DURHAM – Life science giant IQVIA (IQV) on Wednesday reported a second-quarter loss of $23 million, after reporting a profit in the same period a year earlier. The news came shortly after the firm disclosed the naming of an interim chief financial officer to replace its current CFO who is leaving for a job at Biogen.
On a per-share basis, the Durham-based company said it had a loss of 12 cents. Earnings, adjusted for one-time gains and costs, were $1.18 per share.
The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.05 per share.
“Against the background of the ongoing COVID-19 situation, we delivered second quarter results that exceeded our expectations,” said Ari Bousbib, chairman and CEO of IQVIA.
“As we had assumed, the R&DS business saw a gradual increase in the accessibility of clinical research sites, exiting the quarter at 40 percent accessibility and currently at 53 percent, resulting in an improvement in the number of weekly onsite visits from the start of the quarter. Deliveries in our TAS segment continued with little disruption, and demand for our technology and analytics offerings remains resilient. I am proud of how the IQVIA team is executing in this environment – supporting our improved outlook for the year.”
The clinical testing company posted revenue of $2.52 billion in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $2.41 billion.
IQVIA expects full-year earnings in the range of $6.10 to $6.30 per share, with revenue expected to be $11 billion.
IQVIA shares have increased almost 2% since the beginning of the year. The stock has increased slightly in the last 12 months.
IQVIA laos named Ron Bruehlman as Executive Vice President and interim Chief Financial Officer. He begins the new job on Aug. 1.
Mike McDonnell is leaving IQVIA’s CFO post to become Chief Financial Officer of Biogen Inc.
“Ron was previously the Chief Financial Officer of IMS Health from 2011 until the merger of IMS Health and Quintiles in 2016. Since the merger, Ron has continued to play an active role on the executive leadership team at IQVIA, serving as a senior advisor to Bousbib,” IQVIA announced.
“During this time, Ron regularly participated in key management meetings, operational reviews, preparation of quarterly earnings reports, and board meetings, providing on-going guidance and support to Mike and the senior finance team. In addition, Ron currently serves as Chairman of the Board of Directors at Q2 Solutions, an IQVIA and Quest Diagnostics joint venture and a leading clinical trial laboratory services organization. He has an excellent understanding of IQVIA’s strategy, operations, customers and the healthcare industry.”