AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 18/10/2026
Moat56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · The accumulated longitudinal data, extensive supplier base, curation and internally developed tokenization support a current differentiated information asset. Related service growth supports commercial usefulness. Comparative exclusivity and an equivalent advantage across clinical services remain unproven.
durability · 2/4 · Data accumulation across reporting periods and committed subscription terms support persistence. Supplier-access and regulatory dependencies, finite contracts and absent exclusivity evidence constrain confidence beyond those terms.
customer dependency · 2/4 · Generally non-cancelable information subscriptions demonstrate bounded dependency. Backlog and growing clinical-service demand provide indirect evidence of continued engagement, but cancelable contracts and short technology arrangements prevent a strong group-wide assessment. No retention rate is inferred.
erosion resilience · 2/4 · Continued service growth and data accumulation indicate ongoing relevance despite competition. Flat total segment profit in 2025, declining R&D segment profit and increased 2026 restructuring show limits to resilience. Supplier and privacy risks remain prospective.
Pricing power—
Insufficient evidence for every rubric criterion; no category score is inferred.
realized pricing · — · No observed price increases, concessions or realized unit-pricing outcomes are disclosed. Clinical-service growth is attributed primarily to volume, while customer demands for favorable pricing do not establish realized price declines.
retention · 2/4 · Subscription commitments directly demonstrate demand over their contractual lives. Service growth and sustained backlog support continuing engagement indirectly, but do not establish renewals or same-customer retention; some clinical backlog is cancelable.
margin resilience · 2/4 · 2025 revenue growth accompanied essentially flat total segment profit and slightly lower consolidated operating profit; TAS profit grew more slowly than revenue and R&D profit declined. Continued profitability supports partial resilience, while rising restructuring costs constrain it. These outcomes do not isolate pricing effects.
contractual freedom · 2/4 · IQVIA establishes selling prices with market and customer considerations, and non-cancelable subscriptions protect agreed economics. Primarily fixed-price information contracts, short technology terms and competitive customer negotiations constrain flexibility. Unilateral repricing or comprehensive cost pass-through rights are not disclosed.
Predictability100
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 1.10
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 2.29
Financial strength6
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 4.76
- netDebtEbitGrade
- 0.00
- interestCoverageGrade
- 18.12
- currentRatioGrade
- 0.00
- Debt / FCF (x)
- 7.67
- Net debt / operating income (x)
- 6.30
- Interest coverage (x)
- 2.99
- Current ratio (x)
- 0.75
Capital allocation86
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 11.44
- 3-year average dilution (%)
- -2.86
- 3-year average SBC / revenue (%)
- 1.43
- cashConversionGrade
- 100.00
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · First-half 2026 operating cash flow increased to $1.176 billion, supporting reinvestment. However, $950 million of repurchases exceeded operating cash flow after $325 million of capital spending, before acquisitions and other investments; higher debt balances increased interest expense. Actual allocation is mixed, and acquisition returns and repurchase value creation are unestablished.
incentive alignment · 2/4 · Existing performance-based equity, multi-year vesting, ownership guidelines, clawbacks and annual financial and cash-flow measures support alignment. Committee discretion and CEO award acceleration at target in certain termination circumstances weaken the link. Actual ownership compliance and full long-term award outcomes are unavailable; proposed plan provisions are not relied upon.
execution · 2/4 · Reported revenue growth, clinical-service volume increases and improved operating cash generation demonstrate delivery and demand indirectly. Flat 2025 segment profit, lower R&D profit and rising restructuring charges indicate uneven conversion into economic outcomes. Client-level delivery quality and acquisition returns are not demonstrated.
governance · 3/4 · Disclosed existing arrangements include independent directors other than the CEO, independent committees, annual elections, a lead independent director, proxy access, a single voting class, clawbacks and anti-hedging rules. These support strong formal governance. The combined chairman and CEO role and limited evidence of oversight outcomes preclude exceptional grading.
Evidence
We have one of the largest and most comprehensive collections of healthcare information in the world spanning sales, prescription, promotional and social media data, as well as medical claims, electronic medical records, and genomics data, including more than 1.2 billion comprehensive, longitudinal, unique non-identified patient records.
Business: longitudinal healthcare records · Filed 17/02/2026
Our scaled and growing information set contains approximately 68 petabytes of unique proprietary data sourced from approximately 150,000 data suppliers and covering over one million data feeds globally.
Business: proprietary data, suppliers and feeds · Filed 17/02/2026
We standardize, curate, structure and integrate this information by applying our sophisticated analytics and leveraging our global technology infrastructure.
Business: data curation and integration · Filed 17/02/2026
Longitudinal analysis across disparate datasets is enabled via internally developed fully compliant tokenization engines.
Business: internally developed tokenization engines · Filed 17/02/2026
Our scaled and growing information set contains approximately 61 petabytes of unique proprietary data sourced from approximately 150,000 data suppliers and covering over one million data feeds globally.
Business: 2023 proprietary data scale · Filed 15/02/2024
The constant currency revenue growth was primarily driven by an increase in Real-World services, as well as information and technology services.
MD&A: 2025 Technology & Analytics Solutions growth drivers · Filed 17/02/2026
On May 7, 2021, the Court issued an order and opinion (the “Order”) in which it found significant evidence that Veeva had (1) misappropriated IQVIA data and unlawfully used it to improve Veeva data offerings, (2) engaged in a cover-up by deleting significant evidence of its theft of IQVIA’s trade secrets, and (3) improperly withheld certain evidence under privilege in furtherance of a crime and/or fraud against IQVIA.
Contingencies: issuer account of May 2021 Veeva court findings · Filed 13/02/2025
Our suppliers or providers might restrict our use of or refuse to license data or provide services, which could lead to our inability to access certain data or provide certain services and, as a result, materially and adversely affect our operating results and financial condition.
Risk factors: supplier restrictions on data access · Filed 17/02/2026
Additional legislation or regulation of this type might, among other things, require us to implement additional security measures and processes or bring within the legislation or regulation de-identified health or other data, each of which may require substantial expenditures or limit our ability to offer some of our services.
Patient-information regulation: potential service restrictions and costs · Filed 17/02/2026
On March 13, 2017, Veeva filed counterclaims alleging anticompetitive business practices in violation of the Sherman Act and state laws.
Contingencies: Veeva anticompetitive-practices counterclaims · Filed 13/02/2025
Since the initial filings, the parties have filed additional litigations against each other, primarily concerning the use of IQVIA data with various other Veeva products.
Contingencies: disputes concerning IQVIA data and Veeva products · Filed 13/02/2025
Information offerings (primarily under fixed-price contracts) typically include multiple performance obligations including an ongoing subscription-based deliverable for which revenues are recognized ratably as earned over the contract period, and/or a one-time deliverable of data offerings for which revenues are recognized upon delivery.
Revenue recognition: fixed-price information offerings · Filed 17/02/2026
The Company’s subscription arrangements typically have terms ranging from one to three years and are generally non-cancelable and do not contain refund-type provisions.
Revenue recognition: subscription duration and cancellation terms · Filed 17/02/2026
Technology services offerings may contain multiple performance obligations consisting of a mix of small and large-scale services and consulting projects, multi-year outsourcing contracts and Software-as-a-Service (“SaaS”) arrangements.
Revenue recognition: technology services and outsourcing arrangements · Filed 17/02/2026
These arrangements typically have terms ranging from several weeks to three years, with a majority having terms of one year or less.
Revenue recognition: technology arrangement durations · Filed 17/02/2026
The customer contract transaction price allocated to the remaining performance obligations differs from backlog in that it does not include wholly unperformed contracts under which the customer has a unilateral right to cancel the arrangement.
Revenue recognition: cancelable backlog versus remaining performance obligations · Filed 28/07/2026
Competition for these collaborations is intense and we may decide to forego an opportunity or we may not be selected, in which case a competitor may enter into the collaboration and our business with the client, if any, may be limited.
Risk factors: intense competition for clinical-research collaborations · Filed 17/02/2026
Biopharmaceutical companies continue to seek long-term strategic collaborations with global clinical research organizations with favorable pricing terms.
Risk factors: customers seek favorable collaboration pricing · Filed 17/02/2026
Segment Results of Operations Revenues and profit by segment are as follows: Segment Revenues Segment Profit (in millions) 2025 2024 2023 2025 2024 2023 Technology & Analytics Solutions $ 6,626 $ 6,160 $ 5,862 $ 1,595 $ 1,522 $ 1,490 Research & Development Solutions 8,896 8,527 8,395 1,873 1,948 1,915 Contract Sales & Medical Solutions 788 718 727 48 47 49 Total 16,310 15,405 14,984 3,516 3,517 3,454 General corporate and unallocated expenses (85) (134) (268) Depreciation and amortization (1,144) (1,114) (1,125) Restructuring costs (105) (67) (84) Consolidated $ 16,310 $ 15,405 $ 14,984 $ 2,182 $ 2,202 $ 1,977 Certain costs are not allocated to our segments and are reported as general corporate and unallocated expenses.
MD&A: 2023–2025 segment revenue, profit and consolidated operating results · Filed 17/02/2026
Restructuring Costs Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Restructuring costs $ 63 $ 32 $ 114 $ 61 The restructuring costs incurred during 2026 and 2025 were due to ongoing efforts to streamline our global operations and reduce overcapacity to adapt to changing market conditions and integrate acquisitions.
MD&A: first-half 2026 restructuring costs and overcapacity · Filed 28/07/2026
Research & Development Solutions’ contracted backlog increased from $34.0 billion (recast amount to reflect segment changes noted above) as of December 31, 2025 to $34.2 billion as of June 30, 2026, and we expect approximately $9.2 billion of this backlog to convert to revenues in the next twelve months.
MD&A: June 2026 backlog on recast segment basis · Filed 28/07/2026
Research & Development Solutions’ revenues were $4,972 million for the first six months of 2026, an increase of $349 million, or 7.5%, over the same period in 2025.
MD&A: first-half 2026 Research & Development Solutions revenue · Filed 28/07/2026
The constant currency revenue growth for the three and six months ended June 30, 2026 was primarily the result of volume-related increases in clinical services and lab testing.
MD&A: clinical-services and lab-testing volume growth · Filed 28/07/2026
AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, (in millions) 2026 2025 Operating activities: Net income $ 533 $ 515 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 580 541 Amortization of debt issuance costs and discount 12 11 Stock-based compensation 160 132 (Earnings) losses from unconsolidated affiliates (23) 14 Loss (gain) on investments, net 12 (16) Benefit from deferred income taxes (74) (86) Changes in operating assets and liabilities: Change in accounts receivable, unbilled services and unearned income 239 269 Change in other operating assets and liabilities (263) (369) Net cash provided by operating activities 1,176 1,011 Investing activities: Acquisition of property, equipment and software (325) (293) Acquisition of businesses, net of cash acquired (200) (315) Sales of marketable securities, net 3 2 Investments in unconsolidated affiliates, net of payments received (58) (27) Investments in debt and equity securities — (19) Other 3 1 Net cash used in investing activities (577) (651) Financing activities: Proceeds from issuance of debt 1,758 3,985 Payment of debt issuance costs (20) (35) Repayment of debt and principal payments on finance leases (1,370) (2,140) Proceeds from revolving credit facility 900 875 Repayment of revolving credit facility (900) (1,700) Payments related to employee stock incentive plans (41) (35) Repurchase of common stock (950) (1,032) Contingent consideration and deferred purchase price payments (15) (20) Other (9) (11) Net cash used in financing activities (647) (113) Effect of foreign currency exchange rate changes on cash (23) 90 (Decrease) increase in cash and cash equivalents (71) 337 Cash and cash equivalents at beginning of period 1,980 1,702 Cash and cash equivalents at end of period $ 1,909 $ 2,039 The accompanying notes are an integral part of these condensed consolidated financial statements.
Consolidated cash flows: first-half 2026 cash generation, investment and financing · Filed 28/07/2026
Interest expense during the three and six months ended June 30, 2026 increased compared to the same periods in 2025 as a result of higher outstanding debt balances.
MD&A: interest expense increase from higher debt balances · Filed 28/07/2026
IQVIA HOLDINGS INC. | 2026 Proxy Statement 5 PROXY STATEMENT SUMMARY Corporate Governance Highlights Corporate Governance Highlights BOARD OF DIRECTORS ü Annual election of 100% of our directors ü Lead Independent Director, elected by the independent directors, with power to call special meetings of the Board, among other key responsibilities ü All directors except our CEO are independent ü 100% independent Board committees ü Director retirement policy at age 74 to encourage board refreshment ü Annual Board and committee self‑assessments ü Majority voting standard for directors in uncontested elections, with a resignation policy STOCKHOLDER RIGHTS AND ENGAGEMENT ü Stockholder proxy access ü Stockholder right to call a special meeting ü Active stockholder outreach and engagement program ü Single class of voting stock ü No supermajority voting requirement for stockholders ü No “poison pill” (stockholder rights plan) GOVERNANCE BEST PRACTICES ü Two clawback policies, one applicable to our Section 16 officers in the event of a financial restatement due to material noncompliance with any financial reporting requirement and a second, supplemental clawback policy that applies to a wider set of employees (in addition to Section 16 officers) and covers a broader set of misconduct ü Robust share ownership guidelines for both directors and key executives ü Securities Trading Policy in place, including anti‑hedging and anti‑pledging terms, without exception ü Risk oversight by the Board, Board committees and Enterprise Risk Council ü Comprehensive Whistleblower Policy in place ü No excise tax gross‑ups on severance or change in control payments or benefits ü Annual say‑on‑pay vote ü Multi‑year vesting requirements for performance share awards ü Long‑term incentive compensation delivered in performance‑based equity See pages 20‑40 for more information regarding our corporate governance.
Proxy: existing governance and compensation practices · Filed 27/02/2026
The Formula-Based Payout Factor reflects the weighted achievement with respect to four performance measures: Revenue/Profit and Cash Flow, which evaluate corporate performance; and Operational/Strategic and Leadership/Governance, which are tailored for each named executive officer.
Compensation discussion: annual incentive performance measures · Filed 27/02/2026
Adjustments, if any, are made based on the judgment of the LDC Committee and any upward adjustment is limited to no more than 1/6th of the final award and in no event may an Individual Performance Adjustment result in a named executive officer’s Formula-Based Payout Factor exceeding 200% of target.
Compensation discussion: committee discretion and payout limits · Filed 27/02/2026
As described above, any unvested outstanding performance-based equity awards held by our Chief Executive Officer would be accelerated in the event of a qualifying termination of employment following a change in control or in the event of a termination due to death or disability and would assume the achievement of the performance goals at target, and in the event of retirement, any unvested outstanding performance-based equity awards would remain outstanding and vest based upon actual performance.
Compensation discussion: existing CEO performance-award acceleration provisions · Filed 27/02/2026
Moreover, the Board believes the combined Chairman and CEO role, together with the leadership of our strong Lead Independent Director and bolstered by the other governance practices outlined above, strikes the right balance between consistent leadership and effective independent oversight of IQVIA’s management, strategy and business.
Corporate governance: combined chairman and CEO leadership structure · Filed 27/02/2026
For these contracts, the standalone selling prices are based on the Company’s normal pricing practices when sold separately with consideration of market conditions and other factors, including customer demographics and geographic location.
Revenue recognition: standalone pricing practices and market considerations · Filed 17/02/2026
The peer group consists of Charles River Laboratories, Inc., Fortrea Holdings Inc., ICON plc, Medpace Holdings Inc., S&P Global Inc., Danaher Corporation and Thermo Fisher Scientific Inc.
Stock performance graph: named peer group · Filed 17/02/2026
The companies in our peer group are publicly traded information services, information technology or clinical research companies, and thus share similar business model characteristics to IQVIA, or provide services to similar customers as IQVIA.
Stock performance graph: basis for peer selection · Filed 17/02/2026
