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

gle digits and our earnings per share target to a range of $2.60 to $2.80 per share (excluding gains on the sales of our centralized ECG and IVRS service lines and using June 30 exchange rates), versus our previous targets of single-digit revenue growth and earnings of $2.50 to $2.70 per share."

Consolidated Results

    ($in millions except EPS) 2Q09    2Q08   Change   1H09    1H08    Change
                              ----    ----   ------   ----    ----    ------
    Total Revenues          $489.2   $461.8          $957.7  $895.9
    Less: Reimbursable
     Out-of-Pockets          $23.2    $24.9           $50.4   $46.5
    Net Revenues            $466.0   $436.9     6.7% $907.3  $849.4     6.8%
    Operating Income         $60.0    $67.5  (11.1)% $115.9  $130.2   (10.9)%
     Operating Margin %       12.9%    15.4%           12.8%   15.3%
    Net Income               $43.0    $50.9  (15.5)%  $83.3  $100.0   (16.7)%
    Diluted EPS              $0.67    $0.80  (16.0)%  $1.30   $1.56   (16.7)%
                             -----    -----  ------   -----   -----   ------
    Gain on Sale, net of
     tax                      $0.4     $0.6            $0.4    $2.6
    Net Income Excluding
     Gain on Sale            $42.6    $50.3  (15.3)%  $82.9   $97.4   (14.9)%
    Diluted EPS Excluding
     Gain on Sale            $0.66    $0.79  (15.9)%  $1.29   $1.52   (14.9)%
                             -----    -----  ------   -----   -----   ------

Operating Segment Results

Early Development

     ($in millions)         2Q09    2Q08  Change    1H09   1H08    Change
                            ----    ----  ------    ----   ----    ------
    Net Revenues          $199.8  $213.1    (6.3)% $392.3  $415.2    (5.5)%
    Operating Income       $27.1   $54.2   (50.0)%  $54.2  $104.8   (48.2)%
    Marg
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SOURCE Covance Inc.
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