June 26, 2018 / 6:32 AM / 21 days ago

Eurofins ups revenue target after US clears Covance acquisition

June 26 (Reuters) - Eurofins said on Wednesday it was raising its revenue target after receiving antitrust clearance for its acquisition of U.S. food company Covance.

The company now expects 2018 reported revenues to exceed 3.8 billion euros ($4.45 billion), compared with a previous forecast of 3.7 billion euros.

The Luxembourg-based food and biopharma product testing company has raised its forecasts for the last three years of its2020 five-year plan, targeting more than 4.3 billion euros in 2019 and 4.7 billion euros by 2020.

"I am very pleased to announce that on a pro-forma basis Eurofins is bringing forward by two years to 2018 its objective to reach 4.0 billion euros revenues initially set for 2020 in 2015" Chief Executive Officer Gilles Martins said in a statement.

The company announced on Thursday that it had received U.S. clearance for the Covance acquisition.

The press release : bit.ly/2K5Mafk ($1 = 0.8543 euros) (Reporting by Nolwenn Brossier, editing by Louise Heavens)

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