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

in % 13.6% 25.4% 13.8% 25.2% ---- ---- ---- ----

The Company's Early Development segment includes preclinical toxicology, analytical chemistry, clinical pharmacology services, and research products. Early Development net revenues for the second quarter of 2009 were $199.8 million compared to $213.1 million in the second quarter of 2008 and $192.5 million in the first quarter of 2009. Lower demand in toxicology drove the year-on-year decline in revenue. Sequential growth was driven by a rebound in demand for clinical pharmacology, analytical chemistry, and research products. In the quarter, foreign exchange negatively impacted year-on-year revenue growth by 540 basis points.

Operating income for the second quarter of 2009 declined 50.0% year-over-year to $27.1 million, compared to $54.2 million in the second quarter of last year. Operating margins for the second quarter of 2009 were 13.6% compared to 25.4% in the second quarter of 2008 and 14.1% last quarter. Second quarter operating margins were impacted by a lower level of study activity, costs related to the staffing and validating of the new preclinical drug development facility in Chandler, and severance related to the retirement of a building on the Vienna, Virginia campus. In addition, the company continued to maintain staffing levels above current needs at our five other preclinical campuses to support expected increases in revenue generation in the second half of the year.

Late-Stage Development 

    ($in millions)        2Q09    2Q08  Change    1H09   1H08     Change
                          ----    ----  ------    ----   ----     ------
    Net Revenues        $266.3  $223.8    19.0%  $515.0  $434.2    18.6%
    Operating Income     $65.5   $43.0    52.4%  $121.8   $81.9    48.8%
    Margin %              24.6%   19.2%       
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SOURCE  Covance Inc.
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