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| Quintiles CEO Tom Pike |
Quintiles ($Q), the world's largest CRO, hit the $1 billion service revenue threshold for the second time last quarter, piling up new business wins with eyes on its biggest year ever.
At about $1 billion flat, Quintiles' service revenue jumped 8% over the same period last year, with product development growing 9% to $770.8 million and healthcare services increasing 6% to $234.5 million. The CRO's profits came in at $90.2 million, nearly doubling the $48.2 million it netted in the first quarter of 2013.
Quintiles first crossed the $1-billion-quarter milestone in Q4, but its latest financials bring a first of their own: The CRO's backlog topped $10 billion, and, with net new business of $1.3 billion on the quarter, Quintiles is primed to keep revenue rolling in, CEO Tom Pike said.
"We continued our momentum from the fourth quarter of 2013 and are off to a strong start in 2014," Pike said in a statement. "… We were recently named, in third-party research, as the preferred provider among small, mid-size and large biopharmaceutical customers for Phase II and III research for the second year in a row. … We believe these acknowledgements support the value proposition we bring to our customers as we help them improve their probability of success thereby contributing to the improvement of the healthcare landscape."
The CRO ticked up its full-year guidance, now expecting up to $4.2 billion in 2014 revenue, good for as much as 10% growth. Quintiles is projecting earnings per share of $2.45 to $2.58, translating to profit increases of 17% to 23%.
- read the full results