Covance posted a strong revenue performance in the second quarter thanks to better-than-expected results from its early-stage development segment, but the CRO is inching back its full-year expectations to account for some outgoing assets.
As last week's BIO conference well illustrated, biotech companies go to great lengths to flaunt their assets in front of potential partners from Big Pharma. Global CRO Covance is developing a system it believes can make that process more efficient: an online platform that allows drug developers to securely list their up-for-license molecules for would-be collaborators.
Global CRO Covance is looking to expand its share of the drug-commercialization space, buying up a U.K. market access specialist to help its clients sell their approved products.
Covance's shares fell as much as 10% after the CRO missed its internal sales goals in the first quarter and dialed down its revenue projection for the year.
Global CRO Covance is expanding its heft in biologics development, plotting to double its capacity over the next 5 years.
Global CRO Covance boosted its revenue by about 11% last quarter, capping off a banner year in which the company outstripped its financial targets.
Covance is betting on a boom in the demand for nutritional chemistry and food safety services, planning to cut the ribbon on a 10,000-square-foot lab in the U.K.
With the spiraling amount of time and money needed to bring a drug to market weighing heavy on their Big Pharma clients, CROs have invested in efficiency boosting technology to gain a competitive edge. And the trend is tipped to continue, with an analyst predicting CROs will be at the forefront of developments in IT and genomics in 2014.
Global CRO Covance has struck up a deal to expand its diagnostics capabilities in oncology trials, partnering with NeoGenomics to bolster its anatomic pathology and specialty lab testing.
As regulators the world over clamp down on biologics development, Covance has struck up a partnership with Pathoquest to offer next-generation sequencing-based tests for biotherapeutics.