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Covance Reports Second Quarter Revenue of $518 Million, GAAP EPS of $0.61, and Pro Forma EPS of $0.66
Date:7/27/2011

PRINCETON, N.J., July 27, 2011 /PRNewswire/ -- Covance Inc. (NYSE: CVD) today reported GAAP earnings for its second quarter ended June 30, 2011 of $0.61 per diluted share.  Included in second quarter results is $0.05 per diluted share in costs from the previously-announced restructuring actions. Excluding these costs, earnings per diluted share were $0.66 in the quarter.  

"On a consolidated basis, second quarter net revenues grew 9.1% year-on-year and pro forma operating margin (when excluding $4.6 million of restructuring costs), expanded 80 basis points sequentially to 10.3%," said Joe Herring, Chairman and Chief Executive Officer.  "In Early Development, revenues grew 11.4% year-on-year to $231.8 million. Revenues were up sequentially in toxicology, analytical chemistry, clinical pharmacology, and discovery support, driving a $7.8 million increase in revenues and a 240 basis point increase in pro forma operating margin from last quarter to 14.2%.  In Late-Stage Development, revenues grew 7.3% year-on-year and 3.0% sequentially driven by the continued strong performance in clinical development coupled with the weakening of the US dollar, which more than offset the impact of continued project delays and cancellations in central laboratories. Pro forma operating margin in the segment was 20.0%.  

"On the commercial front, adjusted net orders in the second quarter were $614 million, representing an adjusted book-to-bill of 1.18 to 1 led by continued strong orders across all phases of clinical development.  Looking forward, we are encouraged by the increasing demand for our early development services, including toxicology, as well as the continued robust pipeline of clinical development proposals. In order to fully capitalize on the market opportunities we are seeing, several dozen incremental sales and marketing professionals were hi
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