| COVANCE BOARD AUTHORIZES STOCK BUYBACK
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Princeton, NJ, September 20, 1999 — Covance Inc. (NYSE:CVD) said today that its
Board of Directors has authorized the repurchase of up to 5 percent, or approximately 3.0 million shares, of the Company's common stock. The purchases would take place in open market transactions and 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 and our view that our stock is undervalued in the current market," 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 1998 revenues of $732 million, operations currently in 17 countries, and approximately 7,700 employees worldwide. Information on Covance's products and services, recent press releases, and SEC filings can be obtained through
the company's website at: www.covance.com.
Statements contained in this press release, which are not historical facts, such as statements about prospective earnings, revenue and earnings growth and restructuring charges, 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, the Company's ability to continue to attract and retain qualified personnel, the fixed price nature of contracts or the loss of large contracts, the success of the Company's reorganization, and other factors described in the Company's filings with the Securities and Exchange Commission.
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