IQVIA Stocks Rises on 2Q Gains, Ballooning Backlog

Dow Jones
Jul 28
 

Shares of IQVIA Holdings were higher after the company cleared earnings and revenue projections for the second quarter and delivered a major jump in backlog and bookings.

The stock was up 8.3% at $230.99 in premarket trading. Shares had been slowly recovering from a major tumble in February and are now $15 away from a 52-week high.

The company, a major research organization and top provider of biopharmaceutical development and commercial outsourcing services, said revenue climbed 8.7% to $4.37 billion, topping estimates for $4.3 billion from analysts polled by FactSet.

IQVIA posted adjusted earnings of $3.15 a share, beating analyst forecasts for $3.03 a share.

Net new bookings were up 19% from the year prior and the company ended the quarter with a backlog of $34.2 billion, with expectations to convert about $9.2 billion of that into revenue in the next year.

 
 

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