-IQVIA Holdings Inc. (“IQVIA”) (NYSE:IQV), a global leader in advanced analytics, technology solutions, and clinical research services for the life sciences industry, has announced its financial results for the fourth quarter and full year ended December 31, 2023, alongside its guidance for the full year 2024.

Fourth-Quarter 2023 Highlights:

• Revenue for Q4 reached $3,868 million, marking a 3.5 percent increase on a reported basis and 2.6 percent at constant currency compared to Q4 2022.
• GAAP Net Income for the quarter stood at $469 million, showing a significant year-over-year increase of 106.6 percent.
• Adjusted EBITDA for Q4 reached $966 million, up 5.0 percent year-over-year.
• R&D Solutions (R&DS) quarterly bookings surpassed $2.8 billion, with a notable book-to-bill ratio of 1.31x.
• R&DS contracted backlog hit $29.7 billion, demonstrating a robust year-over-year growth of 9.2 percent.

Full-Year 2023 Performance:

• Total revenue for 2023 amounted to $14,984 million, reflecting a 4.0 percent growth on a reported basis and 4.1 percent at constant currency compared to the previous year.
• GAAP Net Income for the full year reached $1,358 million, marking a substantial year-over-year increase of 24.5 percent.
• Adjusted EBITDA for 2023 reached $3,569 million, showing a strong 6.7 percent increase compared to the previous year.

Financial Outlook for 2024:

• IQVIA anticipates revenue for the full year 2024 to range between $15,400 million and $15,650 million.
• Adjusted EBITDA is expected to fall within the range of $3,700 million to $3,800 million.
• Adjusted Diluted Earnings per Share is forecasted to be between $10.95 and $11.25.

Commenting on the results, Ari Bousbib, chairman and CEO of IQVIA, stated, "The IQVIA team delivered solid 2023 results in a challenging macro environment. As we begin 2024, the fundamentals of our business and the outlook for our end markets remain healthy."

Financial Position and Share Repurchase:

As of December 31, 2023, IQVIA maintained a strong financial position with cash and cash equivalents amounting to $1,376 million and debt totaling $13,673 million. The company's net leverage ratio was reported at 3.45x trailing twelve-month Adjusted EBITDA.

During the fourth quarter of 2023, IQVIA repurchased $229 million of its common stock, resulting in full-year share repurchases of $992 million. As of December 31, 2023, the company had $2,363 million of share repurchase authorization remaining.

The announcement underscores IQVIA's resilience and strategic foresight in navigating challenges and driving growth amidst a dynamic business landscape.