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Covance Reports Second Quarter Revenue of $466M and EPS of $0.66
Date:7/29/2009

PRINCETON, N.J., July 29 /PRNewswire-FirstCall/ -- Covance Inc. (NYSE: CVD) today reported GAAP earnings for its second quarter ended June 30, 2009 of $0.67 per diluted share, inclusive of a $0.01 per share gain related to the sale of its centralized ECG business in 2007. Excluding the gain on sale, earnings were $0.66 per diluted share.

"On a consolidated basis, second quarter net revenues grew 6.7% year-on-year (13.1% excluding the impact of foreign exchange), operating margin expanded sequentially to 12.9%, and EPS of $0.66 exceeded our second quarter expectation," said Joe Herring, Chairman and Chief Executive Officer. "In Early Development, revenues grew 3.8% from the first quarter and operating margins were 13.6%, despite toxicology results declining sequentially as we previously forecasted. Toxicology results are on track for sequential improvement in the third quarter, based upon scheduled backlog. In Late-Stage Development, very strong demand led to accelerated revenue growth of 19.0% in the quarter (26.4% excluding the impact of foreign exchange) and operating margin of 24.6%, a 200 basis point increase above last quarter's record high.

"On the commercial front, adjusted net orders in the second quarter were $516 million, representing an adjusted book-to-bill ratio of 1.11 to 1. On a trailing twelve month basis, our Late-Stage Development adjusted book-to-bill was 1.5 to 1. Consolidated backlog grew 55% year on year to $4.66 billion. The $145 million minimum contract commitment associated with the pending acquisition of Merck's genomics laboratory is included in backlog, but is excluded from adjusted net orders.

"To reflect the weakening of the US dollar and a slightly lower tax rate, we are upwardly adjusting our 2009 revenue growth target to the mid- to upper-sin
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SOURCE Covance Inc.
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