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 **[0001478242-24-000038_iqv-20231231.htm:79]** **[0001478242-24-000117_iqv-20240930.htm:24]** **[0001478242-24-000097_iqv-20240630.htm:23]**. The company offers mission-critical information, technology solutions, and real-world insights, primarily serving biopharmaceutical clients with outsourced clinical research and trial services **[0001478242-24-000038_iqv-20231231.htm:162]**. IQVIA also provides healthcare provider and patient engagement services, contributing to its comprehensive suite of offerings **[0001478242-24-000038_iqv-20231231.htm:162]**.

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.

84fc2680a0161cf3a53fd5a4b0acc6198cbd3d18f9e8f3dd9673065e19e69155

| Metric / Quarter                                      | Q4 2022       | Q1 2023       | Q2 2023       | Q3 2023       | Q4 2023       | Q1 2024       | Q2 2024       | Q3 2024       |
|-------------------------------------------------------|---------------|---------------|---------------|---------------|---------------|---------------|---------------|---------------|
| Contracted Backlog ($ Billion)                        | **27.2**  **[0001157523-23-000245_a53313602ex99_1.htm:1]** **[IQV_3227719_3]**  | **27.9**  **[0001157523-23-000632_a53388394ex99_1.htm:1]** **[IQV_3248397_3]**  | **28.4**  **[0001157523-23-001201_a53494444_ex991.htm:1]** **[IQV_3256733_1]**  | **28.8**  **[0001478242-23-000101_iqv-20230930.htm:29]** **[0001157523-23-001589_a53720237ex99_1.htm:1]**  | **29.7**  **[0001157523-24-000236_a53896009ex99_1.htm:1]** **[0001308179-24-000042_liqv2024_def14a.htm:69]**  | **30.1**  **[0001193125-24-128463_d757395dex991.htm:0]** **[0001478242-24-000068_iqv-20240331.htm:25]**  | **30.6**  **[0001478242-24-000090_iqv-q2x2024earningspressre.htm:0]**  | **31.1**  **[0001478242-24-000113_iqv-q3x2024earningspressre.htm:0]**  |
| Transaction Price Allocated to Remaining Performance Obligations ($ Billion) | **29.2**  **[0001478242-23-000044_iqv-20221231.htm:117]**  | **31.4**  **[0001478242-23-000061_iqv-20230331.htm:6]**  | **31.0**  **[0001478242-23-000086_iqv-20230630.htm:8]**  | **31.3**  **[0001478242-23-000101_iqv-20230930.htm:8]**  | **31.7**  **[0001478242-24-000038_iqv-20231231.htm:128]**  | **33.0**  **[0001478242-24-000068_iqv-20240331.htm:6]**  | **32.8**  **[0001478242-24-000097_iqv-20240630.htm:8]**  | **33.3**  **[0001478242-24-000117_iqv-20240930.htm:9]**  |

8faf066cbe8bf8e4b1288905dc6f836f2a638e5bb3b7330764f54e1e0ff09f4c

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

291c9dc780e8a36ca7323d975ea9edd6e328d182bf9a024dc63a1014dc275b7a

| Metric [USD Million] | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Americas             | N/A     | **1,856**  **[0001478242-23-000101_iqv-20230930.htm:7]**  | **1,821**  **[0001478242-23-000086_iqv-20230630.htm:7]**  | **1,801**  **[0001478242-23-000061_iqv-20230331.htm:6]**  | N/A     | N/A     | N/A     | N/A     |
| Europe and Africa    | N/A     | **1,089**  **[0001478242-23-000101_iqv-20230930.htm:7]**  | **1,116**  **[0001478242-23-000086_iqv-20230630.htm:7]**  | **1,094**  **[0001478242-23-000061_iqv-20230331.htm:6]**  | N/A     | N/A     | N/A     | N/A     |
| Asia-Pacific         | N/A     | **791**  **[0001478242-23-000101_iqv-20230930.htm:7]**    | **791**  **[0001478242-23-000086_iqv-20230630.htm:7]**    | **757**  **[0001478242-23-000061_iqv-20230331.htm:6]**    | N/A     | N/A     | N/A     | N/A     |
| Total Revenue        | N/A     | **3,736**  **[0001478242-23-000101_iqv-20230930.htm:7]**  | **3,728**  **[0001478242-23-000086_iqv-20230630.htm:7]**  | **3,652**  **[0001478242-23-000061_iqv-20230331.htm:6]**  | **3,739**  **[0001157523-23-000245_a53313602ex99_1.htm:1]**  | N/A     | N/A     | N/A     |

e1713d28d310bce98af735f374ecdc126c885284721367c734c292dd6ed995bd

| Metric (USD Million) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Technology & Analytics Solutions (TAS) | **1,499**  **[0001157523-23-000245_a53313602ex99_1.htm:1]**  | **1,444**  **[0001478242-23-000061_iqv-20230331.htm:23]**  | **1,456**  **[0001157523-23-001201_a53494444_ex991.htm:1]**  | **1,431**  **[0001478242-23-000101_iqv-20230930.htm:28]**  | **1,531**  **[0001157523-24-000236_a53896009ex99_1.htm:1]**  | **1,453**  **[0001478242-24-000068_iqv-20240331.htm:25]**  | **1,495**  **[0001478242-24-000090_iqv-q2x2024earningspressre.htm:0]**  | **1,554**  **[0001478242-24-000117_iqv-20240930.htm:29]**  |
| Research & Development Solutions (R&DS) | **2,058**  **[0001157523-23-000245_a53313602ex99_1.htm:1]**  | **2,026**  **[0001478242-23-000061_iqv-20230331.htm:23]**  | **2,096**  **[0001157523-23-001201_a53494444_ex991.htm:1]**  | **2,122**  **[0001478242-23-000101_iqv-20230930.htm:28]**  | **2,151**  **[0001157523-24-000236_a53896009ex99_1.htm:1]**  | **2,095**  **[0001478242-24-000068_iqv-20240331.htm:25]**  | **2,147**  **[0001478242-24-000090_iqv-q2x2024earningspressre.htm:0]**  | **2,162**  **[0001478242-24-000117_iqv-20240930.htm:30]**  |
| Contract Sales & Medical Solutions (CSMS) | **182**  **[0001157523-23-000245_a53313602ex99_1.htm:1]**  | **182**  **[0001478242-23-000061_iqv-20230331.htm:23]**  | **176**  **[0001157523-23-001201_a53494444_ex991.htm:1]**  | **183**  **[0001478242-23-000101_iqv-20230930.htm:28]**  | **186**  **[0001157523-24-000236_a53896009ex99_1.htm:1]**  | **189**  **[0001478242-24-000068_iqv-20240331.htm:25]**  | **172**  **[0001478242-24-000090_iqv-q2x2024earningspressre.htm:0]**  | **180**  **[0001478242-24-000117_iqv-20240930.htm:31]**  |
| Total Revenue | N/A | **3,652**  **[0001478242-23-000061_iqv-20230331.htm:21]**  | **3,728**  **[0001157523-23-001201_a53494444_ex991.htm:1]**  | **3,736**  **[0001478242-23-000101_iqv-20230930.htm:28]**  | N/A | **3,737**  **[0001478242-24-000068_iqv-20240331.htm:25]**  | **3,814**  **[0001478242-24-000090_iqv-q2x2024earningspressre.htm:0]**  | **3,896**  **[0001478242-24-000113_iqv-q3x2024earningspressre.htm:0]**  |

f5cb08ec19f1c70a96e079f21c35ed6025e87f347a55cec57313082a7908153f

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?  **[IQV_3393858_12]** **[IQV_3393858_1]** 
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?  **[IQV_3393858_19]** **[IQV_3393858_6]** 
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?  **[IQV_3393858_1]** **[IQV_3393858_18]** 
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?  **[IQV_3393858_1]** **[IQV_3393858_22]** 
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?  **[IQV_3393858_21]** 

e55065143319d4e98cc1ea02b80130330ec8fbc5e5f03e15c5cceb86f73f95fe

743f4554f2335a4920e761a871b76e34a54937568a953790f0163cd27e6bd7a1

fae9c8879d53ce4d71642ca20b8e9344b401529617c534fe8757a7b142f3842e

e8c02cbf8f1ba6f0814c1b25d49423d12f13dd94b1d00b7010fabb42cdbb0d4a

Contracted Backlog ($ Billion)

Transaction Price Allocated to Remaining Performance Obligations ($ Billion)

537337afb149e46bad41d1658fb1ed86f7e219a731ad8ef783833adae98a20ac

| Program Details          | Program 1       |
|--------------------------|-----------------|
| Approval Date            | **October 30, 2013**  **[0001478242-24-000117_iqv-20240930.htm:46]**  |
| End Date/Duration        | No expiration date  **[0001478242-24-000117_iqv-20240930.htm:46]**  |
| Total additional amount  | **$11,725 million**  **[0001478242-24-000117_iqv-20240930.htm:46]**  |
| Remaining authorization amount | **$2,163 million**  **[0001478242-24-000117_iqv-20240930.htm:46]**  |
| Details                  | The program can be modified, extended, suspended, or discontinued at any time.  **[0001478242-24-000117_iqv-20240930.htm:46]**  |

5eb0fff5ba157447ab1cd18e381295b9eabf3591df69ece9267de1e1d85df066

Americas

- United States

- Other Americas

Europe and Africa

- United Kingdom

- Other Europe and Africa

Asia-Pacific

- Japan

- Other Asia-Pacific

Total Revenue

3bde1d10f228d14b044856fe4b5e295dcbef009ce9b06c965899b74bd23cc7ad

- Accenture
- Aetion
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- Press Ganey
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- Inizio
- EPS Corporation
- Uniphar
- CMIC HOLDINGS Co., Ltd.  **[0001478242-24-000038_iqv-20231231.htm:18]** 

6480a5a98845b08cb326396e792c8ca2ce36248c20cefa9c15e866b87d769797

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  - **Total Revenue**: $15.400 billion to $15.650 billion
  - **Adjusted EBITDA**: $3.700 billion to $3.800 billion
  - **Adjusted Diluted EPS**: $10.95 to $11.25
  - **Net Interest Expense**: Approximately $650 million
  - **Operational Depreciation and Amortization Expense**: Approximately $580 million
  - **Effective Income Tax Rate**: Just under 20%
  - **Average Diluted Share Count**: Approximately 184 million shares
  - **Deployment**: Assumes about $2 billion deployment split evenly between acquisitions and share repurchase
  - **Foreign Currency Rates**: Assumes that foreign currency rates as of February 12 continue for the balance of the year
  - **Segment-level guidance**:
    - **TAS Revenue**: $6 billion to $6.2 billion
    - **R&DS Revenue**: $8.7 billion to $8.8 billion
    - **CSMS Revenue**: Approximately $700 million, which is down slightly year-over-year  **[IQV_3373235_6]** **[IQV_3373235_5]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: Q2 2024 and FY 2024
- **Guidance**:
  - **Full-Year Revenue**: $15.325 billion to $15.575 billion
  - **Adjusted EBITDA**: $3.7 billion to $3.8 billion
  - **Adjusted Diluted EPS**: $10.95 to $11.25
  - **Second Quarter Revenue**: $3.740 billion to $3.815 billion
  - **Second Quarter Adjusted EBITDA**: $870 million to $890 million
  - **Second Quarter Adjusted Diluted EPS**: $2.54 to $2.64
  - **Foreign Currency Rates**: Assumes that foreign currency rates as of April 30, 2024, continue for the balance of the year  **[IQV_3382104_5]** **[IQV_3382104_4]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: Q3 2024 and FY 2024
- **Guidance**:
  - **Revenue**: $15,425 million to $15,525 million for the full year
  - **Adjusted EBITDA**: $3,705 million to $3,765 million for the full year
  - **Adjusted Diluted EPS**: $11.10 to $11.30 for the full year
  - **Third Quarter Revenue**: $3,830 million to $3,880 million
  - **Third Quarter Adjusted EBITDA**: $925 million to $950 million
  - **Third Quarter Adjusted Diluted EPS**: $2.76 to $2.86
  - **Foreign Currency Rates**: Assumes that foreign exchange rates as of July 18, 2024, continue for the balance of the year  **[IQV_3393858_4]** **[IQV_3393858_5]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: N/A
- **Guidance**: The documents do not contain information about the Q3 2024 earnings call for IQVIA. Therefore, I cannot provide the guidance metrics from that specific call.

58b7198fffe7da6fb656f5ee32b841c619c93019eca2d276df0639c733c359b8

| Name                  | Position                                             | Start Date          | Short Bio                                                                                                                                                                                                 |
|-----------------------|------------------------------------------------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Ari Bousbib           | Chairman and Chief Executive Officer                 | October 2016        | Ari 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  **[0001478242-24-000038_iqv-20231231.htm:170]** **[0001308179-24-000042_liqv2024_def14a.htm:15]** **[0001308179-24-000042_liqv2024_def14a.htm:22]** .                           |
| Ronald E. Bruehlman   | Executive Vice President and Chief Financial Officer | August 1, 2020      | Ronald 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  **[0001478242-24-000038_iqv-20231231.htm:170]** **[0001478242-23-000044_iqv-20221231.htm:156]** .                           |
| W. Richard Staub, III | President, Research & Development Solutions          | September 25, 2023  | W. 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  **[0001478242-24-000038_iqv-20231231.htm:171]** **[0001478242-24-000038_ex-1035letteragreementbetw.htm:0]** .   |
| Kevin C. Knightly     | President, Corporate Strategy and Enterprise Networks | July 2022           | Kevin 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  **[0001478242-24-000038_iqv-20231231.htm:171]** **[0001478242-23-000044_iqv-20221231.htm:157]** .                                     |
| Eric Sherbet          | Executive Vice President, General Counsel and Secretary | March 2018          | Eric 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  **[0001478242-24-000038_iqv-20231231.htm:171]** **[0001478242-23-000044_iqv-20221231.htm:157]** .                                               |
| Kevin C. Knightly     | Senior Advisor to the CEO                            | May 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  **[0001478242-24-000038_iqv-20231231.htm:171]** **[0001478242-23-000044_iqv-20221231.htm:157]** . |

0e4b3d61ecf1548bfe5cca18bc8f4cbb236380cf3aaea05d4c3e075df4b4cad2

Technology & Analytics Solutions

Research & Development Solutions

Contract Sales & Medical Solutions

Commercial Solutions

Integrated Engagement Services

Product Development

Integrated Healthcare Services

Total Service Revenues

Reimbursed Expenses

6e030bbc27077caefe9b52e4e36ccf848f04f3703490e99bd208d7bba3fc5b3c

**Quarterly guidance for Q4 2024:**
- **Revenue**: $3.903 billion to $3.953 billion  **[IQV_3405046_6]**  (no prior guidance)  
- **TAS Revenue Growth**: ~8% at constant currency  **[IQV_3405046_6]**  (no prior guidance)  
- **R&DS Revenue Growth**: ~1% at constant currency (excluding COVID-related impact)  **[IQV_3405046_6]**  (no prior guidance)  
- **Adjusted EBITDA**: $987 million to $1.12 billion  **[IQV_3405046_6]**  (no prior guidance)  
- **Adjusted Diluted EPS**: $3.08 to $3.18  **[IQV_3405046_6]**  (no prior guidance)  

**Annual guidance for FY 2024:**
- **Revenue**: $15.350 billion to $15.4 billion  **[IQV_3405046_5]**  (lowered from $15,425 million to $15,525 million  **[IQV_3393858_4]** )  
- **Adjusted EBITDA**: $3.675 billion to $3.7 billion  **[IQV_3405046_5]**  (lowered from $3,705 million to $3,765 million  **[IQV_3393858_4]** )  
- **Adjusted Diluted EPS**: $11.10 to $11.20  **[IQV_3405046_5]**  (lowered from $11.10 to $11.30  **[IQV_3393858_4]** )  
- **Revenue Growth from Acquisitions**: ~1.5 percentage points  **[IQV_3405046_5]**  (no prior guidance)  

4496624f604fc527233e707a21fb445036e1bbb3bf86a07c9eb7986270a17b1c

| Name                          | Start Date | End Date | Reason for Change |
|-------------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP    | 2002  **[0001478242-24-000038_iqv-20231231.htm:108]**    | Present  | Current auditor   |

546a40cfef3d321b19e382eb09256804c3fdf40dae383be2f1d776f19d2afef8

778c20152e932a4350967926bf713295b1363c0058afb7ca1d0f652bb3304d8b

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $3,896 million (+4% YoY)  **[0001478242-23-000101_iqv-20230930.htm:28]** **[0001478242-24-000117_iqv-20240930.htm:28]**   
- Technology & Analytics Solutions: $1,554 million (+9% YoY)  **[0001478242-23-000101_iqv-20230930.htm:28]** **[0001478242-24-000117_iqv-20240930.htm:28]**   
- Research & Development Solutions: $2,162 million (+2% YoY)  **[0001478242-23-000101_iqv-20230930.htm:28]** **[0001478242-24-000117_iqv-20240930.htm:28]**   
- Europe & Africa Revenue: $1,287 million (**+18% YoY**)  **[0001478242-23-000101_iqv-20230930.htm:7]** **[0001478242-24-000117_iqv-20240930.htm:7]**   
- Operating Income (EBIT): $55 million (**-89% YoY**)  **[0001478242-23-000101_iqv-20230930.htm:2]** **[0001478242-23-000101_iqv-20230930.htm:20]** **[0001478242-24-000117_iqv-20240930.htm:2]** **[0001478242-24-000117_iqv-20240930.htm:20]**   
- Net Income: $285 million (-6% YoY)  **[0001478242-23-000101_iqv-20230930.htm:2]** **[0001478242-23-000101_iqv-20230930.htm:20]** **[0001478242-24-000117_iqv-20240930.htm:2]** **[0001478242-24-000117_iqv-20240930.htm:20]**   

03dc63d1e28c2ea3abab59a7da850fd629f36e7604ca4cd3d106aebd9c734668

4e23616862200dce060b7e8dbcf48953352f53820579becfd67ae8e94e0db468

Number of employees worldwide (employees)

Number of countries in which the company operates (countries)

Contracted backlog for Research & Development Solutions (USD billions)

Value of backlog expected to convert to revenues in the next twelve months for Research & Development Solutions (USD billions)

934b4d7fd7f2d7ae0c7c3ad80dde554fdd3b8cfff25cfe9d9263e70c82b83c88

| Year | Amount Due (in millions) | Debt Type                                      | Interest Rate (%) | % of Total Debt                                                                                     |
|----------|------------------------------|---------------------------------------------------|-----------------------|---------------------------------------------------------------------------------------------------------|
| 2024     | $42                          | Revolving Credit Facility                        | 0.0                   | 0.3% = (42 / 13,578) * 100 **[0001478242-24-000117_iqv-20240930.htm:13]**                                                                     |
| 2025     | $1,219                       | Term B Loan, 2.875% Senior Notes                | 5.35, 2.875           | 9.0% = (1,219 / 13,578) * 100 **[0001478242-24-000117_iqv-20240930.htm:13]**                                                                  |
| 2026     | $3,141                       | Term A Loans, 5.0% Senior Notes, 1.750% Notes   | 6.20, 4.60, 5.0, 1.750 | 23.1% = (3,141 / 13,578) * 100 **[0001478242-24-000117_iqv-20240930.htm:13]**                                                                 |
| 2027     | $2,634                       | Term A Loan, 5.0% Senior Notes, Receivables     | 6.41, 5.0, 6.22        | 19.4% = (2,634 / 13,578) * 100 **[0001478242-24-000117_iqv-20240930.htm:13]**                                                                 |
| 2028     | $2,362                       | 5.700% Senior Secured Notes, 2.250%, 2.875% Notes | 5.700, 2.250, 2.875    | 17.4% = (2,362 / 13,578) * 100 **[0001478242-24-000117_iqv-20240930.htm:13]**                                                                 |
| 2029     | $2,255                       | 6.250% Senior Secured Notes, 2.250% Notes       | 6.250, 2.250           | 16.6% = (2,255 / 13,578) * 100 **[0001478242-24-000117_iqv-20240930.htm:13]**                                                                 |
| 2030     | $500                         | 6.500% Senior Notes                             | 6.500                 | 3.7% = (500 / 13,578) * 100 **[0001478242-24-000117_iqv-20240930.htm:13]**                                                                    |
| 2031     | $1,489                       | Term B Loan                                     | 6.60                  | 11.0% = (1,489 / 13,578) * 100 **[0001478242-24-000117_iqv-20240930.htm:13]**                                                                 |

44451cf159253dae260238a223297950f97f460a731a1bacabf24d03b9941d28

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.  **[IQV_3373235_7]** **[IQV_3373235_11]** **[IQV_3373235_12]** 

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.  **[IQV_3373235_16]** 

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.  **[IQV_3373235_13]** 

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.  **[IQV_3373235_14]** 

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.  **[IQV_3373235_11]** 

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.  **[IQV_3373235_10]** 

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

3a0c6f4551f06d17d463cc820df4fad064e5d712578fd5de35fb4c6c87c5aa05

- **IQVIA's qualified pipeline is at a record high, up double digits**, indicating strong future growth opportunities.  **[IQV_3382104_15]**
- **The company anticipates a rebound in its Technology & Analytics Solutions (TAS) business** due to a high number of drug approvals and increased client budgets, expecting significant improvements in the back half of the year and onwards.  **[IQV_3382104_2]** **[IQV_3382104_14]** **[IQV_3382104_7]**
- **IQVIA's AI-enabled capabilities are driving client wins and share gains**, particularly among Emerging Biopharma clients, enhancing clinical trials and accelerating development timelines.  **[IQV_3382104_11]** **[IQV_3382104_13]**

44df078984cd3e4214314834eb7022a3fef87eb350730edfe1faf370c6ec1613

005366285d84dd7afbc172b4a23ec8ab79aea88b33026d864e6faf61ae0d3eb1

- **IQVIA achieved strong bookings with a book-to-bill ratio of 1.27, representing the third highest bookings ever and is considered very strong by the company.**  **[IQV_3393858_10]**
- **Mission-critical projects that were previously delayed are now proceeding, leading to an expected TAS growth of 6% to 7% in the second half of the year at constant currency.**  **[IQV_3393858_13]** **[IQV_3393858_12]**
- **The company is enhancing efficiency and margins through productivity programs, cost containment, and deployment of AI within operations to offset pricing pressures from clients.**  **[IQV_3393858_7]**

2744dff5247271637f4124d265bdcdfb81466490221e2ca4b7123e35eea8ab72

- **Pricing pressure from large pharma clients is increasing** due to their multibillion-dollar cost-cutting programs, leading to tougher negotiations and potential margin compression.  **[IQV_3393858_7]** ,  **[IQV_3393858_13]**
- **30% of the TAS business is "essentially flattish"**, requiring the remaining 70% to grow at high single digits to meet overall targets, highlighting uneven performance across business segments.  **[IQV_3393858_12]**
- Despite raising revenue and EPS guidance, **EBITDA guidance was slightly lowered** due to unfavorable business mix, indicating potential profitability concerns.  **[IQV_3393858_6]**

5411de8511e7b064552c14586e4f5ac1be3643fa8aaa457c999545b0cd2cead4

1. **Large Cancellation Impact**  
   **Q:** What's the impact of the large cancellation on revenue and bookings?  
   **A:** The company experienced an unusually large cancellation of **about $0.25 billion**—much higher than the typical $15–$20 million cancellation.  **[IQV_3382104_6]**  Despite this, gross bookings before cancellations were the second highest in our history.  **[IQV_3382104_6]**  We are large enough to absorb such a cancellation without changing our guidance, and any adjustment is entirely due to FX.  **[IQV_3382104_6]**  The underlying business remains very strong.  **[IQV_3382104_6]** 

2. **R&D Pricing and AI Advantage**  
   **Q:** Are you seeing more pricing discipline from peers, and how is AI impacting your business?  
   **A:** There's been no significant change in pricing; we continue to face pressure from clients, particularly large pharma companies focused on cost reductions.  **[IQV_3382104_14]**  Regarding AI, it offers massive opportunities. We've been leveraging AI to accelerate clinical development timelines, especially in oncology and rare diseases.  **[IQV_3382104_14]**  Some of our Emerging Biopharma (EBP) wins are a direct result of these capabilities.  **[IQV_3382104_14]** 

3. **TAS Recovery and Drug Approvals**  
   **Q:** How should we think about TAS recovery and its relation to drug approvals?  
   **A:** The TAS business is performing as expected, with an anticipated improvement in the back half of the year.  **[IQV_3382104_15]**  Last year saw **55 approvals**, the highest level since 2017 or 2018.  **[IQV_3382104_15]**  New launches drive significant spend over the following five years, with about 50% occurring in the first two years.  **[IQV_3382104_15]**  Our pipeline is higher than it has ever been, indicating optimism for the outlook in 2024.  **[IQV_3382104_15]** 

4. **RFP Flows and Pipeline Outlook**  
   **Q:** Were RFP flows in line with expectations, and what about future book-to-bill?  
   **A:** Yes, RFP flows were consistent with our expectations.  **[IQV_3382104_7]**  Large pharma RFP flow was up in the high single digits, while EBP saw mid-single-digit growth, depending on therapies.  **[IQV_3382104_7]**  Awards grew well into the teens, driven by large full-service trials and strong EBP.  **[IQV_3382104_7]**  Our qualified pipeline is up double digits and at a record high.  **[IQV_3382104_7]** 

5. **FSP vs. Full-Service Models**  
   **Q:** What's the state of play between FSP and full-service models, and impact on margins?  
   **A:** FSP comprises about **15%** of our total Research & Development Solutions (R&DS) revenue.  **[IQV_3382104_9]**  Excluding pass-throughs, it's between **20–25%** and continues to grow by a point or two each year.  **[IQV_3382104_9]**  While FSP margins are lower, we've been offsetting this with cost reductions and efficiency improvements to continue increasing margins.  **[IQV_3382104_9]** 

6. **Salesforce Partnership Reaction**  
   **Q:** How have customers reacted to the Salesforce partnership?  
   **A:** Customers have reacted very favorably.  **[IQV_3382104_10]**  We have over **400 clients** and **about 100,000 seats** in our CRM market.  **[IQV_3382104_10]**  The partnership aims to develop the next-generation product based on Salesforce's new Life Science Cloud.  **[IQV_3382104_10]**  Existing customers will be supported for at least the next five years, and we've recently won significant new business, displacing a dominant competitor.  **[IQV_3382104_10]** 

7. **Functional Service Provider Trends**  
   **Q:** Do you expect FSP percentages to change over time?  
   **A:** FSP percentages may grow slowly but are not expected to reach 100%.  **[IQV_3382104_12]**  The business ebbs and flows, and we don't see a long-term trend toward complete FSP adoption.  **[IQV_3382104_11]** **[IQV_3382104_12]**  It's a slow-moving business with most revenue still coming from full-service programs.  **[IQV_3382104_12]** 

8. **IRA Impact on Clinical Trials**  
   **Q:** Are companies running multiple trials due to the IRA?  
   **A:** In the specific case mentioned, the decision to run two simultaneous oncology studies was not due to the IRA.  **[IQV_3382104_13]**  However, clients are trying to accelerate timelines to maximize revenues before intellectual property protections expire, which may lead to launching several programs simultaneously.  **[IQV_3382104_13]** 

9. **Quarterly Surprises**  
   **Q:** What surprised you this quarter on the upside or downside?  
   **A:** There were no surprises this quarter; everything came in exactly as we thought.  **[IQV_3382104_11]**  The nature of our business is predictable, and we prefer it that way.  **[IQV_3382104_11]** 

84e719b9bd543a1f30f71020f3f01d49ec6e5b12fc1cb5a4b1f9fae7a3a9570b

- **Revenue shortfalls in the TAS segment due to cautious client spending and elongated decision timelines**, leading to declines in analytics and consulting businesses.  **[IQV_3363262_13]**
- **Increased demand for lower-margin Functional Service Provider (FSP) contracts** in R&DS may **pressure profit margins**, as FSP work comes at a **lower booked margin than full-service programs**.  **[IQV_3363262_14]**
- **High leverage and increased interest expenses are negatively impacting earnings growth**, with the **step-up in interest rates costing 10 percentage points of EPS growth**.  **[IQV_3363262_15]**

bc1198044b8d14ac2ebe72ed375c92c0faa3def29b673b016fa765d028e3586a

- **IQVIA experienced a large cancellation in their R&D Solutions segment, specifically in CNS trials, which will impact revenues over the next few years, including this year.**  **[IQV_3382104_11]** ,  **[IQV_3382104_14]**
- **Growing demand for lower-margin Functional Service Provider (FSP) contracts is putting pressure on IQVIA's margins. FSP contracts now comprise about 15% of total R&DS revenue and are increasing annually, leading to an unfavorable mix impacting profitability.**  **[IQV_3382104_11]** ,  **[IQV_3382104_14]** ,  **[IQV_3382104_9]**
- **Challenges in the Technology & Analytics Solutions (TAS) segment, including a slowdown in the real-world business from strong double-digit growth to negative growth and underperformance in the analytics and consulting business, have affected overall growth expectations.**  **[IQV_3382104_8]**

d034b1adc4a8922a7a19f5c5355b813cf266d17d3fd7494953a855e9fd203db3

1. **2025 Growth Outlook**  
   **Q:** Can you still achieve high single-digit growth in 2025?  
   **A:** While we don't usually provide guidance at this point, after growing about **mid-single digits** in 2024, we expect similar growth in 2025. We're projecting around **6%** growth this year at constant currency and anticipate the same at least for 2025. For RDS, we're projecting **5% plus** growth this year and assume similar for next year.  **[IQV_3405046_7]** 

2. **Impact of Cancellations on Revenue**  
   **Q:** How do cancellations and delays affect 2025 revenue?  
   **A:** Cancellations due to client reprioritizations and drug futility impact revenue timing. Work pushed from 2024 into 2025 isn't incremental, as 2025 work moves into 2026. We're dealing with elevated cancellations now but expect this process to end by year-end.  **[IQV_3405046_9]** 

3. **Capital Deployment and Share Repurchase**  
   **Q:** Will you have $3 billion of dry powder for 2025?  
   **A:** We've spent **$649 million** on acquisitions and **$200 million** on share repurchase so far this year, less than our **$2–$3 billion** annual goal. With larger acquisitions not materializing, we have significant dry powder. We intend to **massively buy shares** in the fourth quarter and have authorized **$2.2 billion** for share repurchases.  **[IQV_3405046_11]** 

4. **Pricing Pressure Across the Board**  
   **Q:** Is pricing pressure spilling over from FSP into FSO?  
   **A:** Pricing is tough across both FSP and FSO. FSP accounts for about **15%** of revenue, moving toward **20%**, and has lower margins, which depresses overall margins due to mix. Clients have put us through rebid processes, but we've been reselected and expanded our partnerships.  **[IQV_3405046_11]** 

5. **R&DS Growth Expectations for 2025**  
   **Q:** Is 5% R&DS growth feasible in current conditions?  
   **A:** Based on what we know today, we expect mid-single-digit growth for R&DS in 2025. We believe the elevated cancellations due to reprioritizations will end by year-end. We've factored known cancellations into our expectations, including a **$350 million** and a **$250 million** program canceled this year.  **[IQV_3405046_14]** 

6. **Managing Cost Structure Amid Cancellations**  
   **Q:** Can you maintain margins despite cancellations?  
   **A:** We're facing significant cost headwinds due to resources allocated for two mega trials now delayed until 2025. We'll bear extra costs over the next **2–3 quarters**, affecting margins. However, we're working on cost management and have other levers to pull.  **[IQV_3405046_12]** 

7. **Acquisitions and TAS Growth**  
   **Q:** What's the financial profile of recent M&A and TAS growth?  
   **A:** The majority of acquisition contributions are intact. In the quarter, TAS saw **mid-single-digit** organic growth, over **3×** the prior quarter. Acquisitions contributed over **1.5 points** to our **6.5%** constant currency growth, excluding COVID. We focus on small deals with potential growth, and acquisitions are an important part of our growth strategy.  **[IQV_3405046_10]** 

8. **Strategic Partnerships and Interest Expense**  
   **Q:** Where are we with strategic partnerships, and what's the interest expense?  
   **A:** We've done very well, expanding the number of preferred partnerships. We're largely through clients reopening vendor relationships due to cost management focus. For interest expense, it's around **$625 million** this year, similar to prior guidance.  **[IQV_3405046_13]** 

267b2da262bc116594fbf5966c926b479ade63d4aa50d522a19eb5aa5174d2a2

- **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.**  **[IQV_3373235_16]**
- **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.**  **[IQV_3373235_7]** ,  **[IQV_3373235_13]**
- **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.**  **[IQV_3373235_17]** ,  **[IQV_3373235_16]**

6c61ed1dfedb0b92bade3fb0e8538b70885c6ab37c00e407ead6ac1a055816e9

- **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."  **[IQV_3373235_15]**
- **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."  **[IQV_3373235_7]**
- **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."  **[IQV_3373235_17]**

a0e2450f2b1ee1c31893966087a693369a02bdb8cc834b0114eb05e6ec2f3ee4

1. **EBITDA Guidance and Revenue Mix**  
   **Q:** Why lower EBITDA guidance despite higher revenue and EPS?  
   **A:** Management explained that the tweaks in guidance are due to business mix changes affecting margins, but they are still delivering margin growth of about **30 basis points at the midpoint and 50 at the high end**.  **[IQV_3393858_6]**  The higher revenue is partly driven by slightly favorable FX.  **[IQV_3393858_6]** 

2. **TAS Performance and Outlook**  
   **Q:** What's driving TAS improvement and expectations for second half?  
   **A:** TAS is expected to grow **6% to 7%** in the second half.  **[IQV_3393858_12]**  The data business remains flat, but other segments, including real-world evidence, are picking up, with real-world growing in the **high single to low teens**.  **[IQV_3393858_12]** **[IQV_3393858_8]**  Delayed projects are now proceeding, contributing to the improvement.  **[IQV_3393858_13]** 

3. **Pricing Pressure from Clients**  
   **Q:** How are pricing pressures affecting the business?  
   **A:** Large pharma clients are implementing cost-cutting programs, leading to tougher price negotiations.  **[IQV_3393858_7]**  Pricing continues to be challenging in both TAS and R&DS, but decision timelines are improving, giving confidence in forecasts.  **[IQV_3393858_7]** **[IQV_3393858_14]** 

4. **Bookings and Pipeline Growth**  
   **Q:** Are bookings and pipeline improving? Could book-to-bill accelerate?  
   **A:** Bookings are strong with a book-to-bill ratio of **1.27x**, the third highest ever.  **[IQV_3393858_10]**  Qualified pipeline is up **12%**, and RFP flows are up mid-teens percentage.  **[IQV_3393858_10]** **[IQV_3393858_11]**  Management is satisfied with current performance and doesn't anticipate a need for acceleration.  **[IQV_3393858_10]** 

5. **Backlog Burn Rate and Conversion**  
   **Q:** What's the outlook for backlog burn rate and revenue conversion?  
   **A:** Backlog burn rate remains around **7% to 7.1%**, consistent with previous quarters.  **[IQV_3393858_9]**  Next 12 months' revenue from backlog is **$7.8 billion**, up **6.9%** from **$7.3 billion** last quarter, indicating confidence in revenue growth.  **[IQV_3393858_9]** 

6. **Clinical Trial Cancellations**  
   **Q:** Are clinical trial cancellations improving?  
   **A:** Cancellations have been slightly higher due to large pharma reprioritizing programs in response to the IRA.  **[IQV_3393858_18]**  Average quarterly cancellations are around **$500 million**, within normal variability.  **[IQV_3393858_18]** 

7. **M&A Activity and Capital Deployment**  
   **Q:** Can you discuss M&A contribution and future plans?  
   **A:** Acquisitions have contributed about **1 point** to growth this year.  **[IQV_3393858_17]**  While they haven't spent as much as desired due to high valuations, they aim to spend more in the second half.  **[IQV_3393858_17]**  Leverage ratio improved to **3.25x EBITDA**, down from the high 4s.  **[IQV_3393858_21]** 

8. **Winning Business from Top Clients**  
   **Q:** How did you win business from a top 5 client?  
   **A:** The client preferred IQVIA's solution, which better aligned with their goals.  **[IQV_3393858_20]**  Details of the program were not disclosed.  **[IQV_3393858_20]** 

9. **EBP Funding and Revenue Mix**  
   **Q:** How will strong EBP funding affect revenue mix and services?  
   **A:** Strong EBP funding is positive for mid- to long-term prospects but won't immediately change the revenue mix due to long cycles.  **[IQV_3393858_22]**  Increased EBP work will lead to a higher mix of full-service projects over FSP in the future.  **[IQV_3393858_22]** 

10. **Decision-Making Timelines**  
    **Q:** Are clients making decisions faster?  
    **A:** Yes, decision-making timelines have improved broadly, not just for mission-critical projects.  **[IQV_3393858_14]** **[IQV_3393858_15]**  This contributes to more confident forecasts.  **[IQV_3393858_7]** 

c2364035f78f8fdecf4278e692f7668a8fea89e476485605ea043205088861cf

- IQVIA's R&D Solutions (R&DS) segment is experiencing strong growth, with net new bookings exceeding **$2.6 billion** in the quarter and a book-to-bill ratio of **1.24x overall and 1.4x** for services bookings, indicating robust demand in the clinical trials market.  **[IQV_3363262_6]**
- The company is effectively managing margin pressures through productivity initiatives such as restructuring overhead, offshoring programs, and infrastructure optimization, leading to expected **EBITDA margin expansion of 50 basis points** in 2024.  **[IQV_3363262_11]**
- IQVIA anticipates a rebound in the Technology & Analytics Solutions (TAS) segment in 2024, as strong pipelines suggest future growth despite current delays, positioning the company for improved performance in this segment.  **[IQV_3363262_13]**

e0949357bcb2d25a2b69686f74cf475b709644c8d7482427fe9a0e1efe5ea1c3

IQVIA Holdings Inc (IQV)

Financials