Exhibit 99.1

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  FOR IMMEDIATE RELEASE
 
PRA Health Sciences, Inc. Reports Fourth Quarter and Full Year 2018 Results and Provides First Quarter and Full Year 2019 Guidance

Net new business of $667.3 million in the fourth quarter; Net book-to-bill of 1.30
$729.6 million of revenue in the fourth quarter; 11.2% growth at actual foreign exchange rates and 12.0% growth on a constant currency basis
Fourth quarter GAAP net income per diluted share of $1.07 and GAAP net income of $71.5 million
Fourth quarter adjusted net income per diluted share was $1.31 per share and adjusted net income was $86.9 million

RALEIGH, N.C., February 27, 2019 -- PRA Health Sciences, Inc. (“PRA” or the “Company”) (NASDAQ: PRAH) today reported financial results for the quarter and year ended December 31, 2018.
 
"We are delighted to have closed out 2018 with another quarter of strong financial results” said Colin Shannon, PRA’s Chief Executive Officer. “Our ability to execute across all of our businesses has allowed us to deliver solid revenue growth and strong bottom-line results. Our key financial metrics continue to improve, as highlighted by our 1.30 net book-to-bill ratio and our expanding margins. We remain focused on providing broad and flexible services to our clients and believe we are well positioned to deliver strong results in 2019.”

Net new business for our Clinical Research segment for the three months ended December 31, 2018 was $667.3 million, representing a net book-to-bill ratio of 1.30 for the period. This net new business contributed to an ending backlog of $4.2 billion at December 31, 2018.

For the three months ended December 31, 2018, revenue was $729.6 million, which represents growth of 11.2%, or $73.8 million, compared to the fourth quarter of 2017 at actual foreign exchange rates. On a constant currency basis, revenue grew $79.0 million, an increase of 12.0% compared to the fourth quarter of 2017. By segment, the Clinical Research segment generated revenues of $655.6 million, while the Data Solutions segment generated revenues of $74.0 million.

On January 1, 2018, the Company adopted Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers,” or ASC 606, using the modified retrospective method for all contracts that were not completed as of January 1, 2018. Prior periods have not been restated under this guidance and remain as previously reported. The primary impact of applying this new guidance on our statement of operations is that (i) we now recognize reimbursements from our customers for payments to investigators as revenue, whereas these payments and costs were previously recorded on a net basis, and (ii) we include all reimbursed costs in the total project costs when measuring our progress under our research contracts instead of recording these amounts on a separate basis.


The following information was filed by Pra Health Sciences, Inc. (PRAH) on Wednesday, February 27, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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