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Dec 31, 2024
IQVIA Q4 2024 Earnings Report
IQVIA delivered excellent results, with R&DS revenue on target, TAS revenue above target, margin expansion, high single-digit growth in Adjusted EPS, and outstanding free cash flow.
Key Takeaways
IQVIA reported a revenue of $3,958 million for the fourth quarter of 2024, representing a 2.3% increase on a reported basis and 3.0% at constant currency. GAAP Net Income was $437 million, with GAAP Diluted Earnings per Share at $2.42. Adjusted EBITDA was $996 million. The company reaffirms its 2025 outlook.
Revenue for the fourth quarter was $3,958 million, up 2.3 percent on a reported basis.
GAAP Net Income for the fourth quarter was $437 million, and GAAP Diluted Earnings per Share was $2.42.
Adjusted EBITDA for the fourth quarter was $996 million, an increase of 3.1 percent year-over-year.
R&D Solutions quarterly bookings of over $2.5 billion, representing a book-to-bill ratio of 1.20x.
Revenue by Segment
Forward Guidance
The company reaffirms its 2025 outlook of revenue growth at constant currency ex-COVID of 4 to 7 percent, Adjusted EBITDA margin expansion of up to 20 basis points and Adjusted Diluted Earnings per Share growth of 5 to 9 percent. These expectations result in full-year revenue guidance of $15,725 million to $16,125 million, Adjusted EBITDA of $3,765 million to $3,885 million, and Adjusted Diluted Earnings per Share of $11.70 to $12.10.
Positive Outlook
- Revenue growth at constant currency ex-COVID of 4 to 7 percent.
- Adjusted EBITDA margin expansion of up to 20 basis points.
- Adjusted Diluted Earnings per Share growth of 5 to 9 percent.
- Full-year revenue guidance of $15,725 million to $16,125 million.
- Adjusted EBITDA of $3,765 million to $3,885 million.
Challenges Ahead
- Revenue guidance assumes just over $100 million of COVID-related revenue step-down, entirely in R&DS.
- Approximately 150 basis points of headwind from foreign exchange.
- 100-150 basis points of contribution from acquisitions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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