Skip to content
AnalystLens

IQVIA Holdings 8-K Report, Financial Results (Feb 14, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 14, 2024
Period End
February 14, 2024
Security
IQV
In the record · 2016–202610-K1110-Q338-K130

IQV filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 130 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jun ’18Jun ’18
  2. Leadership change8-K · Jul ’20Jul ’20
  3. Leadership change8-K · Oct ’22Oct ’22
  4. Material agreement8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed February 14, 2024. Cited figures are marked; the original filing is the authoritative source.

IQVIA Holdings Inc. furnished an 8-K on February 14, 2024 (Item 2.02) attaching a press release reporting fourth-quarter and full-year 2023 results and issuing full-year 2024 guidance.

For Q4 2023, revenue was $3,868 milliona (up 3.5 percent reported), GAAP net income was $469 million, and Adjusted EBITDA was $966 million. For full-year 2023, revenue was $14,984 million (up 4.0 percent reported), GAAP net income was $1,358 million, GAAP diluted EPS was $7.29, Adjusted Diluted EPS was $10.20 (up 0.4 percent), and Adjusted EBITDA was $3,569 million (up 6.7 percent). R&DS contracted backlog reached $29.7 billion, growing 9.2 percent year-over-year, and the fourth-quarter book-to-bill ratio was 1.31x.

The company ended 2023 with cash of $1,376 millionb, debt of $13,673 million and net debt of $12,297 million, a Net Leverage Ratio of 3.45x. Operating cash flow for the full year was $2,149 million and free cash flow was $1,500 million. The company refinanced approximately $2.75 billion of near-term maturities in the fourth quarter, extending maturities to 2029 and 2031 at an average fixed rate below 4.9 percent after swaps, and over 80 percent of its debt is now fixed-rate.

Share repurchases totaled $992 millionc for the year, with $2,363 million of authorization remaining. For 2024, IQVIA guided to revenue of $15,400 million to $15,650 million, Adjusted EBITDA of $3,700 million to $3,800 million, and Adjusted Diluted EPS of $10.95 to $11.25.

The revenue outlook assumes roughly $300 milliond of COVID-related revenue step-down, about 50 basis points of foreign exchange headwind, and about 100 basis points of contribution from acquisitions. Management described the 2023 results as solid in a challenging macro environment, citing strong clinical demand and a 1.31 book-to-bill ratio for the quarter.

02—Key points

Key Highlights

  1. Q4 2023 revenue of $3,868 million grew 3.5 percent on a reported basis and 2.6 percent at constant currency; full-year revenue was $14,984 million, up 4.0 percent reported.
  2. Full-year GAAP diluted EPS was $7.29, while Adjusted Diluted EPS was $10.20, up 0.4 percent year-over-year; full-year Adjusted EBITDA was $3,569 million, up 6.7 percent.
  3. R&DS contracted backlog of $29.7 billion grew 9.2 percent year-over-year; Q4 book-to-bill ratio was 1.31x and full-year book-to-bill was 1.28x.
  4. Segment results for 2023: TAS revenue $5,862 million (up 2.0 percent), R&DS revenue $8,395 million (up 6.0 percent), and CSMS revenue $727 million (down 2.2 percent).
  5. Net leverage ended at 3.45x trailing Adjusted EBITDA, with net debt of $12,297 million; over 80 percent of debt is now at fixed rates after a roughly $2.75 billion refinancing.
  6. Full-year 2023 free cash flow was $1,500 million on operating cash flow of $2,149 million; share repurchases totaled $992 million with $2,363 million of authorization remaining.
  7. 2024 guidance calls for revenue of $15,400 million to $15,650 million, Adjusted EBITDA of $3,700 million to $3,800 million, and Adjusted Diluted EPS of $10.95 to $11.25.

03—Questions

Frequently Asked Questions

  1. How did IQVIA perform in the fourth quarter and full year of 2023?

    Q4 2023 revenue was $3,868 million, up 3.5 percent reported, and GAAP net income was $469 million. Full-year revenue was $14,984 million, up 4.0 percent reported, and GAAP net income was $1,358 million, up 24.5 percent. Full-year Adjusted EBITDA was $3,569 million, up 6.7 percent.

  2. What is the 2024 outlook?

    IQVIA expects 2024 revenue of $15,400 million to $15,650 million, Adjusted EBITDA of $3,700 million to $3,800 million, and Adjusted Diluted EPS of $10.95 to $11.25. Revenue guidance assumes about $300 million of COVID-related revenue step-down, about 50 basis points of foreign exchange headwind, and about 100 basis points of acquisition contribution.

  3. How strong is the company's order book?

    R&DS contracted backlog, including reimbursed expenses, was $29.7 billion at December 31, 2023, up 9.2 percent year-over-year, and the company expects approximately $7.5 billion of it to convert to revenue in the next twelve months. The fourth-quarter book-to-bill ratio was 1.31x.

  4. What is the company's balance sheet and debt position?

    At December 31, 2023, cash was $1,376 million and debt was $13,673 million, for net debt of $12,297 million and a Net Leverage Ratio of 3.45x. The company refinanced about $2.75 billion of near-term maturities, extending them to 2029 and 2031 at an average fixed rate below 4.9 percent after swaps, and over 80 percent of its debt is now fixed-rate.

  5. How much capital did IQVIA return to shareholders?

    IQVIA repurchased $992 million of common stock during 2023, including $229 million in the fourth quarter, and had $2,363 million of share repurchase authorization remaining as of December 31, 2023.

04—Continue

← View all 8-K filings