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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

4.9)2010 Cost Actions($6.7)($6.7)Pro Forma Operating Income

$32.9

$  29.2

12.6%

$59.4

$ 52.1

13.9%Pro Forma OM%

14.2%

14.0%13.0%

12.6%The Early Development segment includes preclinical toxicology, analytical chemistry, clinical pharmacology, discovery support, and research products.  Net revenues in the second quarter of 2011 grew 11.4% year-on-year to $231.8 million, driven by the results from our new Alnwick, UK and Porcheville, France sites, foreign exchange tailwind of 230 basis points, and stronger results in clinical pharmacology, which more than offset a decline in revenue from the wind-down of our Vienna, Virginia toxicology facility. Sequentially, revenues increased $7.8 million on broad-based revenue growth.  

GAAP operating income for the second quarter of 2011 was $30.9 million, and included $2.0 million in costs associated with our restructuring actions, while GAAP operating income for the second quarter of 2010 was $22.5 million, which included $6.7 million in cost actions. Pro forma operating income, excluding these costs, was $32.9 million in the current quarter, compared to $26.5 million last quarter and $29.2 million in the second quarter of last year. Pro forma operating margins, excluding restructuring costs, were 14.2% for the second quarter, compared to 11.8% last quarter and 14.0% in the second quarter of 2010. Sequentially, profitability improvement was broad-based across the segment.  

Late-Stage Development($ in millions)2Q112Q10ChangeYTD11YTD10ChangeNet Revenues

$ 286.4

$267.0

7.3%

$564.3

$543.9

3.8%GAAP Operating Income

$56.5

$  56.5

0.0%

$111.8

$122.7

(8.9%)GAAP Operating Margin %

19.7%

21.2%19.8%

22.6%2011 Restructuring Costs

($0.7)($1.7)Pro Forma Operating Income

$57.3

$  56.5

1.3%'/>"/>

SOURCE Covance Inc.
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