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Covance Reports Fourth Quarter Revenue of $492 Million, GAAP EPS of $0.45, and Pro Forma EPS of $0.56
Date:1/26/2011

o forma operating margins were essentially flat with the third quarter levels.

"On the commercial front, solid fourth quarter business awards in Late-Stage Development led to adjusted net orders of $603 million, representing an adjusted book-to-bill ratio of 1.23 to 1. Also signed in the fourth quarter, but not included in our adjusted net orders (consistent with our practice), was a $125 million expansion and extension of an existing dedicated space toxicology agreement from a top ten pharmaceutical client.  

"In the first quarter of 2011, we expect a slight increase in net revenues from the fourth quarter level, largely from higher levels of business under our alliance with sanofi-aventis.  First quarter pro forma earnings per share are expected to be in the range of $0.56 to $0.59, as incremental earnings from higher revenue levels, incremental sequential savings from the fourth quarter restructuring, and a full quarter impact of the share repurchase are expected to be offset by an expense increase of approximately $0.05 per share for incentive compensation accruals returning to normalized levels, and also by increased operating losses related to the transition of services from Vienna, Virginia to Greenfield, Indiana. Looking to the full-year 2011, Covance expects single digit percentage revenue growth and pro forma earnings per share to be in the range of $2.50 to $2.90 per diluted share, excluding costs associated with ongoing restructuring activities.  This range assumes no new strategic alliances with clients and foreign exchange rates remain at year-end 2010 levels."  Consolidated Results($ in millions except EPS)4Q104Q09ChangeFY2010FY2009ChangeTotal Revenues

$519.5

$507.3$2,038.5

$1,962.6Less: Reimbursable Out-of-Pockets  

$28.0

$22.2$112.9

$95.0Net Revenues

$491.5

$485.1

1.3%

$1,925.6

$1,867.6

3.1 %Operating Income

$28.9
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SOURCE Covance Inc.
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