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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

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, 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 STATEMENTS

FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2007 AND 2006

(Dollars in thousands, except per share data)

Three Months Ended Years Ended

December 31 December 31

2007 2006 2007 2006

(UNAUDITED)

Net revenues $410,966 $342,976 $1,546,419 $1,340,203

Reimbursable out-of-

pockets 24,736 16,111 85,097 65,855

Total revenues 435,702 359,087 1,631,516 1,406,058

Costs and expenses:

Cost of revenue 273,874 222,145 1,017,686 882,190

Reimbursed out-of-

pocket expenses 24,736 16,111 85,097 65,855

Selling, general

and administrative 58,918 53,594 233,890 207,388

Depreciation and

amortization 17,182 15,920 66,197 57,388

Total costs and

expenses 374,710 307,770 1,402,870 1,212,821

Income from operations 60,992 51,317 228,646 193,237

Other (income) expense,

net:

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SOURCE Covance Inc.
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