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Financial Report: Covance

January 25, 2013

Late-Stage revenues up 16% in the quarter

4Q Revenues: $562 million (+5%)

4Q Earnings: $33.9 million (+60%)

YTD Revenues: $2.2 billion (+6%)

YTD Earnings: $94.7 million (-28%)

Comments: Late-Stage Development revenues in the quarter grew 16% to $345 million, led by 22% growth in clinical development and 16% growth in central labs, which offset a decline in market access services. For the year Late-Stage Development revenues grew 13% to $1.3 billion. Early Development revenues were down 7% to $217.4 million in the quarter and $869.5 million for the year, due to declines in toxicology, discovery support, and clinical pharmacology, the impact of the sale of environmental services, and the closure of sites in 2012. Restructuring costs were $6.6 million in the quarter and $73.1 million for the year.