RESEARCH TRIANGLE PARK – Iqvia Holdings Inc., a data, technology and research analytics provider for health care services, saw its stock hit an all-time high Tuesday after its second quarter earnings beat analyst expectations.
The company reported an adjusted net income of $270 million, or $1.29 per share, for the quarter. That exceeded analyst expectations of $1.23, according to Yahoo Finance, and showed a 17.9 percent increase from $229 million, or $1.03 per share, in the same quarter a year ago.
“The significant strategic investments we have been making in innovation across our businesses over the past 18 months are beginning to build operating momentum,” Iqvia CEO Ari Bousbib said. “The team secured major wins for our tech offerings during the quarter, and we had our largest ever R&D bookings quarter, including record awards for our next generation clinical development offering.”
Iqvia saw its revenue jump 7.7 percent on a year-over-year basis, to $2.56 billion. That beat analyst expectations of $2.5 billion. The company’s revenue in its technology and analytics segment jumped to $1 billion, a 13.1 percent increase from revenue in that segment for second quarter 2017.
Bousbib said the company increased its revenue and profit guidance to reflect the strong second quarter earnings. Iqvia expects third quarter revenue between $2.55 and $2.6 billion, with earnings per share between $1.35 and $1.42.
The company repurchased $573 million worth of its stock during the second quarter. In one of those repurchase agreements, Iqvia also sold $1.23 billion worth of its shares to one of the company’s private equity sponsors, Goldman Sachs & Co. L.L.C.
The company closed Tuesday at $118.39, the highest price its shares have ever traded at and an increase of $7.02, or 6.3 percent, from its opening price.
The filing can be found here.
Iqvia operates dual headquarters in Durham and Connecticut.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism