Key Takeaways
- Life sciences clinical researcher IQVIA’s second-quarter results beat analysts’ expectations for revenue and net income.
- The company also raised its full-year guidance.
- IQVIA said its technology and analytics products were major growth drivers.
- IQVIA’s stock rose nearly 7% in intraday trading Monday to move into positive territory for the year.
IQVIA Holdings (IQV) beat second-quarter earnings expectations and raised its full-year outlook on Monday, sending shares higher.
The life sciences clinical research and analytics organization posted adjusted earnings per share (EPS) of $2.64, topping analysts’ expectations of $2.57, per Visible Alpha. Revenue was $3.81 billion, above projections of $3.79 billion.
Growth Driven by Technology & Analytics Solutions Unit
The results were driven by IQVIA’s Technology & Analytics Solutions (TAS) segment, which posted year-over-year sales growth of 2.7% to $1.5 billion.
“IQVIA delivered second-quarter results at the high end of our guidance, driven mainly by better-than-expected TAS performance,” Chief Executive Officer (CEO) Ari Bousbib said.
Looking ahead, IQVIA narrowed its full-year revenue guidance to a range of $15.43 billion to $15.53 billion from its prior forecast of $15.33 billion to $15.58 billion. It also raised its adjusted EPS outlook to between $11.10 and $11.30 from $10.95 to $11.25.
Shares of IQVIA jumped 6.6% to $239.45 as of 1:41 p.m. ET Monday to move into positive territory year-to-date.