Covance Announces 3Q11 Financial Results
New Jersey-based CRO firm Covance has announced its financial results for 3Q11.
The company's revenues for the Early Development segment, which includes preclinical toxicology, analytical chemistry, clinical pharmacology, discovery support, and research products, were up 16% to $240.2 million, driven by new sites in Alnwick, UK and Porcheville, France.
Also, analytical chemistry, North American toxicology, and clinical pharmacology experienced growth in the quarter.
Revenues for the Late-Stage Development segment, which includes central lab, Phase II-IV clinical development, and market access services, grew 12% to $303.0 million. Backlog at September 30, 2011 grew 1% to $6.1 billion. Restructuring costs and an asset impairment charge impacted 2010 earnings.
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