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Covance Reports Fourth Quarter Revenue of $492 Million, GAAP EPS of $0.45, and Pro Forma EPS of $0.56

ere $220.6 million compared to $203.1 million in the fourth quarter of 2009 and $206.5 million last quarter.  The sequential increase in revenue was primarily driven by the inclusion of two full months of results from our Alnwick and Porcheville sites as well as from modest improvement in our toxicology services in the fourth quarter.  Full year 2010 net revenues increased 6.1% to $840.3 million compared to $791.8 million in 2009.  

Operating income for the fourth quarter was $21.1 million and included $5.4 million in costs associated with our fourth quarter restructuring actions. Operating income, excluding these costs, was $26.6 million, compared to $22.0 million last quarter and $23.1 million in the fourth quarter of last year. Operating margins for the fourth quarter, excluding the fourth quarter restructuring actions, were 12.0% compared to 10.7% last quarter and 11.3% in the fourth quarter of 2009. Sequentially, the expansion in operating margins was driven by results from our Alnwick and Porcheville sites, and modest improvement in toxicology services, partially offset by a decline in clinical pharmacology profitability, which was again impacted by study delays.  Full year operating margins were 12.0% compared to 12.6% in the prior year.  

Late-Stage Development($ in millions)4Q104Q09ChangeFY2010FY2009ChangeNet Revenues

$ 270.9





0.9%Operating Income

$ 47.6

$  63.8




(11.4)%Operating Margin %



23.7%Q4 Restructuring

$  (7.1)


-Q2 Cost Actions



-Pro Forma Operating Income

$  54.7

$  63.8



$  254.5

(8.5)%Pro Forma OM%



23.7%The Late-Stage Development segment includes

SOURCE Covance Inc.
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