DURHAM – IQVIA Holdings Inc. (IQV) on Wednesday reported first-quarter net income of $325 million.
The Durham, North Carolina-based company said it had profit of $1.68 per share. Earnings, adjusted for one-time gains and costs, were $2.47 per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.43 per share.
“We delivered a strong first quarter across all key financial metrics despite the broader macro environment and the significant step-down in COVID-related work,” said Ari Bousbib, chairman and CEO of IQVIA, in a statement. “Our base businesses sustained the strong underlying top-line growth we saw exiting 2021; we delivered our highest-ever quarter of R&DS services bookings, achieving more than $25 billion of backlog for the first time ever.
“Our teams are executing well operationally,” he added. “We remain confident in our ability to deliver our growth targets for 2022 and beyond as the backdrop for the industry continues to be very strong, with our RFP dollar volume up 13 percent year-over-year.”
The clinical testing company posted revenue of $3.57 billion in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $3.55 billion.
For the current quarter ending in July, IQVIA expects its per-share earnings to range from $2.35 to $2.42.
The company said it expects revenue in the range of $3.47 billion to $3.52 billion for the fiscal second quarter.
IQVIA expects full-year earnings in the range of $9.95 to $10.25 per share, with revenue ranging from $14.45 billion to $14.75 billion.
(Read the full report online.)
Report highlights
As noted by Iqvia:
• Revenue of $3,568 million increased 4.7 percent year-over-year on a reported basis and 6.8 percent at constant currency
• GAAP Net Income of $325 million grew 53.3 percent year-over-year
• Adjusted EBITDA of $812 million grew 9.1 percent year-over-year
• GAAP Diluted Earnings per Share of $1.68 grew 54.1 percent year-over-year
• Adjusted Diluted Earnings per Share of $2.47 grew 13.3 percent year-over-year
• Record quarterly R&D Solutions services bookings of over $1.9 billion; record R&D Solutions contracted backlog in excess of $25 billion, up 9.1 percent year-over-year
• Full-year 2022 revenue guidance range updated for foreign exchange and the Ukraine/Russia crisis
• Full-year 2022 guidance ranges reaffirmed for Adjusted EBITDA and Adjusted Diluted Earnings Per
Share, representing growth of 10.2 to 12.7 percent and 10.2 to 13.5 percent, respectively
