Quintiles 3rd Quarter 2015 Results

  • 8.3% constant currency service revenue growth compared to the third quarter of 2014
  • 44.6% increase in diluted adjusted EPS to $0.94 per share compared to the third quarter of 2014, third quarter GAAP reported diluted EPS of $0.89
  • Net new business of $1.16 billion, increasing backlog to $11.75 billion as of September 30, 2015
  • Updating full year 2015 constant currency service revenue growth guidance to a range of 8.6% - 9.2% compared to full year 2014 and increasing diluted adjusted EPS guidance to $3.27 - $3.33 per share, representing diluted adjusted EPS growth of 21.1% - 23.3% compared to full year 2014

RESEARCH TRIANGLE PARK, N.C.--()--Quintiles Transnational Holdings Inc. (“Quintiles” or the “Company”) (NYSE: Q) today reported its financial results for the quarter ended September 30, 2015.

For the three months ended September 30, 2015, the Company’s growth in service revenues, excluding the impact of foreign currency fluctuations (“constant currency”), was 8.3% with 9.4% growth in the Product Development segment and 5.5% growth in the Integrated Healthcare Services segment. The Company’s service revenues were $1.09 billion which at actual rates represents growth of 3.1%, or $32.5 million, including an unfavorable foreign currency impact of $55.6 million compared to the same period last year.

Adjusted income from operations was $179.0 million in the third quarter of 2015, representing growth of 18.6% at actual rates compared to the same period last year. The adjusted income from operations margin was 16.4%, representing 220 basis points of margin expansion compared to the same period last year. The margin expansion resulted from a constant currency improvement in Integrated Healthcare Services operating margin and the benefit of 160 basis points from favorable currency fluctuations across the Company. Adjusted net income was $117.6 million and diluted adjusted earnings per share was $0.94 in the quarter ended September 30, 2015. Equity in earnings of unconsolidated affiliates contributed $0.03 to diluted adjusted earnings per share in the current quarter.

Reported GAAP income from operations was $167.0 million, reported GAAP net income was $111.3 million and reported GAAP diluted earnings per share was $0.89 for the three months ended September 30, 2015, respectively. Reconciliations of the non-GAAP measures, including adjusted income from operations, adjusted net income and diluted adjusted earnings per share to the corresponding GAAP measures are attached to this press release.

Net new business of $1.16 billion was recorded for the third quarter, representing a book-to-bill ratio of 1.06, with a Product Development book-to-bill ratio of 1.20 and Integrated Healthcare Services book-to-bill ratio of 0.68 for the quarter. This net new business contributed to an ending backlog of $11.75 billion on September 30, 2015.

“Our disciplined operational and management processes enabled us to deliver strong growth in diluted adjusted EPS at $0.94 per share, an increase of 44.6%,” said Chief Executive Officer Tom Pike. “We are seeing continued success in our Product Development segment, with now five consecutive quarters with a 1.20 or greater book-to-bill ratio, and we remain focused on delivering our industry-leading $11.75 billion backlog.”

“Quintiles’ industry leadership position was recently illustrated in a recent report from Industry Standard Reports (ISR), who named us the leader in Phase IV clinical services. We were awarded the SCRS Eagle Award for our work with clinical research sites and were named Asia Pacific CRO Company of the Year by Frost & Sullivan,” Pike continued. “This recognition reflects our commitment to the highest standards of quality.”

The Product Development segment net new business totaled $971 million in the quarter ended September 30, 2015 which translates to a book-to-bill ratio of 1.20. Product Development’s constant currency service revenues grew 9.4%, or $72.4 million, during the third quarter of 2015 compared to the same period last year. At actual foreign exchange rates, Product Development service revenues were $810.1 million, negatively impacted by $33.7 million of unfavorable foreign currency exchange, resulting in service revenue growth of 5.0% compared to the same period last year. The constant currency revenue growth resulted from Q2 Solutions and volume-related increases in core clinical services, clinical solutions and services provided on a functional resourcing basis and clinical trial support services, offset by the negative impact of cancellations from 2014. Product Development’s income from operations margin was 22.4% for the third quarter, representing an improvement of 190 basis points compared to the same period last year, including 220 basis points of positive foreign exchange benefits, offset by an increase in billable headcount due to the ramp-up of new projects and our investment in the growth of our Global Delivery Network.

The Integrated Healthcare Services segment net new business totaled $193 million in the quarter ended September 30, 2015, which translates to a book-to-bill ratio of 0.68, which was negatively impacted by a large cancellation for commercial services in North America and lower net new business for commercial services in Japan and in real-world and late phase research services. Integrated Healthcare Services’ constant currency service revenues grew 5.5%, or $15.7 million, during the third quarter of 2015 compared to the same period last year. At actual foreign exchange rates, Integrated Healthcare Services’ service revenues declined 2.1% to $283.4 million, negatively impacted by $21.9 million from unfavorable foreign currency exchange. The constant currency revenue growth resulted from increases in real-world and late phase research services, offset by a decline in commercial services in Europe due primarily to the conclusion of an agreement to distribute pharmaceutical products in Italy. Integrated Healthcare Services’ income from operations margin was 8.5% at actual rates including a 20 basis point impact from unfavorable currency fluctuations. The income from operations margin at constant currency improved 180 basis points compared to the same period last year.

General corporate and unallocated expenses were $26.5 million during the quarter ended September 30, 2015 compared to $27.1 million for the same period last year. Interest expense was $25.4 million during the quarter ended September 30, 2015 compared to $25.0 million for the same period last year.

Other income, net was $0.9 million during the quarter ended September 30, 2015 compared to $7.8 million for the same period last year. The third quarter of 2014 primarily consisted of $8.8 million in income related to the change in fair value of contingent consideration from an acquisition, primarily offset by $0.9 million of foreign currency net losses.

The GAAP effective income tax rate was 28.0% for the third quarter of 2015 compared to 31.1% for the same period in 2014.

Equity in earnings of unconsolidated affiliates was $5.4 million during the third quarter of 2015 compared to equity in earnings of unconsolidated affiliates of $1.5 million for the same period last year. The increase was primarily due to gains from our NovaQuest Pharma Opportunities Fund investment.

Net loss attributable to noncontrolling interests was $2.4 million during the quarter ended September 30, 2015 compared to income of $0.1 million for the same period in 2014. The net loss attributable to noncontrolling interests included a portion of the restructuring charges and was primarily due to the minority interest partner’s share in Q2 Solutions.

For the nine months ended September 30, 2015, the Company’s constant currency service revenue growth was 8.8%, or $272.8 million, as compared to the same period in 2014. At actual foreign exchange rates, the Company’s service revenues of $3.2 billion for the nine months ended September 30, 2015 grew 3.1% compared to the same period in 2014, which included a negative foreign currency impact of $176.8 million. Adjusted income from operations for the nine months ended September 30, 2015 was $492.2 million representing growth of 13.1% compared to the same period in 2014. Adjusted income from operations margin was 15.4% representing 140 basis points of margin expansion compared to the same period last year, including 130 basis points from favorable currency fluctuations and a constant currency increase in the Integrated Healthcare Services operating income margin. Adjusted net income was $307.5 million for the nine months ended September 30, 2015 representing growth of 17.6% compared to the same period last year. Diluted adjusted earnings per share was $2.43 for the nine months ended September 30, 2015 representing growth of 22.7% compared to the same period last year. Reported GAAP income from operations was $468.6 million, reported GAAP net income was $282.6 million, and reported GAAP diluted earnings per share was $2.24 for the nine months ended September 30, 2015.

Financial Guidance

The Company is updating its full year 2015 constant currency service revenue growth guidance to a range of 8.6% - 9.2% compared to full year 2014. The Company is also increasing its diluted adjusted earnings per share guidance range to $3.27 - $3.33 per share, representing growth of 21.1% - 23.3%, with diluted GAAP earnings per share between $3.02 - $3.11 per share. The annual effective income tax rate is projected to be approximately 29.5%. This financial guidance is based on the end of September foreign currency exchange rates and does not reflect the potential impact of any future equity repurchases.

Webcast & Conference Call Details

Quintiles will host a conference call at 8:00 a.m. EDT today to discuss its third quarter 2015 financial results. To participate, please dial +1 (855) 710-5091 or +1 (706) 902-0591 outside the United States approximately 15 minutes before the scheduled start of the call. The conference call will also be accessible live via webcast on the Investors section of the Quintiles website at www.quintiles.com/investors. An archived replay of the conference call will be available online at www.quintiles.com/investors after 1:00 p.m. EDT today.

About Quintiles

Quintiles (NYSE: Q) helps biopharma and other healthcare companies improve their probability of success by connecting insights from our deep scientific, therapeutic and analytics expertise with superior delivery for better outcomes. From advisory through operations, Quintiles is the world’s largest provider of product development and integrated healthcare services, including commercial and observational solutions. Conducting operations in approximately 100 countries, Quintiles is a member of the FORTUNE 500 and has been named to FORTUNE’s list of the “World’s Most Admired Companies.” To learn more, visit www.quintiles.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements reflect, among other things, the Company’s current expectations and anticipated results of operations, all of which are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, market trends or industry results to differ materially from those expressed or implied by such forward-looking statements. Therefore, any statements contained herein that are not statements of historical fact may be forward-looking statements and should be evaluated as such. Without limiting the foregoing, the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “should,” “guidance,” “targets,” “will” and the negative thereof and similar words and expressions are intended to identify forward-looking statements. Actual results may differ materially from the Company’s expectations due to a number of factors, including, but not limited to, that most of the Company’s contracts may be terminated on short notice, and that the Company may be unable to maintain large customer contracts or to enter into new contracts; the Company may under-price its contracts, overrun its cost estimates, or fail to receive approval for or experience delays in documenting change orders; the historical indications of the relationship of backlog to revenues may not be indicative of their future relationship; the Company may be unable to maintain information systems or effectively update them; customer or therapeutic concentration could harm the Company’s business; the Company’s business is subject to risks associated with international operations, including economic, political and other risks such as compliance with a myriad of laws and regulations, complications from conducting clinical trials in multiple countries simultaneously and changes in exchange rates; the Company may be unable to successfully identify, acquire and integrate businesses, services and technologies; the Company’s effective income tax rate may fluctuate, which may adversely affect our operations, earnings, and earnings per share; the Company relies on exemptions for “controlled companies” from certain corporate governance requirements during a one year transition period; certain of the Company’s corporate governance documents could make an acquisition of the Company more difficult; and the Company has substantial indebtedness and may incur additional indebtedness in the future, which could adversely affect the Company’s financial condition. For a further discussion of the risks relating to the Company’s business, see the “Risk Factors” in Quintiles’ annual report on Form 10-K for the fiscal year ended December 31, 2014, filed with the SEC, as such factors may be amended or updated from time to time in Quintiles’ subsequent periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Quintiles’ filings with the SEC. The Company assumes no obligation to update any such forward-looking statement after the date of this release, whether as a result of new information, future developments or otherwise.

Use of Non-GAAP Financial Measures

This press release includes adjusted EBITDA, adjusted income from operations, adjusted income from operations margin, adjusted net income and diluted adjusted earnings per share, each of which is a financial measure not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). Management believes that these non-GAAP measures provide useful supplemental information to management and investors regarding the underlying performance of the Company’s business operations and are more indicative of core operating results as they exclude certain items whose fluctuations from period-to-period do not necessarily correspond to changes in the core operations of the business. These non-GAAP measures are performance measures only and are not measures of the Company’s cash flows or liquidity, nor are they alternatives for measures of financial performance prepared in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. Investors and potential investors are encouraged to review the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP measures attached to this press release.

Internet Posting of Information: The Company routinely posts information that may be important to investors in the 'Investors' section of the Company’s website at www.quintiles.com. The Company encourages investors and potential investors to consult the Company’s website regularly for important information about the Company.

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QUINTILES TRANSNATIONAL HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
     
Three Months Ended Nine Months Ended
September 30, September 30,
  2015     2014     2015     2014  
 
Service revenues $ 1,093,480 $ 1,061,013 $ 3,197,820 $ 3,101,777
Reimbursed expenses   331,289     339,021     1,018,069     947,133  
Total revenues 1,424,769 1,400,034 4,215,889 4,048,910
Costs of revenue, service costs 683,058 691,051 2,028,730 2,009,287
Costs of revenue, reimbursed expenses 331,289 339,021 1,018,069 947,133
Selling, general and administrative 231,415 219,027 676,919 657,283
Restructuring costs   11,984     1,793     23,542     3,749  
Income from operations 167,023 149,142 468,629 431,458
Interest income (1,141 ) (602 ) (3,470 ) (2,851 )
Interest expense 25,429 25,050 76,256 74,552
Loss on extinguishment of debt 7,780
Other (income) expense, net   (934 )   (7,776 )   7,864     (9,564 )
Income before income taxes and equity in
earnings of unconsolidated affiliates 143,669 132,470 380,199 369,321
Income tax expense   40,192     41,260     107,980     111,049  
Income before equity in earnings
of unconsolidated affiliates 103,477 91,210 272,219 258,272
Equity in earnings of unconsolidated affiliates   5,362     1,523     7,998     9,785  
Net income 108,839 92,733 280,217 268,057
Net loss (income) attributable to noncontrolling interests 2,447 (79 ) 2,418 (100 )
Net income attributable to Quintiles        
Transnational Holdings Inc. $ 111,286   $ 92,654   $ 282,635   $ 267,957  
Earnings per share attributable to common shareholders:
Basic $ 0.91 $ 0.73 $ 2.28 $ 2.08
Diluted $ 0.89 $ 0.71 $ 2.24 $ 2.03
Weighted average common shares outstanding:
Basic 122,848 127,462 123,728 128,780
Diluted 125,339 130,626 126,443 131,903
 
QUINTILES TRANSNATIONAL HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
 
September 30, December 31,
  2015     2014  
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 1,081,804 $ 867,358
Restricted cash 2,610 2,882
Trade accounts receivable and unbilled services, net 1,128,899 975,255
Prepaid expenses 51,470 44,628
Deferred income taxes 111,847 118,515
Income taxes receivable 56,184 45,357
Other current assets and receivables   87,365     92,088  
Total current assets   2,520,179     2,146,083  
Property and equipment, net 194,744 190,297
Investments in debt, equity and other securities 33,149 34,503
Investments in and advances to unconsolidated affiliates 44,038 31,508
Goodwill 724,014 464,434
Other identifiable intangibles, net 374,419 280,243
Deferred income taxes 34,516 35,972
Deposits and other assets   108,677     112,913  
Total assets $ 4,033,736   $ 3,295,953  
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Accounts payable and accrued expenses $ 871,206 $ 842,387
Unearned income 558,826 543,305
Income taxes payable 25,974 55,694
Current portion of long-term debt and obligations
held under capital leases 48,505 826
Other current liabilities   19,464     29,688  
Total current liabilities 1,523,975 1,471,900
Long-term debt and obligations held under
capital leases, less current portion 2,430,034 2,282,612
Deferred income taxes 89,556 61,797
Other liabilities   170,097     183,656  
Total liabilities   4,213,662     3,999,965  
Commitments and contingencies
Shareholders’ deficit:
Common stock and additional paid-in capital,
300,000 shares authorized, $0.01 par value,
123,078 and 124,129 shares issued and outstanding at
September 30, 2015 and December 31, 2014, respectively 239,588 143,828
Accumulated deficit (550,148 ) (788,798 )
Accumulated other comprehensive loss   (95,461 )   (59,091 )
Deficit attributable to Quintiles Transnational
Holdings Inc.’s shareholders (406,021 ) (704,061 )
Noncontrolling interests   226,095     49  
Total shareholders’ deficit   (179,926 )   (704,012 )
Total liabilities and shareholders’ deficit $ 4,033,736   $ 3,295,953  
 
QUINTILES TRANSNATIONAL HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 
Nine Months Ended
September 30,
  2015     2014  
Operating activities:
Net income $ 280,217 $ 268,057
Adjustments to reconcile net income to cash
provided by operating activities:
Depreciation and amortization 93,224 89,113
Amortization of debt issuance costs and discount 7,485 4,787
Amortization of accumulated other comprehensive
loss on terminated interest rate swaps 4,781
Share-based compensation 28,702 22,388
Earnings from unconsolidated affiliates (7,965 ) (9,763 )
Loss (gain) on investments, net 1,074 (4,806 )
Provision for (benefit from) deferred income taxes 23,252 (11,529 )
Excess income tax benefits from share-based award activities (35,144 ) (12,802 )
Changes in operating assets and liabilities:
Change in accounts receivable, unbilled services
and unearned income (170,279 ) (118,721 )
Change in other operating assets and liabilities   44,029     (50,927 )
Net cash provided by operating activities 269,376 175,797
Investing activities:
Acquisition of property, equipment and software (56,692 ) (57,782 )
Acquisition of businesses, net of cash acquired 31,001 (92,201 )
Proceeds from sale of equity securities 5,861
Investments in and advances to unconsolidated
affiliates, net of payments received (4,840 ) (2,137 )
Termination of interest rate swaps (10,981 )
Other   2,111     332  
Net cash used in investing activities (39,401 ) (145,927 )
Financing activities:
Proceeds from issuance of debt 2,248,500
Payment of debt issuance costs (22,028 )
Repayment of debt and principal payments
on capital lease obligations (2,048,211 ) (6,729 )
Issuance of common stock, net of costs (105 )
Stock issued under employee stock purchase and option plans 58,323 23,201
Repurchase of common stock (250,000 ) (165,131 )
Payroll taxes remitted on repurchase of stock options (8,415 )
Excess income tax benefits from share-based award activities   35,144     12,802  
Net cash provided by (used in) financing activities 21,728 (144,377 )
Effect of foreign currency exchange rate changes on cash   (37,257 )   (18,602 )
Increase (decrease) in cash and cash equivalents 214,446 (133,109 )
Cash and cash equivalents at beginning of period   867,358     778,143  
Cash and cash equivalents at end of period $ 1,081,804   $ 645,034  
 
QUINTILES TRANSNATIONAL HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED SEGMENT OPERATIONS
(in thousands)
(unaudited)
 
Three Months Ended Nine Months Ended
September 30, September 30,
  2015     2014     2015     2014  
 
Service revenues
Product Development $ 810,045 $ 771,361 $ 2,345,971 $ 2,323,376
Integrated Healthcare Services   283,435     289,652     851,849     778,401  
Total service revenues 1,093,480 1,061,013 3,197,820 3,101,777
 
Costs of revenue, service costs
Product Development 461,858 458,731 1,352,730 1,374,492
Integrated Healthcare Services   221,200     232,320     676,000     634,795  
Total costs of revenue, service costs 683,058 691,051 2,028,730 2,009,287
 
Selling, general and administrative
Product Development 166,758 154,460 478,643 471,697
Integrated Healthcare Services 38,186 37,447 114,953 103,069
General corporate and unallocated   26,471     27,120     83,323     82,517  
Total selling, general and administrative 231,415 219,027 676,919 657,283
 
Income from operations
Product Development 181,429 158,170 514,598 477,187
Integrated Healthcare Services 24,049 19,885 60,896 40,537
General corporate and unallocated (26,471 ) (27,120 ) (83,323 ) (82,517 )
Restructuring costs   (11,984 )   (1,793 )   (23,542 )   (3,749 )
Total income from operations $ 167,023   $ 149,142   $ 468,629   $ 431,458  
 
QUINTILES TRANSNATIONAL HOLDINGS INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(in thousands, except per share data)
(unaudited)
 
Three Months Ended Nine Months Ended
September 30, September 30,
  2015     2014     2015     2014  

Adjusted EBITDA

Net income attributable to Quintiles Transnational Holdings Inc. $ 111,286 $ 92,654 $ 282,635 $ 267,957
Interest expense, net 24,288 24,448 72,786 71,701
Income tax expense 40,192 41,260 107,980 111,049
Depreciation and amortization 32,884 30,180 93,224 89,113
Restructuring costs 11,984 1,793 23,542 3,749
Loss on extinguishment of debt 7,780
Adjustment to estimated contingent consideration   116     (8,757 )   6,002     (8,839 )
Adjusted EBITDA $ 220,750   $ 181,578   $ 593,949   $ 534,730  
 

Adjusted Income from Operations

Income from operations, as reported $ 167,023 $ 149,142 $ 468,629 $ 431,458
Restructuring costs   11,984     1,793     23,542     3,749  
Adjusted income from operations $ 179,007   $ 150,935   $ 492,171   $ 435,207  
 

Adjusted Net Income

Net income attributable to Quintiles Transnational Holdings Inc. $ 111,286 $ 92,654 $ 282,635 $ 267,957
Restructuring costs 11,984 1,793 23,542 3,749
Noncontrolling interests effect of non-GAAP adjustments (1) (2,306 ) (2,306 )
Loss on extinguishment of debt 7,780
Adjustment to estimated contingent consideration 116 (8,757 ) 6,002 (8,839 )
Tax effect of adjustments (2)   (3,500 )   (705 )   (10,131 )   (1,298 )
Adjusted net income $ 117,580   $ 84,985   $ 307,522   $ 261,569  
 
Diluted weighted average common shares outstanding 125,339 130,626 126,443 131,903
Diluted adjusted earnings per share $ 0.94 $ 0.65 $ 2.43 $ 1.98
 
(1) Reflects the portion of Q2 Solutions’ after-tax non-GAAP adjustments attributable to the minority interest partner.
 
(2) The tax effect of adjustments was based on the income tax rate of the respective transactions, which was 38.5%, with the exception of (i) restructuring costs which were tax effected at 29.2% and 39.3% during the three months ended September 30, 2015 and 2014, respectively, and 30.3% and 34.6% during the nine months ended September 30, 2015 and 2014, respectively and (ii) contingent consideration which is not tax effected as it represents a permanent difference between book and tax income.
 
QUINTILES TRANSNATIONAL HOLDINGS INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (Continued)
(in millions, except per share data)
(unaudited)
 
Reconciliation of GAAP to Non-GAAP Full Year 2015 Guidance
Diluted Adjusted
Adjusted Net Income Earnings Per Share
Low High Low High
Net income attributable to Quintiles and diluted earnings per share $ 382 $ 392 $ 3.02 $ 3.11
Restructuring costs 32 28 0.25 0.22
Loss on extinguishment of debt 8 8 0.06 0.06
Adjustment to estimated contingent consideration 6 6 0.05 0.05
Noncontrolling interests effect of non-GAAP adjustments (1) (2 ) (2 ) (0.02 ) (0.02 )
Tax effect of adjustments (2)   (13 )   (11 )   (0.10 )   (0.09 )
Adjusted net income and diluted adjusted earnings per share $ 413   $ 420   $ 3.27   $ 3.33  
 
(1) Reflects the portion of Q2 Solutions’ after-tax non-GAAP adjustments attributable to the minority interest partner.
 
(2) The tax effect of adjustments was based on the income tax rate of the respective transactions, which was 30% for Restructuring Costs and 38.5% for Loss on Extinguishment of Debt. Adjustment to Estimated Contingent Consideration is not tax effected as it represents a permanent difference between book and tax income. Noncontrolling Interest Effect of Non-GAAP Adjustments is presented net of tax.
 
Note: Totals may not sum due to rounding.

Contacts

Quintiles
Phil Bridges, Media Relations
+1-919-998-1653 (office) +1-919-457-6347 (mobile)
phil.bridges@quintiles.com
or
Todd Kasper, Investor Relations
+1-919-998-2590
InvestorRelations@quintiles.com

Release Summary

Quintiles 3rd Quarter 2015 Results

Contacts

Quintiles
Phil Bridges, Media Relations
+1-919-998-1653 (office) +1-919-457-6347 (mobile)
phil.bridges@quintiles.com
or
Todd Kasper, Investor Relations
+1-919-998-2590
InvestorRelations@quintiles.com