Total Revenue

+5.3% (from $3,814M in Q2 2024 to $4,017M in Q2 2025)

The overall revenue boost is driven by strong momentum across segments. In Q2 2025, robust advances in Technology & Analytics Solutions and Contract Sales & Medical Solutions helped reverse some of the mixed trends seen in Q1 (where TAS posted modest gains and CSMS experienced declines in Q1 2025). " " " "

Technology & Analytics Solutions

+8.9% (from $1,495M in Q2 2024 to $1,628M in Q2 2025)

Accelerated revenue growth in TAS is attributable to increased demand for information and technology services, especially in the Europe and Africa region. This quarter builds on Q1 2025’s solid performance (6.4% growth reported, supported by service expansions) that indicated an upward trend. " " " " "

Research & Development Solutions

+2.5% (from $2,147M in Q2 2024 to $2,201M in Q2 2025)

The moderate gain in R&DS reflects persistent volume-related increases in clinical services despite earlier challenges like a reduction in COVID‑19 related work and delays in customer decision-making seen in Q1 2025. A strengthened contracted backlog, previously highlighted in Q1 analyses, supports the incremental growth in this segment. " " " "

Contract Sales & Medical Solutions

+9.3% (from $172M in Q2 2024 to $188M in Q2 2025)

CSMS rebounded sharply in Q2 2025 with a nearly 9.3% gain, driven by improved service volumes and effective cost management, contrasting with the volume-related declines seen in Q1 2025. This recovery indicates a normalization in operations compared to previous periods where underlying cost pressures and reduced service volumes had weighed on performance. " " " "

Revenue

Q3 2025

$3.925B – $4B " "

$4,025,000,000 – $4,100,000,000 "

raised

Adjusted EBITDA

Q3 2025

$895M – $915M " "

$935,000,000 – $955,000,000 "

raised

Adjusted Diluted EPS

Q3 2025

$2.72 – $2.83 " "

$2.92 – $3.02 "

raised

Revenue

FY 2025

$16B – $16.4B " "

$16,100,000,000 – $16,300,000,000 " "

no change

Adjusted EBITDA

FY 2025

$3.755B – $3.885B " "

$3,750,000,000 – $3,825,000,000 " "

lowered

Adjusted Diluted EPS

FY 2025

$11.70 – $12.10 " "

$11.75 – $12.05 " "

no change

Robust Pipeline, Backlog, and Bookings

In Q1 2025, the pipeline grew in low single digits with record backlog of $31.5B and softer bookings due to delayed decisions. " " " In Q4 2024, strong new net bookings over $2.5B and expanding backlog (up 5.5% to $31.1B) were noted despite high cancellations. " " " "

Q2 2025 highlights a robust, high single-digit growth in the qualified pipeline, a record backlog of over $32B, and improved net bookings of approximately $2.5B with a better win rate in the EVP segment. " " " " "

The topic remains consistently bullish with enhanced operational execution and a record backlog, despite previous cancellation challenges; overall sentiment is positive.

Margin Dynamics

Q1 2025 discussed margin pressure from FX impacts and unfavorable revenue mix with efforts for cost reduction and restructuring. " " " In Q4 2024, margin expansion was achieved through cost levers and strategic use of AI, despite some mix challenges and stranded costs from delayed trials. " "

Q2 2025 noted gross margin compression driven by an unfavorable product mix and FX headwinds, partially offset by strong SG&A cost control and plans to leverage AI efficiencies for eventual margin expansion. " " "

Previously, margins had expanded in Q4 2024, but current sentiment shows a temporary compression due to mix and FX; however, proactive cost control and AI improvements suggest managed risks.

Accelerated AI Adoption and Deployment

Q4 2024 introduced significant AI innovations including collaboration with NVIDIA and deployment of AI-enabled applications such as the IQVIA AI Assistant. " " " In Q1 2025, IQVIA had already deployed over 20 AI agents covering three use cases per segment with plans to scale use cases significantly. " "

In Q2 2025, IQVIA emphasized further acceleration with over 20 AI agents in production and plans to deploy 50 additional agents covering 15 use cases by Q3 2025, demonstrating impressive efficiency gains and client impact. " "

AI adoption is a consistently highlighted growth area; the continuous expansion in the number of agents and new use cases signals an ongoing, bullish strategy driving future efficiencies.

Customer Decision-Making Delays and Project Timeline Risks

Q1 2025 detailed delays with elongated decision timelines, including two mega trials—one confirmed to resume in H2 2025 and another postponed to 2026, with stranded cost concerns. " " " " Q4 2024 noted decision delays driven by factors like the IRA, large cancellations, and timeline pushbacks for major trials. " "

Q2 2025 acknowledged that decision-making timelines remain elongated in an unsettled environment, though some important programs, such as a delayed trial expected in the later part of the year, are resuming; overall, cancellation trends normalized relative to previous volatility. " " "

While delays have persisted across periods, the current period shows signs of stabilization with fewer cancellation shocks and some trial resumption, suggesting a modest improvement in client decision timelines.

Improved Sales Execution and Win Rate Growth

In Q1 2025, discussions around RFP flow and stable win rates were mentioned without a clear focus on improved sales execution, and Q4 2024 did not specifically address this topic " (N/A for Q4).

Q2 2025 explicitly highlighted significantly improved win rates—especially in the EVP segment—and an aggressive, proactive approach in generating opportunities, leading to robust bookings and record backlog growth. " " "

This is a new emphasis in Q2 2025 compared to earlier periods, indicating a sharper improvement in sales execution and win rate performance that bodes well for future revenue growth.

Pricing Pressures and Competitive Contract Renewal Challenges

Q4 2024 highlighted a tough pricing environment with intense competition among CROs and aggressive bidding by large pharma, while Q1 2025 mentioned that pricing pressures remained unchanged with strategic partnerships cushioning the impact. " " "

Q2 2025 reported that competitive pricing pressures persist with some competitors forcing price reductions; IQVIA is now more willing to accept lower prices to secure business while leveraging its scale for contract renewals. "

Over the periods, the discussion shifted from a relatively stable pricing environment in Q1 to acknowledging active price concessions in Q2, suggesting increased competitive pressures and a more tactical approach.

Real-World Evidence Growth and Technology & Analytics Solutions Recovery

In Q4 2024, robust double-digit growth in RWE and high single-digit to double-digit growth in TAS were reported, driven by must-do activities for drug launches and commercialization. " " Q1 2025 saw strong double-digit RWE growth and TAS revenue increases (6.4% reported, 7.6% constant currency), underpinned by recovering discretionary spending. " " " "

Q2 2025 maintained strong RWE performance with double-digit growth and TAS recovery with 8.9% reported growth, supported by strong opportunity creation, faster closing times, and improved win rates. " " " "

Consistent upward momentum is evident across periods; the stability and continued strength of RWE and TAS recovery underscore a bullish sentiment that should heavily impact future performance.

Biotech Funding and Strategic Partnership Expansion

Q4 2024 featured robust biotech funding (over $100B, a 44% increase) and extensive strategic partnership expansion with renewals across 22 of the top 25 pharma companies. " " " Q1 2025 noted a deteriorated funding environment for EBPs, though strong strategic partnership renewals and new contracts were also mentioned. " "

Q2 2025 did not specifically mention biotech funding, and while strategic partnership expansion was noted as successful in previous periods, it was not a focal point in the current discussion. " "

This topic is less emphasized in Q2 2025, indicating a shift in focus away from external funding dynamics and partnership expansion, possibly because previous efforts have been consolidated and are now considered established.

Volatility and High Cancellation Concerns

Q4 2024 described significant volatility with cancellations nearly 50% above normal and unpredictable timelines due to external factors like the IRA and delayed trials, while Q1 2025 reported cancellation levels returning to historical norms despite continued volatility in contract signings. " " " "

Q2 2025 stressed that cancellation trends had normalized and that while decision-making delays persist, overall volatility has moderated compared to the previous year. " "

The trend shows a clear reduction in cancellation concerns and volatility from Q4 2024 to Q2 2025, reflecting a stabilizing market environment and improved operational predictability.