IQVIA lowers annual revenue forecast due to delays in two clinical trials
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Oct 31 (Reuters) -Contract research firm IQVIA Holdings IQV.N lowered its annual revenue forecast on Thursday, due to delays in two clinical trials as one of its clients faces logistical challenges, sending the company's shares down 7% in premarket trade.
IQVIA, which helps provide clinical research services to biotechs and pharmaceutical companies, said it now sees its 2024 revenue to be between $15.35 billion and $15.4 billion. It previously expected annual revenue between $15.43 billion and $15.53 billion.
It also lowered the upper end of its adjusted per share profit forecast to $11.20 from $11.30 previously, keeping the lower end at $11.10.
Analysts were expecting revenue of $15.47 billion and adjusted profit of $11.21 per share for 2024, according to estimates compiled by LSEG.
On an adjusted basis, IQVIA's third-quarter profit of $2.84 per share beat estimates of $2.81.
Its revenue was $3.90 billion, above estimates of $3.86 billion.
Reporting by Puyaan Singh in Bengaluru; Editing by Krishna Chandra Eluri
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