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Revenues up, earnings down at Covance
July 30, 2009
By: Tim Wright
Covance 2Q09 2Q Revenues: $466 million (+7%) 2Q Earnings: $43 million (-16%) YTD Revenues: $907 million (+7%) YTD Earnings: $83 million (-17%) Comments: Early Development revenues dropped 6% in the quarter to $200 million, reflecting lower demand in toxicology services. Demand grew for clinical pharmacology, analytical chemistry and research services. Late-Stage Development revenues grew 19% to $266 million, driven by increases in demand for central lab services, as well as clinical development and commercialization services. Sign up today for Contracting & Outsourcing 2009!
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