Revenue for clinical research services company IQVIA was boosted by 2.3% in the second quarter compared to the prior-year period, thanks to better-than-expected performance from the company’s technology and analytics solutions offerings.
That unit clocked $1.5 billion in revenue, an increase of 2.7% on a reported basis, according to a Monday earnings release. Revenue for the entire company totaled $3.81 billion for the second quarter, contributing to revenue for the first half of the year reaching $7.55 billion.
The second quarter brought GAAP net income of $363 million and an adjusted EBITDA of $887 million, IQVIA said.
“IQVIA delivered second-quarter results at the high-end of our guidance, driven mainly by better-than-expected TAS performance," said CEO Ari Bousbib. “TAS performance in the quarter provides a smoother path to our full-year total company and segment targets."
Earnings per share were $1.97 on a GAAP diluted basis, with adjusted diluted earnings per share of $2.64.
The company has now updated its guidance for the full year to be between $15.43 billion and $15.53 billion, with adjusted EBITDA between $3.71 billion and $3.77 billion. Adjusted diluted earnings per share of between $11.10 and $11.30 are also expected.
As of June 30, IQVIA had cash and equivalents of $1.55 billion with debt of $13.26 billion.