Covance

1Q Revenues: $502.0 million (+4%)

1Q Earnings: $32.7 million (-16%)

Comments: Early Development revenues were $224.0 million (+9%). Toxicology performance continued to improve in the quarter. Late-Stage Development revenues were flat at $278.0 million. Improved clinical development was partially offset by lower central lab revenues. The company’s backlog at March 31, 2011 grew 31% to $6.3 billion. Foreign exchange positively impacted backlog by approximately $127 million. Adjusted net orders (adjusted for dedicated capacity contracts) were $564 million in the quarter. Restructuring costs were $5.9 million in the quarter.