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IQVIA Reports Third-Quarter 2018 Results and Updates Full-Year 2018 Guidance
- Revenue $2,594 million, up 6.3 percent at constant currency and 5.2 percent reported
- Adjusted EBITDA $561 million, up 8.4 percent at constant currency and 9.4 percent reported
- GAAP Diluted Earnings per Share $0.29
- Adjusted Diluted Earnings per Share $1.42, up 19.3 percent
- $792 million of share repurchase completed year-to-date; $133 million during the third quarter
- Record quarter of R&D Solutions contracted services Net New Business, resulting in a book-to-bill ratio of 1.69x
- Reaffirming mid-point of full-year 2018 revenue guidance inclusive of foreign currency headwind; raising mid-point of full-year 2018 Adjusted EBITDA and Adjusted Diluted EPS guidance
DANBURY, Conn. & RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--October 22, 2018--IQVIA Holdings Inc. (“IQVIA”) (NYSE: IQV), a leading global provider of advanced analytics, technology solutions, and contract research services to the life sciences industry, today reported financial results for the quarter ended September 30, 2018. On January 1, 2018, IQVIA adopted ASC 606 “Revenue from Contracts with Customers” as required by the Financial Accounting Standards Board. Under this new standard, IQVIA recognizes revenue in the Research & Development Solutions segment on a percentage of completion basis. Additionally, ASC 606 requires that service revenue and reimbursed expense revenue be consistently presented as one line on the income statement. Unless stated otherwise, all financial information that follows has been provided under ASC 606.
Third-Quarter 2018 Operating Results
Revenue for the third quarter of $2,594 million increased 6.3 percent at constant currency and 5.2 percent reported, compared to the third quarter of 2017. Technology & Analytics Solutions (TAS) revenue of $1,014 million grew 15.0 percent at constant currency and 12.9 percent reported, including the benefit of acquisitions. Research & Development Solutions (R&DS) revenue of $1,382 million grew 3.5 percent at constant currency and 3.1 percent reported, with growth in R&DS substantially all organic. Contract Sales & Medical Solutions (CSMS) revenue of $198 million declined 11.9 percent at constant currency and 12.8 percent reported.
Third-quarter 2018 Adjusted EBITDA of $561 million increased 8.4 percent at constant currency and 9.4 percent reported. GAAP net income was $60 million and GAAP diluted earnings per share was $0.29. Adjusted Net Income of $294 million grew 13.1 percent, and Adjusted Diluted Earnings per Share of $1.42 grew 19.3 percent.
The following information was filed by Iqvia Holdings Inc. (IQV) on Monday, October 22, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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