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IQV · IQVIA Holdings

42 filings

10-Q

IQV 10-Q Quarterly Reports

IQVIA Holdings - 42 quarterly reports

Filing record · 2016–202610-K1110-Q338-K130

2026-Q3
IQVIA Holdings Quarterly Report for Q3 Ended Sep 30, 2026
IQVIA Holdings Inc. reported third-quarter 2026 revenues of $4,428 million, up from $4,100 million in the third quarter of 2025, and net income attributable to IQVIA Holdings Inc. of $350 million versus $331 million a year earlier. Diluted EPS was $2.10 compared with $1.93. For the first nine months, revenues were $12,947 million (versus $11,946 million) and diluted EPS was $5.24 (versus $4.86). Income from operations for the nine months was $1,592 million, and restructuring costs rose to $150 million from $81 million. The company describes constant currency revenue growth of approximately 8.6% in the third quarter, with Research & Development Solutions contributing a $221 million increase and Commercial Solutions a $132 million increase. Cash and cash equivalents rose to $2,249 million at September 30, 2026, from $1,980 million at December 31, 2025, while total debt principal reached $16,172 million, up from $15,800 million. During 2026 the company issued €950 million of 4.625% senior notes due 2033 and $2,000 million of 6.375% senior notes due 2034, and repaid its $650 million Term Loan due 2027 and the €550 million 1.750% Notes. Nine-month operating cash flow was $2,001 million, and the company repurchased $950 million of common stock, leaving $2,819 million remaining under its Repurchase Program after the Board increased total authorization to $15,725 million in May 2026. The company reorganized its reporting into two segments, Commercial Solutions and Research & Development Solutions, effective January 1, 2026. Research & Development Solutions' contracted backlog was $32.6 billion at September 30, 2026, down from $34.0 billion at year-end 2025, reflecting a $2.1 billion reduction from refined backlog criteria for inactive trials. Total remaining performance obligations were approximately $34.2 billion.
Oct 27, 2026
2026-Q2
IQVIA Holdings Quarterly Report for Q2 Ended Jun 30, 2026
IQVIA Holdings Inc. reported second-quarter 2026 revenues of $4,368 million, up from $4,017 million a year earlier, with an 8.7% increase. Constant currency revenue growth was approximately $343 million, or 8.5%. Income from operations was flat at $506 million, as higher cost of revenues, SG&A and restructuring costs offset revenue growth. Net income attributable to IQVIA Holdings Inc. was $256 million, or $1.53 per diluted share, compared with $266 million, or $1.54 per diluted share, in the prior-year quarter. For the first six months of 2026, revenues were $8,519 million, up 8.6%, and net income attributable to the company was $530 million, or $3.14 per diluted share. The company generated $1,176 million of operating cash flow in the first six months of 2026, compared with $1,011 million a year earlier. It repurchased $950 million of common stock during the period and, on May 7, 2026, increased its repurchase authorization by $2,000 million to a total of $15,725 million, with $2,819 million remaining as of June 30, 2026. Total indebtedness was $16,081 million at June 30, 2026, against cash of $1,909 million. In June 2026 the company issued €950 million of 4.625% senior notes due 2033 and used the proceeds to repay its $650 million Term Loan due 2027 and part of its revolving credit facility. Restructuring costs rose to $63 million in the second quarter from $32 million, and $114 million for the six months from $61 million. Segment profit grew in both segments, with Commercial Solutions profit up 10.6% and Research & Development Solutions profit up 11.2% for the quarter. The backlog of Research & Development Solutions was $34.2 billion at June 30, 2026, with approximately $9.2 billion expected to convert to revenue over the next twelve months.
Jul 28, 2026
2026-Q1
IQVIA Holdings Quarterly Report for Q1 Ended Mar 31, 2026
IQVIA Holdings Inc. reported first-quarter 2026 revenues of $4.151 billion, up from $3.829 billion in the first quarter of 2025, an increase of $322 million or 8.4%. Income from operations rose to $514 million from $496 million, and net income attributable to IQVIA Holdings Inc. was $274 million, compared with $249 million a year earlier. Diluted earnings per share were $1.61, versus $1.40. Growth was led by Commercial Solutions, whose revenues rose 11.6% to $1.754 billion, while Research & Development Solutions revenues rose 6.2% to $2.397 billion. Constant currency revenue growth was approximately 6.0% for the company as a whole. Restructuring costs increased to $51 million from $29 million, and the filing states that restructuring actions are expected to continue through 2026 and into 2027. Cash flow and capital allocation were active during the quarter. Net cash provided by operating activities was $618 million, up from $568 million. The company repurchased 3.2 million shares for $552 million under its Repurchase Program, leaving $1.217 billion of remaining authorization as of March 31, 2026. Total debt principal was $15.908 billion, and the company repaid its €550 million 1.750% notes due 2026 using a $650 million Term Loan due 2027. Cash and cash equivalents were $1.947 billion at quarter-end, against $1.980 billion at December 31, 2025. Total stockholders' equity was $6.349 billion. Backlog for Research & Development Solutions was $34.2 billion, and the company expects approximately $8.9 billion of it to convert to revenue over the next twelve months. The filing reports no material changes to risk factors, critical accounting policies, or market risk disclosures compared with the 2025 Form 10-K. The company also reorganized its reportable segments effective January 1, 2026 into Commercial Solutions and Research & Development Solutions. Management concluded that disclosure controls were effective, and it expects its available cash, operating cash flows and revolving credit access to fund operations for at least the next 12 months.
May 5, 2026
2025-Q3
IQVIA Holdings Quarterly Report for Q3 Ended Sep 30, 2025
IQVIA Holdings Inc. reported third-quarter 2025 revenues of $4.10 billion, up $204 million, or 5.2%, from $3.90 billion a year earlier, with constant currency revenue growth of approximately $150 million, or 3.9%. Income from operations was $553 million versus $550 million, while net income attributable to IQVIA Holdings Inc. rose to $331 million from $285 million. Diluted earnings per share were $1.93 compared with $1.55. For the first nine months of 2025, revenues were $11.95 billion, up 4.4%, and diluted EPS was $4.86 versus $5.08 a year earlier, as net income attributable to the company fell to $846 million from $936 million. Interest expense increased to $536 million for the nine months from $499 million, reflecting higher outstanding debt balances. The balance sheet and cash flow reflect active capital management. Total debt principal rose to $15.03 billion, including the issuance of $2.00 billion of 6.250% senior notes due 2032 in June 2025, and the current portion of long-term debt increased to $2.16 billion. The company repurchased 6.4 million shares for $1.03 billion during the nine months, leaving $1.98 billion of remaining authorization under the Repurchase Program. Net cash provided by operating activities was $1.92 billion for the nine months, compared with $1.83 billion a year earlier. Goodwill increased to $15.95 billion, largely from acquisitions and foreign currency effects, and the company reported total backlog for Research & Development Solutions of $32.4 billion. The company also disclosed that in August 2025 the parties to its long-running Veeva litigation reached a complete resolution of all pending legal disputes, with no payment made by either party. Management stated that it believed its disclosure controls and procedures were effective as of September 30, 2025, and that the company was in compliance in all material respects with its financial covenants.
Oct 28, 2025
2025-Q2
IQVIA Holdings Quarterly Report for Q2 Ended Jun 30, 2025
IQVIA Holdings Inc. reported second-quarter 2025 revenues of $4,017 million, up $203 million, or 5.3%, from $3,814 million a year earlier, with constant currency revenue growth of approximately $139 million, or 3.6%. Net income fell to $266 million from $363 million, and diluted EPS was $1.54 versus $1.97. Income from operations declined to $506 million from $520 million, as higher cost of revenues (up $206 million, to 67.1% of revenues from 65.2%) and higher interest expense ($182 million versus $163 million) outpaced revenue growth. For the six months, revenues rose 3.9% to $7,846 million, while net income dropped to $515 million from $651 million and diluted EPS was $2.94 versus $3.53. Balance sheet and capital activity were significant in the period. Total debt principal rose to $15,573 million from $14,045 million at December 31, 2024, driven by the June 2025 issuance of $2,000 million of 6.250% senior notes due 2032 and a March 2025 incremental Term B-5 loan of $1,985 million. Cash and equivalents increased to $2,039 million from $1,702 million. The company repurchased 6.4 million shares for $1,032 million in the first half, leaving $1,981 million of remaining authorization under its Repurchase Program. Goodwill increased to $15,611 million, largely from foreign currency effects and business combinations. Operationally, Research & Development Solutions remained the largest segment at $2,201 million of second-quarter revenue, though its segment profit fell to $451 million from $493 million. Technology & Analytics Solutions grew revenue 8.9% in the quarter to $1,628 million, with segment profit up 7.8% to $389 million. Backlog for Research & Development Solutions rose to $32.1 billion from $31.1 billion at December 31, 2024. Management stated that disclosure controls were effective and that no material changes were made to its risk factors.
Jul 22, 2025
2025-Q1
IQVIA Holdings Quarterly Report for Q1 Ended Mar 31, 2025
IQVIA Holdings Inc. (IQV) reported first-quarter 2025 revenues of $3.83 billion, up from $3.74 billion a year earlier, with constant currency revenue growth of approximately $129 million, or 3.5%. Net income fell to $249 million from $288 million, and diluted earnings per share were $1.40 versus $1.56. Income from operations declined to $496 million from $506 million, driven mainly by higher restructuring costs of $29 million versus $15 million, and cost of revenues rose to 66.1% of revenues from 65.4%. Segment results were mixed. Technology & Analytics Solutions revenues rose 6.4% to $1.55 billion with segment profit up 7.5% to $360 million, while Research & Development Solutions revenues were essentially flat at $2.10 billion and segment profit fell 4.0% to $460 million. Contract Sales & Medical Solutions revenues declined 4.2% to $181 million. Total backlog for Research & Development Solutions rose to $31.5 billion from $31.1 billion, with approximately $7.9 billion expected to convert to revenue in the next twelve months. On the balance sheet, total debt principal rose to $14.39 billion from $14.05 billion, and cash rose to $1.74 billion. In March 2025 the company refinanced term loans with a new $1.985 billion Term B-5 dollar facility and recognized a $4 million loss on extinguishment of debt. The company repurchased 2.3 million shares for $425 million under its repurchase program, leaving $2.59 billion of remaining authorization after the Board increased the program by $2.0 billion in February 2025. Operating cash flow increased to $568 million from $522 million.
May 6, 2025
2024-Q3
IQVIA Holdings Quarterly Report for Q3 Ended Sep 30, 2024
IQVIA Holdings Inc. reported third-quarter 2024 revenues of $3,896 million, up $160 million, or 4.3%, from $3,736 million a year earlier. Net income was $285 million versus $303 million, and diluted EPS was $1.55 compared with $1.63. For the first nine months, revenues were $11,447 million (up 3.0%) and net income was $936 million, with diluted EPS of $5.08 versus $4.76. Research & Development Solutions contracted backlog rose to $31.1 billion from $29.7 billion at December 31, 2023, and total remaining performance obligations were approximately $33.3 billion. Cash flow strengthened. Net cash provided by operating activities was $1,831 million for the nine months, up from $1,402 million, and cash and cash equivalents rose to $1,572 million. The company repurchased $200 million of stock in the nine months, leaving $2,163 million of remaining authorization under its Repurchase Program. Total indebtedness was $13,578 million, with $1,995 million of additional revolver availability. At the segment level, Technology & Analytics Solutions segment profit rose 14.1% in the quarter, while Research & Development Solutions segment profit was $498 million versus $495 million. Contract Sales & Medical Solutions revenues declined 1.6% in the quarter. The company stated that its legal matters in Korea were resolved in its favor when the Supreme Court dismissed appeals on July 11, 2024, and that the Veeva litigation trial is scheduled for early 2025.
Oct 31, 2024
2024-Q2
IQVIA Holdings Quarterly Report for Q2 Ended Jun 30, 2024
IQVIA Holdings Inc. reported second-quarter 2024 revenues of $3.81 billion, up $86 million, or 2.3%, from $3.73 billion a year earlier, with constant currency revenue growth of approximately $130 million, or 3.5%. Net income rose to $363 million from $297 million, and diluted earnings per share increased to $1.97 from $1.59. For the first six months, revenues were $7.55 billion (up 2.3%) and net income was $651 million versus $586 million. Income from operations for the quarter was $520 million, roughly flat against $524 million, as cost of revenues and SG&A growth outpaced revenue growth; restructuring costs rose to $28 million from $20 million. Other income, net of $67 million in the quarter was driven mainly by revaluations of contingent consideration arrangements. Cash flow strengthened, with net cash provided by operating activities of $1.11 billion for the six months versus $819 million a year earlier. Cash and cash equivalents were $1.55 billion at June 30, 2024. Total indebtedness was $13.33 billion, and the company had $1.995 billion of additional available borrowing capacity under its revolving credit facility. The company did not repurchase any shares under its Repurchase Program during the six months, leaving $2.36 billion of remaining authorization. The filing also reports that on July 11, 2024, the Supreme Court of South Korea dismissed appeals in the IMS Korea privacy and criminal matters, making those decisions final in the company's favor. The Veeva litigation remains pending, with trial scheduled for early 2025 and Veeva claiming damages in excess of $200 million on its counterclaims.
Jul 22, 2024
2024-Q1
IQVIA Holdings Quarterly Report for Q1 Ended Mar 31, 2024
IQVIA Holdings Inc. reported first-quarter 2024 revenues of $3,737 million, up $85 million, or 2.3%, from $3,652 million in the first quarter of 2023. Income from operations rose to $506 million from $471 million, but net income was essentially flat at $288 million versus $289 million, as interest expense increased to $166 million from $141 million and other expense (income), net swung to an $11 million expense from $26 million of income. Diluted earnings per share were $1.56, up from $1.53, helped by a lower diluted share count of 184.3 million versus 188.6 million. Management attributed the revenue increase to constant currency growth of approximately $105 million, or 2.9%, led by Research & Development Solutions, which grew $69 million, or 3.4%, and saw contracted backlog rise to $30.1 billion from $29.7 billion. Cash flow from operations improved to $522 million from $417 million. Cash and cash equivalents ended the quarter at $1,444 million, and total indebtedness was $13,611 million, with $1,895 million of additional revolving credit availability. The company repurchased no shares under its equity repurchase program during the quarter and had $2,363 million of remaining authorization. Results were also affected by a lower effective income tax rate of 14.4%, compared with 19.6% a year earlier. The filing also describes ongoing legal matters, including the Veeva Systems litigation, in which trial has been scheduled for early 2025, and a Korean privacy-related lawsuit that is on appeal. Management believes that pending proceedings are not expected to have a material adverse effect on results, cash flows or financial position.
May 2, 2024
2023-Q3
IQVIA Holdings Quarterly Report for Q3 Ended Sep 30, 2023
IQVIA Holdings Inc. reported third-quarter 2023 revenues of $3.74 billion, up 4.9% from $3.56 billion a year earlier, with net income of $303 million versus $283 million and diluted EPS of $1.63 versus $1.49. For the first nine months, revenues were $11.12 billion (up 4.2%) and net income was $889 million versus $864 million, with diluted EPS of $4.76 versus $4.52. Constant currency revenue growth was approximately 4.1% in the quarter and 4.8% for the nine months, and Research & Development Solutions was the main driver, with segment revenue up 7.2% in the quarter. Cash flow from operations declined to $1.40 billion for the nine months from $1.70 billion, mainly due to lower cash from other operating assets and liabilities and unearned income. Interest expense rose to $491 million from $288 million, reflecting higher base rates and increased net debt. Total debt principal was $13.69 billion at September 30, 2023, against $1.745 billion of available revolver capacity. In May 2023 the company issued $750 million of 5.700% senior secured notes due 2028 and $500 million of 6.500% senior notes due 2030, using the proceeds to repay revolver borrowings. The company repurchased $763 million of stock in the first nine months, and its Board raised the Repurchase Program authorization by $2.0 billion on July 31, 2023, to $11.725 billion total, with $2.592 billion remaining at quarter end. The filing also notes that the company expects to reverse a valuation allowance on certain foreign tax credits in the near term, which could create a material discrete tax benefit. Pending litigation includes the Veeva Systems matter, in which Veeva claims damages in excess of $200 million on its counterclaims, while the company says those counterclaims are without merit.
Nov 1, 2023
2023-Q2
IQVIA Holdings Quarterly Report for Q2 Ended Jun 30, 2023
IQVIA Holdings Inc. reported second-quarter 2023 revenues of $3.73 billion, up $187 million, or 5.3%, from $3.54 billion a year earlier, with constant currency revenue growth of approximately $196 million, or 5.5%. Income from operations rose to $524 million from $453 million, and net income increased to $297 million from $256 million. Diluted EPS was $1.59 versus $1.34. For the six months, revenues were $7.38 billion, up 3.8%, and net income was $586 million compared with $581 million. Interest expense more than doubled in the quarter to $169 million from $94 million, reflecting higher base rate costs on floating rate debt and higher net debt. Total indebtedness was $13.84 billion as of June 30, 2023, and cash and cash equivalents were $1.38 billion. In May 2023 the Issuer completed the sale of $750 million of 5.700% senior secured notes due 2028 and $500 million of 6.500% senior notes due 2030, with proceeds used to repay revolving credit borrowings. The company increased its revolving credit facility capacity by $500 million to $2.00 billion in April 2023. Cash used for share repurchases in the first six months was $619 million, and on July 31, 2023 the Board increased the repurchase authorization by $2.00 billion to a total of $11.73 billion, leaving $2.74 billion available. The filing also describes Research & Development Solutions backlog of $28.4 billion as of June 30, 2023, up from $27.2 billion at year-end 2022, and total remaining performance obligations of approximately $31.0 billion. Ongoing litigation includes the Veeva Systems matter, where Veeva is appealing a May 2021 court order, and Korean privacy proceedings, which the company says it is vigorously defending.
Aug 1, 2023
2023-Q1
IQVIA Holdings Quarterly Report for Q1 Ended Mar 31, 2023
IQVIA Holdings Inc. reported first-quarter 2023 revenues of $3,652 million, up $84 million, or 2.4%, from $3,568 million in the first quarter of 2022. Constant currency revenue growth was approximately $166 million, or 4.7%. Income from operations was $471 million, down from $495 million, and net income was $289 million, compared with $325 million a year earlier. Diluted earnings per share were $1.53, versus $1.68. Interest expense rose to $141 million from $86 million, driven by higher base rate interest costs on the floating rate debt portfolio and an increase in net debt. Restructuring costs were $17 million, up from $7 million. Research & Development Solutions was the main growth driver, with revenues of $2,026 million, up 4.8%, and segment profit of $428 million, up 6.7%. Contracted backlog in that segment rose to $27.9 billion from $27.2 billion at year-end 2022. Technology & Analytics Solutions revenues were essentially flat at $1,444 million, and segment profit fell 6.5% to $361 million. Contract Sales & Medical Solutions revenues declined 6.7% to $182 million. Operating cash flow was $417 million, down from $508 million, and the company repurchased $129 million of common stock during the quarter. Total indebtedness was $13,222 million at March 31, 2023, against cash of $1,494 million. On April 17, 2023, the company increased its senior secured revolving credit facility capacity by $500 million to $2,000 million. The filing also describes ongoing litigation, including a long-running dispute with Veeva Systems, in which the company says it intends to vigorously pursue its claims.
Apr 28, 2023
2022-Q3
IQVIA Holdings Quarterly Report for Q3 Ended Sep 30, 2022
IQVIA Holdings Inc. reported third-quarter 2022 revenues of $3,562 million, up $171 million, or 5.0%, from $3,391 million a year earlier. On a constant currency basis, revenue growth was approximately $355 million, or 10.5%. Income from operations rose to $472 million from $302 million, and diluted earnings per share were $1.49 versus $1.34. For the first nine months of 2022, revenues were $10,671 million, up 4.2%, and net income attributable to IQVIA was $864 million, or $4.52 diluted EPS. Research & Development Solutions was the main growth driver, with segment revenues of $1,979 million in the quarter, up 6.8%, and segment profit up 22.3% to $445 million. Contract Sales & Medical Solutions revenue declined 9.0% in the quarter. Cash flow and leverage were the key trade-offs in the period. Net cash provided by operating activities fell to $1,700 million from $2,250 million in the first nine months of 2021, mainly due to lower cash collections from unearned income. The company repurchased $1,143 million of common stock under its Repurchase Program during the nine months and had about $1.4 billion of remaining authorization at September 30, 2022. Total indebtedness was $12.4 billion, with $1,500 million of undrawn revolving credit capacity. Cash and cash equivalents were $1,274 million. The filing also highlights ongoing litigation, including the MedImpact and Veeva matters. Management does not expect pending proceedings to have a material adverse effect, though it notes that an unfavorable outcome in any one matter could be material in the period it is resolved. Remaining performance obligations totaled approximately $27.9 billion, and Research & Development Solutions backlog was $25.8 billion.
Oct 27, 2022
2022-Q2
IQVIA Holdings Quarterly Report for Q2 Ended Jun 30, 2022
IQVIA Holdings Inc. reported second-quarter 2022 revenues of $3,541 million, up $103 million, or 3.0%, from $3,438 million a year earlier, and first-half revenues of $7,109 million, up $262 million, or 3.8%. Income from operations rose to $453 million from $286 million in the second quarter, and to $948 million from $628 million for the six months. Net income attributable to IQVIA Holdings Inc. was $256 million for the quarter (diluted EPS $1.34, versus $0.90) and $581 million for the six months (diluted EPS $3.02, versus $1.99). Depreciation and amortization fell to $270 million in the quarter from $343 million, primarily because certain intangibles from the Quintiles and IMS Health merger became fully amortized in 2021. Cash provided by operating activities fell to $837 million for the six months from $1,406 million, mainly due to lower collections from unearned income and accounts receivable. The company spent $993 million repurchasing 4.5 million shares during the six months and had about $1.5 billion of remaining authorization under its Repurchase Program. Total debt principal was $12,824 million at June 30, 2022, and the company drew $1,250 million of additional Term A Loans due 2027 on June 16, 2022, using the proceeds to repay about $950 million of revolving credit loans. The company reported remaining performance obligations of approximately $28.7 billion, with about 30% expected to be recognized over the next twelve months. Research & Development Solutions backlog rose to $25.6 billion from $24.8 billion at year-end 2021. The filing also describes ongoing litigation, including a lawsuit with Veeva Systems in which Veeva claims damages in excess of $200 million, and a MedImpact suit seeking approximately $100 million in damages, trebled. Management does not expect pending legal matters to have a material adverse effect.
Jul 22, 2022
2022-Q1
IQVIA Holdings Quarterly Report for Q1 Ended Mar 31, 2022
IQVIA Holdings Inc. reported first-quarter 2022 revenues of $3,568 million, up $159 million, or 4.7%, from $3,409 million in the first quarter of 2021. Income from operations rose to $495 million from $342 million, and net income attributable to IQVIA Holdings Inc. was $325 million, compared with $212 million a year earlier. Diluted earnings per share were $1.68, versus $1.09. The company attributed the revenue increase to constant currency growth of approximately $231 million, or 6.8%, with Research & Development Solutions contributing the largest segment gain. Depreciation and amortization fell to $255 million from $323 million, mainly because certain intangibles from the Quintiles and IMS Health merger became fully amortized in 2021. Cash provided by operating activities declined to $508 million from $867 million, reflecting lower cash collections from unearned income and other operating assets and liabilities. Cash used in investing activities rose to $613 million, driven largely by $430 million of business acquisitions. Total debt principal was $12,693 million at March 31, 2022, with $750 million of additional revolving credit availability. During the quarter the company repurchased 1.7 million shares for $403 million, and about $2.1 billion remained under its repurchase authorization after the Board added $2.0 billion in February 2022. The filing notes ongoing litigation, including the Veeva Systems matter, in which the court issued an order on May 7, 2021 finding significant evidence of misappropriation by Veeva, and Veeva's counterclaims alleging damages in excess of $200 million. Management does not expect pending legal and tax proceedings to have a material adverse effect, but acknowledges that one or more unfavorable outcomes could be material in the period resolved. Remaining performance obligations totaled approximately $28.1 billion, and Research & Development Solutions backlog was $25.3 billion.
Apr 28, 2022
2021-Q3
IQVIA Holdings Quarterly Report for Q3 Ended Sep 30, 2021
IQVIA Holdings Inc. reported strong third-quarter 2021 results, with revenues of $3,391 million, up $605 million or 21.7% from $2,786 million a year earlier, and income from operations of $302 million versus $187 million. Net income attributable to IQVIA Holdings Inc. was $261 million for the quarter, compared with $101 million in the third quarter of 2020. For the first nine months, revenues were $10,238 million, up $2,177 million or 27.0%, and net income attributable to the company was $648 million versus $160 million. Growth was led by Research & Development Solutions, whose nine-month revenues rose $1,536 million or 37.7%, including incremental revenue from large COVID-19 vaccine clinical trials. Research & Development Solutions' contracted backlog grew from $22.6 billion to $24.4 billion. Balance sheet and capital allocation activity was significant during the period. The company acquired the 40% non-controlling interest in Q2 Solutions from Quest Diagnostics for approximately $758 million in cash on April 1, 2021. Cash and cash equivalents declined to $1,470 million from $1,814 million at year-end 2020, and total debt principal was $12,236 million as of September 30, 2021. The company refinanced its senior secured credit facilities, extended its receivables facility to $550 million, and issued €1.45 billion of senior notes in March 2021 to redeem its 3.250% notes due 2025. Shares repurchased in the nine months totaled $221 million, leaving approximately $0.7 billion of authorization remaining. The filing also highlights ongoing litigation. In the Veeva Systems matter, the court issued a May 7, 2021 order finding significant evidence that Veeva misappropriated IQVIA data, and Veeva is appealing. Veeva has filed counterclaims claiming damages in excess of $200 million, which the company says are without merit. Several Korean privacy matters also remain pending on appeal.
Oct 22, 2021
2021-Q2
IQVIA Holdings Quarterly Report for Q2 Ended Jun 30, 2021
IQVIA Holdings Inc. reported strong second-quarter 2021 growth, with revenues of $3,438 million, up $917 million, or 36.4%, from $2,521 million a year earlier. For the six months, revenues were $6,847 million, up 29.8%. Net income attributable to IQVIA Holdings Inc. was $175 million in the quarter, compared with a loss of $(23) million in the prior-year quarter. Diluted earnings per share were $0.90 versus $(0.12), and $1.99 for the six months versus $0.30. Research & Development Solutions drove much of the increase, with revenues of $1,891 million in the quarter, up 53.1%, which the company attributed largely to volume growth in clinical services and lab testing, including incremental revenue from large COVID-19 vaccine clinical trials. Cash generation and the balance sheet were central to the period. Net cash provided by operating activities was $1,406 million for the six months, compared with $635 million a year earlier. The company acquired the 40% non-controlling interest in Q2 Solutions from Quest Diagnostics for approximately $756 million in cash on April 1, 2021, giving it full ownership. To refinance debt, it issued €1.45 billion of senior notes in March 2021 and used the proceeds to redeem its 3.250% notes due 2025. Cash and cash equivalents were $1,807 million at June 30, 2021, and total debt principal was $12,351 million. Total stockholders' equity fell to $5,760 million from $6,280 million at year-end 2020, largely reflecting the Quest transaction. The filing also discloses a material ongoing legal matter. On May 7, 2021, the court in the Veeva Systems litigation issued an order finding significant evidence that Veeva misappropriated IQVIA data and imposed sanctions, including adverse inference instructions to the jury. Veeva is appealing the order. Management does not expect pending proceedings to have a material adverse effect, but notes that unfavorable outcomes in any claim could be material in the period of resolution.
Jul 28, 2021
2021-Q1
IQVIA Holdings Quarterly Report for Q1 Ended Mar 31, 2021
IQVIA Holdings Inc. reported first-quarter 2021 revenues of $3.41 billion, up $655 million, or 23.8%, from $2.75 billion in the first quarter of 2020. Income from operations rose to $342 million from $193 million, and net income attributable to IQVIA Holdings Inc. was $212 million, or $1.09 per diluted share, versus $82 million, or $0.42, a year earlier. Growth was led by Research & Development Solutions, where revenue rose $427 million, or 29.6%, partly reflecting large COVID-19 vaccine clinical trials, and by Technology & Analytics Solutions, up $231 million, or 20.7%. Contract Sales & Medical Solutions was roughly flat. Management cited a constant currency revenue growth of approximately $588 million, or 21.4%, for the consolidated business. Cash flow and balance sheet activity were significant in the quarter. Net cash from operating activities was $867 million, compared with $163 million a year earlier. Cash and cash equivalents rose to $2.31 billion from $1.81 billion at December 31, 2020. Total debt principal was $12.31 billion at March 31, 2021, and the company issued €1.45 billion of senior notes in March 2021 to redeem its 3.25% senior notes due 2025, recording a $24 million loss on extinguishment of debt. Subsequent to quarter end, on April 1, 2021, the company acquired the 40% non-controlling interest in Q2 Solutions from Quest Diagnostics for $760 million in cash, giving it full ownership. Backlog in Research & Development Solutions increased to $23.2 billion from $22.6 billion at year-end 2020, with approximately $26.1 billion of total remaining performance obligations, about 35% of which the company expects to recognize over the next 12 months. Unearned income rose to $1.55 billion from $1.25 billion. The company repurchased 265,809 shares for $50.5 million in the quarter and had about $0.9 billion remaining under its repurchase program.
Apr 23, 2021
2020-Q3
IQVIA Holdings Quarterly Report for Q3 Ended Sep 30, 2020
IQVIA Holdings Inc. reported third-quarter 2020 revenues of $2.786 billion, up $17 million, or 0.6%, from $2.769 billion a year earlier, with a constant currency revenue decline of approximately $4 million, or 0.1%. Net income attributable to IQVIA Holdings Inc. was $101 million, or $0.52 diluted EPS, versus $57 million, or $0.29, in the third quarter of 2019. For the first nine months of 2020, revenues decreased $132 million, or 1.6%, to $8.061 billion, and net income attributable to IQVIA was $160 million, or $0.82 diluted EPS. Income from operations was $442 million for the nine months, down from $611 million, as costs and SG&A rose while revenues declined. The filing attributes much of the pressure to COVID-19, which disrupted on-site clinical monitoring, face-to-face services and contract sales activity, particularly in Research & Development Solutions and Contract Sales & Medical Solutions. Balance sheet and liquidity remained solid. Cash and cash equivalents were $1.464 billion at September 30, 2020, up from $837 million at December 31, 2019, and the company had no amounts drawn on its $1.5 billion revolving credit facility. Total debt principal was $12.410 billion. Net cash provided by operating activities for the nine months was $1.209 billion, compared with $834 million a year earlier. Management stated that it is lifting the temporary suspension of its share repurchase program, having repurchased 2,106,403 shares for approximately $321.4 million in the first nine months, with about $1.0 billion of remaining authorization. Segment performance was mixed. Technology & Analytics Solutions revenue rose 10.2% in the third quarter to $1.207 billion, while Research & Development Solutions revenue fell 4.5% to $1.400 billion and Contract Sales & Medical Solutions revenue fell 13.9% to $179 million. R&D Solutions backlog increased from $19.0 billion at December 31, 2019 to $21.7 billion at September 30, 2020, with approximately $5.8 billion expected to convert to revenue in the next twelve months.
Oct 22, 2020
2020-Q2
IQVIA Holdings Quarterly Report for Q2 Ended Jun 30, 2020
IQVIA Holdings Inc. reported second-quarter 2020 revenues of $2,521 million, down from $2,740 million in the prior-year quarter, and a net loss attributable to IQVIA Holdings Inc. of $(23) million, compared with net income of $60 million in the second quarter of 2019. For the six months ended June 30, 2020, revenues were $5,275 million (versus $5,424 million) and net income attributable to the company was $59 million (versus $118 million). Management attributes the decline primarily to COVID-19 disruptions, with the Research & Development Solutions segment most affected: its second-quarter revenues fell $200 million, or 13.9%, and its segment profit fell 43.8%. Technology & Analytics Solutions revenues rose 0.6% in the quarter. Balance sheet and liquidity remained solid. Cash and cash equivalents were $1,109 million at June 30, 2020, up from $837 million at December 31, 2019, and no amounts were drawn under the $1.5 billion revolving credit facility. Total debt principal was $12,181 million. Long-term debt rose to $11,965 million, and the company issued €711 million of 2.875% senior notes due 2028 in June 2020 to redeem its 3.500% notes due 2024. Net cash provided by operating activities was $635 million for the six months, versus $504 million a year earlier. The company repurchased $321.4 million of common stock in the first half and temporarily suspended repurchases after the COVID-19 pandemic was declared in March. Management states it believes available resources will meet operating requirements and debt obligations for at least the next 12 months. The filing states that COVID-19 disruptions, including reduced site access (averaging about 30 percent in the second quarter) and lower patient recruitment, could continue to affect results, and that the results for the three and six months may not indicate full-year results. Management expects delayed trial activities to resume, but the filing does not quantify the timing of that recovery.
Jul 23, 2020
2020-Q1
IQVIA Holdings Quarterly Report for Q1 Ended Mar 31, 2020
IQVIA Holdings Inc. reported first-quarter 2020 revenues of $2,754 million, up $70 million, or 2.6%, from $2,684 million a year earlier. Constant currency revenue growth was approximately $98 million, or 3.7%. Net income attributable to IQVIA Holdings Inc. rose to $82 million from $58 million, and diluted earnings per share were $0.42 compared with $0.29. Income from operations declined to $193 million from $210 million, as depreciation and amortization increased to $316 million from $295 million. The effective income tax rate fell to 16.7% from 37.6%, which the filing says was favorably affected by excess tax benefits on share-based compensation awards. The filing states that COVID-19 disrupted business activity beginning in early March. Research & Development Solutions was disproportionately affected, with approximately 70 percent of global sites temporarily inaccessible at the end of the quarter, and segment profit fell to $268 million from $289 million. Technology & Analytics Solutions revenue rose 3.9% to $1,117 million. Management stated that the company has accelerated cost containment actions and that it expects COVID-19 to have no significant impact on overall liquidity. Liquidity remained stable, with cash and cash equivalents of $927 million at March 31, 2020 and $1.4 billion of available borrowing capacity under the $1.5 billion revolving credit facility. Total indebtedness was $12.1 billion. In March 2020 the company borrowed $900 million of additional term A loans, of which $100 million was prepaid, and used the proceeds to repay revolver borrowings. During the quarter it repurchased 2,106,403 shares for approximately $321.4 million, leaving about $1.0 billion of remaining repurchase authorization.
Apr 30, 2020
2019-Q3
IQVIA Holdings Quarterly Report for Q3 Ended Sep 30, 2019
IQVIA Holdings Inc. reported third-quarter 2019 revenues of $2.769 billion, up 6.7% from $2.594 billion a year earlier, with constant currency revenue growth of approximately $205 million, or 7.9%, partly offset by roughly $30 million of negative foreign currency effects. Income from operations rose to $204 million from $181 million, and net income attributable to IQVIA Holdings Inc. was $57 million, or $0.29 per diluted share, compared with $60 million, or $0.29 per diluted share, in the prior-year quarter. For the first nine months, revenues were $8.193 billion, up 6.1%, and net income attributable to IQVIA Holdings Inc. was $175 million, or $0.87 per diluted share, versus $190 million, or $0.91, a year earlier. Interest expense increased to $338 million for the nine months from $308 million, reflecting higher average debt. Total indebtedness was $11.6 billion at September 30, 2019, with $1.1 billion of additional revolver availability. During 2019 the company issued $1.1 billion of 5.00% senior notes due 2027 and €720 million of 2.25% senior notes due 2028, and used the proceeds to repay revolver borrowings and redeem its 4.875% notes due 2023. Operating cash flow was $834 million for the nine months, and the company repurchased 4,785,803 shares for approximately $690.3 million, leaving about $1.6 billion of remaining repurchase authorization. Research & Development Solutions contracted backlog rose to $18.30 billion from $17.13 billion at December 31, 2018. Cash and cash equivalents were $863 million at September 30, 2019. The company stated that its disclosure controls were effective and that management was not aware of material changes to its risk factors or legal exposure beyond routine litigation incidental to its business.
Nov 1, 2019
2019-Q2
IQVIA Holdings Quarterly Report for Q2 Ended Jun 30, 2019
IQVIA Holdings Inc. reported second-quarter 2019 revenues of $2,740 million, up $173 million, or 6.7%, from $2,567 million in the prior-year quarter, and six-month revenues of $5,424 million, up 5.7%. Constant currency revenue growth was approximately 8.5% for the quarter and 7.8% for the six months, with foreign currency fluctuations having a negative impact of approximately $45 million and $108 million, respectively. Net income attributable to IQVIA Holdings Inc. was $60 million for the quarter, compared with $61 million a year earlier, and $118 million for the six months, compared with $130 million. Diluted earnings per share were $0.30 for the quarter (versus $0.29) and $0.59 for the six months (versus $0.62). The effective income tax rate was 10.3% in the second quarter of 2019, versus 27.3% a year earlier, and 26.2% for the six months, which reflects a $20 million tax expense recorded in the first quarter related to proposed FDII guidance. The company's segment results show Research & Development Solutions as the largest contributor, with second-quarter revenues of $1,435 million and segment profit of $288 million. Technology & Analytics Solutions generated $1,102 million of revenue and $258 million of segment profit, while Contract Sales & Medical Solutions revenue declined 1.5% to $203 million. Contracted backlog for Research & Development Solutions rose from $17.13 billion at December 31, 2018 to $18.03 billion at June 30, 2019. On the balance sheet, total debt principal was $11,453 million at June 30, 2019, up from $11,056 million at December 31, 2018, after the May 2019 issuance of $1.1 billion of 5.00% Senior Notes due 2027, the proceeds of which were used to repay revolving credit borrowings. The company repurchased 2,752,247 shares for approximately $376.7 million during the first half of 2019, including 1,000,000 shares bought from underwriters in a secondary offering, and had about $1.9 billion of remaining repurchase authorization at June 30, 2019. Cash and cash equivalents were $938 million. The company adopted ASC 842 on January 1, 2019, which added $498 million of operating lease right-of-use assets to the balance sheet.
Jul 24, 2019
2019-Q1
IQVIA Holdings Quarterly Report for Q1 Ended Mar 31, 2019
IQVIA Holdings Inc. reported first-quarter 2019 revenues of $2.68 billion, up $121 million, or 4.7%, from $2.56 billion in the first quarter of 2018. Constant currency revenue growth was approximately $184 million, or 7.2%, partly offset by an approximately $63 million negative impact from foreign currency. Income from operations rose to $210 million from $183 million, while net income attributable to IQVIA Holdings Inc. fell to $58 million from $69 million, and diluted EPS was $0.29 versus $0.32. The effective income tax rate rose to 37.6% from 22.4%, driven in part by a $20 million tax expense tied to proposed FDII regulations, and interest expense increased to $110 million from $96 million. Cash flow from operations declined to $113 million from $182 million, mainly due to lower accounts payable and accrued expenses. Cash used in investing rose to $315 million, reflecting $175 million of acquisitions, and the company repurchased 1.0 million shares for $140.8 million in connection with a secondary offering by remaining private equity sponsors. Total indebtedness was $11.3 billion at March 31, 2019, with $475 million of additional revolver availability, and remaining repurchase authorization was approximately $2.1 billion. Research & Development Solutions backlog was reduced by a $390 million adjustment after a client cancelled a trial, leaving backlog at $17.19 billion.
May 2, 2019
2018-Q3
IQVIA Holdings Quarterly Report for Q3 Ended Sep 30, 2018
IQVIA Holdings Inc. reported third-quarter 2018 revenues of $2,594 million, up 5.2% from $2,466 million a year earlier, and nine-month revenues of $7,724 million, up 7.6% from $7,181 million. Net income attributable to IQVIA Holdings Inc. fell to $60 million in the quarter from $88 million, and diluted EPS declined to $0.29 from $0.40. For the nine months, net income attributable to the company was $190 million versus $250 million, with diluted EPS of $0.91 versus $1.11. The quarter's results were pressured by higher depreciation and amortization ($283 million vs. $256 million), interest expense ($105 million vs. $93 million), a $27 million other expense driven by an increase in the fair value of acquisition-related contingent consideration, and a $23 million restructuring charge. A $27 million provisional transition-tax benefit under the Tax Act lowered the effective tax rate, which was a benefit of (27.5%) for the quarter. Segment results were mixed. Technology & Analytics Solutions revenue grew 12.9% in the quarter, while Research & Development Solutions grew 3.1% and Contract Sales & Medical Solutions declined 12.8%, largely due to 2017 cancellations in the Americas. Cash flow from operations rose to $837 million for the nine months from $737 million, and the company repurchased 7,522,304 shares for approximately $792 million during the nine months, leaving $889 million of remaining authorization. Total debt was $10.7 billion at September 30, 2018, against cash of $827 million. The balance sheet shows goodwill of $11,794 million and other identifiable intangibles of $6,103 million out of total assets of $22,498 million. Research & Development Solutions contracted backlog was $16.40 billion, and the company expects roughly $18.3 billion of remaining performance obligations, with about 35% recognized over the next 12 months. Management also noted that adoption of the upcoming lease standard is expected to have a material impact on the balance sheet.
Oct 25, 2018
2018-Q2
IQVIA Holdings Quarterly Report for Q2 Ended Jun 30, 2018
IQVIA Holdings Inc. reported second-quarter 2018 revenues of $2,567 million, up $212 million, or 9.0%, from $2,355 million a year earlier, with constant currency revenue growth of approximately $182 million, or 7.7%. Net income attributable to IQVIA Holdings Inc. was $61 million for the quarter versus $62 million in the prior-year period, and diluted EPS was $0.29 compared with $0.28. For the six months, revenues rose $415 million, or 8.8%, to $5,130 million, while net income attributable to the company fell to $130 million from $162 million, and diluted EPS was $0.62 versus $0.71. Income from operations increased to $170 million in the quarter from $126 million, and to $353 million for the six months from $328 million. The balance sheet shows total debt principal of $10,782 million at June 30, 2018, up from $10,269 million at December 31, 2017, following the June 2018 issuance of additional term B loans to refinance and extend the senior secured credit facilities. Cash and cash equivalents were $879 million, down from $959 million, and net cash provided by operating activities rose to $493 million from $301 million for the six months. Stockholders' equity declined to $7,614 million from $8,244 million, largely reflecting share repurchases of $668 million in cash during the six months and a $(104) million accumulated other comprehensive loss. The company renamed two segments, Commercial Solutions to Technology & Analytics Solutions and Integrated Engagement Services to Contract Sales & Medical Solutions, with no change in composition. Research & Development Solutions remained the largest segment, with second-quarter revenues of $1,350 million, and the company disclosed approximately $17.3 billion of remaining performance obligations, with about 40% expected to be recognized over the next 12 months. The company also adopted ASU 2014-09 (revenue recognition) on a full retrospective basis effective January 1, 2018, which recast prior-period balances.
Jul 27, 2018
2018-Q1
IQVIA Holdings Quarterly Report for Q1 Ended Mar 31, 2018
IQVIA Holdings Inc. reported first-quarter 2018 revenues of $2,563 million, up from $2,360 million in the first quarter of 2017, an increase of $203 million or 8.6%. Constant currency revenue growth was approximately $123 million, or 5.2%, with a positive impact of approximately $80 million from foreign currency fluctuations. Income from operations was $183 million compared with $202 million a year earlier, and net income attributable to IQVIA Holdings Inc. was $69 million, or $0.32 diluted earnings per share, versus $100 million, or $0.43 per diluted share, in the prior-year period. Interest expense rose to $96 million from $75 million, reflecting higher average debt outstanding, and restructuring costs were $26 million compared with $19 million. Segment results were mixed: Commercial Solutions revenues grew 14.1% to $985 million and Research & Development Solutions grew 8.1% to $1,365 million, while Integrated Engagement Services revenues declined 9.0% to $213 million, largely due to cancellations in the Americas region. Cash flow from operations improved to $182 million from $56 million, and the company ended the quarter with $960 million of cash and cash equivalents. Total indebtedness was $10.5 billion at March 31, 2018, and on April 6, 2018 the company amended its credit agreement to increase revolving credit commitments to $1,500 million. The company repurchased 874,627 shares for approximately $86 million in the quarter and had $1.6 billion of remaining authorization under its Repurchase Program. Remaining performance obligations totaled approximately $17.6 billion, and Research & Development Solutions contracted backlog was $15.16 billion.
May 4, 2018
2017-Q3
IQVIA Holdings Quarterly Report for Q3 Ended Sep 30, 2017
Quintiles IMS Holdings, Inc. reported third-quarter 2017 revenues of $2,019 million, up from $1,137 million in the prior-year quarter, and nine-month revenues of $5,899 million versus $3,412 million. The increase was driven mainly by the October 2016 merger with IMS Health, which the filing says contributed $2,415 million to nine-month Commercial Solutions revenue. Net income attributable to the company was not stated as a figure in the extracted tables, but basic EPS was $0.39 for the quarter versus $0.83 a year earlier, and $1.06 for nine months versus $2.45. Income from operations was reduced by $256 million of quarterly depreciation and amortization, largely from roughly $6.4 billion of intangible assets acquired in the merger, and the effective tax rate was (0.5)% for the quarter. Balance-sheet leverage increased materially. Total debt principal was $9,800 million at September 30, 2017, versus $7,219 million at December 31, 2016, following the September 2017 issuance of 420 million euro 2.875% senior notes due 2025, the February 2017 issuance of 1,425 million euro 3.25% notes, and a $750 million incremental term B loan. Over the nine months the company repurchased 27,296,321 shares for approximately $2.3 billion, including two underwritten secondary offerings where it bought back shares from principal stockholders. Remaining authorization under the repurchase program was $295 million at quarter end. The filing also reports an $40 million goodwill and intangible impairment tied to Encore Health Resources, which was sold on July 12, 2017. Management stated its disclosure controls were effective, and it expects cash and operating cash flows to fund operations and debt obligations for at least the next 12 months.
Oct 27, 2017
2017-Q2
IQVIA Holdings Quarterly Report for Q2 Ended Jun 30, 2017
Quintiles IMS Holdings, Inc. reported a sharp increase in scale for the second quarter and first half of 2017, driven by the October 2016 Merger with IMS Health. Total revenues for the three months ended June 30, 2017 were $2,375 million versus $1,553 million a year earlier, and for the six months were $4,697 million versus $3,043 million. Revenues excluding reimbursed expenses were $1,969 million for the quarter, up from $1,167 million, with the Commercial Solutions segment accounting for most of the increase, including $805 million from the Merger. Income from operations was $151 million for the quarter, roughly flat versus $150 million, as depreciation and amortization rose to $245 million from $32 million following the roughly $6.4 billion of intangible assets acquired in the Merger. Net income attributable to Quintiles IMS Holdings, Inc. was $75 million for the quarter, down from $86 million, and diluted EPS was $0.34 versus $0.71. The balance sheet and capital structure changed substantially. Total debt principal rose to $8,986 million from $7,219 million at year-end 2016, following a February 2017 issuance of €1,425 million of 3.25% senior notes due 2025 and a March 2017 term B loan refinancing. The company repurchased 21,337,443 shares for approximately $1.7 billion in the first half of 2017, including a $750 million private repurchase from principal shareholders and about $300 million tied to a May 2017 secondary offering. Cash fell to $902 million from $1,198 million, and operating cash flow was $301 million for the six months. Goodwill rose to $11,258 million, and the company recorded a $40 million goodwill and intangible impairment related to Encore Health Resources LLC, which it agreed to sell on July 12, 2017. For investors, the key points are the scale of the Merger's contribution, the rise in interest expense to $81 million for the quarter from $22 million, the lower effective tax rate of (10.3)% for the quarter driven by Merger-related purchase accounting amortization, and a remaining repurchase authorization of $853 million.
Aug 4, 2017
2017-Q1
IQVIA Holdings Quarterly Report for Q1 Ended Mar 31, 2017
Quintiles IMS Holdings, Inc. reported first-quarter 2017 total revenues of $2,322 million, up from $1,490 million in the first quarter of 2016, with the increase driven largely by the October 2016 Merger with IMS Health. Revenues excluding reimbursed expenses were $1,911 million versus $1,108 million, a 72.5% increase. Net income attributable to Quintiles IMS Holdings, Inc. fell to $74 million from $107 million, and diluted EPS was $0.31 versus $0.88. Income from operations declined to $168 million from $179 million, as depreciation and amortization rose to $232 million from $32 million following the roughly $6.4 billion of intangible assets acquired in the Merger. The effective tax rate was 13.5%, favorably affected by a $64 million tax benefit tied to purchase accounting amortization. On the balance sheet, total debt principal rose to $8,383 million from $7,219 million, driven by a February 2017 issuance of €1,425 million (about $1,522 million) of 3.25% senior notes due 2025 and a term B loan refinancing. Cash fell to $862 million from $1,198 million, and operating cash flow dropped to $56 million from $112 million. Share repurchases of about $1.3 billion, including a $750 million private repurchase from principal shareholders, drove treasury stock to $2,316 million. Remaining repurchase authorization was $230.8 million at March 31, 2017. Segment results show Commercial Solutions revenue of $847 million (segment profit $221 million) versus $75 million a year earlier, while Research & Development Solutions revenue grew 3.7% to $866 million and Integrated Engagement Services was flat at $198 million. Backlog for Research & Development Solutions stood at $9.66 billion at quarter end.
May 8, 2017
2016-Q3
IQVIA Holdings Quarterly Report for Q3 Ended Sep 30, 2016
Quintiles IMS Holdings, Inc. reported third-quarter 2016 service revenues of $1,136.4 million, up 3.9% from $1,093.5 million a year earlier, with constant currency growth of about $39.4 million (3.6%). Income from operations rose to $167.8 million from $167.0 million, while net income attributable to the company declined to $99.2 million from $111.3 million. Diluted EPS was $0.82 versus $0.89. For the nine months, service revenues rose 6.7% to $3,411.5 million, and net income attributable to the company was $292.6 million, up from $282.6 million. Product Development drove growth while Integrated Healthcare Services declined 7.5% in the quarter on a reported basis. Ending backlog was $9.4 billion, of which $2.7 billion is expected to convert to revenue in the next 12 months. The filing is dominated by the October 3, 2016 merger with IMS Health Holdings, Inc., which was accounted for as a business combination with Quintiles as the accounting acquirer. Preliminary estimates put the merger consideration at about $10.4 billion, with roughly $9 billion of goodwill and $10 billion of identifiable assets. IMS Health results are not included in these financial statements. The merger also brought pro forma nine-month 2016 total revenues of $6.90 billion. On October 3, the company repaid $1,389.4 million of term loans and issued new debt through IMS Health, including $1,050 million of 5% notes due 2026 and EUR 625 million of 3.5% notes due 2024. The board also raised the repurchase authorization by $1.5 billion to about $1,546.8 million. Balance sheet and cash flow data show cash of $1,209.7 million at September 30, 2016, up from $977.2 million at year-end 2015. Operating cash flow was $412.9 million for the nine months, compared with $269.4 million a year earlier. The company also recorded a $27.9 million impairment charge in its Encore reporting unit, consisting of $23.1 million of goodwill and $4.8 million of intangibles. The company stated that its disclosure controls were effective.
Nov 3, 2016
2016-Q2
IQVIA Holdings Quarterly Report for Q2 Ended Jun 30, 2016
Quintiles Transnational Holdings Inc. reported service revenues of $1,167.1 million for the second quarter of 2016, up 8.6% from $1,074.4 million a year earlier, with constant currency growth of approximately 7.9%. Total revenues were $1,552.7 million and income from operations was $150.7 million, down from $158.4 million. Net income attributable to the company was $86.8 million, or $0.71 per diluted share, compared with $84.9 million, or $0.67 per diluted share, in the prior-year quarter. For the six months, service revenues rose 8.1% to $2,275.1 million and net income attributable to the company was $193.4 million. Growth was driven by Product Development, where service revenues rose 13.2% in the quarter, including the incremental impact of the businesses Quest contributed to Q2 Solutions. Integrated Healthcare Services service revenues declined 3.8% in the quarter, reflecting lower commercial services in North America and Japan. Backlog stood at $12,538 million at June 30, 2016, and net new business rose 24.4% in the second quarter to $1,645 million. The filing's most significant item is the pending merger with IMS Health Holdings, Inc., a "merger of equals" announced May 3, 2016, in which each IMS Health share would convert into 0.3840 of a share of the surviving company. The merger is expected to close in the fourth quarter of 2016 and carries a $250 million cash termination fee in certain circumstances. Total indebtedness was $2.5 billion, with $532.5 million of undrawn revolving credit availability, and the company repurchased $97.6 million of common stock in the first half of 2016.
Jul 27, 2016
2016-Q1
IQVIA Holdings Quarterly Report for Q1 Ended Mar 31, 2016
Quintiles Transnational Holdings Inc. reported first-quarter 2016 results with service revenues of $1,108.0 million, up 7.6% from $1,030.0 million a year earlier, and net income attributable to the company of $106.7 million, or $0.88 per diluted share, versus $86.4 million, or $0.68 per diluted share, in the prior-year quarter. Income from operations rose to $178.8 million from $143.2 million, with the Product Development segment driving growth. Integrated Healthcare Services service revenues declined 3.5%, and net new business fell 23.8% to $1,026 million, which the company attributed partly to large opportunities whose closings were delayed into the second quarter of 2016. The company ended the quarter with cash and cash equivalents of $1,053.2 million and total indebtedness of $2.5 billion, with $533.4 million of additional available revolving credit borrowings. Net cash provided by operating activities was $112.1 million, compared with cash used of $64.3 million a year earlier. Shareholders' deficit narrowed to $(205.9) million from $(335.7) million at December 31, 2015. The most significant subsequent event is the May 3, 2016 agreement to merge with IMS Health Holdings, Inc. in a "merger of equals," in which each IMS share would convert into 0.3840 shares of the surviving company. The merger is expected to close in the second half of 2016 and carries a $250 million termination fee payable to IMS in certain circumstances.
May 3, 2016
2015-Q3
IQVIA Holdings Quarterly Report for Q3 Ended Sep 30, 2015
Quintiles Transnational Holdings Inc. reported third-quarter 2015 service revenues of $1,093.5 million, up 3.1% from $1,061.0 million a year earlier, with constant currency service revenue growth of approximately 8.3% offset by a negative foreign currency impact of approximately $55.6 million. Income from operations rose to $167.0 million from $149.1 million, and net income attributable to the company was $111.3 million, or $0.89 diluted earnings per share, versus $92.7 million ($0.71 diluted) in the prior-year quarter. Results for the nine months show service revenues of $3,197.8 million, up 3.1%, and net income attributable to the company of $282.6 million. The quarter reflected the July 1, 2015 formation of Q2 Solutions, a joint venture combining the company's clinical trials laboratory operations with those of Quest Diagnostics, in which the company holds 60% and Quest holds 40%. Net new business declined 23.0% in the third quarter to $1,164 million, while backlog reached $11,748 million at September 30, 2015 compared with $11,244 million at December 31, 2014. The company also completed a $250.0 million share repurchase in May 2015 and a debt refinancing that produced $2.5 billion of total indebtedness at September 30, 2015. The balance sheet shows cash and cash equivalents of $1,081.8 million, total assets of $4,033.7 million and total shareholders' deficit of $179.9 million, compared with a deficit of $704.0 million at year-end 2014. The company stated it was in compliance with its debt covenants and believes available cash, operating cash flows and revolving facilities will fund operations for at least the next 12 months.
Oct 28, 2015
2015-Q2
IQVIA Holdings Quarterly Report for Q2 Ended Jun 30, 2015
Quintiles Transnational Holdings Inc. reported second-quarter 2015 total revenues of $1,443.5 million, up from $1,341.0 million, and service revenues of $1,074.4 million, up 3.8% from $1,035.5 million. Net income attributable to the company was $84.9 million, or $0.67 per diluted share, versus $85.1 million, or $0.64 per diluted share, a year earlier. For the six months, service revenues were $2,104.3 million, up 3.1%, and net income attributable to the company was $171.3 million. Foreign currency movements were a significant headwind: constant currency service revenue growth was 9.8% in the quarter, but a negative foreign currency impact of approximately $62.2 million reduced reported growth. The company's balance sheet changed materially in May 2015 when it entered into $1.95 billion of new senior secured credit facilities and issued $800 million of 4.875% senior unsecured notes due 2023 to refinance existing debt. Total indebtedness was $2.5 billion at June 30, 2015, and the company repurchased 3,855,050 shares for approximately $250.0 million. Shareholders' deficit remained at $(701.7) million. Operating cash flow was negative $13.6 million for the first six months, compared with positive $38.7 million a year earlier, driven by higher days sales outstanding. Backlog stood at $11,369 million at June 30, 2015, and net new business for the quarter was $1,322 million, up 7.6%. A subsequent event occurred on July 1, 2015, when the company closed a joint venture with Quest Diagnostics Incorporated combining clinical trials laboratory operations, in which the company holds 60% and Quest holds 40%. The company also disclosed that it is no longer a 'controlled company' under NYSE rules and has until November 10, 2015 to comply with certain corporate governance requirements.
Jul 29, 2015
2015-Q1
IQVIA Holdings Quarterly Report for Q1 Ended Mar 31, 2015
Quintiles Transnational Holdings Inc. reported first-quarter 2015 service revenues of $1,030.0 million, up $24.7 million, or 2.5%, from $1,005.3 million in the prior-year quarter. The filing states that constant currency service revenue growth was $83.7 million, or 8.4%, offset by an approximately $59.0 million negative impact from foreign currency fluctuations. Net income attributable to the company was $86.4 million, compared with $90.2 million, and diluted earnings per share were $0.68 in both periods. Income from operations rose to $143.2 million from $141.3 million, and the company cited a February 2015 restructuring plan of approximately $30.0 million with expected annualized savings of $50.0 million to $60.0 million. Net new business grew 5.6% to $1,346 million, led by Product Development, which rose 8.1% to $1,086 million. Backlog declined to $11,064 million at March 31, 2015 from $11,244 million at December 31, 2014. Integrated Healthcare Services net new business fell 3.5% to $260 million. Cash used in operating activities widened to $64.3 million from $28.4 million, and the company ended the quarter with $779.1 million of cash and total indebtedness of $2.3 billion. Shareholders' deficit was $(612.3) million. On March 30, 2015, the company agreed to combine its global central laboratories business with the central laboratory testing business of Quest Diagnostics Incorporated, a transaction expected to close in 2015 and subject to regulatory approval. In April 2015, the Board increased the share repurchase authorization by $300 million, bringing the available amount to approximately $360 million. The filing is Quintiles Transnational Holdings Inc.'s quarterly report, now IQVIA Holdings Inc.
Apr 29, 2015
2014-Q3
IQVIA Holdings Quarterly Report for Q3 Ended Sep 30, 2014
Quintiles Transnational Holdings Inc. reported service revenues of $1,061.0 million for the third quarter of 2014, up $128.3 million, or 13.8%, from $932.7 million a year earlier, with constant currency growth of 14.0%. Product Development service revenues rose 8.0% to $771.4 million, while Integrated Healthcare Services rose 32.6% to $289.6 million, including the Encore acquisition. Income from operations was $149.1 million for the quarter, and diluted EPS was $0.71, compared with $0.50 in the prior-year quarter. For the nine months, service revenues reached $3.1 billion, up 10.6%, and diluted EPS was $2.03. Backlog stood at $10,746 million at September 30, 2014, up from $9,855 million at December 31, 2013. Net new business was $1,512 million for the quarter, up 13% from $1,341 million, though Integrated Healthcare Services net new business fell 49% to $244 million. The company ended the quarter with cash of $645.0 million and total indebtedness of $2.0 billion, and it had a $300 million revolving credit facility with no amounts drawn in the first nine months of 2014. Capital deployment during the period included a $165.1 million private repurchase of 3,287,209 shares from TPG Quintiles Holdco, L.P., the acquisition of Encore Health Resources for approximately $91.5 million in cash, and restructuring plans of about $13 million expected to affect roughly 350 positions. Shareholders' deficit narrowed to $536.2 million from $667.5 million at year-end 2013.
Oct 30, 2014
2014-Q2
IQVIA Holdings Quarterly Report for Q2 Ended Jun 30, 2014
Quintiles Transnational Holdings Inc. reported a strong second quarter of 2014, with total revenues of $1,341.0 million (up from $1,295.7 million) and service revenues of $1,035.5 million, an increase of 9.7% over the prior-year quarter. Income from operations rose to $141.0 million from $94.9 million, net income attributable to the company was $85.1 million, and diluted earnings per share were $0.64. For the six months, service revenues grew 9.0% to $2,040.8 million, and net income was $175.3 million. Constant-currency service revenue growth was 8.6% for the quarter and 8.5% for the first half, with Product Development up 6.7% and Integrated Healthcare Services up 15.1% in the quarter. Backlog reached $10,264 million at June 30, 2014, versus $9,855 million at year-end 2013, and net new business was $1,228 million in the quarter, up 21% from $1,014 million. Integrated Healthcare Services' net new business more than doubled to $361 million. Cash flow from operations improved to $38.7 million for the first half from $1.4 million, though cash and equivalents fell to $636.5 million, reflected in a $165.1 million private repurchase of 3,287,209 shares from TPG Quintiles Holdco, L.P. Total indebtedness was $2.05 billion, and the company completed the Encore Health Resources acquisition on July 1, 2014 for approximately $93.6 million in cash. The company's shareholders' deficit narrowed to $621.6 million, and it continues to carry substantial debt, which management believes it can service for at least the next 12 months. The company also disclosed an approved restructuring plan of up to $13.0 million, expected to yield annualized savings of $20.0 to $25.0 million.
Jul 31, 2014
2014-Q1
IQVIA Holdings Quarterly Report for Q1 Ended Mar 31, 2014
Quintiles Transnational Holdings Inc. reported first-quarter 2014 results with service revenues of $1,005.3 million, up from $927.4 million a year earlier, and total revenues of $1,307.8 million including reimbursed expenses. Income from operations rose to $141.3 million from $115.2 million, and net income attributable to the company was $90.2 million, compared with $48.3 million in the prior-year quarter. Diluted EPS was $0.68 versus $0.41. The Product Development segment drove most of the growth, with segment income from operations of $160.7 million, while Integrated Healthcare Services contributed $9.0 million. The balance sheet still shows a shareholders' deficit of $559.5 million at March 31, 2014, though it improved from $667.5 million at December 31, 2013. Total indebtedness was $2.05 billion, and cash and cash equivalents were $741.4 million, of which $289.9 million was held in the United States. Net cash used in operating activities widened to $28.4 million, driven by higher days sales outstanding and tax payments. Backlog rose to $10,066 million from $9,855 million at year-end, and net new business grew 2% to $1,274 million. Management cited a February 2014 restructuring plan of up to $13.0 million, expected to cut about 400 positions and yield annual savings of approximately $20.0 to $25.0 million. The effective tax rate fell to 30.5% from 39.2%, reflecting a change in the assertion on reinvested foreign earnings. The company stated it does not intend to pay dividends in the foreseeable future and that its equity repurchase program has $59.5 million remaining, with no repurchases made in the quarter.
May 1, 2014
2013-Q3
IQVIA Holdings Quarterly Report for Q3 Ended Sep 30, 2013
Quintiles Transnational Holdings Inc. reported third-quarter 2013 service revenues of $932.7 million, up 2.1% from $913.6 million a year earlier, with constant currency growth of approximately 4.0% partially offset by a negative foreign currency impact of about $17.8 million. Income from operations rose to $125.3 million from $109.1 million, and net income attributable to the company was $66.8 million, or $0.50 per diluted share, versus $52.1 million, or $0.44, a year earlier. Nine-month service revenues were $2,804.4 million, up 2.1%, and net income attributable to the company was $153.6 million, including a $16.5 million loss on extinguishment of debt and a $25.0 million fee to terminate a management agreement with shareholder-affiliated firms. The balance sheet strengthened after the May 2013 initial public offering, which raised approximately $489.6 million in net proceeds. The company used those proceeds to repay its $300.0 million term loan, pay down $50.0 million of senior secured credit facilities, pay the management agreement termination fee, and fund the September 2013 acquisition of Novella Clinical Inc. for approximately $146.5 million in cash net of acquired cash. Cash and cash equivalents were $609.7 million, total debt was $2.05 billion, and shareholders' deficit narrowed to $(711.97) million from $(1,359.0) million at December 31, 2012. Backlog reached $9,583 million at September 30, 2013, compared with $8,704 million at December 31, 2012, and third-quarter net new business was $1,341 million, up 29% from $1,042 million. Segment results show Product Development service revenues rising 5.5% to $714.2 million with income from operations of $140.6 million, while Integrated Healthcare Services service revenues fell 7.6% to $218.5 million with income from operations of $11.7 million. On October 30, 2013, the Board approved a repurchase program of up to $125 million of common stock or vested in-the-money employee options, funded with cash on hand.
Oct 31, 2013
2013-Q2
IQVIA Holdings Quarterly Report for Q2 Ended Jun 30, 2013
Quintiles Transnational Holdings Inc. reported second-quarter 2013 results following its May 2013 initial public offering. Total revenues were $1,295.7 million for the quarter, up 5.3% from $1,230.8 million, while service revenues were essentially flat at $944.2 million. Income from operations fell to $94.9 million from $100.9 million, and net income attributable to the company was $38.5 million, versus $47.2 million a year earlier. Diluted EPS was $0.30 compared with $0.40. Results were affected by a $25.0 million fee to terminate the management agreement with shareholder-affiliated firms, a $16.5 million loss on extinguishment of debt, and a net discrete tax benefit. The balance sheet improved meaningfully. The IPO raised approximately $489.9 million in net proceeds, which was used to repay the $300.0 million term loan (about $308.9 million including interest and fees), pay down $50.0 million of senior secured credit facilities, and fund the management agreement termination. Total debt fell to $2.05 billion from $2.4 billion at year-end 2012, and shareholders' deficit narrowed to $(797.9) million from $(1,359.0) million. Backlog rose to $9,034 million from $8,704 million, and net new business for the quarter was $1,014 million, up 13%. Segment performance diverged. Product Development service revenues grew 4.6% to $724.2 million, with segment operating income up 14.2%. Integrated Healthcare Services service revenues declined 13.0% to $220.0 million, and its segment operating income fell 38.1% to $12.5 million. Operating cash flow for the first six months dropped to $5.4 million from $87.3 million, largely reflecting a higher days sales outstanding increase.
Aug 1, 2013
2013-Q1
IQVIA Holdings Quarterly Report for Q1 Ended Mar 31, 2013
Quintiles Transnational Holdings Inc. reported first-quarter 2013 total revenues of $1.23 billion, up from $1.16 billion, with service revenues of $927.4 million, up $39.4 million, or 4.4%. Income from operations rose to $115.2 million from $92.0 million, and net income attributable to the company was $48.3 million, compared with $43.3 million a year earlier. Diluted earnings per share were $0.41, versus $0.37. Product Development drove growth, with segment service revenues of $706.3 million and segment income from operations of $132.7 million, while Integrated Healthcare Services declined to $221.1 million in service revenues and $6.2 million in segment income from operations. Cash and cash equivalents fell to $454.3 million at March 31, 2013 from $567.7 million at December 31, 2012. Operating cash flow was negative $21.5 million, compared with positive $4.6 million a year earlier, mainly due to higher incentive compensation payments. Total debt was $2.41 billion excluding $300.0 million of available revolving credit borrowings. Backlog grew to $9.0 billion from $8.7 billion at year-end 2012. The filing describes the company's expected initial public offering of 23,684,210 shares at $40.00 per share, expected to close May 14, 2013, with 13,125,000 shares issued by the company and net proceeds of approximately $489.8 million. The company plans to use proceeds to repay about $306.0 million on the Holdings Term Loan, about $50.0 million on senior secured credit facilities, and $25.0 million to terminate a management agreement.
May 14, 2013