2023-11-01 13:08:40 ET
Shares of IQVIA Holdings ( NYSE: IQV ) reached the lowest level in over a year on Wednesday after the contract research firm lowered its full-year outlook with its Q3 2023 financials, dragging its rivals in the industry.
Notable decliners include Inotiv ( NOTV ), Charles River Laboratories ( CRL ), West Pharmaceutical Services ( WST ), and Avid Bioservices ( CDMO ).
Earlier in the day, Durham, North Carolina IQVIA ( IQV ) reported lower than expected $3.7B in revenue for the quarter as its Technology & Analytics Solutions (TAS) segment grew only ~2% YoY and R&D Solutions segment expanded ~7% YoY to bring $1.4B and $2.1B, respectively.
"We achieved strong profit margin expansion and cash flow conversion," CEO Ari Bousbib remarked as the company's net income indicated a ~7% YoY rise to $303M, and its cash and equivalents approached ~$1.2B, mostly unchanged from 2022-end.
However, IQV's revenue and adj. diluted earnings per share outlook for Q4 2023 stood below expectations at $3.77B–$3.80B and $2.79–$2.86, respectively.
Citing the impact of a slowdown in the TAS segment and a strong dollar, the company trimmed its full-year revenue and adj. diluted EPS outlook to $14.89B–14.92B and $10.16–$10.23, below the forecasts on Wall Street, respectively.
More on IQVIA
- IQVIA Holdings Inc. 2023 Q3 - Results - Earnings Call Presentation
- IQVIA: Stock To Remain Rangebound As I Expect Weak Numbers In The Near Term
- IQVIA Non-GAAP EPS of $2.49 beats by $0.04, revenue of $3.74B misses by $40M
- IQVIA Q3 2023 Earnings Preview
- Seeking Alpha’s Quant Rating on IQVIA
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IQVIA Holdings cuts 2023 guidance hurting rivals