IQVIA Holdings Inc. reported strong financial performance for the third quarter and the first nine months of 2024, with total revenues reaching $3,896 million for the three months ended September 30, 2024, a 4.3% increase from $3,736 million in the same period of 2023. For the nine months, revenues rose to $11,447 million, up 3.0% from $11,116 million year-over-year. The growth was primarily driven by the Technology & Analytics Solutions segment, which saw revenues increase to $1,554 million in Q3 2024, up from $1,431 million in Q3 2023.
Income from operations for Q3 2024 was $550 million, compared to $481 million in Q3 2023, while net income for the quarter decreased to $285 million from $303 million in the prior year. Basic earnings per share (EPS) for Q3 2024 was $1.57, down from $1.66 in Q3 2023, while diluted EPS also saw a decline to $1.55 from $1.63.
For the nine-month period, net income increased to $936 million from $889 million in 2023, with basic EPS rising to $5.14 from $4.82. Comprehensive income for the nine months was $977 million, significantly higher than $713 million in the previous year.
The company’s total assets grew to $27,180 million as of September 30, 2024, up from $26,681 million at the end of 2023. Cash and cash equivalents also increased to $1,572 million from $1,376 million. However, total current liabilities rose to $6,992 million from $6,491 million, reflecting increased operational costs.
IQVIA has been active in acquisitions, completing several immaterial acquisitions during the nine months ended September 30, 2024, with ongoing assessments of fair value. The company also undertook restructuring actions aimed at aligning resources and reducing overcapacity, which are expected to continue into 2025.
In terms of market conditions, the company reported that approximately 30% of its revenues were in foreign currencies, which impacted financial results due to exchange rate fluctuations. The effective income tax rate for Q3 2024 was 18.6%, up from 14.6% in Q3 2023, influenced by changes in geographical earnings mix.
Overall, IQVIA's strategic focus on enhancing its service offerings and managing operational efficiencies appears to be yielding positive results, despite some fluctuations in net income and EPS.
About IQVIA HOLDINGS INC.
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