DURHAM – IQVIA Holdings Inc. (IQV) on Wednesday reported second-quarter net income of $60 million.
On a per-share basis, the life science giant said it had net income of 30 cents. Earnings, adjusted for one-time gains and costs, came to $1.53 per share.
The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.49 per share.
The clinical testing company posted revenue of $2.74 billion in the period, which also beat Street forecasts. Ten analysts surveyed by Zacks expected $2.69 billion.
“The team delivered excellent financial and operational results, with TAS and R&DS sustaining their strong momentum and CSMS continuing to improve,” said Ari Bousbib, chairman and CEO of IQVIA. “Our significant investments in innovation are driving a higher growth rate, and as a result, we are pleased to raise our full-year 2019 revenue and earnings guidance.”
For the current quarter ending in October, IQVIA expects its per-share earnings to range from $1.53 to $1.59.
The company said it expects revenue in the range of $2.73 billion to $2.78 billion for the fiscal third quarter.
IQVIA expects full-year earnings in the range of $6.20 to $6.40 per share, with revenue ranging from $10.9 billion to $11.13 billion.
IQVIA shares have increased 35% since the beginning of the year. The stock has increased 41% in the last 12 months.
IQVIA operates dual headquarters in Durham and Danbury, Conn.
