IQVIA Holdings Inc. has reported its financial results for the second quarter of 2024, showing a revenue of $3,814 million, which marks a 2.3 percent increase compared to the same period in 2023. The company's GAAP net income for the quarter was $363 million, with adjusted EBITDA reaching $887 million. The GAAP diluted earnings per share stood at $1.97, while the adjusted diluted earnings per share were $2.64.
A breakdown of the revenue shows that Technology & Analytics Solutions (TAS) revenue of $1,495 million increased by 2.7 percent on a reported basis and 3.8 percent at constant currency. Research & Development Solutions (R&DS) revenue of $2,147 million increased by 2.4 percent on a reported basis and 3.3 percent at constant currency. Excluding the impact of pass throughs, R&DS revenue grew by 3.5 percent on a reported basis. Contract Sales & Medical Solutions (CSMS) revenue of $172 million decreased by 2.3 percent on a reported basis but increased by 2.8 percent at constant currency.
The company's R&DS contracted backlog, including reimbursed expenses, reached $30.6 billion, reflecting a 7.7 percent year-over-year increase and an 8.1 percent increase at constant currency. The second-quarter book-to-bill ratio was 1.27x, and for the twelve months ended June 30, 2024, the book-to-bill ratio was 1.26x.
For the first six months of 2024, IQVIA's revenue was $7,551 million, up 2.3 percent on a reported basis and 3.2 percent at constant currency compared to the same period in 2023. TAS revenue was $2,948 million, representing growth of 1.7 percent on a reported basis and 2.4 percent at constant currency. R&DS revenue was $4,242 million, up 2.9 percent on a reported basis and 3.6 percent at constant currency. CSMS revenue was $361 million, up 0.8 percent on a reported basis and 5.0 percent at constant currency.
As of June 30, 2024, IQVIA's cash and cash equivalents were $1,545 million, and debt amounted to $13,258 million, resulting in net debt of $11,713 million. The company's net leverage ratio was 3.25x trailing twelve-month adjusted EBITDA. The operating cash flow for the second quarter was $588 million, and free cash flow was $445 million.
Looking ahead, IQVIA updated its full-year 2024 guidance, expecting revenue to be between $15,425 million and $15,525 million, with adjusted EBITDA between $3,705 million and $3,765 million, and adjusted diluted earnings per share between $11.10 and $11.30.
Today the company's shares have moved -0.1% to a price of $224.57. If you want to know more, read the company's complete 8-K report here.
