Quintiles Transnational Holdings Inc. Announce Executive Changes
Nov 5 15
Quintiles Founder Dr. Dennis Gillings, CBE, will retire from his position as Executive Chairman of Quintiles Transnational Holdings Inc. at the end of this year, December 31, 2015. Dr. Gillings will remain on the Board as a director. The Board has appointed Jack M. Greenberg to serve as Chairman of the Board, effective January 1, 2016. Dr. Gillings began performing biostatical analysis work for pharmaceutical companies with a single project in 1974 while still a professor of biostatistics at the University of North Carolina at Chapel Hill. That small consulting business, which would become Quintiles, began with a handful of staff working out of a trailer on the UNC campus. Dr. Gillings took Quintiles public through its first Initial Public Offering (IPO) in 1994, and then led a leveraged buyout to take the company private again in 2003. Quintiles remained a private company for 10 years until its second IPO in 2013. Gillings served as Quintiles CEO for nearly all of the company’s first 30 years of operation until current CEO Tom Pike joined the company in 2012.
Quintiles Transnational Holdings Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Earnings Guidance for the Full Year 2015
Oct 28 15
Quintiles Transnational Holdings Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported total revenues of $1,424,769,000 against $1,400,034,000 a year ago. Income from operations was $167,023,000 against $149,142,000 a year ago. Income before income taxes and equity in earnings of unconsolidated affiliates was $143,669,000 against $132,470,000 a year ago. Income before equity in earnings of unconsolidated affiliates was $103,477,000 against $91,210,000 a year ago. Net income attributable to the company was $111,286,000 or $0.89 per diluted share against $92,654,000 or $0.71 per diluted share a year ago. Adjusted EBITDA was $220,750,000 against $181,578,000 a year ago. Adjusted income from operations was $179,007,000 against $150,935,000 a year ago. Adjusted net income was $117,580,000 against $84,985,000 a year ago. Diluted adjusted earnings per share were $0.94 against $0.65 a year ago.
For the nine months, the company reported total revenues of $4,215,889,000 against $4,048,910,000 a year ago. Income from operations was $468,629,000 against $431,458,000 a year ago. Income before income taxes and equity in earnings of unconsolidated affiliates was $380,199,000 against $369,321,000 a year ago. Income before equity in earnings of unconsolidated affiliates was $272,219,000 against $258,272,000 a year ago. Net income attributable to the company was $282,635,000 or $2.24 per diluted share against $267,957,000 or $2.03 per diluted share a year ago. Adjusted EBITDA was $593,949,000 against $534,730,000 a year ago. Adjusted income from operations was $492,171,000 against $435,207,000 a year ago. Adjusted net income was $307,522,000 against $261,569,000 a year ago. Diluted adjusted earnings per share were $2.43 against $1.98 a year ago. Net cash provided by operating activities was $269,376,000 against $175,797,000 a year ago. Acquisition of property, equipment and software was $56,692,000 against $57,782,000 a year ago. Net debt outstanding, defined as total debt and capital lease obligations less cash and equivalents at September 30, 2015, was $1.4 billion compared to $1.42 billion at the end of December 2014.
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 per share to $3.11 per share. The annual effective income tax rate is projected to be approximately 29.5%.
Quintiles Transnational Holdings Inc. Announces Executive Changes
Oct 19 15
On October 14, 2015, Quintiles Transnational Holdings Inc. promoted Kevin K. Gordon to Chief Operating Officer and announced that Michael McDonnell is expected to join the Company in December 2015 as Chief Financial Officer. Mr. Gordon will continue to serve as the Company's Chief Financial Officer until Mr. McDonnell joins the Company. Mr. McDonnell has served as the Executive Vice President and Chief Financial Officer of Intelsat S.A. since July 2011 and as the Executive Vice President and Chief Financial Officer of its subsidiary, Intelsat Investments S.A., from November 2008 to May 2013. He previously served as Executive Vice President, Chief Operating Officer, Chief Financial Officer and Treasurer of MCG Capital Corporation from August 2006 through October 2008, and as its Executive Vice President, Chief Financial Officer and Treasurer from September 2004 to October 2008. Before joining MCG Capital Corporation, Mr. McDonnell served as Executive Vice President and Chief Financial Officer for EchoStar Communications Corporation, from July 2004 to August 2004 and as its Senior Vice President and Chief Financial Officer from August 2000 to July 2004. Mr. McDonnell spent 14 years at PricewaterhouseCoopers LLP, including four years as a partner. He also served on the board of directors of Catalyst Health Solutions Inc., a pharmacy benefit management company, from 2005 to 2012.