The CRO heavyweight beats earnings expectations, sees net income for the quarter skyrocket by 158%.
On Thursday, contract research organization giant IQVIA announced its third quarter results for the period ended September 30, 2021, with revenue growing by 21.7 percent year on year to $3,391 million. GAAP net income for the quarter came in at $261 million – a staggering jump of 158.4 percent compared to the same quarter last year. The company’s adjusted EBIDTA for the quarter came in at $728 million - a 20.5 percent jump year-over-year. “We delivered another quarter of strong organic revenue growth as well as robust earnings and free cash flow,” said Ari Bousbib, chairman and CEO of IQVIA. “We exceeded our financial targets across the board, with all segments delivering strong growth. As a result of this performance, we are once again raising our full-year 2021 financial guidance.”
At segment level, Research & Development Solutions (R&DS) saw revenue of $1,853 million for the quarter. This represented growth of 32.4 percent on a reported basis and 31.9 percent at constant currency. Excluding the impact of pass throughs, the division’s revenue grew 24.7 percent year-over-year on a reported basis. It also reported a contracted backlog, including reimbursed expenses of $24.4 billion as of September 30 – a 12.7 percent year-over-year increase. Revenue from the Technology & Analytics Solutions (TAS) segment came in at $1,337 million, and grew 10.8 percent on a reported basis and 9.9 percent at constant currency. Its third segment, Contract Sales & Medical Solutions (CSMS) had revenue of $201 million, which grew 12.3 percent on a reported basis and 12.8 percent at constant currency.