Home Fairfield Quintiles IMS posts strong post-merger gains

Quintiles IMS posts strong post-merger gains

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Quintiles IMS Holdings Inc. reported first-quarter revenue of $1.9 billion, a 74.4 percent increase on a constant currency basis and 72.5 percent rise on a reported basis compared with the first quarter of 2016.

The Danbury company, which delivers integrated information and technology solutions to the health care industry, was formed by a merger between Danbury’s IMS Health Holdings Inc. and Durham, N.C.-based Quintiles Transnational Inc. last October in a deal worth approximately $9 billion. The company said that its financial information combines the standalone Quintiles and IMS Health financial information as if the merger had taken place on Jan. 1, 2016.

Combined company research and development solutions revenue of $866 million grew 4.3 percent on a constant currency basis and 3 percent at actual foreign exchange rates. Growth was offset by the closing of an early clinical development facility in Europe during 2016. Research and development solutions contracted net new business totaled $4.08 billion for the 12 months ended March 31. Contracted backlog was $9.66 billion at March 31. The company expects approximately $2.9 billion of that backlog to convert to revenue in the next 12 months.

Combined company commercial solutions revenue of $854 million grew 2.4 percent in the first quarter at constant currency and 1.3 percent at actual foreign exchange rates. Growth was offset by a more than 50 percent year-over-year decline in the Encore business, a legacy Quintiles provider business that was acquired in 2014.

Combined company integrated engagement services revenue of $198 million was down 0.2 percent at constant currency and down 0.9 percent reported.

For the second quarter, Quintiles IMS expects revenue of $1.93 billion to $1.970 billion. For the full year of 2017, the company anticipates revenue of $8 billion to $8.1 billion.

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