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Covance Reports Fourth Quarter Revenue of $492 Million, GAAP EPS of $0.45, and Pro Forma EPS of $0.56
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Issues 2011 Pro Forma EPS Range of $2.50 to $2.90 -

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PRINCETON, N.J., Jan. 26, 2011 /PRNewswire via COMTEX/ -- Covance Inc. (NYSE: CVD) today reported GAAP earnings for its fourth quarter ended December 31, 2010 of $0.45 per diluted share. Included in fourth quarter results is $0.22 per diluted share in costs from the previously-announced fourth quarter restructuring actions, partially offset by a gain of $0.11 per diluted share from favorable income tax resolutions in the quarter. Excluding these items, earnings per diluted share were $0.56 in the quarter. For the full-year, earnings per diluted share were $1.06 on a GAAP basis, inclusive of $1.15 per diluted share non-cash impairment charge incurred in the third quarter, $0.21 per diluted share in costs associated with restructuring charges incurred in the fourth quarter, partially offset by a gain of $0.27 per diluted share from favorable income tax resolutions during the year. Excluding these items, full-year earnings per diluted share were $2.15.

"During a challenging 2010, we made progress on a number of fronts, including entering into a comprehensive strategic alliance with sanofi-aventis (which helped drive annual backlog growth of 27%), significantly lowering our cost structure, and delivering full-year net revenue growth of 3.1%," said Joe Herring, Chairman and Chief Executive Officer. "In the fourth quarter, on a sequential basis, revenue grew 3.0% to $492 million and operating margin (after excluding $18.4 million from the fourth quarter restructuring actions) expanded 70 basis points to 9.6%. Early Development's revenue increased $14 million sequentially and pro forma operating margin grew 130 basis points sequentially to 12.0% reflecting two months of results from our new Porcheville, France and Alnwick, UK sites and modest improvement in toxicology from the depressed third quarter level. As expected, Late-Stage Development revenues and pro forma operating margins were essentially flat with the third quarter levels.

"On the commercial front, solid fourth quarter business awards in Late-Stage Development led to adjusted net orders of $603 million, representing an adjusted book-to-bill ratio of 1.23 to 1. Also signed in the fourth quarter, but not included in our adjusted net orders (consistent with our practice), was a $125 million expansion and extension of an existing dedicated space toxicology agreement from a top ten pharmaceutical client.

"In the first quarter of 2011, we expect a slight increase in net revenues from the fourth quarter level, largely from higher levels of business under our alliance with sanofi-aventis. First quarter pro forma earnings per share are expected to be in the range of $0.56 to $0.59, as incremental earnings from higher revenue levels, incremental sequential savings from the fourth quarter restructuring, and a full quarter impact of the share repurchase are expected to be offset by an expense increase of approximately $0.05 per share for incentive compensation accruals returning to normalized levels, and also by increased operating losses related to the transition of services from Vienna, Virginia to Greenfield, Indiana. Looking to the full-year 2011, Covance expects single digit percentage revenue growth and pro forma earnings per share to be in the range of $2.50 to $2.90 per diluted share, excluding costs associated with ongoing restructuring activities. This range assumes no new strategic alliances with clients and foreign exchange rates remain at year-end 2010 levels."

Consolidated Results

($ in millions except EPS)

4Q10

4Q09

Change

FY2010

FY2009

Change

Total Revenues

$519.5

$507.3


$2,038.5

$1,962.6


Less: Reimbursable Out-of-Pockets

$28.0

$22.2


$112.9

$95.0


Net Revenues

$491.5

$485.1

1.3%

$1,925.6

$1,867.6

3.1 %

Operating Income

$28.9

$54.9

(47.4)%

$47.5

$228.6

(79.2)%

Operating Margin %

5.9%

11.3%


2.5%

12.2%


Net Income

$28.4

$ 41.5

(31.7)%

$68.3

$175.9

(61.2)%

Diluted EPS

$0.45

$ 0.64

(29.7)%

$1.06

$ 2.73

(61.3)%

Impairment charge*

-

-


$(119.2)

-


Restructuring Costs*

$(18.4)

-


$(18.4)

-


Operating Income, excluding items*

$47.2

$54.9

(13.9)%

$185.1

$228.6

(19.0)%

Operating Margin %, ex items*

9.6%

11.3%


9.6%

12.2%


Favorable Income Tax Items*

$6.9

-


$17.3

$2.1


Gain on Sale, net of tax*

-

-


-

$6.3


Net Income, excluding items*

$35.1

$41.5

(15.4)%

$138.6

$167.5

(17.3)%

Diluted EPS, excluding items*

$0.56

$0.64

(13.0)%

$2.15

$2.60

(17.5)%

* See attached pro forma income statement for reconciliation of GAAP to Pro Forma amounts.

Operating Segment Results


Early Development

($ in millions)

4Q10

4Q09

Change

FY2010

FY2009

Change

Net Revenues

$220.6

$203.1

8.6%

$840.3

$ 791.8

6.1%

Operating Income (Loss)

$21.1

$ 23.1

(8.3)%

$(32.0)

$ 99.7

(132.1)%

Operating Margin %

9.6%

11.3%


(3.8)%

12.6%


Q4 Restructuring

$(5.4)

-


$(5.4)

-


Q2 Cost Actions

-

-


$(8.0)

-


Impairment charge

-

-


$(119.2)

-


Pro Forma Operating Income

$ 26.6

$23.1

15.2%

$100.7

$ 99.7

1.0%

Pro Forma OM%

12.0%

11.3%


12.0%

12.6%



The Company's Early Development segment includes preclinical toxicology, analytical chemistry, clinical pharmacology services, discovery support, and research products. Early Development net revenues for the fourth quarter of 2010 were $220.6 million compared to $203.1 million in the fourth quarter of 2009 and $206.5 million last quarter. The sequential increase in revenue was primarily driven by the inclusion of two full months of results from our Alnwick and Porcheville sites as well as from modest improvement in our toxicology services in the fourth quarter. Full year 2010 net revenues increased 6.1% to $840.3 million compared to $791.8 million in 2009.

Operating income for the fourth quarter was $21.1 million and included $5.4 million in costs associated with our fourth quarter restructuring actions. Operating income, excluding these costs, was $26.6 million, compared to $22.0 million last quarter and $23.1 million in the fourth quarter of last year. Operating margins for the fourth quarter, excluding the fourth quarter restructuring actions, were 12.0% compared to 10.7% last quarter and 11.3% in the fourth quarter of 2009. Sequentially, the expansion in operating margins was driven by results from our Alnwick and Porcheville sites, and modest improvement in toxicology services, partially offset by a decline in clinical pharmacology profitability, which was again impacted by study delays. Full year operating margins were 12.0% compared to 12.6% in the prior year.

Late-Stage Development

($ in millions)

4Q10

4Q09

Change

FY2010

FY2009

Change

Net Revenues

$ 270.9

$281.9

(3.9)%

$1,085.3

$1,075.8

0.9%

Operating Income

$ 47.6

$ 63.8

(25.4)%

$225.5

$254.5

(11.4)%

Operating Margin %

17.6%

22.6%


20.8%

23.7%


Q4 Restructuring

$ (7.1)

-


$(7.1)

-


Q2 Cost Actions

-

-


$(0.2)

-


Pro Forma Operating Income

$ 54.7

$ 63.8

(14.2)%

$232.8

$ 254.5

(8.5)%

Pro Forma OM%

20.2%

22.6%


21.5%

23.7%



The Late-Stage Development segment includes central laboratory, Phase II-III clinical development, and commercialization services (periapproval and market access services). Late-Stage Development net revenues for the fourth quarter of 2010 were, as expected, essentially flat from last quarter at $270.9 million, a decline of 3.9% year-on-year. Late-Stage Development services are being negatively impacted by a longer duration between the time a project is awarded and revenue generation begins, a higher level of project scope reductions and cancellations in 2010, and a shifting mix of central lab tests performed and kits returned. For the full year 2010, net revenues grew 0.9% to $1,085.3 million compared to $1,075.8 million in 2009.

Operating income for the fourth quarter was $47.6 million and included $7.1 million in costs associated with our fourth quarter restructuring actions. Operating income, excluding these costs, was $54.7 million, compared to $55.2 million last quarter and $63.8 million in the fourth quarter of the prior year. Pro forma operating margins were 20.2% for the fourth quarter of 2010 compared to 20.4% last quarter and 22.6% in the fourth quarter of last year. Late-stage margins continue to be impacted by the longer time period between project award and commencement of revenue, higher levels of project scope reductions and cancellations, and the testing mix and geographic mix of kit receipts in central laboratories. Full year pro forma operating margins were 21.5% compared to 23.7% in the prior year.

Corporate Information

The Company's backlog at December 31, 2010 grew 27.3% year-over-year to $6.2 billion compared to $6.0 billion at September 30, 2010 and $4.87 billion at December 31, 2009. Foreign exchange positively impacted sequential backlog growth by $12 million. Adjusted net orders (net orders adjusted for contracts with minimum volume commitments) were $603 million in the fourth quarter of 2010.

Corporate expenses totaled $39.9 million in the fourth quarter of 2010 compared to $33.4 million last quarter and $32.0 million in the fourth quarter of last year. Fourth quarter corporate expenses included $5.8 million in costs associated with our recently announced restructuring actions. We expect corporate expenses as a percent of revenue, excluding severance and other restructuring costs, to trend lower during 2011 as the savings from the planned restructuring actions are realized.

Cash and cash equivalents at December 31, 2010 were $377 million compared to $389 million at September 30, 2010 and $289 million at December 31, 2009. During the fourth quarter, the Company spent $250 million to repurchase shares of its outstanding common stock and has $133 million in debt outstanding resulting from borrowings related to the accelerated share repurchase.

Free cash flow (defined as operating cash flow less capital expenditures) for the fourth quarter of 2010 was $119 million, consisting of operating cash flow of $145 million less capital expenditures of $26 million. Free cash flow in 2010 was $208 million, consisting of operating cash flow of $334 million less capital expenditures of $126 million. In 2011, we expect free cash flow to be approximately $100 million, consisting of operating cash flow of approximately $240 million less capital expenditures of approximately $140 million. The free cash flow target for 2011 assumes net Days Sales Outstanding (DSO) of approximately 40 days.

Net Days Sales Outstanding (DSO) were 31 days at December 31, 2010 compared to 45 days at September 30, 2010 and 40 days at December 31, 2009.

Taxes in the fourth quarter included a benefit of $6.9 million, primarily as a result of the favorable resolution of an income tax matter. The tax rate for the quarter excluding this benefit and the tax benefit associated with the fourth quarter restructuring costs was 23.0%.

The Company's investor conference call will be webcast on January 27 at 9:00 am ET. Management's commentary and presentation slides will be available through http://www.covance.com/.

Covance, with headquarters in Princeton, New Jersey, is one of the world's largest and most comprehensive drug development services companies with annual revenues greater than $1.9 billion, global operations in more than 25 countries, and more than 10,000 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through its website at http://www.covance.com/.

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 or delay of large studies, risks associated with acquisitions and investments, the Company's ability to increase order volume, the pace of translation of orders into revenue in late-stage development services, testing mix and geographic mix of kit receipts in central laboratories, fluctuations in currency exchange rates, 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. 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.

Financial Exhibits Follow

COVANCE INC.








CONSOLIDATED INCOME STATEMENTS








FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2010 AND 2009








(Dollars in thousands, except per share data)
























Three Months Ended December 31


Years Ended December 31




2010


2009


2010


2009




(UNAUDITED)
















Net revenues


$ 491,513


$ 485,065


$ 1,925,630


$ 1,867,634


Reimbursable out-of-pocket expenses


27,942


22,263


112,843


94,992


Total revenues


519,455


507,328


2,038,473


1,962,626












Costs and expenses:










Cost of revenue


346,924


337,896


1,348,498


1,277,142


Reimbursable out-of-pocket expenses


27,942


22,263


112,843


94,992


Selling, general and administrative


89,810


67,544


307,386


270,593


Depreciation and amortization


25,919


24,753


103,024


91,289


Asset impairment charges


-


-


119,229


-


Total costs and expenses


490,595

(a)

452,456


1,990,980

(b)

1,734,016












Income from operations


28,860

(a)

54,872


47,493

(b)

228,610












Other expense (income), net:










Interest expense (income), net


430


(57)


52


201


Foreign exchange transaction loss, net


1,054


353


3,649


245


Gain on sale of businesses


-


-


-


(9,681)


Other expense (income), net


1,484


296


3,701


(9,235)

(c)











Income before taxes and equity investee earnings


27,376

(a)

54,576


43,792

(b)

237,845

(c)











Tax (benefit) expense


(1,121)

(a)

13,820


(23,655)

(b)

62,870

(c)











Equity investee (loss) earnings


(119)


779


807


907












Net income


$ 28,378

(a)

$ 41,535


$ 68,254

(b)

$ 175,882

(c)











Basic earnings per share


$ 0.46

(a)

$ 0.65


$ 1.08

(b)

$ 2.76

(c)











Weighted average shares outstanding - basic


61,390,965


63,968,682


63,043,561


63,818,717












Diluted earnings per share


$ 0.45

(a)

$ 0.64


$ 1.06

(b)

$ 2.73

(c)











Weighted average shares outstanding - diluted


62,703,690


64,541,063


64,472,326


64,341,084












(a) Includes $18,362 in restructuring costs ($13,688 net of tax) and $6,946 in favorable income tax items during the three months ended December 31, 2010.

(b) Includes asset impairment charges ($119,229) and restructuring costs ($18,362) totaling $137,591 ($87,610 net of tax) and favorable income tax items

totaling $17,298 during the year ended December 31, 2010.

(c) Includes a $9,026 gain on sale of Interactive Voice & Web Response Services ($5,867 net of tax) and a $655 gain on sale of Cardiac Safety

Services ($426 net of tax) and favorable income tax items totaling $2,072 during the year ended December 31, 2009.

Excluding the impact of the asset impairment charges, restructuring charges, favorable income tax items and gain on sale of businesses:











Income before taxes and equity investee earnings


$ 45,738


$ 54,576


$ 181,383


$ 228,164












Taxes on income


$ 10,499


$ 13,820


$ 43,624


$ 61,554












Net income


$ 35,120


$ 41,535


$ 138,566


$ 167,517












Basic earnings per share


$ 0.57


$ 0.65


$ 2.20


$ 2.62












Diluted earnings per share


$ 0.56


$ 0.64


$ 2.15


$ 2.60


COVANCE INC.



CONSOLIDATED BALANCE SHEETS



DECEMBER 31, 2010 and 2009







(Dollars in thousands)
















December 31


December 31




2010


2009







ASSETS





Current Assets:






Cash & cash equivalents


$ 377,223


$ 289,469


Accounts receivable, net


261,160


285,119


Unbilled services


90,729


97,279


Inventory


82,924


80,926


Deferred income taxes


35,648


31,512


Prepaid expenses and other current assets


98,127


93,367


Total Current Assets


945,811


877,672







Property and equipment, net


843,983


921,995

Goodwill, net


127,653


127,653

Other assets


48,095


47,624


Total Assets


$ 1,965,542


$ 1,974,944







LIABILITIES and STOCKHOLDERS' EQUITY





Current Liabilities:






Accounts payable


$ 34,079


$ 36,834


Accrued payroll and benefits


107,572


111,365


Accrued expenses and other current liabilities


97,395


73,383


Unearned revenue


186,301


166,890


Short-term debt and current portion of long-term debt


45,000


-


Income taxes payable


28,827


14,272


Total Current Liabilities


499,174


402,744







Long-term debt


87,500


-

Deferred income taxes


30,531


98,945

Other liabilities


68,516


62,251


Total Liabilities


685,721


563,940







Stockholders' Equity:






Common stock


774


764


Paid-in capital


639,341


587,995


Retained earnings


1,373,705


1,305,451


Accumulated other comprehensive income (loss)


277


(5,281)


Treasury stock


(734,276)


(477,925)


Total Stockholders' Equity


1,279,821


1,411,004


Total Liabilities and Stockholders' Equity


$ 1,965,542


$ 1,974,944







COVANCE INC.


CONSOLIDATED STATEMENTS OF CASH FLOWS


FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009


(Dollars in thousands)














Years Ended December 31






2010


2009

Cash flows from operating activities:





Net income


$ 68,254


$ 175,882

Adjustments to reconcile net income to net cash provided by





operating activities:





Depreciation and amortization


103,024


91,289

Asset impairment charges


119,229


-

Non-cash compensation expense associated with employee benefit





and stock compensation plans


32,289


26,949

Deferred income tax (benefit) provision


(71,661)


33,030

Gain on sale of businesses


-


(9,681)

Loss on disposal of property and equipment


1,487


998

Equity investee earnings


(807)


(907)

Changes in operating assets and liabilities, net of businesses





acquired and sold:





Accounts receivable


23,959


(54,937)

Unbilled services


6,550


15,724

Inventory


(1,998)


(12,720)

Accounts payable


(2,755)


(5,163)

Accrued liabilities


20,097


(8,072)

Unearned revenue


19,411


4,174

Income taxes payable


14,797


(1,176)

Other assets and liabilities, net


2,547


3,699

Net cash provided by operating activities


334,423


259,089






Cash flows from investing activities:





Capital expenditures


(126,278)


(131,079)

Acquisition of businesses, net of cash acquired


(20,994)


(28,096)

Proceeds from sale of businesses


-


10,373

Other, net


47


29

Net cash used in investing activities


(147,225)


(148,773)






Cash flows from financing activities:





Net borrowings (repayments) under revolving credit facility


35,000


(50,000)

Borrowings under long-term debt


100,000


-

Repayments under long-term debt


(2,500)


-

Stock issued under employee stock purchase and option plans


18,825


10,682

Purchase of treasury stock


(256,351)


(4,828)

Payment of debt assumed upon acquisition of business


-


(5,431)

Net cash used in financing activities


(105,026)


(49,577)

Effect of exchange rate changes on cash


5,582


7,396

Net change in cash and cash equivalents


87,754


68,135






Cash and cash equivalents, beginning of period


289,469


221,334






Cash and cash equivalents, end of period


$ 377,223


$ 289,469

COVANCE INC.








GAAP to Pro Forma Reconciliation








Q4 2010








(Dollars in thousands, except per share data)









(UNAUDITED)












Adjustments



GAAP


Fourth Quarter Restructuring Activities (1)


Income Tax Items (2)


Pro Forma









Net revenues

$ 491,513






$ 491,513

Reimbursable out-of-pocket expenses

27,942






27,942

Total revenues

519,455


-


-


519,455









Costs and expenses:








Cost of revenue

346,924






346,924

Reimbursable out-of-pocket expenses

27,942






27,942

Selling, general and administrative

89,810


(18,092)




71,718

Depreciation and amortization

25,919


(270)




25,649

Asset impairment charges

-






-

Total costs and expenses

490,595


(18,362)


-


472,233









Income from operations

28,860


18,362


-


47,222









Other expense (income), net:








Interest expense (income), net

430






430

Foreign exchange transaction loss, net

1,054






1,054

Gain on sale of businesses

-






-

Other expense (income), net

1,484


-


-


1,484









Income before taxes and equity investee earnings

27,376


18,362


-


45,738









Tax (benefit) expense

(1,121)


4,674


6,946


10,499









Equity investee (loss) earnings

(119)






(119)









Net income

$ 28,378


$ 13,688


$ (6,946)


$ 35,120









Basic earnings per share

$ 0.46


$ 0.22


$ (0.11)


$ 0.57









Weighted average shares outstanding - basic

61,390,965


61,390,965


61,390,965


61,390,965









Diluted earnings per share

$ 0.45


$ 0.22


$ (0.11)


$ 0.56









Weighted average shares outstanding - diluted

62,703,690


62,703,690


62,703,690


62,703,690


(1) Represents costs incurred in connection with capacity rationalization and cost reduction actions.

(2) Represents favorable resolutions of income tax matters during the three months ended December 31, 2010.

COVANCE INC.








GAAP to Pro Forma Reconciliation








For the year ended December 31, 2010








(Dollars in thousands, except per share data)









(UNAUDITED)












Adjustments




GAAP


Asset Impairment and Restructuring Activities (1)


Income Tax Items (2)


Pro Forma









Net revenues

$ 1,925,630






$ 1,925,630

Reimbursable out-of-pocket expenses

112,843






112,843

Total revenues

2,038,473


-


-


2,038,473









Costs and expenses:








Cost of revenue

1,348,498






1,348,498

Reimbursable out-of-pocket expenses

112,843






112,843

Selling, general and administrative

307,386


(18,092)




289,294

Depreciation and amortization

103,024


(270)




102,754

Asset impairment charges

119,229


(119,229)




-

Total costs and expenses

1,990,980


(137,591)


-


1,853,389









Income from operations

47,493


137,591


-


185,084









Other expense (income), net:








Interest expense (income), net

52






52

Foreign exchange transaction loss, net

3,649






3,649

Gain on sale of businesses

-






-

Other expense (income), net

3,701


-


-


3,701









Income before taxes and equity investee earnings

43,792


137,591


-


181,383









Tax (benefit) expense

(23,655)


49,981


17,298


43,624









Equity investee earnings

807






807









Net income

$ 68,254


$ 87,610


$ (17,298)


$ 138,566









Basic earnings per share

$ 1.08


$ 1.39


$ (0.27)


$ 2.20









Weighted average shares outstanding - basic

63,043,561


63,043,561


63,043,561


63,043,561









Diluted earnings per share

$ 1.06


$ 1.36


$ (0.27)


$ 2.15









Weighted average shares outstanding - diluted

64,472,326


64,472,326


64,472,326


64,472,326


(1) Represents third quarter asset impairment charges totaling $119,229 and fourth quarter restructuring costs totaling $18,362.

(2) Represents favorable resolutions of income tax matters during the year ended December 31, 2010.

COVANCE INC.








GAAP to Pro Forma Reconciliation








For the year ended December 31, 2009








(Dollars in thousands, except per share data)









(UNAUDITED)












Adjustments




GAAP


Income Tax Items (1)


Gain on Sale of Businesses (2)


Pro Forma









Net revenues

$ 1,867,634






$ 1,867,634

Reimbursable out-of-pocket expenses

94,992






94,992

Total revenues

1,962,626


-


-


1,962,626









Costs and expenses:








Cost of revenue

1,277,142






1,277,142

Reimbursable out-of-pocket expenses

94,992






94,992

Selling, general and administrative

270,593






270,593

Depreciation and amortization

91,289






91,289

Asset impairment charges

-






-

Total costs and expenses

1,734,016


-


-


1,734,016









Income from operations

228,610


-


-


228,610









Other expense (income), net:








Interest expense (income), net

201






201

Foreign exchange transaction loss, net

245






245

Gain on sale of businesses

(9,681)




9,681


-

Other expense (income), net

(9,235)


-


9,681


446









Income before taxes and equity investee earnings

237,845


-


(9,681)


228,164









Tax expense

62,870


2,072


(3,388)


61,554









Equity investee earnings

907






907









Net income

$ 175,882


$ (2,072)


$ (6,293)


$ 167,517









Basic earnings per share

$ 2.76


$ (0.03)


$ (0.10)


$ 2.62









Weighted average shares outstanding - basic

63,818,717


63,818,717


63,818,717


63,818,717









Diluted earnings per share

$ 2.73


$ (0.03)


$ (0.10)


$ 2.60









Weighted average shares outstanding - diluted

64,341,084


64,341,084


64,341,084


64,341,084


(1) Represents favorable resolutions of income tax matters during the year ended December 31, 2009.

(2) Includes a $9,026 gain on sale of Interactive Voice & Web Response Services ($5,867 net of tax) and a $655 gain on sale of Cardiac Safety Services ($426 net of tax).

SOURCE Covance Inc.


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