Financial results for the first quarter of 2024 have been released by IQVIA Holdings Inc. (NYSE: IQV), showcasing growth across various service segments. The company reported revenue of $3,737 million, showing an increase of 2.3 percent on a reported basis and 2.9 percent at constant currency compared to the same period in 2023.

A standout performer was the Research & Development Solutions (R&DS) segment, which saw a revenue increase of 3.4 percent on a reported basis and 3.8 percent at constant currency. Excluding pass-throughs, this segment achieved robust growth of 6.9 percent on a reported basis.

In the R&DS segment, the contracted backlog increased by 7.9 percent to $30.1 billion year-over-year. Approximately $7.7 billion of this backlog is expected to convert to revenue in the next twelve months, with a healthy first-quarter book-to-bill ratio of 1.23x indicating strong future revenue potential.

IQVIA's financial position remains strong, with $1.4 billion in cash and cash equivalents as of March 31, 2024, and a net leverage ratio of 3.38x trailing twelve-month Adjusted EBITDA. The company reported operating cash flow of $522 million and free cash flow of $377 million for the first quarter, highlighting its financial health and cash flow generation capabilities.

Moreover, IQVIA surpassed earnings per share (EPS) expectations, reporting an adjusted diluted EPS of $2.54 against a projected $2.48. The revenue of $3.74 billion also exceeded the expected $3.7 billion, indicating strong top-line growth amidst a challenging economic environment.

Looking ahead, IQVIA reaffirmed its full-year 2024 guidance, expecting revenue between $15.325 billion to $15.575 billion, with Adjusted EBITDA projected to be between $3,700 million and $3,800 million. Adjusted Diluted EPS guidance is set at $10.95 to $11.25, showcasing confidence in the company's business outlook despite global uncertainties.