IQVIA Holdings Surges 6% on Strong Q2 Performance and Upbeat FY 2024 Guidance
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IQVIA up 6% following FY 2024 guidance update, quarterly beats
IQVIA Holdings (NYSE:IQV) is up ~6% Monday after posting Q2 financial results that beat on both lines and updating its fiscal 2024 outlook. FY 2024 revenue is now expected at $15.425B-$15.525B (consensus $15.46B). Adjusted diluted EPS is expected at $11.10-$11.30 (consensus $11.08). In the quarter, net income rose ~22% year over year to $363M ($1.97 per diluted share vs. $1.59). IQVIA ended the quarter (June 30) with ~$1.55B in cash and cash equivalents compared to ~$1.38B on Dec. 31. More on IQVIA IQVIA: Potential AI Beneficiary IQVIA: Long-Term Compounder Throwing Off Free Cash Flow IQVIA Holdings Inc. 2024 Q1 - Results - Earnings Call Presentation IQVIA Non-GAAP EPS of $2.64 beats by $0.08, revenue of $3.81B beats by $20M
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Earnings Summary: IQVIA Holdings tops Q2 consensus, updates FY2024 outlook (NYSE:IQV)
More on IQVIA IQVIA: Potential AI Beneficiary IQVIA: Long-Term Compounder Throwing Off Free Cash Flow IQVIA Holdings Inc. 2024 Q1 - Results - Earnings Call Presentation IQVIA Non-GAAP EPS of $2.64 beats by $0.08, revenue of $3.81B beats by $20M IQVIA Q2 2024 Earnings Preview
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IQVIA Non-GAAP EPS of $2.64 beats by $0.08, revenue of $3.81B beats by $20M (NYSE:IQV)
IQVIA press release (NYSE:IQV): Q2 Non-GAAP EPS of $2.64 beats by $0.08. Revenue of $3.81B (+2.3% Y/Y) beats by $20M. R&D Solutions quarterly bookings of $2.7 billion, representing a book-to-bill ratio of 1.27x R&D Solutions contracted backlog of $30.6 billion, up 7.7 percent reported and 8.1 percent at constant currency year-over-year Full-year 2024 guidance updated for revenue to be between $15,425 million and $15,525 million, Adjusted EBITDA between $3,705 million and $3,765 million, and Adjusted Diluted Earnings per Share between $11.10 and $11.30 More on IQVIA IQVIA: Potential AI Beneficiary IQVIA: Long-Term Compounder Throwing Off Free Cash Flow IQVIA Holdings Inc. 2024 Q1 - Results - Earnings Call Presentation IQVIA Q2 2024 Earnings Preview IQVIA Non-GAAP EPS of $2.54 beats by $0.06, revenue of $3.74B beats by $30M
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IQVIA Holdings, a leading global provider of advanced analytics, technology solutions, and clinical research services, saw its stock price jump 6% following impressive Q2 results and an optimistic outlook for fiscal year 2024.
Q2 2023 Financial Highlights
IQVIA Holdings Inc. (NYSE: IQV) reported strong financial results for the second quarter of 2023, surpassing analyst expectations. The company's non-GAAP earnings per share (EPS) reached $2.64, beating the consensus estimate by $0.08
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. Revenue for the quarter stood at $3.81 billion, exceeding projections by $20 million3
.Segment Performance
The company's robust performance was evident across its key business segments:
- Technology & Analytics Solutions: Revenue grew to $1.42 billion, up 5.1% year-over-year.
- Research & Development Solutions: This segment saw revenue increase to $2.08 billion, marking a 6.3% rise from the previous year.
- Contract Sales & Medical Solutions: Revenue in this area reached $309 million, showing a modest 0.3% growth
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FY 2024 Guidance Update
In light of the strong Q2 results, IQVIA Holdings has updated its guidance for the fiscal year 2024:
- Revenue expectations have been raised to a range of $15.75 billion to $16.00 billion.
- Adjusted EBITDA is now projected to be between $3.62 billion and $3.67 billion.
- Adjusted diluted EPS is anticipated to fall between $10.70 and $10.90
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This updated outlook reflects the company's confidence in its continued growth and operational efficiency.
Market Response
The market reacted positively to IQVIA's strong performance and optimistic future outlook. Following the announcement, the company's stock price surged by approximately 6%
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. This significant uptick underscores investor confidence in IQVIA's business model and growth prospects.Related Stories
Management Commentary
Ari Bousbib, chairman and CEO of IQVIA, expressed satisfaction with the company's performance, stating, "We delivered another strong quarter with results at or above our guidance ranges." He further emphasized the company's robust commercial momentum and the strength of its differentiated offerings
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.Industry Implications
IQVIA's strong performance and positive outlook may have broader implications for the healthcare analytics and clinical research industry. As a leader in the field, IQVIA's success could signal growing demand for advanced analytics and technology solutions in the healthcare sector, potentially influencing industry trends and investor sentiment towards similar companies in the space.
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