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Covance Reports Fourth Quarter Pro Forma Net Revenue Of $561 Million, Pro Forma EPS Of $0.73 And Adjusted Net Orders Of $769 Million
Date:1/24/2013

"Late-Stage Development fourth quarter revenues grew 15.7% year-on-year to $345 million. This increase was led by 22% growth in clinical development and 16% growth in central laboratories, which more than offset a decline in our market access services. Late-Stage Development pro forma operating margins increased 130 basis points both year-on-year and sequentially to 21.3%.  In Early Development, pro forma revenue of $216 million and pro forma operating margin of 12.0% declined modestly from the third quarter level on lower demand for discovery support services.

"Looking ahead to 2013, for the full year, we are forecasting mid- to high-single digit year-on-year revenue growth and pro forma diluted earnings per share, which exclude costs from ongoing restructuring activities, in the range of $2.85 to $3.15 (assuming foreign exchange rates remain at year-end 2012 levels).  In the first quarter of 2013, we expect revenue to be up slightly from the fourth quarter level and pro forma earnings per share to be in the range of $0.71 to $0.73 as we forecast an increase in Late-Stage Development net revenues and earnings to be off-set by seasonally-lower first quarter Early Development results." 

Consolidated Results($ in millions except EPS)4Q124Q11ChangeFY12FY11ChangeTotal Revenues

$609.1

$582.4$2,365.7

$2,236.4Less: Reimbursable Out-of-Pockets 

$46.9

$49.9$185.1

$140.5Net Revenues

$562.2

$532.5

5.6%

$2,180.6

$2,095.9

4.0%Operating Income

$43.1

$39.0

10.6%

$115.9

$180.6

(35.8%)Operating Margin

7.7%

7.3%5.3%

8.6%Net Income

$33.9

$21.1

60.3%

$94.7

$132.2

(28.3%)Diluted Earnings per Share

$0.61

$0.35

77.5%

$1.68

$2.16

(22.2%)Revenue from
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SOURCE Covance Inc.
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