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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

$0.73 n/a $2.69 $2.24

Diluted earnings per

share $0.72 n/a $2.65 $2.20

COVANCE INC.

CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2007 and 2006

(Dollars in thousands)

December 31 December 31

2007 2006

ASSETS

Current Assets:

Cash & cash equivalents $319,485 $219,810

Accounts receivable, net 217,657 205,473

Unbilled services 88,835 89,139

Inventory 54,788 49,628

Deferred income taxes 7,825 4,320

Prepaid expenses and other current

assets 81,467 71,196

Total Current Assets 770,057 639,566

Property and equipment, net 646,040 500,057

Goodwill, net 105,486 119,725

Other assets 38,602 38,330

Total Assets $1,560,185 $1,297,678

LIABILITIES and STOCKHOLDERS' EQUITY

Current Liabilities:

Accounts payable $32,252 $35,479

Accrued payroll and benefits 95,313 76,657

Accrued expenses and other current

liabilities 66,838 50,855

Unearned revenue 144,870 109,559

Income taxes payable 18,887 17,154

Total Current Liabilities 358,1
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SOURCE Covance Inc.
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