Quintiles bets on a big 2016 as revenue rolls in

Quintiles CEO Tom Pike

Quintiles ($Q), the world's largest CRO, is expecting its revenue to jump as much as 8.5% in 2016 on the heels of a record year.

The North Carolina-headquartered company banked $1.3 billion in service revenue in the fourth quarter, good for 6.1% growth, and posted $4.3 billion for the full year, which is 3.9% above 2014. At constant currency rates, Quintiles 2015 revenue grew 9% over the prior year, the company said.

The CRO's banner product development business led the way with $3.2 billion in annual revenue, up 3%, while its integrated healthcare serves segment grew 6.3% to $1.1 billion on the year.

Net income grew about 9% to $388.3 million in 2015, Quintiles said.

Now Quintiles is projecting 2016 revenue growth of between 7% and 8.5%, assuming global currencies stay static, which would amount to as much as $4.7 billion.

To get there, the company is counting on its $12 billion backlog, bolstered by roughly $1.5 billion in net new business stemming from the fourth quarter.

- read the statement (PDF)