Quintiles (NYSE:Q) generated $944.2 million in second quarter revenue as the pharmaceutical services provider saw its net new business grow 13 percent compared to the second quarter of 2012.
In its first earnings report since its May initial public stock offering, the Durham pharmaceutical services provider reported net income of $38.5 million. On an adjusted basis, Quintiles’ earnings were 50 cents per share. The average earnings estimate of analysts polled by Thomson Reuters was 46 cents per share on revenue of $942.93 million.
The company’s net new business in the quarter grew to $1 billion in the second quarter, up 16 percent compared to a year ago. In the first half of the year, net new business was $2.3 billion, up 16 percent in compared to the first six months of 2012. Those results marked the fourth sequential quarter of $1.0 billion in net new business. The company’s backlog, a measure of business that has been booked but has yet start, now stands at $9.0 billion as of June 30.
“Quintiles delivered solid results overall with continued strength in new business wins,” CEO Tom Pike said in a statement. “We have maintained the momentum following our initial public offering in May, which we believe demonstrates the confidence our customers have in us as well as the depth and diversity of our customer base. I am also pleased to report double-digit adjusted net income growth and improved margins on a year-to-date basis despite the negative impact on revenues that resulted from unfavorable foreign exchange rates.”