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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

s, and other factors described in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.  The Company undertakes no duty to update any forward looking statement to conform the statement to actual results or changes in the Company's expectations.

Financial Exhibits Follow

COVANCE INC.CONSOLIDATED INCOME STATEMENTSFOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2010 AND 2009(Dollars in thousands, except per share data)Three Months Ended December 31Years Ended December 312010200920102009(UNAUDITED)Net revenues$
491,513$
485,065$ 1,925,630$ 1,867,634Reimbursable out-of-pocket expenses27,94222,263112,84394,992Total revenues519,455507,3282,038,4731,962,626Costs and expenses:  Cost of revenue346,924337,8961,348,4981,277,142  Reimbursable out-of-pocket expenses27,94222,263112,84394,992  Selling, general and administrative89,81067,544307,386270,593  Depreciation and amortization25,91924,753103,02491,289  Asset impairment charges--119,229-Total costs and expenses490,595(a)

452,4561,990,980(b)

1,734,016Income from operations28,860(a)

54,87247,493(b)

228,610Other expense (income), net:  Interest expense (income), net430(57)52201  Foreign exchange transaction loss, net1,0543533,649245  Gain on sale of businesses---(9,681)Other expense (income), net1,4842963,701(9,235)(c)Income before taxes and equity investee earnings27,376(a)

54,57643,792(b)

237,845(c)Tax (benefit) expense (1,121)(a)

13,820(23,655)(b)

62,870(c)Equity investee (loss) earnings(119)779807907Net income $
28,378(a)

$
41,535$
8,254(b)

$
75,882(c)Basic earnings per share$
.46(a)

$
.65$
.08(b)

$
2.76(c)Weighted average shares outstanding - basic61,390,96563,968,68263,043,56163,818,717Diluted earnings per share$
.45(
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SOURCE Covance Inc.
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