IQVIA falls on forecast cut due to delay of two 'mega-trials'
Updates
** Shares of contract research firm IQVIA holdings IQV.N fall as much as 7.3% to $200.3; hitting lowest levels since November last year
** Company sees 2024 revenue to be between $15.35 bln and $15.4 bln vs range of $15.43 bln to $15.53 bln previously expected
** IQV says lowering forecast to "reflect delays in two fast-burning mega trials due to client-related short-term logistical challenges"
** Trials are now expected to ramp up in the second halfof 2025 - IQVIA
** IQV also trims the upper end of its adjusted per share profit forecast to $11.20 vs $11.30 previously, maintains the lower end at $11.10 per share
** Analysts were expecting revenue of $15.47 bln and adjusted profit of $11.21 per share for 2024, according to estimates compiled by LSEG
** IQV said it expects cancellations from large drugmakers to continue in Q4 as they reprioritize their development pipelines
** As of last close, stock down ~7% YTD
Reporting by Bhanvi Satija in Bengaluru
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