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Covance Reports Third Quarter Net Revenue Of $607 Million, Pro Forma EPS Of $0.83 And Adjusted Net Orders Of $732 Million
Date:10/29/2013

and this negatively impacted operating margins on a sequential basis by 100 basis points in the quarter.  The UK R&D tax credit recorded in the third quarter represents a six month impact (as the law was signed in July 2013, but applied retroactive to April 1, 2013).  The fourth quarter of 2013 will reflect the UK R&D credit associated with costs incurred during only that quarter.  As a result, operating margins in the fourth quarter of 2013 will face a sequential headwind of approximately 100 basis points from a normalization of the UK R&D tax credit. 

Late-Stage Development ($ in millions)3Q133Q12ChangeYTD13YTD12ChangeNet Revenues

$386.4

$324.1

19.2%

$1,137.0

$966.3

17.7%Operating Income

$86.8

$64.4

34.8%

$249.3

$204.9

21.7%Operating Margin

22.5%

19.9%21.9%

21.2%Restructuring Costs

($0.5)

($0.4)($3.8)

($0.6)Operating Income, excluding items

$87.4

$64.8

34.8%

$253.1

$205.5

23.2%Operating Margin, excluding items

22.6%

20.0%22.3%

21.3% 

The Late-Stage Development segment includes central laboratory, Phase IIb-IV clinical development, and market access services.  Net revenues for the third quarter of 2013 grew 19.2% year-on-year to $386.4 million, and increased $8.6 million sequentially from the second quarter level. In the quarter, foreign exchange favorably impacted revenue growth by 160 basis points. Year-over-year growth was driven by increases of 26% in central laboratories and 14% in clinical development, while sequential revenue growth was driven by growth in central laboratories.

Operating income for the third quarter was $86.8 million on a GAAP basis and included $0.5 million in costs associated with our ongoing restructuring actions. O
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SOURCE Covance Inc.
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