IQVIA Holdings, Inc. IQV posted Q2 sales of $3.728 billion, up 5.3% Y/Y on a reported basis and 5.5% at constant currency (CC), above the consensus of $3.704 billion.
IQVIA reported Q2 adjusted EPS of $2.43, beating the consensus of $2.37.
"The clinical business is resilient and performing consistently with our expectations. Industry fundamentals are strong, as reflected in our $2.7 billion of bookings in the quarter and new record highs for RFP flow and backlog," said Ari Bousbib, chairman and CEO.
Technology & Analytics Solutions revenue increased 3.4% (3.4% CC) to $1.456 billion.
Research & Development Solutions (R&DS) sales reached $2.096 billion, +7.5% (7.6% CC).
Contract Sales & Medical Solutions revenue was down 3.8% (flat at CC) to $176 million.
As of June 30, 2023, R&DS contracted backlog, including reimbursed expenses, was $28.4 billion, growing 11.1% year-over-year (10.8% CC). The company expects approximately $7.3 billion of this backlog to convert to revenue in the next twelve months.
The company exited the quarter with cash and equivalents worth $1.382 billion.
As of quarter-end, the company's net debt of $12.395 billion.
Share Repurchase: IQVIA had $736 million of share repurchase authorization remaining as of June 30, 2023. On July 31, 2023, the IQVIA board increased the share repurchase authorization by $2 billion, bringing the total remaining authorization to $2.736 billion.
FY23 Guidance, reduced: IQVIA sees adjusted FY23 EPS of $10.20-$10.45 (prior guidance: $10.26-$10.56). The street view stands at $10.39.
IQVIA forecasts FY23 revenue to be $15.05-$15.175 billion (prior $15.15-$15.40 billion). The street view stands at $15.26 billion.
For Q3, the company expects revenue of $3.76 billion-$3.81 billion and Adjusted EPS of $2.39-$2.49 against the consensus of $3.83 billion and $2.60, respectively.
Price Action: IQV shares are down 3.23% at $216.53 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.