Q3 2024 IQVIA Holdings Inc Earnings Call Transcript
Key Points
- IQVIA Holdings Inc (IQV) reported third-quarter revenue above the high end of their guidance range, with a 6.5% growth excluding foreign exchange and COVID-related work.
- The company achieved a 14% growth in adjusted diluted EPS, demonstrating strong financial performance.
- IQVIA Holdings Inc (IQV) successfully renewed all large pharma strategic partnerships and expanded the scope in over half a dozen partnerships.
- The company's backlog reached a new record of $31.1 billion, representing an 8% growth compared to the prior year.
- IQVIA Holdings Inc (IQV) launched the IQVIA AI assistant, a new generative AI tool designed to provide life science customers with quick and powerful insights.
- The clinical market environment remains choppy, with aggressive competitive pricing and tougher negotiations.
- IQVIA Holdings Inc (IQV) faced a substantial cancellation due to drug futility, impacting quarterly net new business by approximately $350 million.
- Two mega studies were delayed due to client-related logistics issues, affecting short-term guidance.
- The company is experiencing pricing pressure across the board, particularly in the Functional Service Provider (FSP) segment.
- IQVIA Holdings Inc (IQV) updated its full-year guidance due to the delay in two fast-burning mega trials, impacting revenue expectations.
Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the IQVIA third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded. Thank you. I would like to turn the call over to Kerri Joseph, Senior Vice President, Investor Relations and Treasury. Mr. Joseph, please begin your conference.
Thank you, operator. Good morning, everyone. Thank you for joining our third-quarter 2024 earnings call. With me today are Ari Bousbib, Chairman and Chief Executive Officer; Ron Bruehlman, Executive Vice President and Chief Financial Officer; Eric Sherbet, Executive Vice President and Genuine Counsel; Mike Fedock, Senior Vice President, Financial Planning and Analysis; and Gustavo Perrone, Senior Director, Investor Relations.
Today, we will be referencing a presentation that will be visible during this call for those of you on our webcast. This presentation will also be available
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