services (periapproval services and market access services). Late-Stage Development net revenues for the fourth quarter of 2007 grew 15.6% to $203.1 million compared to $175.8 million in the fourth quarter of 2006. Central laboratory and clinical development services each delivered revenue growth in excess of 20% in the quarter. Full year Late-Stage Development net revenues grew 8.7% to $768.8 million compared to $707.4 million in 2006. The sale of the centralized ECG business, which will remain in the base of the comparison year, will impact revenue growth in 2008 by approximately 350 basis points.

Operating income for the fourth quarter of 2007 was $32.6 million compared to $32.7 million in the fourt
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SOURCE Covance Inc.
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