Investors seemed to focus on the less-than-perfect aspects of the company's performance, as Quintiles shares fell as much as 4 percent in trading early Thursday. The company's second-quarter results were released before the markets opened.
Quintiles' revenue rose 9.7 percent from a year ago to
Adjusted net income totaled
"I'm pleased to report another quarter of strong performance,"
The revenue growth was driven by the company's integrated healthcare services business, or IHS, which rose 15.6 percent in the quarter.
That growth was "underpinned by strong new business wins over the prior three quarters," Pike said.
IHS, which accounted for one-fourth of overall revenue in the quarter, provides drug companies with sales forces that promote products to physicians. It also provides "real-world research" on drugs that are already on the market, which can help companies gather intelligence on competing drugs and fashion marketing pitches.
But some analysts, such as
On the bookings side, overall bookings rose 21.2 percent. Product development bookings totaled
Higher-than-average cancellations, which Pike said can occur from time to time in the industry, affected product development billings.
"We had one large cancellation happen very late in the quarter, and it had an impact," he said. "It's not a trend."
Pike added that Quintiles' pipeline of new business is at a record high.
Quintiles shares, which closed at
Quintiles, the world's largest pharmaceutical services company, has 2,400 employees in the Triangle and more than 30,000 worldwide.
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