IQVIA Clocks 2.8% Sales Growth In Q4, Beats Street View By A Whisker

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  • IQVIA Holdings Inc IQV posted Q4 sales of $3.74 billion, up 2.8% Y/Y on a reported basis and 7% at constant currency (CC), slightly above the consensus of $3.71 billion.
  • Technology & Analytics Solutions revenue increased 0.2% (4.7% CC) to $1.49 billion. 
  • Research & Development Solutions (R&DS) sales reached $2.06 billion, +5.9% (9.3% CC). 
  • Contract Sales & Medical Solutions revenue was down 7.1% (+2.0% CC) to $182 million.
  • R&DS contracted backlog as of December-end grew 9.6% Y/Y to $27.2 billion. The company expects approximately $7.3 billion of this backlog to convert to revenue in the next twelve months. 
  • IQVIA reported Q4 adjusted EPS of $2.78,+9%, beating the consensus of $2.76.
  • Guidance: IQVIA forecasts FY23 revenue to be $15.15-$15.40 billion, up 5.1%-6.9% on a reported basis and 5.0%-6.8% at constant currency, versus the consensus of $15.40 billion.
  • This revenue guidance assumes about 100 basis points of contribution from acquisitions and approximately $600 million of COVID-related revenue step-down versus 2022. 
  • The company expects Adjusted EBITDA of $3.625-$3.695 billion, up 8.3%-10.4%.
  • It sees adjusted EPS of $10.26-$10.56, compared to the consensus of $10.71.
  • Price Action: IQV shares are down 1.00% at $228.00 during the premarket session on the last check Friday.
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