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

23.7% 18.9% ---- ---- ---- ----

The Late-Stage Development segment includes central laboratory, Phase II-III clinical development, and commercialization services (periapproval services and market access services). Late-Stage Development net revenues for the second quarter of 2009 grew 19.0% to $266.3 million compared to $223.8 million in the second quarter of 2008. Sequentially, revenues grew $17.6 million, or 7.1% from last quarter. The sequential and year-on-year growth was led by the continued exceptional performance of our central laboratory as well as strong performances in our Clinical Development and Commercialization services. Foreign exchange negatively impacted year-on-year revenue growth in the quarter by 740 basis points.

Operating income for the second quarter of 2009 increased 52.4% to $65.5 million compared to $43.0 million in the second quarter of the prior year. Record profitability in central laboratory and clinical development services led to exceptional operating margins of 24.6% for the second quarter of 2009 compared to 19.2% in the second quarter of last year and 22.6% last quarter. Operating margin in Late-Stage Development is expected to moderate closer to first quarter 2009 levels in the back half of the year.

Corporate Information

The Company's backlog at June 30, 2009 grew 54.7% year-over-year to $4.66 billion compared to $3.01 billion at June 30, 2008 and $4.42 billion at March 31, 2009. Foreign exchange positively impacted sequential backlog growth by $85 million. Adjusted net orders (net orders adjusted for dedicated capacity contracts) were $516 million in the second quarter of 2009.

Corporate expenses totaled $32.6 million in the second quarter of 2009 compared to $27.5 million last quarter and $29.8 million in the second quarter of last year. We continue to ma
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