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

                                        COVANCE INC.

                              CONSOLIDATED INCOME STATEMENTS

                FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2009 AND 2008

                  (Dollars in thousands, except per share data)

                                       (UNAUDITED)

                          Three Months Ended June 30 Six Months Ended June 30
                          -------------------------- ------------------------
                              2009         2008         2009         2008
                              ----         ----         ----         ----

    Net revenues           $466,049     $436,912     $907,285     $849,344
    Reimbursable
     out-of-pockets          23,226       24,911       50,447       46,516
                             ------       ------       ------       ------
        Total revenues      489,275      461,823      957,732      895,860
                            -------      -------      -------      -------

    Costs and expenses:
      Cost of revenue       313,210      286,884      614,935      560,214
      Reimbursable
       out-of-pocket
       expenses              23,226       24,911       50,447       46,516
      Selling, general and
       administrative        69,569       65,242      133,523      124,259
      Depreciation
       and amortization      23,273       17,331       42,887       34,679
                             ------       ------       ------       ------
        Total costs
         and expenses       429,278      394,368      841,792      765,668
                            -------      -------      -------      -------

    Income from operations   59,997       67,455      115,940      130,192

    Other expense (income), net:
      Interest expense
       (income), net            160       (1,501)          77       (4,097)
      Foreign exchange
       transaction
       loss (gain), net       1,241  
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SOURCE Covance Inc.
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