SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                  -------------

                                    FORM 10-Q

                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                For the quarterly period ended September 30, 1997

                         Commission File number: 0-28202

                            WALSH INTERNATIONAL INC.
             (Exact Name of Registrant as Specified in its Charter)

            Delaware                                            51-0309207
   (State or Other Jurisdiction                            (I.R.S. Employer
 of Incorporation or Organization)                        Identification Number)

105 Terry Drive, Suite 118, Newtown, Pennsylvania       18940
(Address of Principal Executive Offices)              (Zip Code)

Registrant's Telephone Number, Including Area Code   215-860-4949

           ----------------------------------------------------------
              (Former Name, Former Address and Former Fiscal Year,
                          if Changed Since Last Report)


     Indicate  by check mark  whether the  registrant  (1) has filed all reports
     required to be filed by Section 13 to 15(d) of the Securities  Exchange Act
     of 1934 during the preceding 12 months (or for such shorter period that the
     registrant was required to file such reports),  and (2) has been subject to
     such filing requirements for the past 90 days     Yes x     No
                                                          ---      ---
     As of October 31, 1997 there were outstanding  10,577,948  shares of Common
     Stock of Walsh International Inc.


<PAGE>



                    WALSH INTERNATIONAL INC. AND SUBSIDIARIES

                               INDEX TO FORM 10-Q


                                                                     Page Number


PART I   FINANCIAL INFORMATION

Item 1.  Financial statements

          Consolidated  Statements of Operations (unaudited) for the
          Three Months Ended September 30, 1997 and 1996..................     3
                                                                               
          Consolidated Balance Sheets (unaudited) as of September 30,          
          1997 and June 30, 1997..........................................     4
                                                                               
          Consolidated  Statements of Cash Flows (unaudited) for the           
          Three  Months Ended September 30, 1997 and 1996.................     5
                                                                               
          Notes to Consolidated Financial Statements......................     6
                                                                               
                                                                               
Item 2.   Management's Discussion and Analysis of Results of Operations        
          and Financial Condition.........................................     8


PART II  OTHER INFORMATION

Item 6.   Exhibits and Reports on Form 8-K...............................     10
                                                                              
          Signatures.....................................................     11



<PAGE>



PART 1.                       FINANCIAL INFORMATION

ITEM 1.                       FINANCIAL STATEMENTS

                    WALSH INTERNATIONAL INC AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in thousands, except per share amounts, unaudited


<TABLE>
<CAPTION>
                                                             --------------------------------------------
                                                                         THREE MONTHS ENDED
                                                                            SEPTEMBER 30
                                                             --------------------------------------------
                                                                   1997                     1996
                                                             ------------------      --------------------
<S>                                                          <C>                     <C>                
Revenue                                                      $          13,874       $            12,758
                                                             ------------------      --------------------
Costs and expenses:
    Production costs                                                     5,199                     4,853
    Selling, general and administrative expenses                         6,214                     6,078
    Research and development costs                                         763                       962
    In process research and development write-off                        2,000                         -
    Amortization of intangible assets                                       69                        36
                                                             ------------------      --------------------
Total costs and expenses                                                14,245                    11,929
                                                             ------------------      --------------------

Operating (Loss) Income                                                   (371)                      829
Interest income                                                            149                       190
Interest expense                                                           (41)                      (54)
Minority Interest                                                           (9)                       73
                                                             ------------------      --------------------
(Loss) Income before income taxes                                         (272)                    1,038
Income tax provision                                                      (467)                     (236)
                                                             ==================      ====================
Net (Loss) Income                                            $            (739)      $               802
                                                             ==================      ====================
Net (Loss) Income per share                                  $           (0.07)      $              0.08
                                                             ==================      ====================
Shares used in computing (loss) income per share                    10,552,504                10,653,821
                                                             ==================      ====================
</TABLE>


The accompanying notes are an integral part of these financial statements.

                                       3

<PAGE>



                    WALSH INTERNATIONAL INC AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEETS

Dollars in thousands, unaudited
<TABLE>
<CAPTION>
                                                                         --------------------    --------------------
                                                                            SEPTEMBER 30               JUNE 30
                                                                                1997                    1997
                                                                         --------------------    --------------------
<S>                                                                      <C>                     <C>                
ASSETS
Current Assets:
    Cash and cash equivalents                                            $             4,067     $             5,784
    Marketable securities                                                              4,241                   6,803
    Accounts receivable, principally trade                                            13,764                  14,227
    Prepaid expenses and other current assets                                            737                     702
                                                                         --------------------    --------------------
Total current assets                                                                  22,809                  27,516
Property and equipment, net                                                            4,070                   4,169
Goodwill, net                                                                          5,207                   3,439
Marketable securities                                                                    987                   1,437
Other assets, net                                                                      4,367                   3,727
                                                                         ====================    ====================
Total assets                                                             $            37,440     $            40,288
                                                                         ====================    ====================

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
    Current maturities of long-term debt                                 $                18     $                17
    Current portion of capital lease obligations                                         557                     509
    Accounts payable                                                                   6,085                   6,896
    Accrued liabilities                                                               11,343                  11,166
    Unearned Income                                                                    2,862                   4,103
                                                                         --------------------    --------------------
Total current liabilities                                                             20,865                  22,691
                                                                         --------------------    --------------------
Long-term debt                                                                         1,150                   1,260
Capital lease obligations                                                              1,401                   1,407
Other liabilities                                                                      4,857                   5,145
Minority interest                                                                        137                     128
Commitments
Stockholders' equity:
    Common stock, $0.01 par value, 20,000,000
    shares authorized and 10,571,048 and 10,533,960
    shares issued, respectively                                                          105                     105
Paid-in capital                                                                      119,710                 119,475
Accumulated deficit                                                                 (110,897)               (110,158)
Cumulative translation adjustment                                                        562                     657
Unrealized gain on available for sale securities, net of tax                               7                      35
Treasury stock, at cost, 20,750 shares                                                  (457)                   (457)
                                                                         --------------------    --------------------
Total stockholders' equity                                                             9,030                   9,657
                                                                         ====================    ====================
Total liabilities and stockholders' equity                               $            37,440     $            40,288
                                                                         ====================    ====================
</TABLE>

The accompanying notes are an integral part of these financial statements.

                                       4

<PAGE>

                    WALSH INTERNATIONAL INC AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF CASH FLOWS


Dollars in thousands, unaudited


<TABLE>
<CAPTION>
                                                                             ----------------------------------------
                                                                                       THREE MONTHS ENDED
                                                                                          SEPTEMBER 30
                                                                             ----------------------------------------
                                                                                  1997                  1996
                                                                             ----------------     -----------------
<S>                                                                          <C>                  <C>              
Net cash flows used in operating activities                                  $          (637)     $           (934)

Cash flows (used in) provided by investing activities:
    Acquisition of Pharmaceutical Marketing Solutions (Pty) Ltd                       (3,777)                    -
    Sale (purchases) of marketable securities                                          2,984                  (217)
    Capital expenditures                                                                (188)                 (337)
    Capitalized software                                                                (139)                 (246)
                                                                             ----------------     -----------------
Net cash used in investing activities                                                 (1,120)                 (800)
                                                                             ----------------     -----------------

Cash flows provided by (used in) financing activities:
    Common stock issuance costs                                                            -                  (588)
    Repayment of capital leases                                                          (46)                   (5)
    Options exercised                                                                    235                    73
                                                                             ----------------     -----------------
Net cash provided by (used in) financing activities:                                     189                  (520)
                                                                             ----------------     -----------------

Effect of exchange rate movements                                                       (149)                   93
Net decrease in cash and cash equivalents                                             (1,717)               (2,161)
Cash and cash equivalents at beginning of period                                       5,784                 8,629
                                                                             ================     =================
Cash and cash equivalents at end of period                                             4,067                 6,468
                                                                             ================     =================
</TABLE>

The accompanying notes are an integral part of these financial statements.

                                       5

<PAGE>



                    WALSH INTERNATIONAL INC AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


1.   INTERIM UNAUDITED FINANCIAL INFORMATION

     The  consolidated  financial  statements  include  the  accounts  of  Walsh
     International   Inc.  (the   "Company")  and  all  of  its   majority-owned
     subsidiaries.

     The  accompanying  consolidated  statements of operations and  consolidated
     statements of cash flows for the three months ended  September 30, 1997 and
     1996,  the  consolidated  balance  sheets as of September  30, 1997 and the
     related  information of Walsh International Inc. included in these notes to
     the  consolidated  financial  statements are  unaudited.  In the opinion of
     management,  the interim  financial  information  reflects all  adjustments
     (consisting  only  of  items  of  a  normal  recurring  nature  except  for
     discontinued  operations)  necessary  for  the  fair  presentation  of  the
     financial  position,  results of operations  and cash flows for the periods
     presented.  Results of operations for the three months ended  September 30,
     1997 are not  necessarily  indicative of the results to be expected for the
     entire year.

     The June 30, 1997  balance  sheet was derived from the  Company's  June 30,
     1997 audited consolidated  financial  statements,  but does not include all
     disclosures required by generally accepted accounting principles.

     These interim  financial  statements should be read in conjunction with the
     audited  consolidated   financial  statements  and  related  notes  thereto
     included in the Company's  Consolidated  Financial  Statements on Form 10-K
     for the year ended June 30, 1997.

2.   (LOSS) EARNINGS PER SHARE

     (Loss) Earnings per share is computed using the weighted  average number of
     shares of Common Stock  outstanding.  Common  equivalent  shares from stock
     options and warrants  (using the treasury  stock method) have been included
     in the computation when dilutive.

3.   INCOME TAXES

     For 1997,  the  effective  income tax rate was  negatively  impacted by the
     non-deductible  charge  for  the  write-off  of  in  process  research  and
     development  costs  offset,  in part,  by a reduction of taxes  provided in
     prior  years.  For 1996 the  effective  income tax rate was  impacted  by a
     reduction of taxes provided for in prior years.

                                       6

<PAGE>



4.   ACQUISITION OF PHARMACEUTICAL MARKETING SOLUTIONS PTY LTD

     In July 1997 the  Company  acquired  100% of the  equity of  Pharmaceutical
     Marketing  Solutions Pty Ltd (PMS) a privately held Australian  company for
     $3.8 million in cash and $0.6 million of associated  acquisition costs. PMS
     uses a  salesforce  automation  system based on Lotus Notes and an analysis
     system which  operates as an integration  product  between a data warehouse
     and  proprietary  salesforce  automation  system.  The acquisition has been
     accounted  for by the purchase  method and the results of operations of PMS
     have been included in the income statement from the acquisition date.

     The total purchase price of $4.4 million has been allocated as:

          In Process Research and Development         $2.0
          Completed Technology                        $0.6
          Goodwill                                    $1.8
                                                      ----
                                                      $4.4
                                                      ====

     The  goodwill  is  expected  to have an  economic  life of 20 years and the
     completed  technology  a  life  of  between  3 and 5  years.  Goodwill  and
     completed  technologies  are being  amortised on a straight line basis over
     their economic lives.  The in process  research and development  costs have
     been written off immediately.

     Pro-forma  results from  operations of the Company as if the acquisition of
     PMS had occurred on July 1, 1996 for the quarter  ended  September 30, 1996
     are:

          Revenue                            $  13,249
          Net Income                         $     749
          Net Income per Share               $    0.07

     The pro-forma  impact of the acquisition of PMS on the Company's  operating
     results for the three months ended September 30, 1997 was not material.

     On October 14, 1997 the Company obtained an Australian dollar variable rate
     commercial  bill  facility for $3.3m.  The term of this bill  facility is 5
     years and is repayable as interest only for the first year with  repayments
     of  approximately  $330,000 of principal  every 6 months for the  remaining
     term.


5.   STOCKHOLDER RIGHTS PLAN.

     On October 14, 1997 the Board of  Directors  adopted a  stockholder  rights
     plan and  declared a dividend  of one right (a  "Right")  for each share of
     common stock of the  Company.  The Rights were payable to holders of record
     of the common  stock of the Company at the close of business on October 27,
     1997. The Rights will automatically trade with the Company's common stock.

                                       7

<PAGE>



     The Rights are not currently  exercisable but become  exercisable  upon the
     earlier of i) ten days after the first public announcement that a person or
     group,  which  did  not  beneficially  own 5% of  the  common  stock  as of
     September 22, 1997, has acquired beneficial ownership of 15 percent or more
     of the  Company's  common stock or ii) ten business  days after a person or
     group  announces  an offer the  consummation  of which would result in such
     person or group  beneficially  owning 15 percent  or more of the  Company's
     common stock.

     Once  exercisable  the holder  will be entitled to buy from the Company one
     one-hundredth of a share of a new series of junior participating  preferred
     stock for $55.00 per Right or in certain circumstances to buy at the Rights
     exercise  price a number of shares of the  Company's  common stock having a
     market value of twice the  exercise  price of each Right or, if the Company
     is  acquired  in a merger or a business  combination,  to buy at the Rights
     exercise  price a number of shares of common stock of an acquiring  Company
     having a market  value of twice the  exercise  price of each Right.  At the
     Company's  option the Rights are redeemable  prior to becoming  exercisable
     for $0.001 per Right. The Rights expire on October 14, 2007.


                                       8

<PAGE>



ITEM 2

               MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
                       OPERATIONS AND FINANCIAL CONDITION

                    WALSH INTERNATIONAL INC. AND SUBSIDIARIES

                 THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996

Revenue for the Company's  first quarter of fiscal year 1998 was $13.9  million,
an increase of 16% (excluding  currency movements) over the comparable period of
the prior year.  The  increase was  principally  due to the  improvement  in the
Company's  technology product revenues and was primarily in the Pacific markets;
a mixture of organic  growth and the  acquisition  of  Pharmaceutical  Marketing
Solutions Pty Ltd (PMS) in Australia.

Production  costs in the  first  quarter  were  $5.2  million  (38% of  revenue)
compared with $4.8 million (38%) in the comparable  quarter of fiscal year 1997.
The increase in production costs reflects the continuing investment in technical
staff for the roll-out of PREMIERE    installations  and increased  lower margin
direct mail revenues resulting from the acquisition of PMS.

Selling,  general and  administrative  expenses in the first  quarter  were $6.2
million  (45% of  revenue),  compared  with $6.1 million (48% of revenue) in the
comparable quarter of the prior year. The increase is primarily due to increased
selling  and  overhead  costs  associated  with  PMS.  There  were some one time
promotional  costs  associated  with the launch of PREMIERE   in the  comparable
quarter of fiscal 1997.

Research  and  development  costs were $0.8  million  (6% of  revenues)  for the
quarter  compared with $1.0 million (8% of revenues) for the comparable  quarter
of fiscal 1997. This decrease is due to foreign  exchange  differences  plus the
reassignment of some research staff who are currently working on support for the
delivered product.

An in process  research and  development  write-off  totalling  $2.0 million has
arisen as a result of the  acquisition  of PMS.  The $2.0  million  is the value
attributable to acquired  technology  products which are to be integrated within
the Company's own salesforce management information system, PREMIERE.

Net interest income for the quarter ended September 30, 1997 was $0.1 million, a
comparable level to the same quarter of fiscal 1997.

For fiscal 1998, the effective  income tax rate was  negatively  impacted by the
non-deductible  charge for the write off of in process  research and development
costs  offset,  in part,  by a reduction of taxes  provided in prior years.  For
fiscal 1997, the effective  income tax rate was impacted by a reduction of taxes
provided for in prior years.

                                       9

<PAGE>



                         LIQUIDITY AND CAPITAL RESOURCES


At September 30, 1997,  the Company's  cash and cash  equivalents  totalled $4.1
million,  a decrease of $1.7 million  from the $5.8 million  balance at June 30,
1997.  The  decrease is  primarily  due to the  payment of $3.3  million for the
acquisition  of PMS. The Company has,  subsequent to September 30, 1997,  funded
this by local company  Australian dollar variable rate commercial bill totalling
$3.3 million.

The  Company  additionally  holds  $5.2  million  in  a  professionally  managed
portfolio of marketable securities.

The Company believes that the anticipated cash flow from operations and existing
cash balances will satisfy the Company's  projected  working capital and capital
expenditure requirements through at least the end of fiscal 1999.


                      RECENTLY ISSUED ACCOUNTING STANDARDS

In February  1997, the Financial  Accounting  Standards  Board  ("FASB")  issued
Statement of Financial Accounting Standard ("SFAS") No. 128 "Earnings Per Share"
which is effective  for  financial  statements  issued for periods  ending after
December  15,  1997.  The new  standard  requires  changes  to the  computation,
presentation  and disclosure  requirements of primary and fully diluted earnings
per  share.  The  Company  does  not  believe  that the  application  of the new
computation  will have a materially  different impact from that calculated under
its existing accounting policy for the current period.

In June 1997,  the FASB issued SFAS No. 130,  "Reporting  Comprehensive  Income"
which is effective for financial  statements  issued for fiscal years commencing
on or after December 15, 1997. Comprehensive income represents the change in net
assets of a company  as a result  of  non-owner  transactions.  The  Company  is
currently  evaluating  the new standard and does not believe that it will have a
significant impact.

                                       10

<PAGE>


PART II-OTHER INFORMATION

ITEM 6.                 EXHIBITS AND REPORTS ON FORM 8-K

A)         EXHIBITS

Exhibit
Number

3.1        Restated  Certificate of incorporation of Walsh  International  Inc.,
           incorporated  by  reference  to  Exhibit  3.1  to  the   Registration
           Statement on Form S-1 of the Company (file no. 333-316).

3.2        By-laws of Walsh  International  Inc.,  as amended,  incorporated  by
           reference to Exhibit 3.2 to the Registration Statement on Form S-1 of
           the Company (file no. 333-316).

4.1        Rights  Agreement,  dated  as of  October  14,  1997,  between  Walsh
           International  Inc.  and Harris  Trust  Company of New York (filed as
           Exhibit 4.1 to the Company's Registration Statement on Form 8-A filed
           on October 17, 1997 and incorporated herein by reference).

10.1       Amended and  Restated  Employment  Agreement  dated as of October 24,
           1997 between Walsh International Inc. and Michael Hauck.

10.2       Amended and  Restated  Employment  Agreement  dated as of October 24,
           1997 between Walsh International Inc. and Robert Mander.

10.3       Amended and  Restated  Employment  Agreement  dated as of October 24,
           1997 between Walsh International Inc. and Martyn Williams

10.4       Amended and  Restated  Employment  Agreement  dated as of October 24,
           1997 between Walsh International Inc. and Leonard R. Benjamin.

11         Computation of Earnings per Share

27         Financial Data Schedule


B)         CURRENT REPORT ON FORM 8-K FILED ON OCTOBER 17, 1997 PURSUANT TO
           ITEM 5

           Regarding  the Rights  Agreement  between  the Company and the Harris
           Trust Company of New York and the  declaration  on October 14 1997 by
           the Board of  Directors of the Company of a dividend of one right for
           each  share of common  stock.  The rights  were  issued to holders of
           record of common  stock of the  Company at the close of  business  on
           October 27, 1997 and  automatically  trade with the Company's  common
           stock.

                                       11

<PAGE>



                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


DATE:  November 14, 1997                      WALSH INTERNATIONAL INC.




                                              BY/s/
                                                --------------------------------
                                              MARTYN D. WILLIAMS
                                              CHIEF FINANCIAL OFFICER


                                              ON BEHALF OF THE REGISTRANT AND AS
                                                     PRINCIPAL FINANCIAL OFFICER



                                       12

<PAGE>



                                INDEX TO EXHIBITS


Exhibit    Description


3.1        Restated  Certificate of Incorporation of Walsh  International  Inc.,
           incorporated  by  reference  to  Exhibit  3.1  to  the   Registration
           Statement on Form S-1 of the Company (file no. 333-316).

3.2        By-laws of Walsh  International  Inc.,  as amended,  incorporated  by
           reference to Exhibit 3.2 to the Registration statement on Form S-1 of
           the Company (file no. 333-316).

4.1        Rights  Agreement,  dated  as of  October  14,  1997,  between  Walsh
           International  Inc.  and Harris  Trust  Company of New York (filed as
           Exhibit 4.1 to the Company's Registration Statement on Form 8-A filed
           on October 17, 1997 and incorporated herein by reference).

10.1       Amended and  Restated  Employment  Agreement  dated as of October 24,
           1997 between Walsh International Inc. and Michael Hauck.

10.2       Amended and  Restated  Employment  Agreement  dated as of October 24,
           1997 between Walsh International Inc. and Robert Mander.

10.3       Amended and  Restated  Employment  Agreement  dated as of October 24,
           1997 between Walsh International Inc. and Martyn Williams

10.4       Amended and  Restated  Employment  Agreement  dated as of October 24,
           1997 between Walsh International Inc. and Leonard R. Benjamin.

11         Computation of Earnings per Share

27         Financial Data Schedule


                                       13