IMS Health Revenues Up 11% as Sale Approved

US research giant IMS Health has reported a 3% increase in fourth quarter revenues to $599.2m. The firm has also received shareholder approval for its sale to TPG Capital and the CPP Investment Board.

Net income for Q4 of 2009 was $71.5m, compared with net income of $98.5m in the year-earlier period. After adjusting for $27.7m of charges in the quarter - relating to the previously announced restructuring, certain asset impairments, merger costs and other items - net income on a non-GAAP basis for the fourth quarter of 2009 was $95.1m compared with $90.6m the previous year.

Operating income in the fourth quarter of 2009 was $106.3m compared with $126.6m in operating income in the year-earlier period.

For the 2009 full year, revenues were down 6% to $2,189.7m from $2,329.5m in 2008, and net income for 2009 was $258.5m, down from 2008 net income of $311.3m.

'IMS finished the year with an improved fourth-quarter performance, reflecting solid sequential revenue growth and better demand in the second half of the year,' said Chairman and CEO David Carlucci. 'Our cost reduction plans remain on track, and we achieved exceptional cash flow results throughout the year.'

Following news last November, that IMS Health had agreed to be sold to private equity firm TPG Capital and the Canada Pension Plan Investment Board (CPPIB) for $5.2bn, stockholders have now approved the acquisition. Assuming all conditions are satisfied, the parties expect that the merger will be completed by the end of the first quarter of 2010.

Web site: www.imshealth.com .