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Exhibit 99.1
[IMS LOGO]
NEWS
FOR IMMEDIATE RELEASE
Contacts: Michael Gury Darcie Peck
Communications Investor Relations
(203) 319-4730 (203) 319-4766
IMS HEALTH REPORTS $1.71 EARNINGS PER SHARE,
$0.20 ADJUSTED EPS FOR 2003 FIRST QUARTER
FIRST-QUARTER 2003 REVENUE RISES 8 PERCENT
FAIRFIELD, CT, April 15, 2003 -- IMS Health (NYSE: RX) today reported
first-quarter diluted earnings per share of $1.71 on an SEC-reported basis,
compared with $0.20 in the year-earlier period, and $0.20 per share on an
adjusted basis, unchanged from the 2002 first quarter. Revenue for the
quarter ended March 31, 2003 grew to $313.9 million, up 8 percent. Adjusted
results measure the performance of ongoing IMS core operations, and exclude
gains and losses on transactions, severance and impairment charges and
certain other items. For a detailed reconciliation between SEC and adjusted
results, see Tables 3 and 4. IMS is the world's leading provider of
information solutions to the pharmaceutical and healthcare industries.
"Our first-quarter performance reflects solid customer acceptance of our
market-driven, value-added offerings," said David Thomas, IMS chairman and chief
executive officer. "During the quarter, we continued to increase the pace of
innovation, advance new product development and strengthen our consulting and
service capabilities. We are
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in a strong position to achieve 2003 targets, despite the challenging economic
environment."
FIRST-QUARTER 2003 RESULTS
Revenue for the 2003 first quarter totaled $313.9 million, up 8
percent reported and 1 percent constant dollar year-over-year. Operating
income on an SEC-reported basis was $41.2 million, compared with $82.1
million in the year-earlier quarter, down 50 percent. Adjusted operating
income was $78.4 million, down 5 percent reported and 11 percent constant
dollar. On an SEC-reported basis, net income for the quarter totaled $444.1
million and diluted earnings per share was $1.71. Adjusted net income totaled
$51.6 million compared to $58.8 million in the year-earlier quarter, a 12
percent decline, and first-quarter 2003 diluted earnings per share was equal
to the year-earlier quarter at $0.20 per share.
Income from discontinued operations includes IMS's share of Cognizant
Technology Solutions (CTS) income on an after-tax basis for the portion of
the 2003 first quarter prior to the CTS split-off transaction, and for the
full first quarter of 2002 (see Tables 1 and 2).
Adjusted results exclude a one-time net gain of $494.5 million
resulting from the divestiture of IMS's equity interest in CTS on February 6,
2003 via a split-off, as well as certain pre-tax charges totaling
approximately $44.6 million, consisting primarily of severance, impairment
and other charges. Adjusted results also exclude a $14.8 million after-tax
impairment charge taken on IMS's equity investment in The TriZetto Group
(Nasdaq: TZIX) and $42.5 million of tax provision, related to a number of
items, including a Dun & Bradstreet (D&B) legacy tax transaction and
subsequent related transactions. See Tables 3 and 4 for a reconciliation
between SEC and adjusted results for the 2003 and 2002 first quarters,
respectively.
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Because IMS conducts business in more than 100 countries, foreign
exchange affects reported financial results. IMS maintains a hedging program
that limits the impact of foreign exchange currency fluctuations on earnings per
share. The company provides constant-dollar financial results in order to
reflect the elimination of year-over-year foreign currency fluctuation effects.
CONSOLIDATED BALANCE SHEET HIGHLIGHTS
IMS's cash and cash equivalents as of March 31, 2003 totaled $285.6
million, compared with $289.3 million at the end of 2002. Total debt as of March
31, 2003 was $581.1 million, up from $529.8 million at the end of 2002. The
December 31, 2002 balance sheet has been restated to present CTS on a
discontinued operations basis (see Table 5).
ANALYST CONFERENCE CALL, PRESENTATION SLIDES HIGHLIGHTING Q1 RESULTS
Executive management will review the company's performance during a
conference call with analysts at 8 a.m. Eastern Time on Wednesday, April 16,
2003. Details for accessing the call can be found on the IMS website -
WWW.IMSHEALTH.COM. Following the conference call, presentation slides
highlighting IMS results will be available in the "Investors" area of the IMS
website, under "Presentations & Analyst Calls."
ABOUT IMS HEALTH
Operating in more than 100 countries, IMS is the world's leading provider
of information solutions to the pharmaceutical and healthcare industries. With
$1.4 billion in 2002 revenue and nearly 50 years of industry experience, IMS
offers leading-edge business intelligence products and services that are
integral to clients' day-to-day
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operations, including marketing effectiveness solutions for prescription and
over-the-counter pharmaceutical products; sales optimization solutions to
increase pharmaceutical sales force productivity; and consulting and customized
services that turn information into actionable insights.
###
THIS PRESS RELEASE INCLUDES STATEMENTS WHICH MAY CONSTITUTE FORWARD-LOOKING
STATEMENTS MADE PURSUANT TO THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995. ALTHOUGH IMS HEALTH BELIEVES THE EXPECTATIONS
CONTAINED IN SUCH FORWARD-LOOKING STATEMENTS ARE REASONABLE, IT CAN GIVE NO
ASSURANCE THAT SUCH EXPECTATIONS WILL PROVE CORRECT. THIS INFORMATION MAY
INVOLVE RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS OF IMS HEALTH TO
DIFFER MATERIALLY FROM THE FORWARD-LOOKING STATEMENTS. FACTORS WHICH COULD CAUSE
OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO (I) THE RISKS
ASSOCIATED WITH OPERATING ON A GLOBAL BASIS, INCLUDING FLUCTUATIONS IN THE VALUE
OF FOREIGN CURRENCIES RELATIVE TO THE U.S. DOLLAR, AND THE ABILITY TO
SUCCESSFULLY HEDGE SUCH RISKS, (II) TO THE EXTENT IMS HEALTH SEEKS GROWTH
THROUGH ACQUISITIONS AND JOINT VENTURES, THE ABILITY TO IDENTIFY, CONSUMMATE AND
INTEGRATE ACQUISITIONS AND VENTURES ON SATISFACTORY TERMS, (III) THE ABILITY TO
DEVELOP NEW OR ADVANCED TECHNOLOGIES AND SYSTEMS FOR ITS BUSINESSES ON TIME AND
ON A COST-EFFECTIVE BASIS, AND THE ABILITY TO IMPLEMENT COST-CONTAINMENT
MEASURES, (IV) REGULATORY, LEGISLATIVE AND ENFORCEMENT INITIATIVES, PARTICULARLY
IN THE AREAS OF MEDICAL PRIVACY AND TAX, (V) TO THE EXTENT UNFORESEEN CASH NEEDS
ARISE, THE ABILITY TO OBTAIN FINANCING ON FAVORABLE TERMS, AND (VI)
DETERIORATION IN ECONOMIC CONDITIONS, PARTICULARLY IN THE PHARMACEUTICAL,
HEALTHCARE OR OTHER INDUSTRIES IN WHICH IMS HEALTH'S CUSTOMERS OPERATE.
ADDITIONAL INFORMATION ON FACTORS THAT MAY AFFECT THE BUSINESS AND FINANCIAL
RESULTS OF THE COMPANY CAN BE FOUND IN FILINGS OF THE COMPANY MADE FROM TIME TO
TIME WITH THE SECURITIES AND EXCHANGE COMMISSION.
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TABLE 1
IMS HEALTH
SEC INCOME STATEMENT (A)
THREE MONTHS ENDED MARCH 31
(UNAUDITED, IN MILLIONS EXCEPT PER SHARE)
<Table>
<Caption>
% GROWTH CONSTANT $
2003 SEC 2002 SEC REPORTED GROWTH
----------- ----------- ------------ -----------
REVENUE
SALES MANAGEMENT $ 187.6 $ 174.7 7% 0%
MARKET RESEARCH 115.0 102.9 12 4
OTHER 11.3 12.0 (6) (9)
----------- -----------
TOTAL IMS SEGMENT 313.9 289.7 8 1
OPERATING EXPENSES
OPERATING COSTS (133.0) (115.3) (15)
SELLING AND ADMINISTRATIVE (85.8) (80.6) (6)
DEPRECIATION AND AMORTIZATION (16.8) (11.7) (43)
SEVERANCE, IMPAIRMENT & OTHER CHARGES (D) (37.2) 0.0 N/M
----------- -----------
TOTAL IMS SEGMENT (272.8) (207.6) (31)
OPERATING INCOME
IMS SEGMENT 41.2 82.1 (50)
INTEREST EXPENSE, NET (2.8) (1.3) N/M
GAINS (LOSSES) FROM INVESTMENTS, NET (E) (0.9) (1.2) N/M
GAIN (LOSS) ON ISSUANCE OF INVESTEES' STOCK, NET (F) (0.3) 0.0 N/M
OTHER EXPENSE, NET (G) (10.8) (0.7) N/M
----------- -----------
PRETAX INCOME 26.4 78.9 (67)
PROVISION FOR INCOME TAXES (H) (64.3) (24.5) (162)
TRIZETTO EQUITY LOSS, NET (B) (0.3) (0.2) (65)
TRIZETTO IMPAIRMENT CHARGE, NET (I) (14.8) 0.0 N/M
----------- -----------
NET INCOME FROM CONTINUING OPERATIONS (53.2) 54.2 (198)
INCOME FROM DISCONTINUED OPERATIONS - CTS (C) 2.8 5.0 (45)
GAIN ON DISCONTINUED OPERATIONS - CTS (J) 494.5 0.0 N/M
----------- -----------
NET INCOME $ 444.1 $ 59.2 650
DILUTED EPS:
INCOME FROM CONTINUING OPERATIONS (0.20) 0.18 (211)
INCOME FROM DISCONTINUED OPERATIONS - CTS (C) 0.01 0.02 (50)
GAIN ON DISCONTINUED OPERATIONS - CTS (J) 1.90 0.00 N/M
----------- -----------
TOTAL DILUTED EPS $ 1.71 $ 0.20 755%
SHARES OUTSTANDING:
WEIGHTED AVERAGE DILUTED 260.0 293.2 11%
END-OF-PERIOD ACTUAL 244.6 289.5 16
</Table>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL TABLES.
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TABLE 2
IMS HEALTH
ADJUSTED INCOME STATEMENT (A)
THREE MONTHS ENDED MARCH 31
(UNAUDITED, IN MILLIONS EXCEPT PER SHARE)
<Table>
<Caption>
2003 2002 % GROWTH CONSTANT
ADJUSTED ADJUSTED REPORTED $ GROWTH
--------- --------- -------- --------
REVENUE
SALES MANAGEMENT $ 187.6 $ 174.7 7% 0%
MARKET RESEARCH 115.0 102.9 12 4
OTHER 11.3 12.0 (6) (9)
--------- ---------
TOTAL IMS SEGMENT 313.9 289.7 8 1
OPERATING EXPENSES
OPERATING COSTS (133.0) (115.3) (15)
SELLING AND ADMINISTRATIVE (85.8) (80.6) (6)
DEPRECIATION AND AMORTIZATION (16.8) (11.7) (43)
--------- ---------
TOTAL IMS SEGMENT (235.5) (207.6) (13)
OPERATING INCOME
IMS SEGMENT 78.4 82.1 (5) (11)
INTEREST EXPENSE, NET (2.8) (1.3) N/M
OTHER EXPENSE, NET (4.6) (2.1) N/M
--------- ---------
PRETAX INCOME 71.0 78.7 (10)
PROVISION FOR INCOME TAXES (21.9) (24.7) 11
TRIZETTO EQUITY LOSS, NET (B) (0.3) (0.2) (65)
--------- ---------
NET INCOME FROM CONTINUING OPERATIONS 48.8 53.9 (9)%
INCOME FROM DISCONTINUED OPERATIONS - CTS (C) 2.8 4.9 (43)
--------- ---------
NET INCOME $ 51.6 $ 58.8 (12)%
DILUTED EPS:
INCOME FROM CONTINUING OPERATIONS 0.19 0.18 6
INCOME FROM DISCONTINUED OPERATIONS - CTS (C) 0.01 0.02 (50)
--------- ---------
TOTAL DILUTED EPS $ 0.20 $ 0.20 0%
SHARES OUTSTANDING:
WEIGHTED AVERAGE DILUTED 260.0 293.2 11%
END-OF-PERIOD ACTUAL 244.6 289.5 16
</Table>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL TABLES.
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TABLE 3
IMS HEALTH
RECONCILIATION FROM SEC TO ADJUSTED INCOME STATEMENT (A)
THREE MONTHS ENDED MARCH 31 2003
(UNAUDITED, IN MILLIONS EXCEPT PER SHARE)
<Table>
<Caption>
SEC Q1 ADJUSTMENTS ADJUSTED Q1
---------- ----------- -----------
REVENUE
SALES MANAGEMENT $ 187.6 $ 0.0 $ 187.6
MARKET RESEARCH 115.0 0.0 115.0
OTHER 11.3 0.0 11.3
---------- ---------- ----------
TOTAL IMS SEGMENT 313.9 0.0 313.9
OPERATING EXPENSES
OPERATING COSTS (133.0) 0.0 (133.0)
SELLING AND ADMINISTRATIVE (85.8) 0.0 (85.8)
DEPRECIATION AND AMORTIZATION (16.8) 0.0 (16.8)
SEVERANCE, IMPAIRMENT & OTHER CHARGES (D) (37.2) 37.2 0.0
---------- ---------- ----------
TOTAL IMS SEGMENT (272.8) 37.2 (235.5)
OPERATING INCOME
IMS SEGMENT 41.2 37.2 78.4
INTEREST EXPENSE, NET (2.8) 0.0 (2.8)
GAINS (LOSSES) FROM INVESTMENTS, NET (E) (0.9) 0.9 0.0
GAIN (LOSS) ON ISSUANCE OF INVESTEES' STOCK, NET (F) (0.3) 0.3 0.0
OTHER EXPENSE, NET (G) (10.8) 6.2 (4.6)
---------- ---------- ----------
PRETAX INCOME 26.4 44.6 71.0
PROVISION FOR INCOME TAXES (H) (64.3) 42.5 (21.9)
TRIZETTO EQUITY LOSS, NET (B) (0.3) 0.0 (0.3)
TRIZETTO IMPAIRMENT CHARGE, NET (I) (14.8) 14.8 0.0
---------- ---------- ----------
NET INCOME FROM CONTINUING OPERATIONS (53.2) 102.0 48.8
INCOME FROM DISCONTINUED OPERATIONS - CTS (C) 2.8 0.0 2.8
GAIN ON DISCONTINUED OPERATIONS - CTS (J) 494.5 (494.5) 0.0
---------- ---------- ----------
NET INCOME $ 444.1 (392.6) $ 51.6
DILUTED EPS:
INCOME FROM CONTINUING OPERATIONS (0.20) 0.39 0.19
INCOME FROM DISCONTINUED OPERATIONS - CTS (C) 0.01 0.00 0.01
GAIN ON DISCONTINUED OPERATIONS - CTS (J) 1.90 (1.90) 0.00
---------- ---------- ----------
TOTAL DILUTED EPS $ 1.71 (1.51) $ 0.20
SHARES OUTSTANDING:
WEIGHTED AVERAGE DILUTED 260.0 0.0 260.0
END-OF-PERIOD ACTUAL 244.6 0.0 244.6
</Table>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL TABLES.
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TABLE 4
IMS HEALTH
RECONCILIATION FROM SEC TO ADJUSTED INCOME STATEMENT (A)
THREE MONTHS ENDED MARCH 31 2002
(UNAUDITED, IN MILLIONS EXCEPT PER SHARE)
<Table>
<Caption>
SEC Q1 ADJUSTMENTS ADJUSTED Q1
---------- ----------- -----------
REVENUE
SALES MANAGEMENT $ 174.7 $ 0.0 $ 174.7
MARKET RESEARCH 102.9 0.0 102.9
OTHER 12.0 0.0 12.0
---------- ---------- ----------
TOTAL IMS SEGMENT 289.7 0.0 289.7
OPERATING EXPENSES
OPERATING COSTS (115.3) 0.0 (115.3)
SELLING AND ADMINISTRATIVE (80.6) 0.0 (80.6)
DEPRECIATION AND AMORTIZATION (11.7) 0.0 (11.7)
---------- ---------- ----------
TOTAL IMS SEGMENT (207.6) 0.0 (207.6)
OPERATING INCOME
IMS SEGMENT 82.1 0.0 82.1
INTEREST EXPENSE, NET (1.3) 0.0 (1.3)
GAINS (LOSSES) FROM INVESTMENTS, NET (E) (1.2) 1.2 0.0
GAIN (LOSS) ON ISSUANCE OF INVESTEES' STOCK, NET (F) 0.0 0.0 0.0
OTHER EXPENSE, NET (G) (0.7) (1.4) (2.1)
---------- ---------- ----------
PRETAX INCOME 78.9 (0.2) 78.7
PROVISION FOR INCOME TAXES (H) (24.5) (0.1) (24.7)
TRIZETTO EQUITY LOSS, NET (B) (0.2) 0.0 (0.2)
---------- ---------- ----------
NET INCOME FROM CONTINUING OPERATIONS 54.2 (0.3) 53.9
INCOME FROM DISCONTINUED OPERATIONS - CTS (C) 5.0 (0.1) 4.9
---------- ---------- ----------
NET INCOME $ 59.2 (0.4) $ 58.8
DILUTED EPS:
INCOME FROM CONTINUING OPERATIONS 0.18 0.0 0.18
INCOME FROM DISCONTINUED OPERATIONS - CTS (C) 0.02 0.0 0.02
---------- ---------- ----------
TOTAL DILUTED EPS $ 0.20 0.0 $ 0.20
SHARES OUTSTANDING:
WEIGHTED AVERAGE DILUTED 293.2 0.0 293.2
END-OF-PERIOD ACTUAL 289.5 0.0 289.5
</Table>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL TABLES.
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TABLE 5
IMS HEALTH
SELECTED CONSOLIDATED BALANCE SHEET ITEMS
(UNAUDITED, IN MILLIONS)
<Table>
<Caption>
MAR. 31, 2003 DEC. 31, 2002
------------- -------------
CASH AND CASH EQUIVALENTS $ 285.6 $ 289.3
ACCOUNTS RECEIVABLE, NET 242.9 215.9
SHORT-TERM DEBT 256.1 204.8
LONG-TERM DEBT 325.0 325.0
</Table>
The December 31, 2002 balance sheet has been restated to present CTS on a
discontinued operations basis, consistent with the March 31, 2003 presentation.
Cash and cash equivalents and accounts receivable, net exclude CTS amounts in
both periods.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL TABLES.
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IMS HEALTH
NOTES TO FINANCIAL TABLES
(a) "ADJUSTED INCOME STATEMENT" (TABLE 1) DIFFERS FROM THE "SEC INCOME
STATEMENT" (TABLE 2) BY AMOUNTS THAT ARE DETAILED ON TABLES 3 AND 4.
ADJUSTED RESULTS GENERALLY EXCLUDE ITEMS SUCH AS GAINS/LOSSES ON
TRANSACTIONS, SEVERANCE AND IMPAIRMENT CHARGES, GAINS/LOSSES ON ISSUANCE
OF INVESTEES' STOCK, ADJUSTMENTS TO TAX RESERVES RELATED TO D&B LEGACY
TAX TRANSACTIONS, ETC. IMS MANAGEMENT BELIEVES THAT THE ADJUSTED RESULTS
PROVIDE ADDED INSIGHT INTO THE COMPANY'S PERFORMANCE BY FOCUSING ON THE
RESULTS GENERATED BY THE COMPANY'S ON-GOING CORE OPERATIONS. MANAGEMENT
USES THE ADJUSTED RESULTS FOR ALL MEASUREMENT PURPOSES.
(b) TRIZETTO EQUITY LOSS IS BASED ON PRELIMINARY INFORMATION PROVIDED BY
TRIZETTO AND INCLUDES IMS'S SHARE OF TRIZETTO RESULTS AS WELL AS PURCHASE
ACCOUNTING AMORTIZATION EXPENSES.
(c) IMS DIVESTED ITS EQUITY INTEREST IN CTS ON FEBRUARY 6, 2003 VIA A
SPLIT-OFF TRANSACTION. INCOME FROM DISCONTINUED OPERATIONS INCLUDES IMS'S
SHARE OF CTS INCOME ON AN AFTER-TAX BASIS FOR THE PORTION OF THE FIRST
QUARTER OF 2003 PRIOR TO THE SPLIT-OFF, AND FOR THE ENTIRE FIRST QUARTER
OF 2002. PREVIOUSLY CTS HAD BEEN CONSOLIDATED INTO THE IMS HEALTH
FINANCIAL STATEMENTS.
(d) IMS INCURRED $37.2 MILLION OF EXPENSE IN THE FIRST QUARTER OF 2003 FOR
SEVERANCE, IMPAIRMENT AND OTHER CHARGES, INCLUDING SEVERANCE FOR
APPROXIMATELY 80 EMPLOYEES, CONTRACT CANCELLATIONS AND IMPAIRMENTS, IDLE
REAL ESTATE FACILITIES AND WRITEDOWNS OF ASSETS RELATED TO DISCONTINUED
PRODUCTS. THESE AMOUNTS ARE EXCLUDED FROM ADJUSTED RESULTS BECAUSE THEY
REPRESENT COSTS THAT ARE NOT RELATED TO IMS'S CORE OPERATIONS ON AN
ON-GOING BASIS.
(e) LOSSES FROM INVESTMENTS, NET WERE $0.9 MILLION IN THE FIRST QUARTER OF
2003 AND $1.2 MILLION IN THE FIRST QUARTER OF 2002, RELATING PRIMARILY TO
WRITE-DOWNS AND FEES FOR THE ENTERPRISES INVESTMENTS. THESE LOSSES ARE
EXCLUDED FROM ADJUSTED RESULTS BECAUSE THEY RELATE TO NON-STRATEGIC
INVESTMENTS AND ARE NOT RELATED TO IMS'S CORE BUSINESS OPERATIONS.
(f) LOSS ON ISSUANCE OF INVESTEES' STOCK, NET WAS $0.3 MILLION IN THE FIRST
QUARTER OF 2003 AND ZERO IN THE FIRST QUARTER OF 2002. THESE LOSSES
RELATE TO THE EXERCISE OF STOCK OPTIONS BY TRIZETTO EMPLOYEES AND ARE
EXCLUDED FROM ADJUSTED RESULTS BECAUSE THEY ARE NOT RELATED TO IMS'S CORE
BUSINESS OPERATIONS.
(g) OTHER EXPENSE, NET INCLUDES $0.4 MILLION OF EXPENSES FOR LEGAL FEES IN
THE FIRST QUARTER OF 2003 AND 2002, RELATED TO THE IRI LITIGATION. THESE
EXPENSES ARE EXCLUDED FROM ADJUSTED RESULTS BECAUSE THEY RELATE TO A D&B
LEGACY MATTER AND ARE NOT RELATED TO IMS'S CORE BUSINESS OPERATIONS. IN
ADDITION, OTHER EXPENSE, NET EXCLUDES A QUARTERLY PHASING ADJUSTMENT OF
FOREIGN CURRENCY HEDGE GAINS (LOSSES), NET OF $5.8 MILLION IN THE FIRST
QUARTER OF 2003 AND ($1.8) MILLION IN THE FIRST QUARTER OF 2002. THIS
PHASING ADJUSTMENT IS MADE TO ADJUSTED RESULTS IN ORDER TO MORE CLOSELY
MATCH THE TIMING OF FOREIGN EXCHANGE HEDGE GAINS (LOSSES) WITH THE
OPERATING INCOME BEING HEDGED.
(h) THE TAX PROVISION FOR THE FIRST QUARTER OF 2003 INCLUDES A TAX BENEFIT OF
$13.2 MILLION RELATED TO THE SEVERANCE, IMPAIRMENTS AND OTHER CHARGES,
AND A TAX BENEFIT OF $2.6 MILLION IN THE FIRST QUARTER OF 2003 AND $0.1
MILLION IN THE FIRST QUARTER OF 2002 RELATED TO THE ITEMS DESCRIBED IN
NOTES (E), (F) AND (G). THESE TAX BENEFITS ARE EXCLUDED FROM ADJUSTED
RESULTS BECAUSE THE RELATED CHARGES ARE EXCLUDED FROM ADJUSTED RESULTS.
IN ADDITION, THE TAX PROVISION FOR THE FIRST QUARTER OF 2003 INCLUDES AN
ACCRUAL OF $69.6 MILLION RELATED TO A D&B LEGACY TAX AND SUBSEQUENT
RELATED TRANSACTIONS. THIS TAX PROVISION IS EXCLUDED FROM ADJUSTED
RESULTS BECAUSE IT RELATES TO LEGACY TAX AND SUBSEQUENT RELATED
TRANSACTIONS AND IS NOT RELATED TO IMS'S CORE BUSINESS OPERATIONS. THE
FIRST QUARTER 2003 TAX PROVISION ALSO INCLUDES A $13.9 MILLION TAX
BENEFIT. ADJUSTED RESULTS INCLUDE A PHASING ADJUSTMENT TO DEFER $11.3
MILLION OF THIS BENEFIT TO RECOGNIZE IT RATABLY THROUGHOUT THE FULL YEAR.
THIS PHASING ADJUSTMENT ALLOWS THE FULL YEAR EFFECTIVE RATE TO BE APPLIED
IN EACH QUARTER TO ADJUSTED PRETAX RESULTS.
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(i) THE TRIZETTO IMPAIRMENT CHARGE, NET REDUCED THE BOOK VALUE PER SHARE OF
IMS' INVESTMENT IN TRIZETTO SHARES ($6.14 PER SHARE) DOWN TO THE MARCH
31, 2003 MARKET VALUE PER SHARE ($4.13). THIS CHARGE IS EXCLUDED FROM
ADJUSTED RESULTS BECAUSE IT RELATES TO A NON-STRATEGIC INVESTMENT AND IS
NOT RELATED TO IMS'S CORE BUSINESS OPERATIONS.
(j) THE SPLIT-OFF OF CTS DESCRIBED IN NOTE (C) GENERATED A NET GAIN OF $494.5
MILLION IN THE FIRST QUARTER OF 2003. THIS GAIN IS CALCULATED AS THE
PROCEEDS FROM THE SPLIT-OFF LESS THE BOOK VALUE OF IMS'S INVESTMENT IN
CTS AND TRANSACTION COSTS. NO TAX PROVISION IS PROVIDED AS THE SPLIT-OFF
IS EXPECTED TO BE A TAX-FREE TRANSACTION. THIS GAIN IS EXCLUDED FROM
ADJUSTED RESULTS AS IT RELATES TO THE DIVESTITURE OF THE CTS BUSINESS AND
IS NOT RELATED TO IMS'S ONGOING CORE BUSINESS OPERATIONS.
AMOUNTS PRESENTED IN THE FINANCIAL TABLES MAY NOT ADD DUE TO ROUNDING.
THESE FINANCIAL TABLES SHOULD BE READ IN CONJUNCTION WITH IMS HEALTH'S
FILINGS PREVIOUSLY MADE OR TO BE MADE WITH THE SECURITIES AND EXCHANGE
COMMISSION.
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