Q3 revenue down at IMS, but CEO reports ‘improved performance’
CEO David Carlucci said the figures showed an improvement on the second quarter, where revenue fell 13% to $522.8m, after which the firm embarked on a cost-cutting exercise involving a 10% reduction in the size of its workforce over the next 15 months.
Operating loss during the most recent quarter, which included the effects of restructuring charges, was $5.5m compared to $124m in operating income last year.
CEO David Carlucci (pictured) said: “We’re moving out on our plans to lower our cost structure and accelerate operational efficiencies, and we continue to generate excellent cash flow. In addition, our clients are seeing better market growth as indicated in our updated global pharmaceutical industry forecast, and we remain focused on addressing their priorities.”
Yesterday IMS said that it had formed a committee to explore “strategic alternatives”, which could include a sale of the company, after reports suggested that the company was being courted by three private equity firms.
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