IQVIA HOLDINGS (IQV) Company Report

Q4 near-10% reported (7% constant currency) growth; legacy TAS real-world grew double-digits; TAS split ~33% real-world, ~25% info, 20% consulting and ~22% tech
Go-forward Commercial Solutions guided to 7–9% growth and R&DS to 4%, with M&A contributing ~150 bps from deals like Cedar Gate
AI strategy leverages proprietary global dataset from 150k data feeds; deployed 150 AI agents across 30 use cases (e.g., launch planning) to build a durable moat
CFO transition to Mike Fedock emphasizes continuity; targets 0–30 bps annual EBITDA margin expansion, maintains 3–4x leverage and opportunistic M&A/share buybacks

13 hours ago

Transcript

IQVIA discusses AI moat, M&A strategy and financial outlook at Citi Access Day

IQV

M&A

CFO Change

IQVIA expects ~150 bps contribution from M&A at the enterprise level in 2026, with roughly two-thirds benefiting Commercial Solutions and the balance in R&DS.
The company’s proprietary, “messy” and dynamic data ecosystem—built over 71 years from 150,000 global feeds and hundreds of millions in annual spend—constitutes a durable AI moat, with limited erosion risk (primary market research is only 5% of its consulting & analytics).
In 2025, non-operational factors (FX & pass-throughs) compressed EBITDA margins by 70 bps, mix and pricing by another 100 bps, while productivity initiatives added ~100 bps; IQVIA targets 0–30 bps of annual margin expansion going forward.
CRO cancellations normalized in 2025 to ~$2 billion (down from $3 billion in 2024), with no observed impact from AI on RFP flow or cancellations.
Leverage remains comfortable at 3–4× net debt/EBITDA; capital deployment is opportunistic, favoring share repurchases amid current valuations while maintaining an acquisitive pipeline.

13 hours ago

Transcript

IQVIA highlights AI moat, M&A contribution, and financial priorities

IQV

M&A

Management Change

IQVIA expects 7-9% reported revenue growth, driven by momentum in Commercial Solutions and R&DS segments.
M&A is projected to add 150 basis points to enterprise growth, with two-thirds of the benefit in Commercial Solutions and the balance in R&DS.
The company’s proprietary real-world data forms a durable AI moat, having deployed over 150 AI agents across 30 use cases to enhance client solutions.
Clinical trial cancellations returned to a ~$2 billion annual run rate in 2025 (vs. $3 billion in 2024), with no impact observed from AI integration.
CFO succession emphasizes continuity in capital allocation, targeting 3–4x net leverage and remaining opportunistic on M&A versus share repurchase based on valuation.

14 hours ago

Transcript

IQVIA agrees to acquire drug discovery assets from Charles River

IQV

M&A

IQVIA entered an agreement to acquire certain discovery services assets from Charles River Laboratories, adding five specialized in vitro drug discovery sites.
These assets feature established New Approach Methodologies and a small molecule AI platform backed by over 20 years of curated data, supporting 100+ molecules in clinical trials and multiple approved drugs.
The acquisition expands IQVIA’s end-to-end drug discovery capabilities across target identification, hit-to-lead, lead optimization and early safety assessment in areas such as Oncology, Neurology and Immunology.
The transaction is expected to close in Q2 2026.

2 days ago

Press Release

IQVIA reports 67% rise in GLP-1 usage while bariatric surgery volumes fall

IQV

Cedar Gate analysis shows a 13% decline in bariatric surgery volume over the past year and a 67% increase in members using GLP-1 medications over two years.
In 2024, the average cost of bariatric surgery was $24,215 (up 9.62%) vs an annual $5,200 per patient for GLP-1 prescriptions (up 8.33%); GLP-1 users fill an average of 4.77 prescriptions at over $1,100 each.
Bariatric surgery patients were 80.5% female, compared with 56.2% for GLP-1 prescriptions; 70% of GLP-1 users are 50 or older vs 34% of surgery patients, suggesting broader reach for nonsurgical treatments.
Long-term outcomes remain uncertain: bariatric surgery shows sustained ~20% weight loss after 10 years, while GLP-1 patients often regain weight after stopping therapy, with only ~33% persisting on treatment at one year and 27% adhering as intended.

Feb 18, 2026, 1:30 PM

Press Release

IQVIA HOLDINGS announces $500M DynaShield licensing agreement

IQV

New Projects/Investments

Bio Usawa and Nanoly Bioscience entered a licensing deal valued at up to $500 million, granting Bio Usawa exclusive, worldwide rights to the DynaShield™ thermal-stability platform.
DynaShield™ uses a specialized polymer scaffold to protect proteins from thermal degradation, enabling room-temperature stability of biologics and vaccines and potentially eliminating the traditional cold-chain requirement.
By removing refrigeration needs, the agreement aims to cut distribution overhead and spoilage—currently up to 50% of vaccines are wasted annually due to cold-chain failures, which cost the biopharma sector $20–35 billion per year in losses.
Bio Usawa’s manufacturing scale in emerging markets, combined with Nanoly’s stabilization expertise, is designed to expand affordable, reliable access to life-saving therapies in regions lacking robust refrigeration infrastructure.

Feb 18, 2026, 4:00 AM

Press Release

IQVIA highlights generative AI trends and market growth in life sciences

IQV

The generative AI in life sciences market is projected to grow from USD 233.74 million in 2024 to USD 1,544.13 million by 2034, at a CAGR of 20.78%.
IQVIA’s 2024 revenue was USD 15.4 billion, driven by its clinical trial, real-world data, and analytics platforms.
Key players leveraging AI include Medidata Solutions (SaaS trial platforms), Owkin SA (drug discovery algorithms), Insilico Medicine (molecular design), Heidi Health (clinical workflow automation), and OpenEvidence (AI-driven clinical insights).
Public sector initiatives—over 500 FDA tech-integrated drug submissions (2016–2023) and the NIH All of Us program ($130 million funding, 297,549 participants)—are bolstering data availability for personalized medicine.
AI tools are enhancing trial efficiency, patient selection, data interpretation, and automating administrative tasks, thereby accelerating drug development and improving care delivery.

Feb 5, 2026, 4:11 PM

Press Release

IQVIA reports Q4 and full-year 2025 results

IQV

Earnings

Guidance Update

Q4 revenue of $4,364 M (+10.3% reported; +8.1% constant currency); full-year revenue $16.31 B (+5.9% reported; +4.8% cc).
Q4 adjusted EPS of $3.42 (+9.6% YoY); full-year adjusted EPS $11.92 (+7.1% YoY).
Q4 clinical net bookings of $2.7 B (+7% YoY) with a book-to-bill of 1.18; backlog reached $32.7 B (+5.3% YoY).
Q4 free cash flow $561 M; full-year free cash flow $2.051 B (~100% of adjusted net income); net debt $13.744 B (3.63× trailing EBITDA).
2026 guidance: revenue $17.15 B–17.35 B, adjusted EPS $12.55–12.85; 2025 segment recast shows Commercial Solutions at $6.74 B and R&DS at $9.57 B.

Feb 5, 2026, 2:00 PM

Transcript

IQVIA reports Q4 2025 earnings

IQV

Earnings

Guidance Update

IQVIA delivered Q4 revenue of $4,364 M, up 10.3% year-over-year on an actual FX basis; Adjusted EBITDA was $1,046 M and Adjusted diluted EPS was $3.42.
Full-year 2025 revenue reached $16,310 M, up 5.9% year-over-year, with Adjusted EBITDA of $3,788 M.
Operating cash flow for Q4 was $735 M and free cash flow was $561 M, with a net leverage ratio of 3.63x as of December 31, 2025.
For full-year 2026, the company guides revenue of $17,150 M–$17,350 M, Adjusted EBITDA of $3,975 M–$4,025 M, and Adjusted EPS of $12.55–$12.85.

Feb 5, 2026, 2:00 PM

Presentation

IQVIA reports Q4 2025 results

IQV

Earnings

Guidance Update

CFO Change

Q4 revenue of $4.364 billion (+10.3% reported, +8.1% constant currency), adjusted EBITDA of $1.046 billion (+5%), adjusted EPS of $3.42 (+9.6%), and R&DS backlog of $32.7 billion (+5.3%).
Full-year 2025 revenue of $16.31 billion (+5.9% reported, +4.8% constant currency), free cash flow of $2.051 billion (≈99% of adjusted net income), and $1.244 billion returned via share repurchases at an average price of $169.
2026 guidance: revenue of $17.15–17.35 billion, adjusted EBITDA of $3.975–4.025 billion, and adjusted EPS of $12.55–12.85; 2025 segment recast shows Commercial Solutions at $6.74 billion and R&DS at $9.57 billion.
CFO Ron Bruehlman will transition to a senior advisory role after this call, marking his final earnings presentation in the CFO role.

Feb 5, 2026, 2:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for IQVIA HOLDINGS.

Q4 2025

Feb 5, 2026

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Q3 2025

Oct 28, 2025

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Q2 2025

Jul 22, 2025

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IQVIA HOLDINGS (IQV)

Analyst Earnings Quarterly Reports

Q3 2025

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Q1 2025

Q4 2024

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Executives

Ari Bousbib

Bhavik Patel

Eric Sherbet

Ronald Bruehlman

W. Richard Staub

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Carol Burt

Colleen Goggins

James Fasano

John Danhakl

John Leonard

Leslie Wims Morris

Sheila Stamps

Todd Sisitsky

William Kaelin Jr.

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Jack Meehan

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Anne McCormick

Charles Rhyee

Christine Rains

Daniel Clark

Dan Leonard

Luke Sergott

Matthew Sykes

Salem Salem

Shlomo Rosenbaum

Tejas Savant

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