Quintiles, IMS Health report solid results as merger is finalized

By Kevin Zimmerman

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Quintiles IMS Holdings Inc. reported standalone financial results for both Danbury-based IMS Health Holdings and Durham, N.C.-based Quintiles Transnational Holdings Inc. for the quarter ended Sept. 30 — the last quarter prior to the companies’ $17.6 billion merger, completed on Oct. 3.

IMS Health revenue for the third quarter was $791 million, a 7.5 percent increase on a reported basis and 6.8 percent rise on a constant currency basis, compared with the third quarter of 2015. Earnings of $238 million represented an improvement of 9 percent on a reported basis and 5 percent on a constant currency basis, compared with the third quarter of 2015.

Third-quarter net income was $54 million compared with $43 million in last year’s third quarter. Adjusted net income for the third quarter was $132 million, up 2.2 percent on a reported basis and up 4.7 percent on a constant currency basis.

Revenue of $2.37 billion for the first nine months of 2016 increased 12.2 percent reported and 12.8 percent on a constant currency basis, compared with the first nine months of 2015. Technology services revenue grew 13 percent in the third quarter on a reported basis and 12.9 percent on a constant currency basis versus the same quarter last year, while information offerings revenue was up 2.1 percent reported and 0.9 percent on a constant currency basis.

For the quarter ending Sept. 30, Quintiles’ service revenues were up 3.9 percent to $1.14 billion versus last year. At constant currency, Quintiles’ service revenues grew 3.6 percent, with 8.6 percent growth in the product development segment and a decline of 10.6 percent in the integrated healthcare services segment. For the first nine months of the year, Quintiles’ constant currency service revenue of $3.4 billion grew 6.6 percent at constant currency, including constant currency growth of 11.4 percent for product development and 6.7 percent reported, compared with the same period in 2015.

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