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IMS Health Fourth Quarter Profit Shrinks

Wed, 02/10/2010 - 8:34am

NORWALK, Conn. (AP) — IMS Health Inc., which provides market data to pharmaceutical and health care companies, said Tuesday its fourth-quarter profit shrank 27 percent as rising expenses and restructuring charges failed to offset higher revenue.

For the three months ended Dec. 31, IMS Health reported net income of $71.5 million, or 39 cents per share, down from a profit of $98.5 million, or 54 cents per share, in the same quarter a year ago.

The latest quarter's profit was reduced by $27.7 million from one-time items, including restructuring costs, asset impairments and merger costs.

Not counting those charges, IMS Health's profit in the latest quarter was $95.1 million, or 52 cents per share. On that basis, IMS' profit beat the consensus forecast of analysts surveyed by Thomson Reuters, who expected a profit of 39 cents per share, on average.

IMS Health, based in Norwalk, Conn., said revenue rose 3 percent to $599.2 million from $580.9 million. Analysts had forecast revenue of $565.6 million, on average.

Information and analytics revenue rose 5 percent, and consulting and services revenue dipped 2 percent.

But expenses rose 8 percent to $492.9 million from $454.4 million.

IMS Health reported fourth-quarter results after its shares rose 7 cents to $21.87.

 

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