Total Revenue Slips 8% at IMS Health

US pharma research giant IMS Health has seen total first quarter revenue fall 8% to $526.9m from $574.2m as the strong dollar impacts on overseas sales. Nevertheless, the quarter saw a sharp rise in net income.

Reported net income for the first quarter of 2009 more than doubled to $133.3m, compared with $59.2m in the first quarter of 2008. However on a non-GAAP basis, after adjusting for certain tax and foreign exchange hedge-related items, net income was $68.7m.

Operating income in Q1 was $100.9m, compared with $116.4m in the year-earlier period, down 13% or 20% constant dollar.

'IMS continues to generate strong cash flow and earnings-per-share growth, even as increasingly difficult economic conditions worldwide impact the healthcare industry and our customers,' said Chairman and CEO David Carlucci. 'As we continue to help clients adapt to this environment, we also are adapting - moving to where we see growth opportunities and remaining focused on managing our costs and expenses.'

Excluding items, earnings of 38 cents per share on a non-GAAP basis were in line with analysts' estimates.

Operating in more than 100 countries, IMS Health is online at www.imshealth.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

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