• IQVIA reported net new bookings exceeding $2.8 billion in Q4, the second largest in its history, with a quarterly book-to-bill ratio of 1.31, indicating robust demand and growth prospects. "
• The company anticipates a recovery in its TAS business in the second half of 2024, supported by a strong pipeline—the highest ever—and improved customer sentiment. " , "
• Despite headwinds, IQVIA's underlying R&DS business is growing at high single digits, with a qualified pipeline up strong double digits, and strong bookings pointing to future revenue growth. " , "

• Increased pricing pressure across the board is leading to tougher negotiations and potential margin compression. CEO Ari Bousbib acknowledged, "we are having maybe more pressure than we had before, generally on pricing that's across the board. There's no secret there." "
• Recovery in the Technology & Analytics Solutions (TAS) segment has been delayed multiple times, indicating continued uncertainty and potential weakness. Bousbib stated, "we're expecting this to happen second half... the business saw a decline in growth through 2023 with every quarter being worse than the previous one." "
• Despite strong bookings, revenue growth is constrained by headwinds from declines in COVID-related work, shift to lower revenue burn rate projects, and pass-through expenses, leading to a disconnect between bookings and revenue growth. Bousbib explained, "in '24, it's coming down by $300 million. That represents a direct headwind to growth of 350 basis points... pass-throughs will be a headwind... approximately 100 basis points to top line growth of R&DS." "

1. TAS Recovery Outlook
   Q: What are the expectations and indicators for TAS recovery in 2H 2024?
   A: The company expects a recovery in the TAS business in the second half of 2024, supported by the highest ever pipeline for TAS, increased FDA approvals, and client optimism. They remain cautiously optimistic, having built in caution due to previous delays. " " "

2. R&DS Revenue Growth and Headwinds
   Q: What's impacting R&DS revenue growth despite strong bookings?
   A: R&DS revenue growth is affected by a $300 million COVID step-down, representing a 350 basis point headwind, and a 100 basis point headwind from pass-throughs. Oncology projects also have lower burn rates. Excluding these factors, the underlying R&DS business is growing at high single digits. "

3. Strong Bookings and Pipeline
   Q: Are you seeing any slowdown in RFPs or bookings?
   A: The company is not seeing a slowdown; RFP flow was up 13% in Q4, with strong double-digit growth in EBP and large pharma. The total pipeline is at an all-time high, with the qualified pipeline up strong double digits across the board. "

4. Pricing Pressure
   Q: Are you experiencing pricing pressure from clients?
   A: Yes, there is continued pressure from clients on pricing, especially from large pharma focused on cost containment. Negotiations are more difficult, but this is managed as part of long-term client relationships. "

5. FSP vs Full Service Margin Impact
   Q: How does the mix shift to FSP affect margins?
   A: FSP tends to have somewhat lower margins than full service, but the shift is gradual and hasn't had a dramatic impact on overall margins. Despite this, EBITDA margins have continued to improve. "

6. Competitor Dynamics
   Q: Are there any changes in the competitive landscape affecting your business?
   A: There have been disruptions with competitors being acquired or spun off, leading to some level of disruption. The company's own merger seven years ago significantly disrupted the industry and led to market share gains. "

Note: Each answer includes inline citations referencing the document index numbers as per the guidelines.