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28 Jul 2011

Financial Reports: Covance 2Q11

New Jersey-based CRO company Covance Wednesday reported a 19 percent rise in net income for the second quarter to $37 million.

Covance Inc. yesterday reported financial results for its second quarter ended June 30, 2011.


Early Development revenues rose 11% for 2Q ($232 million) and 10% for YTD ($456 million), driven by results from the new sites in UK and France recently acquired from Sanofi. Revenues were down at the Vienna, VA toxicology site. Late-Stage Development revenues were up 7% for 2Q ($286 million) and 4% YTD ($564 million). Growth was attributed to strong performance in clinical development and a weakening dollar.


2Q Net Revenues: $518 million (+9%)

2Q Earnings: $37 million (+19%)

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