01—Abstract
Summary
Summary of the 8-K filed May 2, 2024. Cited figures are marked; the original filing is the authoritative source.
IQVIA Holdings Inc. reported first-quarter 2024 results in a press release dated May 2, 2024, furnished as Exhibit 99.1 under Item 2.02.
Revenue was $3,737 milliona, up 2.3 percent on a reported basis and 2.9 percent at constant currency, compared with the first quarter of 2023. GAAP net income was $288 million and GAAP diluted EPS was $1.56, while Adjusted Net Income was $468 million, Adjusted Diluted EPS was $2.54, and Adjusted EBITDA was $862 million, up 1.3 percent year-over-year. By segment, Technology & Analytics Solutions revenue was $1,453 million, up 0.6 percent reported, and Research & Development Solutions revenue was $2,095 million, up 3.4 percent reported.
Contract Sales & Medical Solutions revenue was $189 millionb, up 3.8 percent reported. R&DS contracted backlog reached $30.1 billion, up 7.9 percent year-over-year, and the first-quarter book-to-bill ratio was 1.23x, including the cancellation of a large central nervous system program. The company expects approximately $7.7 billion of backlog to convert to revenue in the next twelve months.
The company reaffirmed full-year 2024 guidance: revenue of $15,325 million to $15,575 millionc on a reported basis (growth of 2.3 to 3.9 percent), Adjusted EBITDA of $3,700 million to $3,800 million, and Adjusted Diluted EPS of $10.95 to $11.25. Net debt was $12,092 million at March 31, 2024, with a Net Leverage Ratio of 3.38x trailing twelve-month Adjusted EBITDA, and first-quarter Free Cash Flow was $377 million.
02—Key points
Key Highlights
- Q1 2024 revenue of $3,737 million, up 2.3 percent reported and 2.9 percent at constant currency
- GAAP diluted EPS of $1.56 and Adjusted Diluted EPS of $2.54
- Adjusted EBITDA of $862 million, up 1.3 percent year-over-year
- R&DS contracted backlog of $30.1 billion, up 7.9 percent year-over-year; Q1 book-to-bill of 1.23x, including a large CNS program cancellation
- Full-year 2024 guidance reaffirmed for Adjusted EBITDA ($3,700-$3,800 million) and Adjusted Diluted EPS ($10.95-$11.25); revenue guidance lowered to $15,325-$15,575 million on a reported basis after a $75 million FX impact
- Net debt of $12,092 million; Net Leverage Ratio of 3.38x trailing twelve-month Adjusted EBITDA
- Q1 operating cash flow of $522 million and Free Cash Flow of $377 million
03—Questions
Frequently Asked Questions
How did IQVIA perform in the first quarter of 2024?
Revenue was $3,737 million, up 2.3 percent on a reported basis and 2.9 percent at constant currency. GAAP net income was $288 million, or $1.56 per diluted share, and Adjusted EBITDA was $862 million.
What changed in full-year 2024 revenue guidance?
The company reaffirmed revenue guidance on a constant currency basis. After adjusting for a $75 million impact from the strengthening US dollar since February 12, 2024, reported revenue guidance is $15,325 million to $15,575 million, growth of 2.3 to 3.9 percent. The filing states the foreign exchange headwind is about 100 basis points, versus about 50 basis points previously.
How strong is the R&DS backlog and bookings?
R&DS contracted backlog was $30.1 billion at March 31, 2024, up 7.9 percent year-over-year, and the company expects about $7.7 billion to convert to revenue in the next twelve months. The first-quarter book-to-bill ratio was 1.23x, including the cancellation of a large central nervous system program; excluding it, the ratio was over 1.3x.
What is IQVIA's leverage and cash generation position?
At March 31, 2024, cash and cash equivalents were $1,444 million and debt was $13,536 million, for net debt of $12,092 million. The Net Leverage Ratio was 3.38x trailing twelve-month Adjusted EBITDA. First-quarter operating cash flow was $522 million and Free Cash Flow was $377 million.
04—Continue