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IQVIA: Q2 2022 Earnings Update

Industry: Healthcare
Current: Company Performance

IQVIA revenue grew by 3% in Q2 2022 year-over-year on a reported basis and 7.1% growth on a constant currency basis
IQVIA reported GAAP Diluted Earnings per Share (EPS) of $1.34
IQVIA’s guidance for the full year of 2022 remains unchanged, with an expectation of low-to-mid teens organic revenue growth at constant currency, excluding COVID-related work

On July 21, 2022, IQVIA reported Q2 revenue of $3.54 billion (an increase of 3% year-over-year and 7.1% growth at constant currency) on GAAP Diluted Earnings per Share (EPS) of $1.34.

Summary: IQVIA’s Q2 2022 revenue grew 3% as compared to the same period in 2021 owing to Research & Development Solutions (R&DS) quarterly bookings of over $2.6 billion of net new business. IQVIA had three reportable segments: Technology & Analytics Solutions (TAS), Research & Development Solutions (R&DS), and Contract Sales & Medical Solutions (CSMS).

TAS segment grew by 4.1% vs 2021 (up 9.4% constant currency) with revenue of $1.4 billion
R&DS segment grew by 3.1% vs 2021 (up 6% constant currency) with revenue of $1.95 billion
CSMS segment declined by 5.7% vs 2021 (up 2.1% constant currency) with revenue of $0.18 billion

The company reported a GAAP operating margin of 13% during Q2 2022, a year-over-year increase of 450 bps. On the bottom line, the company reported a GAAP Diluted EPS of $1.34, whereas the Non-GAAP earnings came to $2.44 per share.

Guidance:

IQVIA expectations for the full year 2022 -

Revenue growth: The company expects revenue to be between $14.40 billion and $14.55 billion, representing growth of 7.4% to 8.5% at constant currency and 3.8% to 4.9% on a reported basis.
Non-GAAP EPS: Adjusted EPS is expected to be between $10.00 to $10.20, representing a growth of 10.7% to 12.3% at constant currency and 10.7% to 13.0% on a reported basis, respectively.

For the Q3 2022 –

Revenue growth: The company expects revenue to be between $3.515 billion and $3.565 billion, representing growth of 8.4% to 9.8% at constant currency and 3.7% to 5.1% on a reported basis.
Non-GAAP EPS: Adjusted EPS is expected to be between $2.34 to $2.42, representing a growth of 10.6% to 12.6% at constant currency and 7.8% to 11.5% on a reported basis, respectively.

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