Company Reports

Iqvia (formerly QuintilesIMS) is the result of the merger of Quintiles, a leading late-stage contract research organization, and IMS Health, a dominant player in life sciences data and analytics. The combined company has become a leader among contract research organizations, or CROs, and in the life sciences data and analytics industry. As a result of the merger, the company leads in real-world evidence, in which data from sources such as patient records or medical claims can be used to create clinical evidence for regulatory approval.

Iqvia reported second-quarter revenue of $4.4 billion, up nearly 9% year over year, and adjusted diluted earnings per share of $3.15, up 12%. Management raised its 2026 outlook, including a 77-basis-point increase to the midpoint of its previous revenue guidance. Shares rose 14% on July 28.

Iqvia reported first-quarter revenue of $4.1 billion, up 8.4% year over year, and adjusted diluted earnings per share of $2.90, a 7.4% increase. Management reaffirmed its 2026 revenue and adjusted EBITDA guidance and raised its adjusted diluted EPS to $12.80 at the midpoint.

Iqvia (formerly QuintilesIMS) is the result of the merger of Quintiles, a leading late-stage contract research organization, and IMS Health, a dominant player in life sciences data and analytics. The combined company has become a leader among contract research organizations, or CROs, and in the life sciences data and analytics industry. As a result of the merger, the company leads in real-world evidence, in which data from sources such as patient records or medical claims can be used to create clinical evidence for regulatory approval.

Iqvia reported fourth-quarter revenue of nearly $4.4 billion, up 10% year over year, with adjusted earnings per share of $3.42, a 9.6% increase. Management guided to 2026 revenue of $17.25 billion at the midpoint, implying 5.75% growth. The stock fell 10% on Feb. 5.

Iqvia reported $4.1 billion of revenue in the third quarter, growing over 5% from the year-ago quarter. Its research and development solutions backlog grew 4%. Net new bookings were $2.6 billion, representing a book/bill ratio of 1.15. Management reaffirmed the midpoints of its 2025 guidance.

Iqvia (formerly QuintilesIMS) is the result of the merger of Quintiles, a leading late-stage contract research organization, and IMS Health, a dominant player in life sciences data and analytics. The combined company has become a leader among CROs and in the life sciences data and analytics industry. As a result of the merger, the company leads in real-world evidence, in which data from sources such as patient records or medical claims can be used to create clinical evidence for regulatory approval.

In the second quarter, Iqvia reported over 5% revenue growth compared with the prior-year period, and its research and development solutions backlog grew 5%. Iqvia's results were better than consensus expected, and the stock jumped 18% on July 22.

IQVIA reported solid performance in the first quarter despite a challenging macroeconomic environment, as total revenue increased 2.5%, driven by 6.4% sales growth from the technology and analytics solutions segment. IQVIA's research and development solution backlog at year-end was $31.5 billion, up 4.8% year over year, and the company's book-to-bill ratio for the quarter was 1.02. Macroeconomic issues have led IQVIA's customers to slow down their decision-making processes, resulting in delays in proposals moving to contracts during the quarter. However, as a global leader with strong customer relationships and extensive capabilities, we believe narrow-moat IQVIA remains resilient amid these challenges. We maintain our positive long-term outlook and our fair value estimate of $268 per share. We view shares as very undervalued, currently trading in 5-star territory.

Narrow-moat Iqvia delivered solid year-end results amid a challenging macroeconomic environment, highlighted by revenue of nearly $15.4 billion, representing growth of nearly 3% from the prior year. The technology and analytics solutions, or TAS, business delivered revenue of $6.1 billion, up about 5% from 2023, as it rebounded from macroeconomic challenges that had hurt its customers earlier this year. We appreciate that Iqvia's research and development solutions, or R&DS, backlog at year-end was $31.1 billion, which is up 5.5% year over year, and the third-quarter book-to-bill ratio was a healthy 1.20. We maintain our fair value estimate of $268 per share. We view shares as undervalued, currently trading in 4-star territory at a 22% discount to our fair value estimate.

Narrow-moat Iqvia delivered solid third-quarter results, highlighted by revenue of nearly $3.9 billion representing 4% growth versus the prior year. The technology and analytics solutions, or TAS, business continued to rebound from macroeconomic challenges that had impacted its customers earlier this year (which only grew 0.6% in the first quarter of 2024). In the third quarter, the TAS business delivered $1.55 billion in revenue, increasing 8.6% year over year. We maintain our fair value estimate of $268 per share. We view shares as undervalued, currently trading in 4-star territory at a 22% discount to our fair value estimate.

IQVIA delivered solid second-quarter results, highlighted by stronger-than-expected performance from the technology and analytics, or TAS, segment, which rose 2.7% from the prior year and brought in nearly $1.5 billion in revenue. Macroeconomic challenges have led IQVIA's customers to spend more cautiously in the last few quarters, which had negatively affected sales in TAS by only growing 0.6% in the first quarter of 2024. Total second-quarter revenue of $3.8 billion represented 2.3% growth versus the prior year.

Iqvia (formerly QuintilesIMS) is the result of the merger of Quintiles, a leading late-stage contract research organization, and IMS Health, a dominant player in life sciences data and analytics. The combined company has become a leader among CROs and in the life sciences data and analytics industry. Further, as a result of the merger, the company leads in real-world evidence, in which data from sources such as patient records or medical claims can be used to create clinical evidence for regulatory approval.

IQVIA reported first-quarter results in line with our expectations. Total quarterly revenue of $3.7 billion represented 2.3% growth versus the prior year. Investors sent shares down nearly 5% on the news of a cancellation of a significant central nervous system program comprising about $250 million of IQVIA's backlog. As a result, the first-quarter book/bill ratio was 1.23 times, which is down from 1.31 times in the fourth quarter of 2023. Excluding this cancellation, IQVIA's book/bill ratio would have been over 1.3 times. We are not too concerned about this cancellation, as it appears to be an outlier compared with typical cancellations in the range of $15 million-$20 million. We maintain our fair value estimate of $250 per share. Shares are currently trading at an 11% discount to our fair value estimate.

IQVIA (formerly QuintilesIMS) is the result of the merger of Quintiles, a leading late-stage contract research organization, and IMS Health, a dominant player in life sciences data and analytics. The combined company has become a leader among CROs and in the life sciences data and analytics industry. Further, as a result of the merger, the company leads in real-world evidence, in which data from sources such as patient records or medical claims can be used to create clinical evidence for regulatory approval.

IQVIA reported strong year-end results highlighted by revenue of $14.9 billion, representing 4% growth versus the prior year. Despite a challenging macroeconomic environment, demand for IQVIA’s clinical research services remains resilient. Investors reacted favorably, sending the stock up 12% based on the quarter’s solid results, healthy backlog, net new business, and positive outlook for 2024. We maintain our fair value estimate of $250 per share, and we now view shares as fairly valued as they have moved into 3-star territory.

IQVIA reported third-quarter results highlighted by revenue of $3.7 billion, representing a nearly 5% increase versus the prior year. We maintain our fair value estimate of $250 per share, and we view the stock as undervalued, currently trading in 4-star territory about 26% below our fair value estimate.

IQVIA reported second-quarter results highlighted by revenue of $3.7 billion, representing a 5.3% increase versus the prior year. Continued client cautiousness due to uncertain macroeconomic conditions has affected sales for IQVIA's technology and analytics segment and contract sales and medical solutions segment. As a result, management trimmed its 2023 outlook, and we lowered our fair value estimate to $250 per share from $268 to reflect reduced discretionary spending in the near term. The stock is currently trading in 4-star territory about 12% below our fair value estimate.

IQVIA (formerly QuintilesIMS) is the result of the merger of Quintiles, a leading late-stage contract research organization, or CRO, and IMS Health, a dominant player in life sciences data and analytics. The combined company has become a leader among CROs and in the life sciences data and analytics industry. Further, as a result of the merger, the company leads in real-world evidence, in which data from sources such as patient records or medical claims can be used to create clinical evidence for regulatory approval.

Narrow-moat IQVIA reported solid first-quarter results highlighted by revenue over $3.6 billion, representing a 2.4% increase versus the prior year. Strong outsourcing demand continues to drive growth for IQVIA’s research and development solutions segment. We maintain our fair value estimate of $268 per share, and shares currently trade in 4-star territory about 30% below our fair value estimate.