Group 1: Company Performance and Financials - IQVIA reported fourth-quarter revenue of $4.36 billion, exceeding the consensus estimate of $4.08 billion [3] - The company achieved near double-digit revenue and EPS growth in 2025, with strong performance across all segments [3] - CEO Ari Bousbib highlighted that expanded go-to-market efforts, operational discipline, and AI-related investments supported topline growth [3] Group 2: Analyst Ratings and Price Target - Morgan Stanley lowered its price target on IQVIA Holdings Inc. to $240 from $265 but maintained an Overweight rating [1][5] - The adjustment in price target followed the company's quarterly results [1] Group 3: Strategic Collaborations - IQVIA and the Duke Clinical Research Institute announced a collaboration to advance clinical research in obesity and related cardiometabolic trials [2] - The partnership aims to set a new standard for collaboration between life science service companies and academic research organizations, focusing on improving trial efficiency [2]

Core Insights - IQVIA Holdings Inc. is a healthcare research services provider valued at $28 billion, offering analytics, technology solutions, and clinical research services to the life sciences industry [1] Performance Overview - IQV's shares have underperformed the broader market, declining 11.4% over the past year, while the S&P 500 Index has increased by nearly 12.3% [2] - In 2026, IQV's stock fell 24.1%, contrasting with the marginal rise of the S&P 500 on a year-to-date basis [2] Comparative Analysis - Compared to the Health Care Select Sector SPDR Fund (XLV), which gained about 9.1% over the past year, IQV's performance has been notably weaker, with the ETF's 1.9% returns year-to-date outpacing IQV's double-digit losses [3] Financial Performance - IQV's underperformance is attributed to margin compression and concerns regarding the sustainability of gains, despite acquisitions that expanded capabilities [6] - In Q4, IQV reported an adjusted EPS of $3.42, exceeding Wall Street expectations of $3.40, with revenue of $4.4 billion surpassing forecasts of $4.2 billion [7] - For the full year, IQV expects adjusted EPS in the range of $12.55 to $12.85 and revenue between $17.2 billion and $17.4 billion [7] Future Projections - Analysts project IQV's EPS to grow by 6.9% to $11.56 on a diluted basis for fiscal 2026 [8] - The company's earnings surprise history is mixed, with three out of the last four quarters beating consensus estimates [8] - Among 22 analysts covering IQV stock, the consensus rating is a "Strong Buy," supported by 16 "Strong Buy" ratings, one "Moderate Buy," and five "Holds" [8]

Core Insights - The performance of IQVIA Holdings' international operations is critical for understanding its financial strength and growth potential [1][2] Group 1: Revenue Performance - IQVIA's total revenue for the recent quarter reached $4.36 billion, reflecting a 10.3% increase from the prior-year quarter [4] - Revenue from Europe and Africa was $1.42 billion, accounting for 32.6% of total revenue, surpassing the consensus estimate of $1.35 billion by 5.62% [5] - The Asia-Pacific region contributed $871 million, or 20% of total revenue, which was a slight miss of 1.32% against the expected $882.62 million [6] Group 2: Revenue Forecasts - Analysts project IQVIA's revenue for the ongoing fiscal quarter to be $4.06 billion, a 6% increase from the previous year, with Europe and Africa expected to contribute $1.27 billion and Asia-Pacific $840.67 million [7] - For the full year, total revenue is anticipated to be $17.22 billion, marking a 5.6% increase year-over-year, with Europe and Africa contributing $5.37 billion and Asia-Pacific $3.57 billion [8] Group 3: Market Observations - The reliance on international markets presents both opportunities and challenges for IQVIA, necessitating close monitoring of international revenue trends to project future directions [9] - Wall Street analysts are closely observing these patterns, especially in light of global interdependence and geopolitical issues, which can influence earnings forecasts [10]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-35907 IQVIA HOLDINGS INC. (Exact name of registrant as specified in its charter) Delaware 27-1341991 (State or other jurisdiction ...

Core Viewpoint - Investors in IQVIA Holdings Inc. should closely monitor the stock due to significant movements in the options market, particularly the high implied volatility of the Feb 20, 2026 $105.00 Call option [1] Company Analysis - IQVIA is currently rated as Zacks Rank 4 (Sell) within the Medical - Instruments Industry, which ranks in the top 34% of the Zacks Industry Rank [3] - Over the past 60 days, no analysts have increased their earnings estimates for the current quarter, while four analysts have revised their estimates downward, leading to a decrease in the Zacks Consensus Estimate from $2.94 per share to $2.87 per share [3] Options Market Insights - The high implied volatility surrounding IQVIA shares suggests that options traders are anticipating a significant price movement, which could indicate an upcoming event that may lead to a substantial rally or sell-off [2][4] - Options traders often seek to capitalize on high implied volatility by selling premium, aiming for the underlying stock to not move as much as initially expected by expiration [4]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - Australia is recognized for its mature R&D ecosystem, established regulatory pathways, and cost-effective clinical trial environment for Cell and Gene Therapy (CAGT) products [4][5][6] - The country has over 160 ongoing industry CAGT trials, with a focus on oncology, autoimmune diseases, and cardiovascular conditions [9][12] - IQVIA is highlighted as a leading Contract Research Organization (CRO) in Australia, providing comprehensive support for CAGT products from pre-clinical to post-marketing stages [24][29] Summary by Sections Why Australia for CAGT Trials? - Australia offers a cost-effective and mature clinical research infrastructure, with high-quality data accepted by global regulators [5][6] - The regulatory framework allows for rapid trial initiation and approvals, with minimal documentation required [7][11] - The favorable AUD exchange rate and R&D tax incentives contribute to lower trial costs compared to the U.S. [7] Mature R&D Ecosystem - Australia hosts over 160 ongoing CAGT trials, with a robust clinical research infrastructure and experienced investigators [9][11] - The country has established treatment centers for complex therapies, including CAR-T, and offers end-to-end support from CDMO partners [10][11] Established and Favorable Regulatory Pathway - The Clinical Trial Notification (CTN) process allows for a fast regulatory start-up, typically taking around 7 to 10 days [14][17] - The Therapeutic Goods Administration (TGA) does not evaluate clinical trial data under the CTN scheme, focusing instead on product safety [18] IQVIA, the Leading CRO in Australia - IQVIA provides a local presence with global capabilities, supporting CAGT trials through a network of sites and a dedicated study management team [26][28] - The organization has participated in the clinical development of 17 approved CAGT products, showcasing its expertise in the field [33] Global Reach and Local Impact - IQVIA's capabilities allow for seamless integration of new countries into multi-regional development plans for CAGT products [26][30] - The company offers a comprehensive strategy for commercialization, policy shaping, and stakeholder engagement [29]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The landscape of early phase clinical trials is evolving, presenting new challenges and opportunities, necessitating efficient decision-making and high-quality early phase data generation to advance drug development [4][5] - Innovative trial methodologies, including adaptive designs and AI-augmented analytics, are enabling sponsors to make informed decisions earlier while improving safety and operational efficiency [5][6] - The report emphasizes the importance of specialized expertise, adaptive design customization, global site access, and an integrated delivery model for successful early phase clinical trials [11][14] Summary by Sections The Rising Challenges and Opportunities - Early phase clinical trials face challenges such as increased scrutiny on drug development costs and geopolitical uncertainties, which may lead to cautious investor behavior [4] - Despite these challenges, there are substantial opportunities through innovative methodologies that enhance decision-making and operational efficiency [5] Key Foundational Elements - Four key pillars are identified for success in early phase clinical trials: specialized expertise, enhancement of adaptive designs, global site access, and an integrated delivery model [11][14] - Specialized expertise is crucial as each clinical trial protocol must be tailored to the specific molecule and target population [15][17] Integrated Adaptive Designs - Customized adaptive designs can accelerate proof-of-concept decisions and enhance treatment delivery to patients [6][10] - The complexity of these trials requires multidisciplinary expertise and careful protocol design to ensure safety and efficiency [8][20] Global Site Access and Recruitment Infrastructure - Effective site access and recruitment are critical for accelerating decision-making in early phase trials, with a focus on strategically placed geographies and preexisting site relationships [36][45] - Access to diverse patient populations and healthy volunteers is essential for rapid recruitment [42][43] Integrated Delivery Model - A seamless transition from early to late-stage trials is vital, and choosing a CRO that offers an integrated delivery model can enhance efficiency and maintain institutional knowledge [48][50] - The integrated model supports a continuous data flow throughout the clinical trial continuum, improving decision-making and patient relationships [50][51] Looking Ahead - The future of early phase clinical research is promising, with advancements in therapeutic modalities, global collaboration, and predictive analytics [52] - Sponsors who adopt innovative methodologies and advanced analytics will be better positioned to accelerate molecule development [53]

Core Insights - IQVIA Holdings Analytics Inc. reported strong fourth-quarter 2025 results, with adjusted earnings of $3.42 per share, exceeding the Zacks Consensus Estimate and reflecting a 9.6% year-over-year increase [2][10] - Total revenues reached $4.4 billion, surpassing the consensus estimate by 2.8% and showing a 10.3% increase from the previous year [2][10] Financial Performance - The Research and Development segment generated revenues of $2.3 billion, a 9.9% increase year-over-year, meeting the Zacks Consensus Estimate [4] - The Technology and Analytics segment reported revenues of $1.8 billion, up 9.8% year-over-year, also aligning with the consensus estimate [4] - Contract Sales and Medical Solutions revenues rose 18.6% year-over-year to $210 million, exceeding the consensus mark of $193.2 million [5] Profitability and Cash Flow - Adjusted EBITDA for Q4 2025 was $1 billion, reflecting a 5% increase from the previous year [6] - The company ended the quarter with cash and cash equivalents of $2 billion, up from $1.8 billion in the prior quarter, while long-term debt decreased to $13.9 billion from $15 billion [6] - Net cash generated from operating activities was $735 million, with capital expenditure at $174 million, resulting in $561 million in free cash flow for the quarter [7] 2026 Outlook - For 2026, IQVIA projects revenues between $17.15 billion and $17.35 billion, higher than the Zacks Consensus Estimate of $17.03 billion [8] - The expected EPS range is $12.55 to $12.85, which is below the consensus estimate of $12.93 [8] - The adjusted EBITDA outlook is set at $3.98 billion to $4.03 billion [8]

Financial Data and Key Metrics Changes - Full-year revenue growth of 6% and adjusted diluted earnings per share growth of 7% were reported, with free cash flow of $2.1 billion, representing about 100% of adjusted net income [5][21] - Fourth quarter revenue was $4.364 billion, up 10.3% on a reported basis and 8.1% at constant currency, with adjusted EBITDA increasing by 5% year-over-year [21][23] - Full-year revenue reached $16.31 billion, up 5.9% reported and 4.8% at constant currency [22] Business Line Data and Key Metrics Changes - Technology Analytics Solutions revenue for Q4 was $1.821 billion, up 9.8% reported and 7.1% at constant currency [21] - R&D Solutions revenue for Q4 was $2.333 billion, up 9.1% reported and 8.2% at constant currency [21] - Contract Sales and Medical Solutions (CSMS) revenue for Q4 was $210 million, increased 18.6% reported and 15.3% at constant currency [21] Market Data and Key Metrics Changes - Net bookings for R&D Solutions totaled over $2.7 billion, growing 7% year-over-year, with a net book-to-bill ratio of 1.18 [9][10] - Backlog reached a record $32.7 billion at the end of the quarter, growing 5.3% compared to the prior year [10][24] - EBP funding was strong in Q4, reaching $33 billion according to BioWorld [11] Company Strategy and Development Direction - The company is focusing on simplifying its organization to enhance collaboration and efficiency, aligning teams with the evolving operating model [15] - A strategic collaboration with Amazon Web Services was announced to accelerate digital transformation in the industry [11] - The company is investing in AI capabilities and has deployed over 150 AI agents across various use cases [38][41] Management's Comments on Operating Environment and Future Outlook - Management noted that the macroeconomic environment had stabilized somewhat, leading to improved demand indicators and increased funding [5][6] - The company expects revenue for 2026 to be between $17.15 billion and $17.35 billion, with adjusted EBITDA guidance of $3.975 billion to $4.025 billion [26][27] - Management expressed confidence in the resilience of the business and the potential for AI to enhance operations rather than disrupt them [62][64] Other Important Information - The company was recognized by Everest Group for AI leadership, being the only clinical research organization to receive the top ranking for generative AI leadership in life sciences [12] - The CFO, Ron Bruehlman, is transitioning to a senior advisory role after this earnings call [17][18] Q&A Session Summary Question: Concerns about AI disrupting established businesses - Management clarified that AI is viewed as an opportunity rather than a challenge, emphasizing the company's proprietary data and domain expertise as key differentiators [32][34][41] Question: Value and driver of the Cedar Gate acquisition - The acquisition is expected to enhance patient outcomes and provide analytics to payers, with projected revenue of approximately $125 million in 2024 [46][48] Question: Impact of AI on trial efficiency and demand for services - Management indicated that large pharma's use of AI for trial efficiency does not negatively impact demand for their services, and they expect to continue growing and gaining market share [70][72] Question: Margin trajectory and productivity sharing with clients - Management acknowledged that while margins were slightly down, productivity gains are shared with clients, and pass-through growth was a significant driver of gross margin [76][84]

Financial Data and Key Metrics Changes - Full-year revenue growth of 6% and adjusted diluted earnings per share growth of 7% were reported, with free cash flow of $2.1 billion, representing about 100% of adjusted net income [5][21] - Fourth quarter revenue was $4,364 million, up 10.3% on a reported basis and 8.1% at constant currency, with adjusted EBITDA increasing by 5% year-over-year [21][23] - Full-year revenue reached $16.31 billion, up 5.9% reported and 4.8% at constant currency [22] Business Line Data and Key Metrics Changes - Technology Analytics Solutions revenue for Q4 was $1,821 million, up 9.8% reported and 7.1% at constant currency [21] - R&D Solutions revenue for Q4 was $2,333 million, up 9.1% reported and 8.2% at constant currency [21] - Contract Sales and Medical Solutions (CSMS) revenue for Q4 was $210 million, increased 18.6% reported and 15.3% at constant currency [21] Market Data and Key Metrics Changes - Net bookings for R&D Solutions totaled over $2.7 billion, growing 7% year-over-year, with a net book-to-bill ratio of 1.18 [10] - Backlog reached a record of $32.7 billion at the end of the quarter, growing 5.3% compared to the prior year [10][24] - Encouragingly, EVP funding was strong in Q4, reaching $33 billion according to Bioworld [11] Company Strategy and Development Direction - The company is simplifying its organization in 2026 to strengthen collaboration and enhance efficiency, aligning teams with the evolving operating model [15] - A strategic collaboration with Amazon Web Services was announced to accelerate digital transformation in the industry [11] - The company is focusing on AI-driven innovations and has deployed over 150 AI agents across various use cases [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand environment stabilizing, with improved customer trends and solid execution from sales teams [5][10] - The company anticipates revenue for 2026 to be between $17.15 billion and $17.35 billion, with adjusted EBITDA guidance of $3.975 billion to $4.025 billion [26][27] - Management emphasized that AI is viewed as an enabling technology rather than a threat, enhancing productivity and efficiency [41][62] Other Important Information - The company was recognized by Everest Group for AI leadership, being the only clinical research organization to receive the number one ranking for generative AI leadership in life sciences [12] - The last earnings call for CFO Ron Bruehlman was noted, who will transition to a senior advisory role [17][18] Q&A Session Summary Question: Concerns about AI disrupting established businesses - Management clarified that AI is seen as an opportunity rather than a challenge, emphasizing the proprietary data and domain expertise that differentiate the company [32][34][41] Question: Value and driver of the Cedar Gate acquisition - The acquisition is expected to enhance patient outcomes and provide analytics to payers, with projected revenue of about $140 million in 2025 [46][48] Question: Impact of AI on trial efficiency and demand for services - Management stated that AI will improve trial efficiency but does not foresee a reduction in the number of trials conducted by large pharma [70][72] Question: Margin trajectory and pass-through growth - Management indicated that pass-through growth was a significant driver of gross margin, with expectations for flat overall EBITDA margins in the upcoming year [76][84]