IQVIA Holdings Inc. reported strong third-quarter 2025 financial results, with revenue reaching $4.1 billion, a 5.2% increase on a reported basis and 3.9% at constant currency compared to the same period in 2024. The company’s Technology & Analytics Solutions (TAS) segment generated $1.631 billion in revenue, up 5.0% reported and 3.3% constant currency. Research & Development Solutions (R&DS) revenue totaled $2.26 billion, reflecting a 4.5% reported growth and 3.4% constant currency increase, with adjusted R&DS revenue—excluding reimbursed expenses—growing 4.8%. Contract Sales & Medical Solutions (CSMS) revenue rose 16.1% reported and 13.9% constant currency to $209 million. As of September 30, 2025, R&DS contracted backlog stood at $32.4 billion, up 4.1% year-over-year and 3.9% at constant currency. The company expects approximately $8.1 billion of this backlog to convert to revenue within the next 12 months, representing a 4.0% year-over-year growth. Third-quarter net new bookings reached $2.6 billion, resulting in a book-to-bill ratio of 1.15x, with a trailing-twelve-month book-to-bill ratio of 1.12x. GAAP net income for the quarter was $331 million, or $1.93 diluted earnings per share. Adjusted EBITDA was $949 million, up 1.1% year-over-year. Adjusted net income was $515 million, and adjusted diluted earnings per share were $3.00. For the first nine months of 2025, revenue totaled $11.946 billion, a 4.4% reported increase and 3.7% at constant currency. TAS revenue grew 6.7% reported and 5.8% constant currency, while R&DS revenue increased 2.5% reported and 1.9% constant currency. CSMS revenue rose 6.8% reported and 5.9% constant currency. Year-to-date GAAP net income was $846 million, or $4.86 diluted earnings per share. Adjusted net income was $1.48 billion, and adjusted diluted earnings per share were $8.50. Adjusted EBITDA for the period was $2.742 billion. As of September 30, 2025, IQVIA had $1.814 billion in cash and cash equivalents and $14.957 billion in debt, resulting in net debt of $13.143 billion. The company’s net leverage ratio was 3.52x based on trailing twelve-month adjusted EBITDA. Operating cash flow for the quarter was $908 million, and free cash flow was $772 million. IQVIA reaffirmed its full-year 2025 guidance, narrowing the ranges: revenue expected between $16.15 billion and $16.25 billion, adjusted EBITDA between $3.775 billion and $3.8 billion, and adjusted diluted earnings per share between $11.85 and $11.95. The guidance includes a $100 million step-down in R&DS revenue related to COVID-19, a 100 basis point foreign exchange tailwind, and a 150 basis point contribution from acquisitions. The outlook assumes foreign exchange rates as of October 27, 2025, remain stable. Ari Bousbib, chairman and CEO, highlighted the company’s strong performance, noting record free cash flow and robust demand across all customer segments, particularly in R&DS, where net bookings grew 13% year-over-year. He cited accelerating RFP growth—up 20% year-over-year—as a positive indicator of future demand and expressed confidence in sustained top- and bottom-line growth. IQVIA will host a conference call on October 27, 2025, at 9:00 a.m. Eastern Time to discuss results and guidance. The event will be available via webcast on the company’s Investor Relations website. A registration link is provided for participants to join the call.