Covance
Covance Board Authorizes Increased Stock Buyback
Princeton, NJ, June 28, 2004 — Covance Inc. (NYSE: CVD) said today that its Board of Directors has authorized the repurchase of up to three million shares, or nearly five percent, of the Company's common stock. This authorization is in addition to the 264,700 shares remaining under the repurchase authorization announced in 2003. Any purchases under this buyback would be dependent upon business and market conditions and other factors.

"This action reflects the confidence of the Board and management in the fundamental strengths and future outlook of Covance," said Chris Kuebler, Covance Chairman and Chief Executive Officer.

Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with 2003 net revenues of $940 million, global operations in 18 countries, and approximately 6,300 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through the website in the About Covance area.

Statements contained in this press release, which are not historical facts, such as statements about prospective earnings, savings, revenue, operations, revenue and earnings growth and other financial results are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements including the statements contained herein regarding anticipated trends in the Company's business are based largely on management's expectations and are subject to and qualified by risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, competitive factors, outsourcing trends in the pharmaceutical industry, levels of industry research and development spending, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of contracts or the loss of large contracts, risks associated with acquisitions and investments, the Company's ability to increase profitability of its clinical development services and to increase order volume in central laboratory and commercialization services, and continued growth in demand for bioanalytical services and Covance's ability to provide these services on a large scale basis, and other factors described in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. All information in this release is as of June 25, 2004. The Company undertakes no duty to update any forward looking statement to conform the statement to actual results or changes in the Company's expectations.