Covance
↗Princeton, New Jersey, USA
Covance is a leading contract research organization (CRO) providing drug development services to pharmaceutical, biotechnology, and medical device companies. Operating as part of Fortrea Holdings since the 2023 spin-off from LabCorp, Covance delivers comprehensive services across preclinical research, clinical pharmacology, Phase I-IV clinical trials, bioanalytical services, and post-market pharmacovigilance. The company has been instrumental in bringing 90% of the top-selling drugs to market and has supported development of over 2,000 FDA-approved therapies. With operations in over 60 countries and approximately 10,000 employees, Covance maintains industry-leading capabilities in specialized therapeutic areas including oncology, central nervous system disorders, rare diseases, and emerging modalities such as cell and gene therapies.
CLASSIFICATION
Company Type:CRO
Therapeutic Areas:
Industry:Contract Research Organization (CRO)
Sub-Industry:Drug Development Services, Clinical Research, Bioanalytical Services
SIZE & FINANCIALS
Employees:10000+
Revenue:$2.9B-$3B (Drug Development segment 2024)
Founded:1997
Ownership:public
Status:operating
FUNDING
Stage:Publicly traded
STOCK
Exchange:NASDAQ
Ticker:FTRE
PIPELINE
Stage:N/A - Service provider, not drug developer
Lead Drug Stage:N/A
Modalities:Small molecule, Monoclonal antibodies (mAb), Cell therapy, Gene therapy, Biologics
CORPORATE STRUCTURE
Parent Company:Fortrea Holdings, Inc.
Acquired By:LabCorp (2015, subsequently spun off as Fortrea Holdings in 2023) (2015-02-01)
Subsidiaries:Chiltern (acquired), Envigo (partnership for nonclinical services)
Key Partnerships:Envigo - nonclinical drug development, NeoGenomics Laboratories - molecular diagnostics, Navigate BioPharma Services, Mission Bio - single-cell services
COMPETITION
Position:Leader
Competitors:Charles River Laboratories, Parexel, IQVIA, PPD (now Trak Pharma), Syneos Health, Veristat
LEADERSHIP
Key Executives:
Elissa Hahn - CEO
Paul Kirchgraber - Senior Vice President, Head of Clinical Trial Testing Solutions
Jonathan Collins - Chief Operating Officer
Dr. Bill Hanlon - President, Central Laboratories & Chief Scientific Officer
LINKS
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