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IQVIA HOLDINGS INC.

IQV
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Business Summary

IQVIA operates in the life sciences and healthcare industries, providing clinical research services, commercial insights, and healthcare intelligence. The company estimates its total addressable market at approximately $335 billion , consisting of outsourced research and development, real-world evidence and connected health, and technology enabled commercial operations. Biopharmaceutical spending on drug development totaled approximately $199 billion in 2025 , of which the addressable opportunity for clinical development spending excluding preclinical spending was approximately $159 billion , with an outsourced portion of approximately $75 billion . The real-world evidence and connected health market is estimated at approximately $90 billion in 2025, comprising a life sciences market for real-world evidence of approximately $35 billion and a connected healthcare opportunity of approximately $55 billion . The technology enabled commercial operations market is estimated at approximately $84 billion in 2025. The life sciences industry generated approximately $1.94 trillion in revenues in 2025 according to IQVIA Market Prognosis, and spending on pharmaceuticals in emerging markets is estimated to expand at a 5% to 8% compound annual growth rate through 2030 . Approximately 375 new molecular entities are expected to be approved between 2026 and 2030, or 75 per year compared to 68 per year on average during the past decade .

IQVIA competes with a broad set of businesses across its segments. In Technology & Analytics Solutions, competitors include Accenture, Aetion, Panalgo, Cognizant Technology Solutions, Deloitte, Pharmaceutical Product Development, Inc., Relx, IBM, Infosys, Oracle Health, McKinsey, NielsenIQ, Optum Insight, Parexel International Corporation, Press Ganey, RTI Health Solutions, ICON plc, Definitive Healthcare, Cegedim, Tempus, Merative, CompuGroup Medical, Medidata, Clarivate, Veeva, and ZS Associates . In Research & Development Solutions, competitors include ICON plc, Parexel International Corporation, Pharmaceutical Product Development, Inc., and Syneos Health . In Contract Sales & Medical Solutions, primary competitors in the United States are Syneos Health, Amplity Health, Eversana, and Inizio ; outside the United States, competitors include Inizio, Syneos Health, EPS Corporation, Uniphar, and CMIC HOLDINGS Co., Ltd. . Nearly all of the top 100 global pharmaceutical and biotechnology companies, measured by revenues, are clients . No single client accounted for 10% or more of total revenues in 2025, 2024, or 2023 ; the largest client contributed approximately 5% of total revenues in 2025.

IQVIA generates revenue through three reportable segments: Technology & Analytics Solutions, Research & Development Solutions, and Contract Sales & Medical Solutions. The company has a diversified base of over 10,000 clients in over 100 countries . Technology & Analytics Solutions provides mission critical information, technology solutions, and real world insights and services. Research & Development Solutions provides outsourced clinical research and clinical trial services primarily to biopharmaceutical clients. Contract Sales & Medical Solutions provides health care provider and patient engagement services. Effective January 1, 2026, the reportable segments will be updated to Commercial Solutions and Research & Development Solutions .

Technology & Analytics Solutions offerings include technology platforms such as cloud-based applications for customer relationship management, performance management, real-world evidence generation, compliance and safety reporting, incentive compensation, territory alignment, roster management, call planning, multi-channel marketing, and master data management . The segment also provides Real World Solutions enabling life sciences and provider customers to generate and disseminate evidence, with access to profiles of over 4,600 real world data assets in more than 100 countries . Analytics and consulting services include strategic and implementation consulting, advanced analytics, and commercial processes outsourcing. Information offerings include national offerings in over 100 countries and sub-national offerings in over 70 countries ; the reference database tracks over 22 million healthcare professionals in over 100 countries . For the year ended December 31, 2025, Technology & Analytics Solutions revenues were $6,626 million and segment profit was $1,595 million .

Research & Development Solutions offerings include Project Management and Clinical Monitoring for multi-site clinical trials (Phase I-IV), Clinical Trial Support Services, Laboratory Services including central laboratory, genomic, bioanalytical, ADME, discovery, vaccine and biomarker laboratory services, Strategic Planning and Design, and Patient and Site Centric Solutions including the Avacare Clinical Research Network which orchestrates activities of over 180 investigators across more than 20 therapeutic indications in nearly 50 locations . For the year ended December 31, 2025, Research & Development Solutions revenues were $8,896 million and segment profit was $1,873 million . Contract Sales & Medical Solutions offerings include Health Care Provider Engagement Services, Patient Engagement Services, and Medical Services. For the year ended December 31, 2025, Contract Sales & Medical Solutions revenues were $788 million and segment profit was $48 million .

During the year ended December 31, 2025, IQVIA invested $1,714 million, net of cash, to acquire businesses . On February 5, 2025, the Board increased the stock repurchase authorization by an additional $2,000 million , increasing the total authorized under the Repurchase Program to $13,725 million . During 2025, the company repurchased 7.4 million shares of common stock for $1,244 million under the Repurchase Program . As of December 31, 2025, remaining authorization to repurchase was $1,769 million . On March 10, 2025, the company entered into an amendment to establish a new incremental Term B-5 dollar loan facility in an aggregate principal amount of $1,985 million . On June 4, 2025, IQVIA Inc. completed the issuance and sale of $2,000 million in gross proceeds of 6.250% senior notes due 2032 . On December 9, 2025, the company entered into an amendment to refinance certain term loans and revolving credit commitments . On February 3, 2025, the company terminated existing cross-currency swap agreements and entered into new cross-currency swap agreements . Restructuring costs of $105 million were incurred due to ongoing efforts to streamline global operations.

Total revenues for the year ended December 31, 2025 were $16,310 million , compared to $15,405 million in 2024 and $14,984 million in 2023. Net income attributable to IQVIA Holdings Inc. was $1,360 million in 2025, compared to $1,373 million in 2024 and $1,358 million in 2023. Diluted earnings per share was $7.84 in 2025, compared to $7.49 in 2024 and $7.29 in 2023. Income from operations was $2,182 million in 2025, compared to $2,202 million in 2024 and $1,977 million in 2023. Cash flows from operating activities were $2,654 million in 2025. As of December 31, 2025, cash and cash equivalents were $1,980 million and total indebtedness was $15,800 million .

Business Outlook

A key growth vector is the continued innovation through IQVIA Connected Intelligence by leveraging information, advanced analytics, transformative technology, and domain expertise. The company has product level tracking in 97 markets and information about treatments and outcomes on more than 1.2 billion unique non-identified patient records globally . The company aims to optimize the clinical trial process, enable more informed site selection, faster patient recruitment practices, and decentralized trials, as well as transform Real World Evidence by linking prospective and retrospective approaches and introducing innovation such as secondary control arms . Another growth vector is expanding the penetration of offerings to the broader healthcare marketplace, using existing technology and domain expertise to serve payers, providers, healthcare professionals, governments, and non-governmental organizations to quantify and optimize cost of care delivery, provide registry technology, and support healthcare providers with system implementation and platform migration .

Another growth vector is expanding the portfolio through strategic acquisitions. The company has developed an internal capability to source, evaluate, and integrate acquisitions and expects to continue to invest in or explore opportunities for strategic acquisitions to grow the platform and enhance the ability to provide more services to clients . The company also aims to build upon extensive client relationships and leverage its global presence, with a diversified base of over 10,000 clients in over 100 countries and an expanded client value proposition addressing a broader market for research and development and commercial operations estimated to be approximately $335 billion in 2025.

The filing discusses restructuring costs of $105 million incurred in 2025 due to ongoing efforts to streamline global operations and reduce overcapacity to adapt to changing market conditions and integrate acquisitions. These restructuring actions are expected to occur throughout 2026 and are expected to consist of consolidating functional activities, eliminating redundant positions, and aligning resources with customer requirements . Selling, general and administrative expenses as a percentage of revenues were 12.3% in 2025, compared to 12.9% in 2024 and 13.7% in 2023.

The company continues to invest in growth opportunities, including the development and acquisition of new data, technologies, and services. The company is expanding services and technology offerings such as a cloud-based platform with a growing number of applications to support commercial and clinical operations, and is investing significantly in its AI strategy by launching AI-enabled solutions across business units, developing AI agents for internal use and external offerings, and developing relationships with key strategic partners across the health-tech sector . The company also continues to invest significantly in growth opportunities in emerging markets such as China, India, Turkey, and other countries .

Capital allocation includes the stock repurchase program. On February 5, 2025, the Board increased the stock repurchase authorization by an additional $2,000 million , increasing the total authorized under the Repurchase Program to $13,725 million . As of December 31, 2025, remaining authorization to repurchase was $1,769 million . During 2025, the company repurchased 7.4 million shares of common stock for $1,244 million under the Repurchase Program . Capital expenditures for acquisition of property, equipment and software were $603 million in 2025. The company does not currently intend to pay dividends on its common stock, and no dividends were declared or paid in 2025 or 2024 .

The filing identifies several headwinds and constraints. The Research & Development Solutions segment has been impacted by client cautiousness, though the company grew full-year revenue 4.3% over 2024 , driven by improved growth rates in the second half of the year . Most Research & Development Solutions contracts may be terminated upon 30 to 90 days' notice . The company faces risks related to the potential loss or delay of large contracts, underpricing of contracts, and cost overruns. The company also faces risks from consolidation in the industries in which clients operate, which may reduce the volume of services purchased . Additionally, the company is subject to risks from international economic, political, and other factors, including currency or exchange rate fluctuations, legal compliance including anti-corruption laws, and potential changes in tax laws and regulations .

The filing notes that the company is subject to risks from data protection, privacy, and similar laws in the United States and around the world that restrict access, use, and disclosure of personal information. Failure to comply with or adapt to changes in these laws could materially and adversely harm the business . The company also faces risks related to security breaches and unauthorized use of IT systems and information, which could expose the company, clients, data suppliers, or others to risk of loss . The company is subject to risks from the biopharmaceutical services industry being highly competitive, and the business could be materially impacted if it does not compete effectively or rapidly adapt to technological change, including advancements in artificial intelligence .

Risk Factors

Most Research & Development Solutions contracts may be terminated upon 30 to 90 days' notice , and the loss or delay of a large contract or multiple contracts could adversely affect revenues and profitability. The company depends on third parties for data and support services; if a number of suppliers collectively representing a significant amount of data were to impose additional restrictions or refuse to provide data, the ability to provide services could be materially adversely impacted . The company faces risks from data protection and privacy laws; failure to comply could result in regulatory sanctions, criminal prosecution, civil liability, and damage to reputation . Security breaches and unauthorized use of IT systems could expose the company, clients, and data suppliers to risk of loss, and could result in significant costs to alleviate, remedy, or protect against damage . The biopharmaceutical services industry is highly competitive, and if the company does not compete effectively or rapidly adapt to technological change, including advancements in artificial intelligence, the business could be materially impacted .

Management Priorities

Management's message emphasizes that the company delivered solid results in 2025, navigating a year of industry uncertainty resulting from a variety of macroeconomic factors that together slowed customer decision-making . The Technology & Analytics Solutions business continued its growth trajectory, with revenue increasing 7.6% over 2024 . While the Research & Development Solutions segment was impacted by client cautiousness, the company grew full-year revenue 4.3% over 2024 , driven by improved growth rates in the second half of the year . The company achieved $2,654 million of cash flows from operating activities and invested $1,714 million , net of cash, to acquire businesses. The company ended the year with total company remaining performance obligations of approximately $34.2 billion as of December 31, 2025. As of December 31, 2025, cash and cash equivalents were $1,980 million and the company had $800 million drawn under its $2,000 million revolving credit facility. The company was in compliance with the financial covenants under its debt agreements in all material respects and does not have material uncertainty about ongoing ability to meet the covenants of its credit arrangements . Strategic priorities emphasized include continuing to innovate through IQVIA Connected Intelligence, building upon extensive client relationships and leveraging global presence, expanding penetration of offerings to the broader healthcare marketplace, and expanding the portfolio through strategic acquisitions .

View Source Annual Report on SEC.gov ↗

References

  1. [1] Item 1, Business — Our Market Opportunity
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  12. [12] Item 1, Business — Our Competition
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  15. [15] Item 1, Business — Our Competition
  16. [16] Item 1, Business — Our Clients
  17. [17] Item 1, Business — Our Clients
  18. [18] Item 1, Business — Our Clients
  19. [19] Item 1, Business — Our Growth Strategy
  20. [20] Item 1, Business — Our Offerings
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  26. [26] Item 7, MD&A — Segment Results of Operations
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  33. [33] Item 7, MD&A — Overview
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  41. [41] Item 7A, Quantitative and Qualitative Disclosures About Market Risk
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  70. [70] Item 1A, Risk Factors — Risks Relating to Our Business
  71. [71] Item 1A, Risk Factors — Risks Relating to Our Business
  72. [72] Item 5, Market for Registrant's Common Equity — Purchases of Equity Securities by the Issuer
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  78. [78] Item 7, MD&A — Overview
  79. [79] Item 7, MD&A — Overview
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  91. [91] Item 7, MD&A — Overview
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  102. [102] Item 1, Business — Our Growth Strategy
  103. [103] Item 8, Consolidated Statements of Income
  104. [104] Item 8, Consolidated Statements of Income
  105. [105] Item 8, Consolidated Statements of Income
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  111. [111] Item 7, MD&A — Consolidated Results of Operations
  112. [112] Item 7, MD&A — Consolidated Results of Operations
  113. [113] Item 8, Consolidated Statements of Cash Flows
  114. [114] Item 8, Consolidated Statements of Cash Flows
  115. [115] Item 8, Consolidated Balance Sheets
  116. [116] Item 7, MD&A — Liquidity and Capital Resources
  117. [117] Item 7, MD&A — Consolidated Results of Operations
  118. [118] Item 7, MD&A — Consolidated Results of Operations
  119. [119] Item 7, MD&A — Consolidated Results of Operations
  120. [120] Item 7, MD&A — Segment Results of Operations
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Analysis on 6/9/2026