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IMS Third Quarter Results in Line with Expectations
IMS Health has reported diluted earnings per share from recurring operations of $0.27 for the quarter ended September 30, 2002, equal to last year's third quarter and consistent with previous expectations.
Revenue for the 2002 third quarter grew to $361.8 million, up 8 percent constant dollar year-over-year and 10 percent on a reported basis. Net income from recurring operations was $76.7 million, a 6 percent decline from the year-earlier quarter. Recurring results for the 2002 third quarter exclude certain pre-tax gains and charges totalling $8.6 million, consisting primarily of net gains from investments, hedge gain (loss) phasing and net SAB 51 gains.
'IMS Health's solid third-quarter performance reflects the traction of our growth strategy as well as disciplined execution in a challenging pharmaceutical environment,' said David Thomas, IMS Health chairman and chief executive officer. 'Our business remains strong. IMS Health's sharpened client focus, continued rollout of customer-driven products and aggressive expense control position us well to take advantage of growth opportunities as industry conditions improve.'
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