Covance
Covance, operating as Labcorp Drug Development, is a global contract research organization serving pharmaceutical and biopharmaceutical companies. Services span nonclinical development, central laboratory services, bioanalytical testing, and commercialization support delivered across more than 100 countries.
- Company typePublic
- Founded1997
- HeadquartersPrinceton, United States
- Headcount5,001–10,000
- GTM typeB2B
- OfferingServices
Covance firmographics
Firmographics- Name
- Covance
- Legal name
- Covance Softsol Ltd
- Website
- https://covance.com
- Company type
- Public
- Founded year
- 1997
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Covance, operating as Labcorp Drug Development, is a global contract research organization serving pharmaceutical and biopharmaceutical companies. Services span nonclinical development, central laboratory services, bioanalytical testing, and commercialization support delivered across more than 100 countries.
- Ownership category
- akta.pro rank
Covance industry classification
Industry- Product category
- Contract Research Organization (CRO) Services
- NAICS
- Medical Laboratories (621511), Research and Development in Biotechnology (except Nanobiotechnology) (541714), Medical and Diagnostic Laboratories (6215)
- SIC
- Services-Commercial Physical & Biological Research (8731), Services-Medical Laboratories (8071), Services-Testing Laboratories (8734)
- akta.pro primary industry
- Central Laboratory & Clinical Trial Testing CROs (HLAGAAAE)
- akta.pro secondary industries
- Clinical CROs (Phase I–IV) (HLAGAAAA), Toxicology & Safety Assessment CROs (GLP) (HLAGAAAC), Central Laboratory Services (Core Lab Operations) (HLAGAEAA)
Keywords
Where Covance is headquartered
LocationHeadquarters
- HQ city
- Princeton
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Covance business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure
Revenue model
- Contract Research Organization Services: Comprehensive CRO services including nonclinical development, central lab services, and commercialization support for biopharmaceutical companies throughout drug development lifecycle
- Central Laboratory Services: Global central laboratory services generating clinical trial data supporting trials across 100+ countries
- Bioanalytical Services: Nonclinical and clinical bioanalysis services for regulatory compliance and drug development decision support
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Covance product offering
Product offeringCore offering
Covance operates as Labcorp Drug Development, providing comprehensive contract research organization (CRO) services to pharmaceutical and biopharmaceutical companies globally. The company delivers nonclinical development (toxicology, pharmacology, metabolism), central laboratory services generating clinical trial data across 100+ countries, bioanalytical services, and commercialization support including companion diagnostics and sponsored testing. Services span the entire drug development lifecycle from discovery through regulatory approval and market launch.
Product overview
Labcorp Drug Development (Covance) operates as an integrated drug development platform offering a comprehensive suite of services spanning from preclinical through commercialization. The portfolio centers on three core offerings: Nonclinical Development (toxicology, pharmacology, metabolism), Central Laboratory Services (bioanalysis, biomarkers, genomics), and Commercialization Services (companion diagnostics, sponsored testing). These core services are enhanced by specialized capabilities in cell and gene therapies, precision medicine, and AI-enabled data analytics. The platform supports trials across 100+ countries and provides end-to-end solutions from discovery through regulatory approval and market launch.
Differentiator
Problem solved
Functional benefit
Products and services
- Nonclinical Development Scientific laboratory services covering toxicology, pharmacology, and metabolism to support drug development programs across all phases and modalities for pharmaceutical and biopharmaceutical companies.
- Central Laboratory Services Industry-leading central labs generating clinical trial data across 100+ countries, supporting bioanalytical services for both nonclinical and clinical settings. Generates more clinical trial data than all other central labs combined.
- Commercialization Services Comprehensive support for biomarker-driven trial design, companion diagnostic development, sponsored testing, and post-approval commercialization to ensure therapies reach the right patients.
- Cell and Gene Therapy Services Specialized laboratory capabilities for cell and gene therapy development including viral vectors, plasmid gene therapies, and advanced therapy manufacturing support for biopharma clients.
- Precision Medicine Targeted therapeutic development support including companion diagnostics, biomarkers, and genomics testing to enable personalized medicine approaches for pharmaceutical clients.
- Bioanalytical Services Bioanalysis for small-molecule drugs and metabolites using LC-MS methods, supporting regulatory compliance with FDA guidance, GLP guidelines, and ICH standards.
- Global Trial Connect Digital clinical trial enablement platform supporting decentralized trials and clinical trial management across global networks.
- Data & Technology Solutions Proprietary data applications and AI-driven analytics for clinical trial management and real-world evidence generation, including digital pathology with artificial intelligence.
Quantifiable outcome
- Supported 76% of all FDA drug approvals in 2024
- +2 more outcomes
Companies that use Covance
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles2 records
Covance technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature7 records
Covance partnerships and signals
Strategic signalScale indicators5 records
Recent moves6 records
Expansion highlights5 records
Covance competitors and assessment
Company assessmentEmerging players
- WuXi AppTec: WuXi AppTec is a global CRO/CDMO with strong nonclinical, bioanalytical, and clinical trial capabilities, particularly in China and the US. It is an emerging peer in the same CRO/Central Lab space, with notable overlap on bioanalytical and biomarker work Covance performs.
- Worldwide Clinical Trials: Worldwide Clinical Trials is a mid-sized global CRO focused on complex therapeutic areas including neuroscience, cardiovascular, and rare disease trials. It is an emerging peer with overlapping clinical CRO service offerings and a comparable sponsor base of mid-size biopharma clients.
Broad incumbents
- Thermo Fisher Scientific (PPD): Thermo Fisher owns PPD, a top-tier clinical CRO, as part of its broader life sciences tools and diagnostics portfolio. It is a broad incumbent comparable to Covance's clinical CRO offering but within a much larger parent spanning instruments, reagents, and CDMO services.
Direct peers
- IQVIA: IQVIA is the largest global CRO and life sciences technology company, offering clinical trial services, real-world evidence, and advanced analytics. It is Covance's most direct competitor across clinical CRO and central lab services, and is consistently named alongside Covance in the top tier of pharmacovigilance and full-service drug development providers.
- Syneos Health: Syneos Health (now part of a private consortium following its take-private) is a clinical and commercial CRO with a comparable full-service model spanning Phase I–IV trials and contract sales. It directly competes with Covance for outsourced clinical development and commercialization engagements.
- ICON plc: ICON is a top-3 global CRO offering clinical research, bioanalytical, and central laboratory services, including the former PRA Health Sciences business. It competes head-to-head with Covance for full-service Phase I–IV contracts, bioanalysis, and post-approval pharmacovigilance work.
- Parexel International: Parexel is a major global CRO providing clinical development, regulatory consulting, and commercialization services, and is regularly grouped with Covance, IQVIA, and ICON in industry rankings. It is a direct peer in clinical trial execution and biopharma regulatory services.
- Charles River Laboratories: Charles River is a leading nonclinical CRO and CDMO, directly comparable to Covance's nonclinical toxicology, pharmacology, and metabolism services. It is also a strong peer in biologics and cell/gene therapy support, which Covance has identified as a strategic focus area.
- Medpace: Medpace is a mid-to-large clinical CRO focused on full-service Phase II–IV trials across multiple therapeutic areas, including significant oncology exposure. It competes with Covance for mid-sized and large biopharma sponsors and is a useful comparable on CRO operating economics.
Regional players
- Tigermed: Tigermed (Hangzhou Tigermed) is a leading China-based clinical CRO offering Phase I–IV trial services, biostatistics, and regulatory support. It is a regional peer with comparable clinical CRO capabilities, primarily serving Chinese and Asia-Pacific biopharma sponsors.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Covance social profiles
Digital presenceCovance financial estimates
Financial estimateRevenue estimate
Valuation estimate
Covance leadership team
Management profileNumber of profiles
Profiles6 records
Covance funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Covance M&A and investment
M&A and investmentM&A5 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Covance
What does Covance do?
Covance operates as Labcorp Drug Development, providing comprehensive contract research organization (CRO) services to pharmaceutical and biopharmaceutical companies globally. The company delivers nonclinical development (toxicology, pharmacology, metabolism), central laboratory services generating clinical trial data across 100+ countries, bioanalytical services, and commercialization support including companion diagnostics and sponsored testing. Services span the entire drug development lifecycle from discovery through regulatory approval and market launch.
Is Covance a public or private company?
Covance is a public company. It is classified as corporate owned and is currently operating.
When was Covance founded?
Covance was founded in 1997. It employs 5,001 to 10,000 people.
Where is Covance based?
Covance is headquartered in Princeton, United States, in the North America region.
How does Covance make money?
Three revenue lines are on record. Contract Research Organization Services are the primary driver. The others are central Laboratory Services and bioanalytical Services.
Who are Covance's main competitors?
Emerging players on record are WuXi AppTec and Worldwide Clinical Trials. Thermo Fisher Scientific (PPD) is listed as a broad incumbent. Direct peers are IQVIA, Syneos Health, ICON plc, Parexel International, Charles River Laboratories and Medpace. Tigermed is listed as a regional player.
Does Covance have an API?
No public API is recorded for Covance.
What industry is Covance in?
Covance's product category is Contract Research Organization (CRO) Services. Its primary akta.pro industry code is HLAGAAAE, Central Laboratory & Clinical Trial Testing CROs, with a secondary code of HLAGAAAA, Clinical CROs (Phase I–IV). Its NAICS code is 621511 and its SIC code is 8731.