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Late-stage development revenues up 7%
November 6, 2012
By: Tim Wright
Covance 3Q Revenues: $597.6 million (+3%) 3Q Earnings: $37.8 million (-7%) YTD Revenues: $1.8 billion (+6%) YTD Earnings: $60.8 million (-45%) Comments: Late-Stage Development revenues grew 7% to $324.1 million, led by an 18% boost in clinical development and central laboratories revenues. Early Development revenues in the quarter fell 8% to $220.7 million, due to declines in toxicology services, research products, and clinical pharmacology, as well as the impact of the sale of environmental services. Earnings included $17.2 million in costs associated with restructuring and $2.6 million in losses at locations in wind-down.
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