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Early Development slowdown leads to restructuring
May 3, 2012
By: Gil Roth
President, Pharma & Biopharma Outsourcing Association
Covance 1Q12 1Q Revenues: $531 million (+7%) 1Q Earnings: $36 million (+9%) Comments: Early Development Services dropped 6% to $212 million due to lower than expected volumes in box and discovery support services, while Late-Stage Development was up 15% to $319 million with a 25% growth in clinical development and 4% uptick in central laboratory services. The company announced plans to close a facility in Chandler, AZ and engage in other Early Development restructurings to improve earnings by...
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