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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

red globally in the first half of this year.

"Covance now expects full-year revenue growth in the mid-to-high single digit range and pro forma earnings to be in the range of $2.60 to $2.80 per diluted share, excluding costs associated with previously announced restructuring activities.  This range assumes no new strategic alliances with clients and foreign exchange rates remain at June 30, 2011 levels. In the third quarter, we are expecting a continued sequential increase in net revenues and pro forma earnings per share of approximately $0.70."

Consolidated Results($ in millions except EPS)2Q112Q10ChangeYTD11YTD10ChangeTotal Revenues

$547.7

$500.7$1,075.2

$1,005.7Less: Reimbursable Out-of-Pockets  

$29.5

$25.5$55.0

$ 48.6Net Revenues

$518.2

$475.2

9.1%

$1,020.2

$ 957.1

6.6%Operating Income

$48.8

$42.5

14.7%

$90.7

$ 95.4

(4.9%)   Operating Margin

9.4%

8.9%8.9%

10.0%Net Income

$37.6

$31.7

18.9%

$70.4

$70.8

(0.6%)Diluted EPS

$0.61

$ 0.49

26.3%

$1.15

$1.09

5.9%2011 Restructuring Costs*

($4.6)($10.4)Operating Income, excluding 2011 items*

$53.3$101.1  Operating Margin, ex 2011 items*

10.3%9.9%Net Income, ex 2011 items*

$40.6$77.1Diluted EPS, ex 2011 items*

$0.66$1.26* See attached pro forma income statement for reconciliation of 2011 GAAP to pro forma amounts.Operating Segment Results Early Development($ in millions)2Q112Q10ChangeYTD11YTD10ChangeNet Revenues

$231.8

$208.2

11.4%

$455.9

$413.2

10.3%GAAP Operating Income

$ 30.9

$ 22.5

37.4%

$ 54.5

$ 45.4

20.0%GAAP Operating Margin %

13.3%

10.8%12.0%

11.0%2011 Restructuring Costs

($2.0)($
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SOURCE Covance Inc.
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