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Covance Reports Second Quarter Pro Forma Net Revenue Of $538 Million, Pro Forma EPS Of $0.65 And Adjusted Net Orders Of $701 Million
Date:7/25/2012

p>($0.2)

($0.7)($0.2)

($1.7)Operating Income, excluding items

$68.2

$57.3

19.1%

$140.7

$113.4

24.0%Operating Margin, excluding items

21.1%

20.0%21.9%

20.1%The Late-Stage Development segment includes central laboratory, Phase II-IV clinical development, and market access services.  Net revenues for the second quarter of 2012 grew 12.8% year-on-year to $323.1 million. In the quarter, foreign exchange negatively impacted year-on-year revenue growth by 320 basis points.  Growth was driven by the continued strong performance in clinical development, which offset a decline in market access revenue. Central laboratories grew by over 4% for the second consecutive quarter.

Operating income for the second quarter was $68.0 million on a GAAP basis or $68.2 million on a pro forma basis.  This compares to $56.5 million on a GAAP basis and $57.3 million on a pro forma basis in the second quarter of the prior year and to $72.4 million last quarter. Pro forma operating margins were 21.1% for the second quarter of 2012 compared to pro forma operating margins of 20.0% in the second quarter of last year and 22.7% last quarter. The year-on-year increase in profitability was driven by both clinical development and central laboratories, while the sequential decrease was primarily driven by hiring and staff costs in clinical development, lower profitability in market access services, and increased spending on strategic IT projects.

Corporate Information

The company reported second quarter adjusted net orders of $701 million. Backlog at June 30, 2012 was $6.23 billion compared to $6.28 billion at March 31, 2012 and $6.25 billion at June 30, 2011. Foreign
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SOURCE Covance Inc.
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