Last $83.97 USD
Change Today -0.19 / -0.23%
Volume 225.6K
As of 8:04 PM 08/22/14 All times are local (Market data is delayed by at least 15 minutes).

covance inc (CVD) Snapshot

Open
$84.04
Previous Close
$84.16
Day High
$84.24
Day Low
$83.78
52 Week High
04/3/14 - $106.50
52 Week Low
05/2/14 - $79.21
Market Cap
4.7B
Average Volume 10 Days
299.2K
EPS TTM
$3.55
Shares Outstanding
56.5M
EX-Date
--
P/E TM
23.6x
Dividend
--
Dividend Yield
--
Current Stock Chart for COVANCE INC (CVD)

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covance inc (CVD) Details

Covance Inc. provides early-and late-stage services to the pharmaceutical, biotechnology, and medical device industries. Its early-stage development services include preclinical and clinical pharmacology services. The company’s late-stage services include biomarker services to biotech and pharmaceutical customers, with full management of Phase II and III clinical studies. It also provides lab testing services to the chemical, agrochemical, and food industries. The company was founded in 1987 and is based in Princeton, N.J.

covance inc (CVD) Top Compensated Officers

Chairman and Chief Executive Officer
Total Annual Compensation: $1.0M
Chief Financial Officer and Corporate Senior ...
Total Annual Compensation: $407.5K
Executive Vice President and Group President ...
Total Annual Compensation: $455.5K
Executive Vice President and Group President ...
Total Annual Compensation: $421.0K
Chief Information Officer, Corporate Senior V...
Total Annual Compensation: $446.0K
Compensation as of Fiscal Year 2013.

covance inc (CVD) Key Developments

Covance Seeks Acquisitions

Covance Inc. (NYSE:CVD) is seeking acquisitions. Joe Herring, Chairman and Chief Executive Officer of Covance, said, "Our business is very, very well positioned. We're investing to expand capacity capabilities in three different locations. We're evaluating a number of acquisitions. We are very committed to this business. It leverages a lot of the tools, instrumentation, scientific talents that we have, you know, in pharmaceutical chemistry. We're expanding in Singapore. And then looking at acquisitions in Latin America, as well as either buy or build in a couple of other Asian markets. So we're definitely going global in this business but trying to do it in a smart and thoughtful and high quality way, and, you know, in a responsible way. We just are really proud of our team's effort to, you know, take the feedback, become more competitive, and win some very significant projects in support of commercial launch, as well as their creative ability to go out and find some really interesting acquisition candidates like the Medaxial.”

Covance Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Announces Impairment Charges; Provides Earnings Guidance for the Third and Fourth Quarter of 2014, Updates Earnings Guidance for the Full Year of 2014 and Provides Effective Tax Guidance for the Remainder of 2014

Covance Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net income of $16,937,000 or $0.30 per basic share and $0.29 per diluted share on total Revenue was $687,108,000 against net income of $40,994,000 or $0.75 per basic share and $0.72 per diluted share on total Revenue was $643,976,000 a year ago. Income from operations was $19,264,000 compared to $51,510,000 a year ago. Income before taxes was $14,913,000 compared to $50,519,000 a year ago. On pro forma basis, total revenues of $687,108,000, income from operations was $76,026,000, income before taxes was $71,675,000, net income of $54,667,000 or $0.98 per basic share and $0.95 per diluted share against total revenues of $643,976,000, income from operations was $57,523,000, income before taxes was $55,825,000, net income of $44,476,000 or $0.81 per basic share and $0.78 per diluted share a year ago. For the six months, the company reported net income of $67,753,000 or $1.22 per basic share and $1.17 per diluted share on total Revenue was $1,353,396,000 against net income of $89,160,000 or $1.64 per basic share and $1.58 per diluted share on total Revenue was $1,278,311,000 a year ago. Income from operations was $86,152,000 compared to $99,761,000 a year ago. Income before taxes was $80,599,000 compared to $113,257,000 a year ago. Net cash used in operating activities was $2,524,000 compared to $2,582,000 a year ago. Capital expenditures were $73,023,000 compared to $68,433,000 a year ago. On pro forma basis, total revenues of $1,353,396,000, income from operations was $147,052,000, income before taxes was $139,851,000, net income of $107,037,000 or $1.92 per basic share and $1.85 per diluted share against total revenues of $1,278,311,000, income from operations was $111,944,000, income before taxes was $109,040,000, net income of $86,795,000 or $1.59 per basic share and $1.53 per diluted share a year ago. The company announced impairment charges were $52,564,000. The company updating full year pro forma diluted earnings per share to the range of $3.78 to $3.92. The company continues to expect full year free cash flow of approximately $130 million, net of capital expenditures of approximately $160 million. The free cash flow target for 2014 assumes net DSO at 40 days at December 31, 2014. The pro forma effective tax rate is expected to be approximately 24% for the remainder of 2014. In terms of cycling of 2014 earnings, the company expects sequential growth of a few cents in earnings in both the third and fourth quarters, which will deliver earnings at a new higher midpoint of guidance range.

Covance Announces Management Appointments

Covance has appointed Robert Wasserman as vice president and global therapeutic area head of oncology and Rogelio Mosqueda-Garcia as global vice president of early clinical services within medical and scientific affairs. Before joining Covance, Dr. Wasserman spent 15 years in the pharmaceutical industry, most recently at Hoffmann-La Roche as Site Head of Academic Alliances, Pharma Research and Early Development (pRED) for the Translational Clinical Research Center. Dr. Mosqueda-Garcia will provide scientific direction for the Clinical Pharmacology Services and Early Clinical Development groups. He also will work internally and externally to address issues of clinical pharmacology studies in patients, integration of biomarkers in early development, and the creation of novel approaches to establish proof of concept in development programs of new drug candidates. Dr. Mosqueda-Garcia previously served as Executive Director in Clinical Pharmacology at AstraZeneca Pharmaceuticals. He held senior roles in the Clinical Discovery Group at Bristol-Myers Squibb and in the Clinical Pharmacology Department at DuPont Pharmaceuticals.

 

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