Key Developments: Covance Inc (CVD.N)

CVD.N on New York Stock Exchange

103.17USD
19 Dec 2014
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$-0.35 (-0.34%)
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Latest Key Developments (Source: Significant Developments)

Covance Inc gives Q4 2014 outlook below analysts' estimates; lowers high end of prior FY 2014 EPS outlook to a range below analysts' estimates
Monday, 3 Nov 2014 06:05am EST 

Covance Inc:Expects Q4 2014 revenue to be in the range of $625 -$635 mln.Expects Q4 2014 diluted earnings per share to be in the range of $0.95 to $0.98, which would bring FY 2014 earnings per share to $3.78 to $3.81 (excluding gains on sale, costs associated with its restructuring activities, and asset impairment charges).Q4 2014 revenue of $663 mln, EPS of $1.02 - Thomson Reuters I/B/E/S.FY 2014 EPS of $3.86 - Thomson Reuters I/B/E/S.  Full Article

Laboratory Corporation of America Holdings to acquire Covance for about $5.6 bln
Monday, 3 Nov 2014 06:00am EST 

Laboratory Corporation of America Holdings:Enters into definitive agreement under which Laboratory Corporation of America Holdings (LabCorp) will acquire Covance for cash and LabCorp shares currently valued at $105.12 per Covance share, or an equity value of about $6.1 bln and an enterprise value of about $5.6 bln.The combination will create world's leading healthcare diagnostics company, capitalizing on LabCorp's industry leadership in medical testing and Covance's leadership in contract research.Under terms of agreement, which has been approved by Boards of Directors of both companies, Covance shareholders will receive $75.76 in cash and 0.2686 LabCorp shares for each Covance share they own.Covance shareholders will own about 15.5 pct of combined compan.The agreed price represents 32 pct premium to Covance's closing stock price of $79.90 on Oct. 31, and multiple of about 13.3 times Covance's EBITDA over last 12 months through Sept. 30.Excluding one-time costs, LabCorp expects transaction to be accretive to adjusted earnings per share in 2015 before synergies. LabCorp expects to achieve annual cost synergies in excess of $100 million to be fully realized within three years of closing.  Full Article

BioLegend acquires Antibody Products business unit from Covance Inc
Tuesday, 2 Sep 2014 11:00am EDT 

Covance Inc:Acquires shares of Covance Antibody Services Inc., business unit of Covance, located in Dedham, Massachusetts, on Aug. 29.Covance Antibody business unit develops and manufactures antibodies and research reagents for Neuroscience, Immunopathology, Cell Biology, Epitope Tags, and Immunohistochemistry Detection.These products, including In Vitro Diagnostic (IVD) antibodies for IHC, are well-suited to complement and enhance the current selection of BioLegend research reagents.  Full Article

Covance Inc lowers high end of prior FY 2014 revenue outlook to a range in line with estimates; narrows FY 2014 EPS outlook to a range in line with estimates; reaffirms Q3, Q4 2014 EPS outlook
Tuesday, 29 Jul 2014 04:01pm EDT 

Covance Inc:Expects FY 2014 revenue growth of 6-8 pct.Expects FY 2014 pro forma diluted earnings per share of $3.78 to $3.92.Earnings guidance excludes the gain on sale, costs associated with restructuring activities, asset impairment charges and assuming foreign exchange rates remain at June 30, 2014 levels.Says it expect increases of a few cents in earnings per share in both the Q3 2014 and Q4 2014.Reported revenue of $2.40 bln in FY 2013.FY 2014 revenue of $2.58 bln, EPS of $3.83 - Thomson Reuters I/B/E/S.Q3 2014 EPS of $0.98 - Thomson Reuters I/B/E/S.Q4 2014 EPS of $1.02 - Thomson Reuters I/B/E/S.  Full Article

Covance Inc announces acquisition of Medaxial
Monday, 19 May 2014 09:46am EDT 

Covance Inc:Announced it has acquired Medaxial, a London-based value communication consultancy.  Full Article

Covance Inc updates FY 2014 revenue guidance to a range in line with analysts' estimates - Conference call
Wednesday, 14 May 2014 04:00pm EDT 

Covance Inc:Says that it is on track for almost $2.6 bln in revenue for FY 2014.FY 2014 revenue of $2.6 bln - Thomson Reuters I/B/E/S.  Full Article

Covance Inc gives Q2, Q3, Q4 2014 EPS outlook; lowers high end of prior FY 2014 revenue outlook to a range in line with estimates; narrows FY 2014 EPS outlook to a range in line with estimates
Thursday, 1 May 2014 04:03pm EDT 

Covance Inc:Says it expect increases of a few cents in earnings per share each quarter as it progress throughout the year.Expects FY 2014 revenue growth of 6- 9 pct.Expects FY 2014 pro forma diluted earnings per share of $3.70 to $3.95.Reported revenue of $2.40 bln in FY 2013.Q2 2014 EPS of $0.94 - Thomson Reuters I/B/E/S.Q3 2014 EPS of $1.00 - Thomson Reuters I/B/E/S.Q4 2014 EPS of $1.03 - Thomson Reuters I/B/E/S.FY 2014 revenue of $2.615 bln, EPS of $3.86 - Thomson Reuters I/B/E/S.  Full Article

Covance Inc gives Q1, FY 2014 guidance in line with analysts' estimates
Tuesday, 4 Feb 2014 04:02pm EST 

Covance Inc:Says for the FY 2014, it expect year-on-year revenue growth in the 6 pct to 10 pct range and pro forma diluted earnings per share, excluding costs from ongoing restructuring activities, in the range of $3.65 to $4.00.Says in the Q1 2014, the company expect revenue to be up from the fourth quarter level and pro forma earnings per share to increase sequentially by a couple of cents.The Company reported revenue of $623.1 million and pro forma earnings per diluted share of $0.87 in Q4 2013 and revenue of $2.4 billion in FY 2013.FY 2014 revenue of $2.61 billion and EPS of $3.81 - Thomson Reuters I/B/E/S.Q1 2014 revenue of $639.49 million and EPS of $0.89 - Thomson Reuters I/B/E/S.  Full Article

Covance Inc authorizes $100 million stock buyback
Thursday, 19 Dec 2013 04:15pm EST 

Covance Inc:Authorizes the repurchase of up to $100 million of its outstanding common stock.Says any purchases under this buyback would be dependent upon business and market conditions and other factors.Says stock purchases may be made from time to time and may be made through a variety of methods including open market purchases, privately negotiated transactions, block trades, and 10b5-1 plans.  Full Article

Covance Inc Sees FY 2013 EPS Guidance At High End Of Prior Range; Raises FY 2013 Revenue Guidance-Conference Call
Wednesday, 30 Oct 2013 09:00am EDT 

Covance Inc announced that for fiscal 2013, it expects pro forma earnings per share (EPS) target to the high end of the Company's previous range or approximately $3.20. This target represents fiscal 2013 revenue growth of approximately 10%, and pro forma EPS growth of 19%. The Company reported revenue of $2.180 billion for fiscal 2012. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EPS of $3.18 for fiscal 2013.  Full Article

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