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    IQVIA Holdings Inc (IQV)

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    Business Description

    IQVIA is a leading global provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry, operating through three main segments . The company offers mission-critical information, technology solutions, and real-world insights, primarily serving biopharmaceutical clients with outsourced clinical research and trial services . IQVIA also provides healthcare provider and patient engagement services, contributing to its comprehensive suite of offerings .

    1. Research & Development Solutions (R&DS) - Provides outsourced clinical research and trial services primarily for biopharmaceutical clients, making it the largest contributor to IQVIA's total revenue.
    2. Technology & Analytics Solutions (TAS) - Offers mission-critical information, technology solutions, and real-world insights, significantly contributing to the company's revenue.
    3. Contract Sales & Medical Solutions (CSMS) - Delivers healthcare provider and patient engagement services, enhancing the company's comprehensive service offerings.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Ari BousbibChairman and Chief Executive OfficerOctober 2016Ari Bousbib has been the Chairman and CEO of IQVIA since October 2016, following the merger of Quintiles and IMS Health. He previously served as Chairman and CEO of IMS Health from 2010 until the merger .
    Ronald E. BruehlmanExecutive Vice President and Chief Financial OfficerAugust 1, 2020Ronald E. Bruehlman is the EVP and CFO at IQVIA. He was appointed to this position effective August 1, 2020. He previously served as SVP and CFO of IMS Health from July 2011 until the merger with Quintiles .
    W. Richard Staub, IIIPresident, Research & Development SolutionsSeptember 25, 2023W. Richard Staub, III resumed his role as President of R&D Solutions on September 25, 2023. He was a senior advisor to the Chairman and CEO from April 2022 to September 2023 and previously held the same position from 2016 to 2022 .
    Kevin C. KnightlyPresident, Corporate Strategy and Enterprise NetworksJuly 2022Kevin C. Knightly has served as President, Corporate Strategy and Enterprise Networks since July 2022. He was previously President, Technology & Commercial Solutions from October 2016 to June 2022 .
    Eric SherbetExecutive Vice President, General Counsel and SecretaryMarch 2018Eric Sherbet has been the EVP, General Counsel, and Secretary of IQVIA since March 2018. Before joining IQVIA, he was the General Counsel and Secretary at Patheon N.V. from 2014 to 2017 .
    Kevin C. KnightlySenior Advisor to the CEOMay 15, 2024 (expected)The documents do not provide information about Kevin C. Knightly serving as Senior Advisor to the CEO effective May 15, 2024. However, he has served as President, Corporate Strategy and Enterprise Networks since July 2022 .

    Questions to Ask Management

    1. Given that TAS revenue growth was approximately 3% in Q1 and 4% in Q2, what gives you confidence that TAS will achieve 6% to 7% growth in the second half, and what are the specific drivers behind this acceleration?
    2. Could you elaborate on the mix shift impacting margins in the second half, and specifically, what intra-segment factors are contributing to the slight lowering of EBITDA guidance?
    3. With large pharma reprioritizing their portfolios and increased cancellations of clinical trials, how is this affecting your R&DS bookings and backlog, and have cancellation trends improved recently?
    4. Considering the recent acceleration in EBP funding, how should we think about the potential shift in revenue mix between EBP and large pharma clients, and what implications does this have for your full-service versus FSP offerings?
    5. Given your strong cash flow performance and reduced leverage to 3.25x EBITDA, what are your priorities for capital allocation, particularly regarding M&A opportunities versus returning capital to shareholders?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateOctober 30, 2013
    End Date/DurationNo expiration date
    Total additional amount$11,725 million
    Remaining authorization amount$2,163 million
    DetailsThe program can be modified, extended, suspended, or discontinued at any time.

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2024$42Revolving Credit Facility0.00.3% = (42 / 13,578) * 100
    2025$1,219Term B Loan, 2.875% Senior Notes5.35, 2.8759.0% = (1,219 / 13,578) * 100
    2026$3,141Term A Loans, 5.0% Senior Notes, 1.750% Notes6.20, 4.60, 5.0, 1.75023.1% = (3,141 / 13,578) * 100
    2027$2,634Term A Loan, 5.0% Senior Notes, Receivables6.41, 5.0, 6.2219.4% = (2,634 / 13,578) * 100
    2028$2,3625.700% Senior Secured Notes, 2.250%, 2.875% Notes5.700, 2.250, 2.87517.4% = (2,362 / 13,578) * 100
    2029$2,2556.250% Senior Secured Notes, 2.250% Notes6.250, 2.25016.6% = (2,255 / 13,578) * 100
    2030$5006.500% Senior Notes6.5003.7% = (500 / 13,578) * 100
    2031$1,489Term B Loan6.6011.0% = (1,489 / 13,578) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Accenture
    • Aetion
    • Panalgo (a Norstella company)
    • Cognizant Technology Solutions
    • Fortrea
    • Deloitte
    • Pharmaceutical Product Development, Inc. (now part of Thermo Fisher Scientific Inc.)
    • Relx
    • IBM
    • Infosys
    • Cerner (an Oracle company)
    • McKinsey
    • NielsenIQ
    • Optum Insight
    • Parexel International Corporation
    • Press Ganey
    • RTI Health Solutions
    • ICON plc
    • Definitive Healthcare
    • Cegedim
    • Tempus
    • Merative
    • CompuGroup Medical
    • Medidata
    • Clarivate
    • Veeva
    • ZS Associates
    • Syneos Health
    • Amplity Health
    • Eversana
    • Inizio
    • EPS Corporation
    • Uniphar
    • CMIC HOLDINGS Co., Ltd.

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP2002 PresentCurrent auditor