Covance 1Q

1Q Revenues: $468.4 million (+8%)

1Q Earnings: $40.3 million (-18%)

Comments: Early development revenues were $192.5 million (-5%). Late-stage development revenues were up 18% to $248.7 million. Backlog at March 31, 2009 was up 54% to $4.4 billion. Adjusted net orders (orders adjusted for dedicated capacity contracts) were $589 million in the quarter.