• SKIP TO CONTENT
  • SKIP NAVIGATION
  • Patient Resources
    • COVID-19 Patient Resource Center
    • Clinical Trial Listings
    • What is Clinical Research?
    • Volunteering for a Clinical Trial
    • Understanding Informed Consent
    • Useful Resources
    • FDA Approved Drugs
  • Professional Resources
    • Research Center Profiles
    • Market Research
    • FDA Approved Drugs
    • Training Guides
    • Books
    • eLearning
    • Events
    • Newsletters
    • White Papers
    • SOPs
    • eCFR and Guidances
  • White Papers
  • Clinical Trial Listings
  • Advertise
  • COVID-19
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Home » Covance Posts 11% Revenue Growth

Covance Posts 11% Revenue Growth

October 23, 2008
CenterWatch Staff

Although Princeton, N.J., CRO Covance experienced a number of third quarter cancellations and project delays, the company posted 11.1% revenue growth for the third quarter. Profit rose 15% to $51.1 million, or $0.80 per diluted share.

Backlog as of September 30 grew 62.1% to $4.25 billion compared with the same period last year, thanks in large part to the recent 10-year, $1.6 billion agreement with Eli Lilly, which created $1.27 billion in backlog for Covance.

Covance’s year-end guidance did not change, but the company expects to feel the impact of the weakening British pound in the fourth quarter.

“In light of our growing backlog, we remain confident in the strong fundamentals of Covance’s business model and market opportunity. However, with approximately 40% of our revenue coming from our oversea operations, the ongoing strengthening of the U.S. dollar is creating headwind,” said CEO and chairman Joe Herring. “Based upon current foreign exchange rates, we expect 2008 revenue growth to be in the low teens.”

In afternoon trading, Covance’s shares were down 21% to $52.45 and at one point fell more than 50% off its 52-week high of $99.08.

Upcoming Events

  • 25Apr

    Effective Root Cause Analysis and CAPA Investigations for Drugs, Devices and Clinical Trials

  • 26Apr

    FDA’s New Laws and Regulations: What Drug and Biologics Manufacturers Need to Know

  • 27Apr

    Califf’s FDA, 2023 and Beyond: Key Developments, Insights and Analysis

  • 17May

    2023 WCG Avoca Quality Consortium Summit

  • 21May

    WCG MAGI Clinical Research Conference – 2023 East

Featured Products

  • Spreadsheet Validation: Tools and Techniques to Make Data in Excel Compliant

    Spreadsheet Validation: Tools and Techniques to Make Data in Excel Compliant

  • Surviving an FDA GCP Inspection

    Surviving an FDA GCP Inspection: Resources for Investigators, Sponsors, CROs and IRBs

Featured Stories

  • tablet

    Digital Intake Platforms Effective as Source of Trial Information, Survey Shows

  • Diversity-360x240.png

    Site Spotlight: EmVenio Research Takes to the Road to Promote Trial Diversity

  • Five Ws

    Consider the Five ‘W’s to Understand Potential Participants

  • QandA-360x240.png

    Perspectives from Smaller-Sized CROs: Q&A with Cheryle Evans

Standard Operating Procedures for Risk-Based Monitoring of Clinical Trials

The information you need to adapt your monitoring plan to changing times.

Learn More Here
  • About Us
  • Contact Us
  • Privacy Policy
  • Do Not Sell or Share My Data

Footer Logo

300 N. Washington St., Suite 200, Falls Church, VA 22046, USA

Phone 617.948.5100 – Toll free 866.219.3440

Copyright © 2023. All Rights Reserved. Design, CMS, Hosting & Web Development :: ePublishing