U.S.-based drug development CRO Covance’s net revenues for the first-quarter of 2011 were $502 million, above the average analyst forecast, according to Pharma Times.

The CRO’s fourth-quarter and annual results for 2010 predicted a small increase in net revenues for the first quarter of 2011, mostly due to increased business under the company’s strategic alliance with sanofi-aventis.

Net revenues for the fourth quarter of 2010 were $491.5 million, so the $502 million for the latest quarter was in line with projections.

In the second quarter, Covance is looking for “a continued sequential increase” in net revenues and pro forma earnings per share of around $0.65.