DURHAM – IQVIA Holdings Inc. (IQV) on Tuesday reported third-quarter profit of $101 million.
The Durham, North Carolina-based company said it had profit of 52 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.63 per share.
The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.51 per share.
“The IQVIA team continues to execute well in the current environment, once again delivering results above our financial targets, with revenue and profit metrics turning positive in the third quarter,” said Ari Bousbib, chairman and CEO of IQVIA. “TAS has already returned to pre-COVID growth rates and R&DS is expected to reach double-digit growth in the fourth quarter. Demand remains robust, as evidenced by another record quarter of bookings in R&DS, setting the stage for an excellent 2021.”
The clinical testing company posted revenue of $2.79 billion in the period, also topping Street forecasts. Nine analysts surveyed by Zacks expected $2.75 billion.
For the current quarter ending in December, IQVIA expects its per-share earnings to range from $1.93 to $2.03.
The company said it expects revenue in the range of $3.04 billion to $3.19 billion for the fiscal fourth quarter.
IQVIA expects full-year earnings in the range of $6.25 to $6.35 per share, with revenue ranging from $11.1 billion to $11.25 billion.
IQVIA shares have risen 6% since the beginning of the year. The stock has risen 14% in the last 12 months.