Covance lowers EPS guidance for 2009
US drug development services firm Covance revised its financial expectations for 2008 and provided financial guidance for 2009. The company now expects 2008 full-year earnings per share to be $3.02 on low double-digit revenue growth versus the previous expectation of EPS of $3.18 on low-teens revenue growth (both EPS targets exclude the gain from the sale of centralized ECG services). Adjusted net book-to-bill in the fourth quarter is currently forecast to be in-line with the third-quarter level of 1.2:1. Covance expects full-year 2009 revenue growth to be in the range of about 5% to 10% over 2008.
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