Analytics tech and decentralized trials drove revs in 2021 says IQVIA
IQVIA said revenue growth in 2021 was driven by increased demand for decentralized trials and analytical technologies.
The services firm’s revenue for the period was $3.63 billion, an increase of 10.2% on the comparable period in 2020.
R&D solutions – which includes IQVIA’s clinical trial business - brought in $1.94 billion, up 15.4% year-on-year, while tech and analytical solutions contributed $1.49 billion, up 5.0%. Contract sales revenue grew 3.7% to $196 million.
Full year revenue grew 22.1% to $13.87 billion. R&D services brought in 31.2% to $7.55 billion, technology and analytical services work contributed $5.53 billion, up 13.9%, while contract sales generated $784 million, up 5.8% year-on-year.
CEO Ari Bousbib told analysts increased demand for IQVIA’s clinical trial technology was a major driver in 2021.
“We saw increased adoption of our Orchestrated Clinical Trials, OCT platform, which supports trial planning, site management, patient engagement, trial management, and clinical data analytics.
“During the year, we added 90 new OCT clients, bringing the total to over 350 clients who have adopted one or more modules within our clinical technology suite since launch, including all of the top 10 and 18 of the top one.
He also pointed to the three “preferred provider” partnerships IQVIA signed in 2021 – under which it provides access to the OCT platform – as a major driver.
Demand for decentralized trials was also a factor in IQVIA’s performance according to Bousbib.
“We also saw increased demand for our industry-leading decentralized clinical trial offering. Approximately one-third of our active full-service clinical trials incorporate one or more of our DCT technology or services capabilities, and we expect this to continue to grow as the need for these capabilities in complex studies becomes more evident.”
Guidance
IQVIA said the momentum seen last year would continue in 2022, predicting that revenue would be in the $14.7 billion to $15 billion range – up 7.1% to 9.2% year-on-year.
For the first quarter of 2022 IQVIA expects revenue to be in the $3.51 billion to $3.57 billion range, an increase of 4.8% to 6.6% on the first three months of 2021.
According to Bousbib “The outlook for our end markets remains favourable and we expect continued strong demand for our differentiated offerings in 2022. Looking beyond 2022 to the next phase of our growth, we are well positioned to achieve our ambitious 2025 targets."
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