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Covance's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Now turning to Late-Stage Development. Net revenue in the quarter was $319 million, which is up $21 million from the fourth quarter levels and up 14.9% -- 14.8% rather from first quarter of last year. Sequential and year-on-year revenue growth was driven by the very strong performance of our Phase II-IV clinical development services. I'd also highlight that our revenues in central laboratory services increased year-on-year and sequentially in both reported dollars, as well as on a constant currency basis. Late-Stage Development operating margin was $72.4 million or 22.7% of revenue, that's up 270 basis points sequentially and 250 basis points from a year ago.

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