Covance cuts jobs and profit forecasts as major pharma shies away from CROs
Covance, one of the largest contract research organizations in the USA,has announced plans to "restructure its Phase III clinical trials unit" which involves closing offices, the consolidation of some facilities and the loss of some 200 jobs, or 3% of its workforce.
As a result of these measures, Covance says that it will take a $15 million pretax charge in the second quarter. However, the firm claims that the restructuring should deliver pretax savings of approximately $16 million by 2001, with about $8 million anticipated for the second half of 2000.
EPS well below consensus
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