Financial Report: Covance 4Q09

Covance 4Q09

4Q Revenues: $485.1 million (+11%)

4Q Earnings: $41.5 million (-9%)

FY Revenues: $1.9 billion (+8%)

FY Earnings: $175.9 million (-11%)

Comments: Early Development revenues were down 5% to $203.1 million in 4Q09 and down 6% to $844.8 million in FY09, due to reduced demand. Toxicologu revenues were up for the second consecutive quarter, but Covance did not provide numbers for that subsegment. Late-Stage Development revenues were up 26% to $281.9 million in 4Q09 and up 22% to $1.1 billion in FY09. The company credited the performance of its central laboratory and clinical development units.