Life sciences firm announces splendid set of results for recent quarter, raises full-year revenue guidance.
Its revenue for the quarter came in at $3,438 million, representing an increase of 36% on a reported basis when compared to the same period last year. The revenue for the first six months of 2021 came in at $6,847 million, an increase of nearly 30% versus the first half of 2020. “We exceeded our targets across all key financial metrics and delivered exceptional organic revenue growth as well as robust earnings and free cash flow,” said Ari Bousbib, Chairman and CEO of IQVIA. It reported net income of $175 million for the quarter, after it made a net loss of $23 million during Q2 of 2020. In addition to raising its full-year revenue guidance to $13,550 - $13,700, the company also repurchased $45 million of its common stock.
Its largest division, the Research & Development Solutions accounted for the largest portion of the revenue with $1,891 million for the quarter. The figure represented a massive bump of about 50%. The unit also made $3,759 million for the first six months of the year - a 40% jump. The second largest unit, Technology & Analytics Solutions (TAS) raked in $1,353 million, which was an expansion of 22%. For the half year, the TAS unit reported revenue of $2,701 million - representing growth of 21%. The Contract Sales & Medical Solutions also reported positive revenue growth, with revenue jumping by 10% to $194 million. The division’s first-half revenue was $387 million. For the period ending 30 June, the company had $1,807 million in cash and $12,287 million in debt.