Q1 2024 IQVIA Holdings Inc Earnings Call Transcript
Key Points
- IQVIA Holdings Inc (IQV) reported a strong start to the year with top and bottom line numbers meeting or slightly exceeding expectations.
- Revenue growth excluding foreign exchange and COVID-related work was 6%, demonstrating solid underlying business performance.
- The company achieved a record backlog, growing almost 8% compared to the previous year, indicating strong future revenue potential.
- Net new bookings for the quarter were approximately $2.6 billion, with a quarterly book-to-bill ratio of 1.23, highlighting strong demand for IQVIA's services.
- First quarter EBP funding was exceptionally strong at $47.1 billion, more than triple the funding of Q1 last year, reflecting robust biotech sector funding and potential for future business.
- A substantial cancellation in the CNS area impacted the quarter's bookings, although the company was able to absorb this within its guidance.
- The uncertain macroeconomic environment continues to pose challenges, with clients remaining cautious in their spending decisions.
- Foreign exchange headwinds led to a downward adjustment of revenue guidance by $75 million, reflecting the impact of a stronger U.S. dollar.
- While the TAS segment is seeing demand for technology-enabled analytics solutions, the overall growth in this segment was modest, with revenue growing as expected but not exceeding expectations.
- The company noted a shift in HCP engagement from in-person to digital interactions, requiring adjustments in service offerings and potentially impacting client relationships and revenue streams.
Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the IQVIA First Quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded. Thank you.
I would now 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 first 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 General 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
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