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news.Covance, a drug development services company, has reported a net income of $40.29 million for the first quarter of 2009, a decrease of 17.9%, compared to $49.1 million for the same period of 2008.
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For the first quarter of 2009, diluted earnings per share were $0.63, a decrease of 17.4%, compared to $0.76 for the first quarter of 2008.
The company reported net revenues of $441.24 million for the quarter ended March 31, 2009, an increase of 7%, compared to $412.43 million for the quarter ended March 31, 2008.
Joe Herring, chairman and CEO of Covance, said: “First quarter results were impacted by reduced market demand in early development, resulting in year-on-year and sequential declines in revenue and profitability, offset by record results in late-stage development.
“Our forecast for early development results is to be sequentially flat in the second quarter, followed by sequential growth in the third and fourth quarters. In late-stage development, increased demand led to accelerated revenue growth of 18.2% in the quarter (25% excluding the impact of foreign exchange) and exceptional operating margins of 22.6% (a 290 basis point increase above our previous record high).”