IQVIA Reports Strong Q2 2025 Revenue Growth and Updates Full-Year Guidance

IQVIA Holdings Inc., a leading global provider of clinical research services and healthcare intelligence, reported strong financial results for the second quarter of 2025. The company achieved revenues of $4.017 billion, marking a 5.3% increase on a reported basis and a 3.6% increase at constant currency compared to the second quarter of 2024. Segment Performance: Technology & Analytics Solutions (TAS): Revenue: $1.628 billion, up 8.9% on a reported basis and 6.8% at constant currency. This segment's robust growth highlights IQVIA's increasing reliance on technology and advanced analytics. Research & Development Solutions (R&DS): Revenue: $2.201 billion, up 2.5% on a reported basis and 1.3% at constant currency. Excluding reimbursed expenses, R&DS revenue grew 1.8% on a reported basis. R&DS contracted backlog increased to $32.1 billion, a 5.1% year-over-year growth at constant currency. Net new bookings for the quarter were $2.5 billion, resulting in a book-to-bill ratio of 1.12x, and a trailing-twelve-month book-to-bill ratio of 1.10x. Contract Sales & Medical Solutions (CSMS): Revenue: $188 million, up 9.3% on a reported basis and 6.4% at constant currency. This segment's strong growth indicates an uptick in commercial and medical services demand. Financial Highlights: GAAP Net Income: $266 million, down from $363 million in Q2 2024. GAAP Diluted Earnings per Share (EPS): $1.54, down from $1.97 in Q2 2024. Adjusted EBITDA: $910 million, a 2.6% year-over-year increase. Adjusted Net Income: $486 million. Adjusted Diluted EPS: $2.81. Operating Cash Flow: $443 million. Free Cash Flow: $292 million. Net Debt: $13.451 billion, with a Net Leverage Ratio of 3.61x trailing twelve-month Adjusted EBITDA. First-Half 2025 Results: Revenue: $7.846 billion, up 3.9% on a reported basis and 3.5% at constant currency. GAAP Net Income: $515 million, down from $651 million in H1 2024. GAAP Diluted EPS: $2.94, down from $3.53 in H1 2024. Adjusted EBITDA: $1.793 billion. Adjusted Net Income: $965 million. Adjusted Diluted EPS: $5.50. Operational and Strategic Initiatives: Backlog: R&DS contracted backlog grew 5.1% year-over-year to $32.1 billion, with $8.1 billion expected to convert to revenue in the next twelve months. Share Repurchase: During Q2 2025, IQVIA repurchased $607 million worth of its common stock, bringing the total first-half repurchases to $1.032 billion. The company had $1.981 billion of repurchase authorization remaining as of June 30, 2025. Strategic Focus: Chair and CEO Ari Bousbib highlighted the strong performance of the TAS segment and noted improvements in forward-looking demand indicators. IQVIA anticipates continued growth driven by high-quality health data and advanced analytics. Full-Year 2025 Guidance: Revenue: Between $16.1 billion and $16.3 billion, assuming a $100 million decrease in COVID-related revenue, primarily in R&DS. Adjusted EBITDA: Between $3.75 billion and $3.825 billion. Adjusted Diluted EPS: Between $11.75 and $12.05. Key Assumptions: 100 basis points of tailwind from foreign exchange, 150 basis points of contribution from acquisitions, and continued investment in growth opportunities. Industry Expert Evaluation: Industry analysts commend IQVIA's strategic focus on technology and analytics, noting that these segments are becoming increasingly crucial in the competitive landscape of clinical research and healthcare intelligence. The company's robust financial position and diversified portfolio give it a solid foundation to navigate market challenges, particularly in the face of regulatory changes and technological advancements. However, the downward trend in GAAP earnings and net income compared to the previous year suggests that the company may face near-term pressures, likely due to ongoing investments in growth and the COVID-related step-down in revenue. Company Profile: IQVIA (NYSE:IQV) is a global leader in clinical research services, commercial insights, and healthcare intelligence. The company leverages IQVIA Connected Intelligence™ to deliver actionable insights and services, ensuring high standards of privacy, regulatory compliance, and patient safety. With approximately 90,000 employees in over 100 countries, IQVIA aims to accelerate the development and commercialization of innovative medical treatments, contributing to improved patient outcomes and global health. For more information, visit www.iqvia.com.