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1. Company Snapshot

1.a. Company Description

IQVIA Holdings Inc.provides advanced analytics, technology solutions, and clinical research services to the life sciences industry in the Americas, Europe, Africa, and the Asia-Pacific.It operates through three segments: Technology & Analytics Solutions, Research & Development Solutions, and Contract Sales & Medical Solutions.


The Technology & Analytics Solutions segment offers a range of cloud-based applications and related implementation services; real world solutions that enable life sciences and provider customers to generate and disseminate evidence, which informs health care decision making and improves patients' outcomes; and strategic and implementation consulting services, such as advanced analytics and commercial processes outsourcing services.This segment also provides country level performance metrics related to sales of pharmaceutical products, prescribing trends, medical treatment, and promotional activity across various channels, including retail, hospital, and mail order; and measurement of sales or prescribing activity at the regional, zip code, and individual prescriber level.The Research & Development Solutions segment offers project management and clinical monitoring; clinical trial support; virtual trials; and strategic planning and design services, as well as central laboratory, genomic, bioanalytical, ADME, discovery, and vaccine and biomarker laboratory services.


The Contract Sales & Medical Solutions segment provides health care provider and patient engagement services, and scientific strategy and medical affairs services.It serves pharmaceutical, biotechnology, device and diagnostic, and consumer health companies.The company has a strategic collaboration with HealthCore, Inc.


The company was formerly known as Quintiles IMS Holdings, Inc.and changed its name to IQVIA Holdings Inc.in November 2017.


IQVIA Holdings Inc.was founded in 1982 and is headquartered in Durham, North Carolina.

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1.b. Last Insights on IQV

Breaking News: IQVIA Holdings Inc reported a recent development with Compagnie Lombard Odier SCmA reducing its stake in the company by 15.1% to 97057 shares. The sale of 17275 shares occurred in the third quarter. This change in stake follows the company's recent earnings release. Analysts at various firms have issued recommendations on the stock. A recent recommendation from an analyst at a major firm is a hold. Another analyst at a different firm has a buy recommendation. The earnings release showed revenue growth.

1.c. Company Highlights

2. IQVIA Beats Expectations with Strong Q4 Results

IQVIA reported a robust fourth quarter, with revenue coming in at $4.34 billion, up 10.3% on a reported basis and 8.1% at constant currency, exceeding the high end of their guidance range. Adjusted EBITDA was $1.046 billion, representing a 5% growth, while adjusted diluted EPS of $3.42 increased 9.6% year-over-year, beating analyst estimates of $3.39. For the full year, revenue was $16.31 billion, up 5.9% reported and 4.8% constant currency, with adjusted net income of $2.68 billion, or $11.92 per share, up 7.1%.

Publication Date: Feb -06

📋 Highlights
  • Full-Year Revenue Growth:: 2025 revenue reached $16.31 billion, reflecting 5.9% reported growth and 4.8% at constant currency, with adjusted diluted EPS rising 7.1% to $11.92.
  • Q4 Financial Performance:: Fourth-quarter revenue of $4.34 billion grew 10.3% YoY, driven by 2% acquisition growth, alongside 5% adjusted EBITDA growth to $1.046 billion.
  • AI-Driven Innovation:: Deployed over 150 AI agents across 30 use cases, leveraging proprietary healthcare data and partnerships (e.g., NVIDIA) to enhance client solutions, particularly in large pharma.
  • Strong Book-to-Bill Ratio:: Clinical net bookings totaled $2.7 billion (7% YoY growth), achieving a 1.18 book-to-bill ratio, signaling robust client demand and sales execution.
  • 2026 Guidance:: Revenue projected at $17.159–$17.359 billion, with adjusted EBITDA of $3.975–$4.25 billion and adjusted diluted EPS of $12.55–$12.85.

Segment Performance

The company's clinical business saw net bookings totaling over $2.7 billion, growing 7% year-over-year, and 5% sequentially, resulting in a net book-to-bill ratio of 1.18. This reflects continued improvement in customer trends and solid execution from their sales teams. On the commercial side, demand for their AI-driven innovations is gaining momentum, with clients such as top 20 pharma selecting them for comprehensive AI-enabled information and analytic solutions.

AI-Driven Growth

IQVIA views AI as an enabling technology that helps them deliver better results for their clients. They have been investing in AI for over a year and have seen the benefits of their AI-driven innovations, particularly in large pharma. The company has proprietary data that is not readily available on the web and is sourced de-identified, cleansed, and integrated into data lakes that enable fit-for-purpose extraction algorithms to do their work. As Ari Bousbib noted, "We've been working with NVIDIA for over a year to build agents into our workflow, and we've seen this opportunity for our business very early."

Valuation and Outlook

With a P/E Ratio of 22.62 and EV/EBITDA of 8.87, the market is pricing in a certain level of growth and profitability. For 2026, the company is guiding towards revenue growth of approximately 5.8% (midpoint of $17.159 billion to $17.359 billion), with adjusted EBITDA guidance of $3.975 billion to $4.25 billion. Given the company's strong track record and the growing demand for their AI-driven innovations, it remains to be seen whether they can continue to deliver on their growth promises.

Margin Dynamics

The company's gross margin was impacted by strong pass-through growth in the quarter, which is expected to moderate in 2026. However, productivity gains are expected to offset some of the margin pressure, with the company guiding towards flat EBITDA margins in 2026. Ronald Bruehlman mentioned that SG&A margin continues to improve due to productivity gains, which should help support the company's profitability.

3. NewsRoom

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Compagnie Lombard Odier SCmA Cuts Stake in IQVIA Holdings Inc. $IQV

Feb -10

Source: defenseworld.net

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OPTIMAS CAPITAL Ltd Makes New $4.01 Million Investment in IQVIA Holdings Inc. $IQV

Feb -09

Source: defenseworld.net

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IQVIA Q4 Earnings Call Highlights

Feb -08

Source: defenseworld.net

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IQVIA (NYSE:IQV) and Xcorporeal (OTCMKTS:XCRP) Head-To-Head Survey

Feb -06

Source: defenseworld.net

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IQVIA Holdings Inc (IQV) Q4 2025 Earnings Call Highlights: Strong Revenue Growth and Strategic Collaborations Propel Future Outlook

Feb -05

Source: gurufocus.com

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IQVIA Holdings Inc. (IQV) Q4 2025 Earnings Call Transcript

Feb -05

Source: seekingalpha.com

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IQVIA Q4 Earnings & Revenues Beat Estimates, Increase Y/Y

Feb -05

Source:

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IQVIA Holdings (IQV) Q4 Earnings and Revenues Top Estimates

Feb -05

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.88%)

6. Segments

Research & Development Solutions

Expected Growth: 4.5%

IQVIA's R&D Solutions growth of 4.5% is driven by increasing demand for clinical trial services, expanding portfolio of projects, and rising adoption of technology-enabled solutions. The segment benefits from IQVIA's expertise in data analytics, real-world evidence, and decentralized trials, enabling biotech and pharmaceutical clients to accelerate drug development and reduce costs.

Technology & Analytics Solutions (TAS)

Expected Growth: 5.5%

TAS growth of 5.5% driven by increasing demand for data analytics and digital transformation in healthcare, IQVIA's expanding suite of technology solutions, and growing adoption of its analytics platforms, enabling clients to derive insights and improve operational efficiency.

Contract Sales & Medical Solutions (CSMS)

Expected Growth: 4.0%

The 4.0% growth in Contract Sales & Medical Solutions (CSMS) from IQVIA Holdings Inc. is driven by increasing demand for outsourced medical affairs and commercialization services. Clients are seeking specialized expertise to navigate complex regulatory environments and optimize product launches. Additionally, the segment benefits from IQVIA's expanding global reach and its comprehensive suite of services, enabling clients to improve their commercial performance.

7. Detailed Products

IQVIA Technologies

A suite of advanced analytics, artificial intelligence, and data science solutions designed to help life sciences companies make informed decisions, improve patient outcomes, and optimize their operations.

IQVIA Clinical Trial Management

A comprehensive clinical trial management solution that streamlines the planning, execution, and monitoring of clinical trials, enabling sponsors to improve efficiency, reduce costs, and enhance patient safety.

IQVIA Real World Insights

A range of real-world data and analytics solutions that provide insights into patient behavior, treatment outcomes, and market trends, helping life sciences companies to inform their strategies and optimize their investments.

IQVIA Commercial Effectiveness

A suite of solutions designed to help life sciences companies optimize their commercial operations, improve sales performance, and enhance patient engagement, including data analytics, customer engagement, and marketing effectiveness tools.

IQVIA Human Data Sciences

A range of data and analytics solutions that provide insights into human behavior, health outcomes, and disease trends, helping life sciences companies to inform their research, development, and commercialization strategies.

8. IQVIA Holdings Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

IQVIA Holdings Inc. operates in the healthcare and pharmaceutical industry, where substitutes can be present but not always readily available due to the specialized nature of its services. However, the threat is moderate because some clients might opt for alternative solutions or in-house services.

Bargaining Power Of Customers

The customers of IQVIA, primarily pharmaceutical and healthcare companies, have some bargaining power but are generally locked into long-term contracts for clinical trial and data management services. The switching costs are high, which tends to reduce customer bargaining power.

Bargaining Power Of Suppliers

The suppliers for IQVIA's operations are varied and not highly concentrated. The company requires a range of services and goods, from technology to professional services. The low bargaining power of suppliers is due to the competitive market for these inputs.

Threat Of New Entrants

The threat of new entrants is low due to high barriers to entry in the industry, including significant capital requirements, regulatory hurdles, and the need for specialized knowledge and experience in clinical trials and healthcare data analysis.

Intensity Of Rivalry

The competitive rivalry in the industry is high. IQVIA faces competition from a range of companies offering similar services, including clinical trial management and data analytics. The competition is global, and several large players compete for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 70.00%
Debt Cost 5.77%
Equity Weight 30.00%
Equity Cost 10.76%
WACC 7.27%
Leverage 233.33%

11. Quality Control: IQVIA Holdings Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Agilent Technologies

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Value: 2.0

Growth: 6.1

Quality: 7.8

Yield: 1.0

Momentum: 7.0

Volatility: 7.3

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Mettler-Toledo

A-Score: 5.2/10

Value: 3.0

Growth: 6.3

Quality: 7.1

Yield: 0.0

Momentum: 7.5

Volatility: 7.3

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Growth: 7.2

Quality: 8.6

Yield: 0.0

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IQVIA

A-Score: 4.8/10

Value: 3.5

Growth: 6.9

Quality: 5.5

Yield: 0.0

Momentum: 7.0

Volatility: 6.0

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Value: 1.7

Growth: 6.1

Quality: 6.2

Yield: 0.0

Momentum: 7.0

Volatility: 7.7

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Danaher

A-Score: 4.3/10

Value: 1.7

Growth: 3.9

Quality: 6.8

Yield: 1.0

Momentum: 5.0

Volatility: 7.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

182.45$

Current Price

182.45$

Potential

-0.00%

Expected Cash-Flows