Morningstar

Morningstar, Inc.

Equity Bottom-Up

Narrow-moat PRA Health reported a mixed quarter, with currency headwinds and soft bookings growth. Total revenue of $722 million was below our expectations, representing 4% growth in constant currency (3% reported). Excluding reimbursed revenue, which was lighter than anticipated this quarter but is zero-margin and therefore does not impact earnings, total revenue was up 5% in constant currency, still below our expectations. We've reduced our projections for full-year revenue, and this…

United States

PRA Health Sciences, Inc. is a global contract research organization. The Company provides outsourced clinical development services to the biotechnology and pharmaceutical industries.

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