IQVIA Reports Third-Quarter 2024 Results and Announces Investor Day
IQVIA reported Q3 2024 results with revenue of $3,896 million, up 4.3% year-over-year. Technology & Analytics Solutions revenue grew 8.6% to $1,554 million, while R&D Solutions revenue increased 1.9% to $2,162 million. The company achieved GAAP Net Income of $285 million and Adjusted EBITDA of $939 million.
R&D Solutions backlog reached $31.1 billion, up 8.0% year-over-year, with a book-to-bill ratio of 1.06x. Operating Cash Flow was $721 million, and Free Cash Flow was $571 million. The company updated its full-year 2024 guidance, projecting revenue between $15,350-15,400 million and Adjusted EBITDA between $3,675-3,700 million.
IQVIA ha riportato i risultati del terzo trimestre del 2024 con ricavi di $3.896 milioni, in aumento del 4,3% rispetto all'anno precedente. I ricavi delle Soluzioni Tecnologiche e Analitiche sono cresciuti dell'8,6% raggiungendo $1.554 milioni, mentre i ricavi delle Soluzioni R&D sono aumentati dell'1,9%, raggiungendo i $2.162 milioni. L'azienda ha registrato un utile netto GAAP di $285 milioni e un EBITDA corretto di $939 milioni.
Il backlog delle Soluzioni R&D ha raggiunto $31,1 miliardi, con un aumento dell'8,0% rispetto all'anno precedente, e un rapporto book-to-bill di 1,06x. Il flusso di cassa operativo è stato di $721 milioni, mentre il flusso di cassa libero è stato di $571 milioni. L'azienda ha aggiornato le previsioni per l'intero anno 2024, proiettando ricavi tra $15.350-15.400 milioni e un EBITDA corretto tra $3.675-3.700 milioni.
IQVIA informó los resultados del tercer trimestre de 2024 con ingresos de $3,896 millones, un aumento del 4.3% interanual. Los ingresos de Soluciones de Tecnología y Análisis crecieron un 8.6% alcanzando $1,554 millones, mientras que los ingresos de Soluciones de I+D aumentaron un 1.9% hasta $2,162 millones. La compañía logró una utilidad neta GAAP de $285 millones y un EBITDA ajustado de $939 millones.
El backlog de Soluciones de I+D alcanzó $31.1 mil millones, un aumento del 8.0% interanual, con una proporción de book-to-bill de 1.06x. El flujo de caja operativo fue de $721 millones, y el flujo de caja libre fue de $571 millones. La compañía actualizó su guía para todo el año 2024, proyectando ingresos entre $15,350-15,400 millones y un EBITDA ajustado entre $3,675-3,700 millones.
IQVIA는 2024년 3분기 결과를 보고하며 수익이 38억 9,600만 달러로 전년 대비 4.3% 증가했다고 발표했습니다. 기술 및 분석 솔루션의 수익은 8.6% 증가하여 15억 5,540만 달러에 달했으며, R&D 솔루션의 수익은 1.9% 증가하여 21억 6,200만 달러에 이르렀습니다. 회사는 GAAP 순이익 2억 8,500만 달러 및 조정 EBITDA 9억 3,900만 달러를 달성했습니다.
R&D 솔루션 백로그는 311억 달러에 이르며, 전년 대비 8.0% 증가하였고, book-to-bill 비율은 1.06배였습니다. 운영 현금 흐름은 7억 2,100만 달러였고, 자유 현금 흐름은 5억 7,100만 달러였습니다. 회사는 2024년 전체 연도에 대한 가이던스를 업데이트하며 수익을 1,535억~1,540억 달러, 조정 EBITDA를 367억~370억 달러로 예상했습니다.
IQVIA a annoncé les résultats du troisième trimestre 2024, avec des revenus de 3,896 millions de dollars, en hausse de 4,3 % par rapport à l'année précédente. Les revenus des Solutions Technologiques et Analytiques ont augmenté de 8,6 % pour atteindre 1,554 million de dollars, tandis que les revenus des Solutions R&D ont augmenté de 1,9 %, atteignant 2,162 millions de dollars. L'entreprise a réalisé un bénéfice net GAAP de 285 millions de dollars et un EBITDA ajusté de 939 millions de dollars.
Le carnet de commandes des Solutions R&D a atteint 31,1 milliards de dollars, en hausse de 8,0 % par rapport à l'année précédente, avec un ratio book-to-bill de 1,06x. Le flux de trésorerie d'exploitation s'élevait à 721 millions de dollars, et le flux de trésorerie libre à 571 millions de dollars. L'entreprise a mis à jour ses prévisions pour l'ensemble de l'année 2024, projetant un chiffre d'affaires compris entre 15.350 et 15.400 millions de dollars et un EBITDA ajusté compris entre 3.675 et 3.700 millions de dollars.
IQVIA berichtete über die Ergebnisse des dritten Quartals 2024 mit einem Umsatz von 3.896 Millionen Dollar, der im Vergleich zum Vorjahr um 4,3% gestiegen ist. Der Umsatz der Technologie- und Analyse-Lösungen wuchs um 8,6% auf 1.554 Millionen Dollar, während der Umsatz der F&E-Lösungen um 1,9% auf 2.162 Millionen Dollar anstieg. Das Unternehmen erzielte einen GAAP-Nettogewinn von 285 Millionen Dollar und ein bereinigtes EBITDA von 939 Millionen Dollar.
Der Auftragsbestand der F&E-Lösungen erreichte 31,1 Milliarden Dollar, was einem Anstieg von 8,0% im Jahresvergleich entspricht, mit einem Book-to-Bill-Verhältnis von 1,06x. Der operative Cashflow betrug 721 Millionen Dollar, und der freie Cashflow betrug 571 Millionen Dollar. Das Unternehmen aktualisierte seine Prognose für das Gesamtjahr 2024 und prognostiziert einen Umsatz zwischen 15.350-15.400 Millionen Dollar und ein bereinigtes EBITDA zwischen 3.675-3.700 Millionen Dollar.
- Revenue increased 4.3% to $3,896 million
- Technology & Analytics Solutions revenue grew 8.6% to $1,554 million
- R&D Solutions backlog up 8.0% to $31.1 billion
- Operating Cash Flow increased 31% year-over-year to $1,831 million YTD
- Free Cash Flow up 49% year-over-year to $1,393 million YTD
- Adjusted Diluted EPS grew 14.1% to $2.84
- Contract Sales & Medical Solutions revenue decreased 1.6% to $180 million
- Guidance updated downward due to delays in two mega trials
- Large program cancellation impacted book-to-bill ratio
- Net Leverage Ratio at 3.27x trailing twelve-month Adjusted EBITDA
Insights
The Q3 2024 results reveal mixed performance with notable strengths and challenges. Revenue grew 4.3% to
Key positives include significant free cash flow improvement (up
The clinical research services market dynamics are evident in IQVIA's performance. The 1.22x book-to-bill ratio (trailing twelve months) indicates sustained demand, despite near-term challenges. The Technology & Analytics Solutions segment's acceleration to
The
-
Revenue of
$3,896 million -
GAAP Net Income of
, Adjusted EBITDA of$285 million $939 million -
GAAP Diluted Earnings per Share of
, Adjusted Diluted Earnings per Share of$1.55 $2.84 -
R&D Solutions quarterly bookings of
, resulting in trailing-twelve-month bookings of$2.3 billion and a trailing-twelve-month book-to-bill ratio of 1.22x$10.4 billion -
R&D Solutions contracted backlog of
, up 8.0 percent reported year-over-year$31.1 billion -
TAS Revenue of
, up 8.6 percent year-over-year$1,554 million -
Operating Cash Flow of
, bringing year-to-date Operating Cash Flow to$721 million , up 31 percent year-over-year$1,831 million -
Free Cash Flow of
, bringing year-to-date Free Cash Flow to$571 million , up 49 percent year-over-year$1,393 million -
Full-year 2024 guidance updated for revenue to be between
and$15,350 million , Adjusted EBITDA between$15,400 million and$3,675 million , and Adjusted Diluted Earnings per Share between$3,700 million and$11.10 $11.20 - Investor Day to be held on December 10, 2024
Third-Quarter 2024 Operating Results
Revenue for the third quarter of
As of September 30, 2024, R&DS contracted backlog, including reimbursed expenses, was
Third-quarter GAAP Net Income was
Year-to-Date 2024 Operating Results
Revenue for the first nine months of 2024 was
GAAP Net Income was
Financial Position
As of September 30, 2024, cash and cash equivalents were
Share Repurchase
During the third quarter of 2024, the company repurchased
Full-Year 2024 Guidance
The company is updating its full-year 2024 guidance to reflect delays in two fast-burning mega trials due to client-related short-term logistical challenges. These trials are now expected to ramp in the second half of 2025. As a result, full-year 2024 revenue is now expected to be between
All financial guidance assumes foreign currency exchange rates as of October 30, 2024 remain in effect for the forecast period.
“IQVIA reported strong third quarter results,” stated Ari Bousbib, chairman and CEO of IQVIA. “We delivered margin expansion, strong free cash flow, and double-digit Adjusted Diluted EPS growth. As we anticipated, TAS revenue growth accelerated in the quarter; in fact, revenue growth exceeded our expectations to over 8 percent year-over-year, underlining our confidence in the continued recovery of this segment. R&DS revenue growth achieved our expectations, even as our short-term outlook has been affected by the combined impact of one large program cancellation and the delay of two mega trials. The R&DS business fundamentals are solid as forward-looking indicators such as RFP flow, qualified pipeline growth, backlog growth, and next-twelve-month revenue from backlog remain healthy.”
Investor Day
IQVIA will host an Investor Day at the company's Innovation Park headquarters in
Webcast & Conference Call Details
IQVIA will host a conference call at 9:00 a.m. Eastern Time today to discuss its third-quarter 2024 results and its fourth-quarter and full-year 2024 guidance. To listen to the event and view the presentation slides via webcast, join from the IQVIA Investor Relations website at http://ir.iqvia.com. To participate in the conference call, interested parties must register in advance by clicking on this link. Following registration, participants will receive a confirmation email containing details on how to join the conference call, including the dial-in and a unique passcode and registrant ID. At the time of the live event, registered participants connect to the call using the information provided in the confirmation email and will be placed directly into the call.
About IQVIA
IQVIA (NYSE:IQV) is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries. IQVIA’s portfolio of solutions are powered by IQVIA Connected Intelligence™ to deliver actionable insights and services built on high-quality health data, Healthcare-grade AI™, advanced analytics, the latest technologies and extensive domain expertise. With approximately 88,000 employees in over 100 countries, including experts in healthcare, life sciences, data science, technology and operational excellence, IQVIA is dedicated to accelerating the development and commercialization of innovative medical treatments to help improve patient outcomes and population health worldwide.
IQVIA is a global leader in protecting individual patient privacy. The company uses a wide variety of privacy-enhancing technologies and safeguards to protect individual privacy while generating and analyzing information on a scale that helps healthcare stakeholders identify disease patterns and correlate with the precise treatment path and therapy needed for better outcomes. IQVIA’s insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviors and scientific advances, in an effort to advance their path toward cures. To learn more, visit www.iqvia.com.
Cautionary Statements Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, our full-year 2024 guidance. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “assume,” “anticipate,” “intend,” “plan,” “forecast,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or negatives of these words that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from our expectations due to a number of factors, including, but not limited to, the following: business disruptions caused by natural disasters, pandemics such as the COVID-19 (coronavirus) outbreak, including any variants, and the public health policy responses to the outbreak, and international conflicts or other disruptions outside of our control such as the current situation in
Note on Non-GAAP Financial Measures
This release includes information based on financial measures that are not recognized under generally accepted accounting principles in
The non-GAAP financial measures are not presented in accordance with GAAP. Please refer to the schedules attached to this release for reconciliations of non-GAAP financial measures contained herein to the most directly comparable GAAP measures. Our full-year 2024 guidance measures (other than revenue) are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure because the company is unable to predict with a reasonable degree of certainty certain items contained in the GAAP measures without unreasonable efforts. For the same reasons, the company is unable to address the probable significance of the unavailable information. Such items include, but are not limited to, acquisition related expenses, restructuring and related expenses, stock-based compensation and other items not reflective of the company's ongoing operations.
Non-GAAP measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to the company, many of which present non-GAAP measures when reporting their results. Non-GAAP measures have limitations as an analytical tool. They are not presentations made in accordance with GAAP, are not measures of financial condition or liquidity and should not be considered as an alternative to profit or loss for the period determined in accordance with GAAP or operating cash flows determined in accordance with GAAP. Non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider such performance measures in isolation from, or as a substitute analysis for, the company’s results of operations as determined in accordance with GAAP.
IQVIAFIN
Table 1
|
||||||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
(in millions, except per share data) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues |
|
$ |
3,896 |
|
|
$ |
3,736 |
|
|
$ |
11,447 |
|
|
$ |
11,116 |
|
Cost of revenues, exclusive of depreciation and amortization |
|
|
2,518 |
|
|
|
2,426 |
|
|
|
7,450 |
|
|
|
7,267 |
|
Selling, general and administrative expenses |
|
|
522 |
|
|
|
502 |
|
|
|
1,539 |
|
|
|
1,497 |
|
Depreciation and amortization |
|
|
278 |
|
|
|
297 |
|
|
|
811 |
|
|
|
809 |
|
Restructuring costs |
|
|
28 |
|
|
|
30 |
|
|
|
71 |
|
|
|
67 |
|
Income from operations |
|
|
550 |
|
|
|
481 |
|
|
|
1,576 |
|
|
|
1,476 |
|
Interest income |
|
|
(13 |
) |
|
|
(14 |
) |
|
|
(36 |
) |
|
|
(24 |
) |
Interest expense |
|
|
170 |
|
|
|
181 |
|
|
|
499 |
|
|
|
491 |
|
Other expense (income), net |
|
|
44 |
|
|
|
(35 |
) |
|
|
(12 |
) |
|
|
(77 |
) |
Income before income taxes and equity in earnings of unconsolidated affiliates |
|
|
349 |
|
|
|
349 |
|
|
|
1,125 |
|
|
|
1,086 |
|
Income tax expense |
|
|
65 |
|
|
|
51 |
|
|
|
189 |
|
|
|
203 |
|
Income before equity in earnings of unconsolidated affiliates |
|
|
284 |
|
|
|
298 |
|
|
|
936 |
|
|
|
883 |
|
Equity in earnings of unconsolidated affiliates |
|
|
1 |
|
|
|
5 |
|
|
|
— |
|
|
|
6 |
|
Net income |
|
$ |
285 |
|
|
$ |
303 |
|
|
$ |
936 |
|
|
$ |
889 |
|
Earnings per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
1.57 |
|
|
$ |
1.66 |
|
|
$ |
5.14 |
|
|
$ |
4.82 |
|
Diluted |
|
$ |
1.55 |
|
|
$ |
1.63 |
|
|
$ |
5.08 |
|
|
$ |
4.76 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
182.1 |
|
|
|
182.9 |
|
|
|
182.1 |
|
|
|
184.4 |
|
Diluted |
|
|
184.2 |
|
|
|
185.5 |
|
|
|
184.3 |
|
|
|
186.9 |
|
Table 2
|
||||||||
(in millions, except per share data) |
|
September 30, 2024 |
|
December 31, 2023 |
||||
ASSETS |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
1,572 |
|
|
$ |
1,376 |
|
Trade accounts receivable and unbilled services, net |
|
|
3,196 |
|
|
|
3,381 |
|
Prepaid expenses |
|
|
195 |
|
|
|
141 |
|
Income taxes receivable |
|
|
54 |
|
|
|
32 |
|
Investments in debt, equity and other securities |
|
|
140 |
|
|
|
120 |
|
Other current assets and receivables |
|
|
475 |
|
|
|
546 |
|
Total current assets |
|
|
5,632 |
|
|
|
5,596 |
|
Property and equipment, net |
|
|
513 |
|
|
|
523 |
|
Operating lease right-of-use assets |
|
|
259 |
|
|
|
296 |
|
Investments in debt, equity and other securities |
|
|
117 |
|
|
|
105 |
|
Investments in unconsolidated affiliates |
|
|
203 |
|
|
|
134 |
|
Goodwill |
|
|
15,091 |
|
|
|
14,567 |
|
Other identifiable intangibles, net |
|
|
4,734 |
|
|
|
4,839 |
|
Deferred income taxes |
|
|
164 |
|
|
|
166 |
|
Deposits and other assets, net |
|
|
467 |
|
|
|
455 |
|
Total assets |
|
$ |
27,180 |
|
|
$ |
26,681 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable and accrued expenses |
|
$ |
3,434 |
|
|
$ |
3,564 |
|
Unearned income |
|
|
1,824 |
|
|
|
1,799 |
|
Income taxes payable |
|
|
161 |
|
|
|
116 |
|
Current portion of long-term debt |
|
|
1,219 |
|
|
|
718 |
|
Other current liabilities |
|
|
354 |
|
|
|
294 |
|
Total current liabilities |
|
|
6,992 |
|
|
|
6,491 |
|
Long-term debt, less current portion |
|
|
12,293 |
|
|
|
12,955 |
|
Deferred income taxes |
|
|
128 |
|
|
|
202 |
|
Operating lease liabilities |
|
|
188 |
|
|
|
223 |
|
Other liabilities |
|
|
612 |
|
|
|
698 |
|
Total liabilities |
|
|
20,213 |
|
|
|
20,569 |
|
Commitments and contingencies |
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
|
||||
Common stock and additional paid-in capital, 400.0 shares authorized as of September 30, 2024 and December 31, 2023, |
|
|
11,106 |
|
|
|
11,028 |
|
Retained earnings |
|
|
5,628 |
|
|
|
4,692 |
|
Treasury stock, at cost, 76.5 and 75.7 shares as of September 30, 2024 and December 31, 2023, respectively |
|
|
(8,941 |
) |
|
|
(8,741 |
) |
Accumulated other comprehensive loss |
|
|
(826 |
) |
|
|
(867 |
) |
Total stockholders’ equity |
|
|
6,967 |
|
|
|
6,112 |
|
Total liabilities and stockholders’ equity |
|
$ |
27,180 |
|
|
$ |
26,681 |
|
Table 3
|
||||||||
|
|
Nine Months Ended September 30, |
||||||
(in millions) |
|
|
2024 |
|
|
|
2023 |
|
Operating activities: |
|
|
|
|
||||
Net income |
|
$ |
936 |
|
|
$ |
889 |
|
Adjustments to reconcile net income to cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
811 |
|
|
|
809 |
|
Amortization of debt issuance costs and discount |
|
|
16 |
|
|
|
13 |
|
Stock-based compensation |
|
|
158 |
|
|
|
172 |
|
Earnings from unconsolidated affiliates |
|
|
— |
|
|
|
(6 |
) |
Gain on investments, net |
|
|
(29 |
) |
|
|
(5 |
) |
Benefit from deferred income taxes |
|
|
(114 |
) |
|
|
(117 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
||||
Change in accounts receivable, unbilled services and unearned income |
|
|
259 |
|
|
|
(241 |
) |
Change in other operating assets and liabilities |
|
|
(206 |
) |
|
|
(112 |
) |
Net cash provided by operating activities |
|
|
1,831 |
|
|
|
1,402 |
|
Investing activities: |
|
|
|
|
||||
Acquisition of property, equipment and software |
|
|
(438 |
) |
|
|
(470 |
) |
Acquisition of businesses, net of cash acquired |
|
|
(649 |
) |
|
|
(869 |
) |
Purchases of marketable securities, net |
|
|
— |
|
|
|
(4 |
) |
Investments in unconsolidated affiliates, net of payments received |
|
|
(68 |
) |
|
|
(16 |
) |
Investments in debt and equity securities |
|
|
(2 |
) |
|
|
(36 |
) |
Proceeds from sale of property, equipment and software |
|
|
25 |
|
|
|
— |
|
Other |
|
|
(2 |
) |
|
|
4 |
|
Net cash used in investing activities |
|
|
(1,134 |
) |
|
|
(1,391 |
) |
Financing activities: |
|
|
|
|
||||
Proceeds from issuance of debt |
|
|
— |
|
|
|
1,250 |
|
Payment of debt issuance costs |
|
|
— |
|
|
|
(19 |
) |
Repayment of debt and principal payments on finance leases |
|
|
(130 |
) |
|
|
(118 |
) |
Proceeds from revolving credit facility |
|
|
685 |
|
|
|
2,009 |
|
Repayment of revolving credit facility |
|
|
(785 |
) |
|
|
(2,184 |
) |
Payments related to employee stock incentive plans |
|
|
(61 |
) |
|
|
(58 |
) |
Repurchase of common stock |
|
|
(200 |
) |
|
|
(763 |
) |
Contingent consideration and deferred purchase price payments |
|
|
(12 |
) |
|
|
(79 |
) |
Net cash (used in) provided by financing activities |
|
|
(503 |
) |
|
|
38 |
|
Effect of foreign currency exchange rate changes on cash |
|
|
2 |
|
|
|
(41 |
) |
Increase in cash and cash equivalents |
|
|
196 |
|
|
|
8 |
|
Cash and cash equivalents at beginning of period |
|
|
1,376 |
|
|
|
1,216 |
|
Cash and cash equivalents at end of period |
|
$ |
1,572 |
|
|
$ |
1,224 |
|
Table 4
|
||||||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
(in millions) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net Income |
|
$ |
285 |
|
|
$ |
303 |
|
|
$ |
936 |
|
$ |
889 |
|
|
Provision for income taxes |
|
|
65 |
|
|
|
51 |
|
|
|
189 |
|
|
203 |
|
|
Depreciation and amortization |
|
|
278 |
|
|
|
297 |
|
|
|
811 |
|
|
809 |
|
|
Interest expense, net |
|
|
157 |
|
|
|
167 |
|
|
|
463 |
|
|
467 |
|
|
Income in unconsolidated affiliates |
|
|
(1 |
) |
|
|
(5 |
) |
|
|
— |
|
|
(6 |
) |
|
Stock-based compensation |
|
|
54 |
|
|
|
47 |
|
|
|
158 |
|
|
172 |
|
|
Other expense (income), net (1) |
|
|
56 |
|
|
|
(40 |
) |
|
|
11 |
|
|
(92 |
) |
|
Restructuring and related expenses (2) |
|
|
38 |
|
|
|
42 |
|
|
|
99 |
|
|
102 |
|
|
Acquisition related expenses |
|
|
7 |
|
|
|
26 |
|
|
|
21 |
|
|
59 |
|
|
Adjusted EBITDA |
|
$ |
939 |
|
|
$ |
888 |
|
|
$ |
2,688 |
|
$ |
2,603 |
|
(1) |
Reflects certain non-operating income items, revaluations of contingent consideration and certain non-recurring expenses. |
(2) |
Reflects restructuring costs as well as accelerated expenses related to lease exits. |
Table 5
|
||||||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
(in millions, except per share data) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net Income |
|
$ |
285 |
|
|
$ |
303 |
|
|
$ |
936 |
|
|
$ |
889 |
|
Provision for income taxes |
|
|
65 |
|
|
|
51 |
|
|
|
189 |
|
|
|
203 |
|
Purchase accounting amortization (1) |
|
|
139 |
|
|
|
156 |
|
|
|
401 |
|
|
|
411 |
|
Income in unconsolidated affiliates |
|
|
(1 |
) |
|
|
(5 |
) |
|
|
— |
|
|
|
(6 |
) |
Stock-based compensation |
|
|
54 |
|
|
|
47 |
|
|
|
158 |
|
|
|
172 |
|
Other expense (income), net (2) |
|
|
56 |
|
|
|
(40 |
) |
|
|
11 |
|
|
|
(92 |
) |
Restructuring and related expenses (3) |
|
|
38 |
|
|
|
42 |
|
|
|
99 |
|
|
|
102 |
|
Acquisition related expenses |
|
|
7 |
|
|
|
26 |
|
|
|
21 |
|
|
|
59 |
|
Adjusted Pre Tax Income |
|
$ |
643 |
|
|
$ |
580 |
|
|
$ |
1,815 |
|
|
$ |
1,738 |
|
Adjusted tax expense |
|
|
(120 |
) |
|
|
(118 |
) |
|
|
(337 |
) |
|
|
(360 |
) |
Adjusted Net Income |
|
$ |
523 |
|
|
$ |
462 |
|
|
$ |
1,478 |
|
|
$ |
1,378 |
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted earnings per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
2.87 |
|
|
$ |
2.53 |
|
|
$ |
8.12 |
|
|
$ |
7.47 |
|
Diluted |
|
$ |
2.84 |
|
|
$ |
2.49 |
|
|
$ |
8.02 |
|
|
$ |
7.37 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
182.1 |
|
|
|
182.9 |
|
|
|
182.1 |
|
|
|
184.4 |
|
Diluted |
|
|
184.2 |
|
|
|
185.5 |
|
|
|
184.3 |
|
|
|
186.9 |
|
(1) |
Reflects all the amortization of acquired intangible assets. |
(2) |
Reflects certain non-operating income items, revaluations of contingent consideration and certain non-recurring expenses. |
(3) |
Reflects restructuring costs as well as accelerated expenses related to lease exits. |
Table 6
|
||||||||
(in millions) |
|
Three Months Ended September 30, 2024 |
|
Nine Months Ended September 30, 2024 |
||||
Net Cash provided by Operating Activities |
|
$ |
721 |
|
|
$ |
1,831 |
|
Acquisition of property, equipment and software |
|
|
(150 |
) |
|
|
(438 |
) |
Free Cash Flow |
|
$ |
571 |
|
|
$ |
1,393 |
|
Table 7
|
||||
(in millions) |
|
|
||
Gross Debt, net of Unamortized Discount and Debt Issuance Costs, as of September 30, 2024 |
|
$ |
13,512 |
|
Net Debt as of September 30, 2024 |
|
$ |
11,940 |
|
Adjusted EBITDA for the twelve months ended September 30, 2024 |
|
$ |
3,654 |
|
Gross Leverage Ratio (Gross Debt/LTM Adjusted EBITDA) |
|
3.70x |
||
Net Leverage Ratio (Net Debt/LTM Adjusted EBITDA) |
|
3.27x |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241031008271/en/
Kerri Joseph
IQVIA Investor Relations
kerri.joseph@iqvia.com
+1.610.244.3020
Source: IQVIA Holdings Inc.
FAQ
What was IQVIA's (IQV) revenue in Q3 2024?
What is IQVIA's (IQV) R&D Solutions backlog as of Q3 2024?
What is IQVIA's (IQV) updated revenue guidance for full-year 2024?