Syneos Health reports double-digit earnings for the third quarter

The CRO follows upbeat earnings trend across industry with a strong set of results of its own.



Earlier today, the North Carolina-based CRO reported a strong set of earnings for the period ended 30 September 2021. Revenue for the three months came in at $1,348.2 million, a double-digit increase of 22.7% on a reported basis and 22.0% on a constant currency basis, compared to the same period in the prior year. “We delivered another strong quarter of results demonstrating the strength of our differentiated product development strategy and continued momentum in the market, exceeding the midpoint of our guidance across all financial metrics,” said Alistair Macdonald, CEO, Syneos Health. “Our Clinical and Commercial teams again achieved double-digit growth fueled by strong demand for our innovative, integrated solutions, as demonstrated by our robust awards and backlog.”


The Clinical Solutions segment accounted for $1,037.4 million of the revenue, which was an increase of 23.9% on a reported basis and 23.1% on a constant currency basis. Commercial Solutions’ revenue increased by 18.7% on a reported basis and 18.4% on a constant currency basis to reach $310.8 million. GAAP net income for the three months jumped by 23.4% to $78.2 million, compared to $63.4 million, for the same period last year. On a year-to-date basis, the CRO’s revenue for the nine months came in at $3,839.6 million - an increase of 17.2% on a reported basis and 15.7% on a constant currency basis compared to the same period last year. Its Clinical Solutions segment accounted for $2,966.5 million while Commercial Solutions brought in $873.0 million for the period ended 30 September.