IQVIA, a clinical testing provider, saw revenues for 2021 jump 22% based on record demand for its research and development solutions business.
Revenues for the Durham, North Carolina-based company were $13.87 billion for the year compared to $11.35 billion in 2020. IQVIA reported a profit of $966 million, or $4.95 per share for the year.
For the fourth quarter ended Dec. 31, the company had a profit of $318 million. On a per-share basis, IQVIA had a profit of $1.63 with earnings, adjusted for non-recurring costs and stock option expense, coming in at $2.55 per share. Those numbers bear the average estimate of nine analysts surveyed by Zacks Investment Research that called for earnings of $2.43 per share for the quarter.
“The outlook for our end markets remains favorable and we expect continued strong demand for our differentiated offerings in 2022,” Ari Bousbib, IQVIA chairman and chief executive, said in a statement.
Fourth-quarter revenues also beat Wall Street estimates of $3.59 billion compared to the company’s reported $3.64 billion for the period. Revenues were $3.29 billion for the fourth quarter of 2020.
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The company repurchased $174 million of its common stock during the fourth quarter for a final full-year share repurchase tally of $395 million with $523 million of share repurchase authorization remaining as of the end of the year. Last week, IQVIA approved a $2 billion increase of the share repurchase authorization.
The company forecasts first quarter 2022 revenues to be between $3.51 billion and $3.57 billion.