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About Covance Laboratories Inc.

Contract research organization (CRO) Covance helps global pharmaceutical and biotech companies develop new drugs. Its full range of testing capabilities spans from preclinical investigations through human clinical trials and post-marketing studies. Services include toxicology studies, central lab testing, clinical trial management, and biostatistical analysis. The company's customers include pharmaceutical, biotech, and medical device firms. Covance also offers laboratory testing services to the chemical and agrochemical industries. The company supports research activities in about 100 countries; the US is its largest market. Covance is owned by lab services giant LabCorp. 

Financial Performance

Covance makes up LabCorp's Covance Drug Development (CDD) division, which accounts for about 30% of its parent company's sales. 

CDD reported revenue of $4.3 billion in 2018, up 25% from 2017. The jump in sales was primarily attributed to acquisitions including the purchase of specialty CRO Chiltern in late 2017 for $1.2 billion (contributing 17% of growth); organic measures (7%); and currency translation impacts (1%).

Strategy

Covance is a top global provider of contract research services. It collaborated on more than 90% of drugs approved by the FDA during 2018.

Covance aims to provide services that will generate high-quality and timely data in support of new drug approvals or expanded indications for existing drugs. Over the years it has opened new labs and expanded its service offerings to include early phase drug development and biologics development. The company formed an immunology and immunotoxicology unit in 2018 to support its biologic drug development operations. 

In 2019 LabCorp completed an asset swap with Envigo, trading the Covance Research Products business, which provided research animals and related services, for Envigo's nonclinical contract research operations. The swap expanded the capabilities and global reach of Covance's early stage development business.

To focus on the core Covance drug development operations, in 2018 LabCorp sold the Covance Food Solutions business to Eurofins Scientific for some $670 million. The division served clients in the global food, beverage, agricultural, and supplement industries.

Covance Laboratories Inc.

3301 KINSMAN BLVD
Madison, WI 53704-2523
Phone: 1 (608) 241-4471

Stats

Employer Type: Privately Owned
Study Director: Heather Dale
Associate Director: Deborah Glick
Senior Partner: Shelley Osborn
Employees (This Location): 1,250
Employees (All Locations): 1,800

Major Office Locations

Madison, WI

Other Locations

Daytona Beach, FL
Ithaca, NY