Quintiles isn’t required to publicly report quarterly earnings yet, but some of the company’s first quarter 2013 numbers look pretty strong.
Total service revenue was $927 million in the first quarter; the company also reported total net new business of $1.2 billion. Those figures came from an updated filing that the Durham pharmaceutical services firm filed with the Securities and Exchange Commission today. This filing, an update to the registration statement filed in February for an initial public stock offering, offered no pricing information for Quintiles stock. But the company did disclose partial, preliminary and unaudited first quarter financials.
The $927 million in service revenue for the first quarter was up up 4.3 percent compared to the $888 million the company recorded for the first quarter of 2012. For the full-year 2012, Quintiles had reported $3.7 billion in service revenue making it the largest of these contract research organizations, or CROs, running clinical trials and providing other services to pharmas.
The latest Quintiles filing does not include net income for the first quarter. In the filing, Quintiles said that net income is “necessary for readers to gain a more complete understanding of our financial position and results of operations for the three months ended March 31, 2013. As a result, readers should not place undue weight on the preliminary financial results presented above.”
But Quintiles did report income from operations, which rose to $115 million in the quarter compared to $92 million in the year ago period. Total net new business in the first quarter of $1.2 billion, up from $1.0 billion in the first quarter of 2012.
Backlog, the measure of work that has been pledged to the company but has yet to commence, stood at $9.0 billion. Quintiles finished 2012 with an $8.7 billion backlog.