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Restructured IMS Happy to Predict Flat Year
Pharma research leader IMS Health has announced full-year 2008 revenue up 3% at constant currencies to $2,329.5m. Income grew slightly (2%) and EPS respectably (11%) in real terms. Chairman and CEO David R. Carlucci said the firm was 'positioned to perform well in a slower growth environment'.
Growth in reported figures is much higher due to write-downs in 2007. Net income was $311.3m and EPS $1.70, up 33% and 44% respectively on 2007 figures before adjustments. Similarly, fourth-quarter 2008 net income of $98.5m and diluted EPS of $0.54 represented massive improvements on paper versus the preceeding year, ($18.0m and $0.09) but on a non-GAAP basis after adjusting for a 2007 restructuring charge and certain other items, were up 9% and 16% respectively.
In 2009 financial guidance, the company predicts 0-3% revenue growth at constant currencies, and EPS in the range $1.70-1.77. Fourth quarter operating income, flat on a non-GAAP basis at $136.0m compared with $135.7m in the year-earlier quarter after adjustments, was in line with this modest forecast. Net income, on a non-GAAP basis, grew less than 3%, from $304.3m in Q4 2007 to $311.7m in Q4 2008.
Carlucci commented: 'IMS delivered exceptional cash flow and double-digit earnings per share growth in 2008, reflecting the strength of our financial position and soundness of our strategy. We have positioned IMS to perform well in a slower growth environment and taken the right steps to align for new opportunities, tightly manage our costs, and maintain a solid balance sheet. As the industry leader, we are becoming an even stronger, more vital partner to clients - right at the center of helping them adapt to today's market realities.' The company embarked on a programme of 'aggressive restructuring' just over a year ago.
IMS is online at www.imshealth.com .
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