IQVIA, a leading global provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry, has reported its first-quarter 2024 results. The company's revenue for the first quarter was $3,737 million, marking a 2.3% increase on a reported basis and a 2.9% increase at constant currency compared to the same period in 2023.
In terms of segment performance, the Technology & Analytics Solutions (TAS) revenue increased by 0.6% on a reported basis and 1.0% at constant currency, reaching $1,453 million. Meanwhile, Research & Development Solutions (R&DS) revenue grew by 3.4% on a reported basis and 3.8% at constant currency, amounting to $2,095 million. Excluding the impact of pass-throughs, R&DS revenue experienced a substantial 6.9% reported basis growth. Contract Sales & Medical Solutions (CSMS) revenue also saw a notable increase, rising by 3.8% on a reported basis and 7.1% at constant currency to $189 million.
The company's R&D Solutions quarterly bookings were reported at an impressive $2.6 billion, representing a book-to-bill ratio of 1.23x for the quarter. The R&DS contracted backlog, including reimbursed expenses, stood at $30.1 billion as of March 31, 2024, reflecting a significant 7.9% year-over-year growth and an 8.3% increase at constant currency. Furthermore, IQVIA anticipates approximately $7.7 billion of this backlog to convert to revenue in the next twelve months.
In the first quarter of 2024, IQVIA's GAAP net income was $288 million, with GAAP diluted earnings per share at $1.56. Adjusted net income was $468 million, resulting in adjusted diluted earnings per share of $2.54. The adjusted EBITDA also demonstrated growth, reaching $862 million, marking a 1.3% increase year-over-year.
Looking at the financial position, as of March 31, 2024, IQVIA reported cash and cash equivalents of $1,444 million and debt of $13,536 million, resulting in a net debt of $12,092 million. The net leverage ratio was reported at 3.38x trailing twelve-month adjusted EBITDA. Additionally, the company's operating cash flow for the first quarter amounted to $522 million, with free cash flow at $377 million.
For the full-year 2024 guidance, IQVIA reaffirms its revenue guidance on a constant currency basis, with expected revenue in the range of $15,325 million to $15,575 million on a reported basis. This guidance represents a year-over-year foreign exchange headwind of approximately 100 basis points. The company also reaffirms its full-year adjusted EBITDA guidance of $3,700 million to $3,800 million, representing growth of 3.7 to 6.5% and its full-year adjusted diluted EPS guidance of $10.95 to $11.25, reflecting an increase of 7.4 to 10.3% year-over-year.
Today the company's shares have moved -2.2% to a price of $227.83. Check out the company's full 8-K submission here.
