IQVIA Holdings, a health information technology and clinical research company, reported third-quarter earnings Tuesday morning that beat Wall Street’s forecasts.

For the third quarter, the company reported adjusted earnings per share of $1.63, beating analysts’ estimates of $1.52.
IQVIA posted third-quarter revenue of $2.79 billion, up 0.6 percent compared to the same period a year ago and ahead of analysts’ expectations of $2.75 billion.

During a call with analysts, IQVIA CEO Ari Bousbib said the company saw “nice sequential improvement in financial results, with results coming in above the high end of expectations.”

Bousbib noted that the company raised its guidance in the prior quarter due to “early signs of a recovery.” The CEO added that based on the third quarter’s stronger-than-expected performance, the company is raising its full-year guidance for revenue, adjusted EBITDA, and EPS.

IQVIA raised its full-year 2020 guidance, with projected revenues between $11.1 billion and $11.25 billion, up from the prior guidance of range between $11 billion to $11.1 billion. For its adjusted diluted EPS, the company gave a range of $6.25 to $6.35, up from the prior guidance of $6.10 to $6.30.

The company has also already provided full-year guidance for 2021, forecasting revenue between $12.3 and $12.6 billion and adjusted EPS between $7.65 and $7.95.

On the call, IQVIA CEO said he believes “the most significant impacts to COVID are behind us.” He noted that the company’s outlook for 2021 “indicates strong performance.

IQVIA said it developed this 2021 guidance “based on the general assumption of continued recovery and return to normal business conditions in 2021.” The 2021 guidance also assumes there won’t be another global wave of COVID-19 resulting in “widespread business and healthcare disruptions, hampering the progress of sites reopening, patients returning to trials or other face-to-face interactions that are important to our business,” according to the earnings release.

Like many companies, IQVIA suspended its share buyback program in early March during the COVID-19 outbreak. In the release, the company said that it would lift the temporary suspension of its share repurchases due to the company’s performance and “continued robust demand for its offerings, solid liquidity, and strong free cash flow performance.” IQVIA added that it has around $1 billion in share repurchase authorization remaining.

IQVIA’s stock was trading at $174.33, up $10.28, or 6.27 percent, on Tuesday morning.