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IQVIA报告2024年第三季度业绩

并宣布投资者日

•营业收入为389600万美元

•GAAP净利润为28500万美元，调整后的EBITDA为93900万美元

•每股1.55美元的普通股摊薄收益，调整后每股2.84美元的摊薄收益

•研发解决方案季度订单达到23亿美元，导致过去十二个月的订单额达到104亿美元，过去十二个月的订单金额与账单比率为1.22倍

•研发解决方案合同积压金额为311亿美元，同比增长8.0%

•TAS的营业收入为155400万美元，同比增长8.6%

•经营性现金流为72100万美元，使年初至今的经营性现金流达到183100万美元，同比增长31%。

•自由现金流为57100万美元，年初至今自由现金流达到139300万美元，同比增长49%

•2024年全年指引已更新，预计营业收入介于1535000万元和1540000万元之间，调整后的EBITDA介于367500万元和370000万元之间，调整后的稀释每股收益介于11.10和11.20美元之间

•2024年12月10日举行投资者日

北卡罗来纳州研究三角园 – (业务新闻) – 2024年10月31日 — IQVIA Holdings Inc.（“IQVIA”）（纽交所：IQV），全球一流的临床研究服务、商业洞察和医疗保健情报提供商，今日公布了截至2024年9月30日的季度财务业绩。

2024年第三季度运营业绩

第三季度营业收入达到389600万美元，按报告基础增长了4.3％，按不变货币计算增长了4.2％，与2023年第三季度相比。Technology & Analytics Solutions（TAS）营业收入为155400万美元，按报告基础增长了8.6％，按不变货币计算增长了8.2％。Research & Development Solutions（研发解决方案）（R&DS）营业收入为216200万美元，按报告基础增长了1.9％，按不变货币计算增长了2.0％。不考虑直接费用的影响，R&DS营业收入按报告基础增长了3.2％。Contract Sales & Medical Solutions（CSMS）营业收入为18000万美元，按报告基础下降了1.6％，按不变货币计算下降了1.1％。

截至2024年9月30日，研发与服务合同尚未履行的积压订单，包括报销费用，在货币持平情况下为311亿美元，同比增长8.0％。公司预计约78亿美元的这些积压订单将在接下来的十二个月内转化为营业收入。第三季度的订单额与发票额比为1.06倍，其中包括因药物无效性而取消的一项大型项目的影响（不包括这一大型项目取消时为1.22倍）。截至2024年9月30日的十二个月期间，订单额与发票额比为1.22倍。

第三季度按照通用会计准则净利润为28500万美元，按照通用会计准则稀释每股收益为1.55美元。调整后的EBITDA为93900万美元，同比增长5.7％。调整后的净利润为52300万美元，调整后的稀释每股收益为2.84美元，分别增长了13.2％和14.1％。

2024年截至今日的运营结果

2024年前九个月的营业收入为1144700万美元，在报告基础上增长了3.0％，在恒定货币下增长了3.5％，与2023年前九个月相比。 TAS的营业收入为450200万美元，按报告基础增长了3.9％，在恒定货币下增长了4.3％。研发服务（R&D）的营业收入为640400万美元，在报告基础上增长了2.6％，在恒定货币下增长了3.0％。客户服务与市场销售（CSMS）的营业收入为54100万美元，按报告基础与去年持平，在恒定货币下增长了3.0％。

GAAP净利润为93600万美元，GAAP稀释每股收益为5.08美元。调整后的EBITDA为268800万美元。调整后的净利润为147800万美元，调整后的稀释每股收益为8.02美元。

财务状况

截至2024年9月30日，现金及现金等价物为$157200万，债务为$1351200万，净负债为$1194000万。 IQVIA的净杠杆率为3.27倍过去十二个月调整后的EBITDA。至于第三季度，经营现金流为$72100万，自由现金流为$57100万。

在该次发行和回购中的股份数

2024年第三季度，该公司回购了2亿美元的普通股。截至2024年9月30日，爱可仕剩余的回购授权额为216300万美元。

2024年全年指引

公司正在更新其2024财年的全部情况为反映由于客户相关的短期后勤挑战而导致两项快速燃烧的大型试验的延迟，公司更新了指引。这些试验现在预计将在2025年下半年加速进行。因此，2024财年的营业收入预计将在1535000万美元至1540000万美元之间，调整后的EBITDA预计在367500万美元至370000万美元之间，调整后的每股摊薄收益预计在11.10美元至11.20美元之间。

所有板块财务指导假设截至2024年10月30日的外汇汇率在预测期内仍然有效。

“IQVIA报告了强劲的第三季度业绩，”IQVIA的董事长兼首席执行官Ari Bousbib表示。“我们实现了利润率扩张，强劲的自由现金流，以及两位数的调整后摊薄每股收益增长。正如我们预期的那样，TAS营业收入增长在本季度加速；事实上，营业收入增长超过了我们的预期，同比增长超过8%，进一步表明我们对这一部分持续复苏的信恳智能。研发服务营业收入增长达到我们的预期，尽管我们的短期展望受到一个大型项目取消和两个超大型试验延期的联合影响。研发服务业务的基本面稳固，前瞻性因子如RFP流、合格的项目管道增长、积压订单增长以及来自积压订单的未来十二个月收入仍然健康。”

黄金皇族的管理团队将于2024年6月12日上午9:00 PT至上午11:00 PT举行虚拟投资者日，更新黄金皇族的业务战略，审查其资产并审查公司更新的可持续发展报告和资产手册。

IQVIA将于2024年12月10日星期二在公司位于北卡罗来纳州创新园总部举办投资者日。管理团队将就业务进行更新，IQVIA高级执行团队成员将于东部时间上午10:30开始，预计于下午1:00左右结束进行演讲。演讲结束后，与会者将有机会参加产品演示和实验室设施的导览。有关活动的更多信息，请访问IQVIA投资者关系网站http://ir.iqvia.com。

网络直播和电话会议详细资料

IQVIA将于今天上午9:00举行电话会议，讨论2024年第三季度业绩以及2024年第四季度和全年业绩预测。要收听该活动并通过网络广播查看演示幻灯片，请从IQVIA投资者关系网站http://ir.iqvia.com加入。要参加电话会议，感兴趣的各方必须提前注册，点击此链接进行注册。注册后，参与者将收到一封确认邮件，其中包含如何加入电话会议的详细信息，包括拨入号码、独特通行码和注册者ID。在直播活动时，注册参与者使用确认邮件中提供的信息连接到通话，并将直接进入通话。

About IQVIA

IQVIA (NYSE:IQV) is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries. IQVIA’s portfolio of solutions are powered by IQVIA Connected Intelligence™ to deliver actionable insights and services built on high-quality health data, Healthcare-grade AI™, advanced analytics, the latest technologies and extensive domain expertise. With approximately 88,000 employees in over 100 countries, including experts in healthcare, life sciences, data science, technology and operational excellence, IQVIA is dedicated to accelerating the development and commercialization of innovative medical treatments to help improve patient outcomes and population health worldwide.

IQVIA is a global leader in protecting individual patient privacy. The company uses a wide variety of privacy-enhancing technologies and safeguards to protect individual privacy while generating and analyzing information on a scale that helps healthcare stakeholders identify disease patterns and correlate with the precise treatment path and therapy needed for better outcomes. IQVIA’s insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviors and scientific advances, in an effort to advance their path toward cures. To learn more, visit www.iqvia.com.

Cautionary Statements Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, our full-year 2024 guidance. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “assume,” “anticipate,” “intend,” “plan,” “forecast,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or negatives of these words that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from our expectations due to a number of factors, including, but not limited to, the following: business disruptions caused by natural disasters, pandemics such as the COVID-19 (coronavirus) outbreak, including any variants, and the public health policy responses to the outbreak, and international conflicts or other disruptions outside of our control such as the current situation in Ukraine and Russia; most of our contracts may be terminated on short notice, and we may lose or experience delays with large client contracts or be unable to enter into new contracts; the market for our services may not grow as we expect; we may be unable to successfully develop and market new services or enter new markets; imposition of restrictions on our use of data by data suppliers or their refusal to license data to us; any failure by us to comply with contractual, regulatory or ethical requirements under our contracts, including current or future changes to data protection and privacy laws; breaches or misuse of our or our outsourcing partners’ security or communications systems; failure to meet our productivity or business transformation objectives; failure to successfully invest in growth opportunities; our ability to protect our intellectual property rights and our susceptibility to claims by others that we are infringing on their intellectual property rights; the expiration or inability to acquire third party licenses for technology or intellectual property; any failure by us to accurately and timely price and formulate cost estimates for contracts, or to document change orders; hardware and software failures, delays in the operation of our computer and communications systems or the failure to implement system enhancements; the rate at which our backlog converts to revenue; our ability to acquire, develop and implement technology necessary for our business; consolidation in the industries in which our clients operate; risks related to client or therapeutic concentration; government regulators or our customers may limit the number or scope of indications for medicines and treatments or withdraw products from the market, and government regulators may impose new regulatory requirements or may adopt new regulations affecting the biopharmaceutical industry; the risks associated with operating on a global basis, including currency or exchange rate fluctuations and legal compliance, including anti-corruption laws; risks related to changes in accounting standards; general economic conditions in the markets in which we operate, including financial market conditions, inflation, and risks related to sales to government entities; the impact of changes in tax laws and regulations; and our ability to successfully integrate, and achieve expected benefits from, our acquired businesses. For a further discussion of the risks relating to our business, see the “Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the "SEC"), as such factors may be amended or updated from time to time in our subsequent periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We assume no obligation to update any such forward-looking statement after the date of this release, whether as a result of new information, future developments or otherwise.

Note on Non-GAAP Financial Measures

This release includes information based on financial measures that are not recognized under generally accepted accounting principles in the United States ("GAAP"), such as Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted Earnings per Share, Gross Leverage Ratio, Net Leverage Ratio and Free Cash Flow. Non-GAAP financial measures are presented only as a supplement to the company’s financial statements based on GAAP. Non-GAAP financial information is provided to enhance understanding of the company’s financial performance, but none of these non-GAAP financial measures are recognized terms under GAAP, and non-GAAP measures should not be considered in isolation from, or as a substitute analysis for, the company’s results of operations as determined in accordance with GAAP. The company uses non-GAAP measures in its operational and financial decision making, and believes that it is useful to exclude certain items in order to focus on what it regards to be a more meaningful indicator of the underlying operating performance of the business. For example, the company excludes all the amortization of intangible assets associated with acquired customer relationships and backlog, databases, non-compete agreements, trademarks and trade names from non-GAAP expense and income measures as such amounts can be significantly impacted by the timing and size of acquisitions. Although we exclude amortization of acquired intangible assets from our non-GAAP expenses, we believe that it is important for investors to understand that revenue generated from such intangibles is included within revenue in determining net income. As a result, internal management reports feature non-GAAP measures which are also used to prepare strategic plans and annual budgets and review management compensation. The company also believes that investors may find non-GAAP financial measures useful for the same reasons, although investors are cautioned that non-GAAP financial measures are not a substitute for GAAP disclosures.

The non-GAAP financial measures are not presented in accordance with GAAP. Please refer to the schedules attached to this release for reconciliations of non-GAAP financial measures contained herein to the most directly comparable GAAP measures. Our full-year 2024 guidance measures (other than revenue) are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure because the company is unable to predict with a reasonable degree of certainty certain items contained in the GAAP measures without unreasonable efforts. For the same reasons, the company is unable to address the probable significance of the unavailable information. Such items include, but are not limited to, acquisition related expenses, restructuring and related expenses, stock-based compensation and other items not reflective of the company's ongoing operations.

Non-GAAP measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to the company, many of which present non-GAAP measures when reporting their results. Non-GAAP measures have limitations as an analytical tool. They are not presentations made in accordance with GAAP, are not measures of financial condition or liquidity and should not be considered as an alternative to profit or loss for the period determined in accordance with GAAP or operating cash flows determined in accordance with GAAP. Non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider such performance measures in isolation from, or as a substitute analysis for, the company’s results of operations as determined in accordance with GAAP.

IQVIAFIN

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Table 1

IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(preliminary and unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2024		2023		2024		2023
Revenues	$	3,896	$	3,736	$	11,447	$	11,116
Cost of revenues, exclusive of depreciation and amortization	2,518		2,426		7,450		7,267
Selling, general and administrative expenses	522		502		1,539		1,497
Depreciation and amortization	278		297		811		809
Restructuring costs	28		30		71		67
Income from operations	550		481		1,576		1,476
Interest income	(13)		(14)		(36)		(24)
Interest expense	170		181		499		491

Other expense (income), net	44		(35)		(12)		(77)
Income before income taxes and equity in earnings of unconsolidated affiliates	349		349		1,125		1,086
Income tax expense	65		51		189		203
Income before equity in earnings of unconsolidated affiliates	284		298		936		883
Equity in earnings of unconsolidated affiliates	1		5		—		6
Net income	$	285	$	303	$	936	$	889
Earnings per share attributable to common stockholders:
Basic	$	1.57	$	1.66	$	5.14	$	4.82
Diluted	$	1.55	$	1.63	$	5.08	$	4.76
Weighted average common shares outstanding:
Basic	182.1		182.9		182.1		184.4
Diluted	184.2		185.5		184.3		186.9

Table 2

IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(preliminary and unaudited)


(in millions, except per share data)	September 30, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	1,572	$	1,376
Trade accounts receivable and unbilled services, net	3,196		3,381
Prepaid expenses	195		141
Income taxes receivable	54		32
Investments in debt, equity and other securities	140		120
Other current assets and receivables	475		546
Total current assets	5,632		5,596
Property and equipment, net	513		523
Operating lease right-of-use assets	259		296
Investments in debt, equity and other securities	117		105
Investments in unconsolidated affiliates	203		134
Goodwill	15,091		14,567
Other identifiable intangibles, net	4,734		4,839
Deferred income taxes	164		166
Deposits and other assets, net	467		455
Total assets	$	27,180	$	26,681
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	3,434	$	3,564
Unearned income	1,824		1,799
Income taxes payable	161		116
Current portion of long-term debt	1,219		718
Other current liabilities	354		294
Total current liabilities	6,992		6,491
Long-term debt, less current portion	12,293		12,955
Deferred income taxes	128		202
Operating lease liabilities	188		223
Other liabilities	612		698
Total liabilities	20,213		20,569
Commitments and contingencies
Stockholders’ equity:
Common stock and additional paid-in capital, 400.0 shares authorized as of September 30, 2024 and December 31, 2023, $0.01 par value, 258.1 shares issued and 181.6 shares outstanding as of September 30, 2024; 257.2 shares issued and 181.5 shares outstanding as of December 31, 2023	11,106		11,028
Retained earnings	5,628		4,692
Treasury stock, at cost, 76.5 and 75.7 shares as of September 30, 2024 and December 31, 2023, respectively	(8,941)		(8,741)
Accumulated other comprehensive loss	(826)		(867)
Total stockholders’ equity	6,967		6,112
Total liabilities and stockholders’ equity	$	27,180	$	26,681

Table 3

IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(preliminary and unaudited)


	Nine Months Ended September 30,
(in millions)	2024		2023
Operating activities:
Net income	$	936	$	889
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	811		809
Amortization of debt issuance costs and discount	16		13
Stock-based compensation	158		172
Earnings from unconsolidated affiliates	—		(6)
Gain on investments, net	(29)		(5)
Benefit from deferred income taxes	(114)		(117)
Changes in operating assets and liabilities:
Change in accounts receivable, unbilled services and unearned income	259		(241)
Change in other operating assets and liabilities	(206)		(112)
Net cash provided by operating activities	1,831		1,402
Investing activities:
Acquisition of property, equipment and software	(438)		(470)
Acquisition of businesses, net of cash acquired	(649)		(869)
Purchases of marketable securities, net	—		(4)
Investments in unconsolidated affiliates, net of payments received	(68)		(16)
Investments in debt and equity securities	(2)		(36)
Proceeds from sale of property, equipment and software	25		—
Other	(2)		4
Net cash used in investing activities	(1,134)		(1,391)
Financing activities:
Proceeds from issuance of debt	—		1,250
Payment of debt issuance costs	—		(19)
Repayment of debt and principal payments on finance leases	(130)		(118)
Proceeds from revolving credit facility	685		2,009
Repayment of revolving credit facility	(785)		(2,184)
Payments related to employee stock incentive plans	(61)		(58)
Repurchase of common stock	(200)		(763)
Contingent consideration and deferred purchase price payments	(12)		(79)
Net cash (used in) provided by financing activities	(503)		38
Effect of foreign currency exchange rate changes on cash	2		(41)
Increase in cash and cash equivalents	196		8
Cash and cash equivalents at beginning of period	1,376		1,216
Cash and cash equivalents at end of period	$	1,572	$	1,224

Table 4

IQVIA HOLDINGS INC. AND SUBSIDIARIES

NET INCOME TO ADJUSTED EBITDA RECONCILIATION

(preliminary and unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Net Income	$	285	$	303	$	936	$	889
Provision for income taxes	65		51		189		203
Depreciation and amortization	278		297		811		809
Interest expense, net	157		167		463		467
Income in unconsolidated affiliates	(1)		(5)		—		(6)


Stock-based compensation	54		47		158		172
Other expense (income), net (1)	56		(40)		11		(92)

Restructuring and related expenses (2)	38		42		99		102
Acquisition related expenses	7		26		21		59
Adjusted EBITDA	$	939	$	888	$	2,688	$	2,603

(1) Reflects certain non-operating income items, revaluations of contingent consideration and certain non-recurring expenses.

(2) Reflects restructuring costs as well as accelerated expenses related to lease exits.

Table 5

IQVIA HOLDINGS INC. AND SUBSIDIARIES

NET INCOME TO ADJUSTED NET INCOME RECONCILIATION

(preliminary and unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2024		2023		2024		2023
Net Income	$	285	$	303	$	936	$	889
Provision for income taxes	65		51		189		203
Purchase accounting amortization (1)	139		156		401		411
Income in unconsolidated affiliates	(1)		(5)		—		(6)


Stock-based compensation	54		47		158		172
Other expense (income), net (2)	56		(40)		11		(92)


Restructuring and related expenses (3)	38		42		99		102
Acquisition related expenses	7		26		21		59
Adjusted Pre Tax Income	$	643	$	580	$	1,815	$	1,738
Adjusted tax expense	(120)		(118)		(337)		(360)


Adjusted Net Income	$	523	$	462	$	1,478	$	1,378

Adjusted earnings per share attributable to common stockholders:
Basic	$	2.87	$	2.53	$	8.12	$	7.47
Diluted	$	2.84	$	2.49	$	8.02	$	7.37
Weighted average common shares outstanding:
Basic	182.1		182.9		182.1		184.4
Diluted	184.2		185.5		184.3		186.9

(1) Reflects all the amortization of acquired intangible assets.

(2) Reflects certain non-operating income items, revaluations of contingent consideration and certain non-recurring expenses.

(3) Reflects restructuring costs as well as accelerated expenses related to lease exits.

Table 6

IQVIA HOLDINGS INC. AND SUBSIDIARIES

NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW RECONCILIATION

(preliminary and unaudited)



(in millions)	Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024
Net Cash provided by Operating Activities	$	721	$	1,831
Acquisition of property, equipment and software	(150)		(438)
Free Cash Flow	$	571	$	1,393

Table 7

IQVIA HOLDINGS INC. AND SUBSIDIARIES

CALCULATION OF GROSS AND NET LEVERAGE RATIOS

AS OF SEPTEMBER 30, 2024

(preliminary and unaudited)


(in millions)
Gross Debt, net of Unamortized Discount and Debt Issuance Costs, as of September 30, 2024	$	13,512
Net Debt as of September 30, 2024	$	11,940
Adjusted EBITDA for the twelve months ended September 30, 2024	$	3,654
Gross Leverage Ratio (Gross Debt/LTM Adjusted EBITDA)	3.70x
Net Leverage Ratio (Net Debt/LTM Adjusted EBITDA)	3.27x

Contacts:

Kerri Joseph, IQVIA Investor Relations (kerri.joseph@iqvia.com)

+1.610.244.3020