RESEARCH TRIANGLE PARK, N.C. - IQVIA Holdings Inc. (NYSE:IQV), a prominent global provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry, has reported a successful second quarter for 2024, with both earnings and revenue exceeding analyst expectations.
The company's shares climbed 3.6% following the announcement, signaling a robust market response to the positive financial results and future outlook.
For the second quarter, IQVIA posted adjusted earnings per share (EPS) of $2.64, surpassing the analyst consensus of $2.57. Revenue reached $3.81 billion, also beating the market estimate of $3.79 billion. Compared to the same quarter last year, revenue increased by 2.3%, reflecting steady growth in the company's operations.
Chairman and CEO Ari Bousbib attributed the strong quarter to exceptional performance in the Technology & Analytics Solutions (TAS) segment and solid operational execution across the board. Adjusted EBITDA for the quarter was up 2.7% year-over-year (YoY) at $887 million, and the company's R&D Solutions segment continued to show robust bookings, indicative of high demand for IQVIA's specialized solutions.
Looking ahead, IQVIA has updated its full-year 2024 guidance, projecting revenue to be in the range of $15.42 to $15.52 billion, with the midpoint of $15.47 billion slightly above the analyst consensus of $15.46 billion. The company anticipates adjusted EPS to be between $11.10 and $11.30, with the midpoint of $11.20 modestly above the consensus estimate of $11.08.
IQVIA's financial position remains strong, with a net leverage ratio of 3.25x trailing twelve-month adjusted EBITDA. The company's contracted backlog, a key indicator of future revenue, stood at $30.6 billion, marking a 7.7% increase YoY.
Bousbib expressed confidence in the company's trajectory, stating, "IQVIA delivered second quarter results at the high-end of our guidance, driven mainly by better-than-expected TAS performance. The team is focused on strong operational execution. In the quarter, profit margin expanded, free cash flow was strong, and Adjusted Diluted EPS grew 8.6 percent."
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