IQVIA's yearly revenue grew by 4% in 2023 despite concerns that the biotech sector would curtail drug development.
The Durham, North Carolina-based company brought in $14.9 billion in revenue versus $14.4 billion in 2022, according to a company earnings release. IQVIA’s R&D solutions division, its largest segment, earned $2.15 billion for a year-over-year increase of 4.5%, while its second largest unit—technological and analytical solutions (TAS)—had revenues of $1.53 billion for a 2% gain from 2022.
“The IQVIA team delivered solid 2023 results in a challenging macro environment,” Ari Bousbib, IQVIA’s chief executive, said in the release. “The TAS segment continued to grow despite persistent client caution and lower spending levels.”
Fourth-quarter revenues rose 3.5% to $3.87 billion compared to $3.73 billion for the same period last year, beating Wall Street forecasts of $3.87 billion. Profit for the quarter (on an adjusted basis) was $2.84 per share versus the average estimate by analysts of $2.82.
Other fourth-quarter activities by IQVIA included refinancing about $2.75 billion of near-term maturities, and a $229 repurchase of its common stock for an overall total of $992 million in share purchases for 2023.
IQVIA said it expects full-year 2024 revenues to fall between $15.4 billion and $15.65 billion. The guidance takes into account an estimated $300 million drop in COVID-related revenue, about 50 basis points of headwind from foreign exchange and about 100 basis points of contribution from acquisitions.