IQVIA Holdings (IQV) investor relations material

Financial performance and outlook

• Reported Q3 financials at the high end of guidance, with over 5% revenue growth expected for the year.

• Net new clinical business bookings reached $2.6 billion, with a book-to-bill ratio of 1.15.

• Bookings in Q3 were up 21% from Q1 and 13% year-over-year, indicating improving trends.

• Leading indicators, such as RFPs, increased 20% in dollar value year-over-year.

• Guidance for 2026 and long-term growth remains at 6-9%, with at least 5% top-line growth expected.

Industry environment and headwinds

• The sector experienced a period of overspending during COVID, followed by capital restraint and elongated decision timelines.

• Major headwinds included reduced biotech funding, IRA-driven drug price negotiations, and macro uncertainty from regulatory changes.

• Elevated clinical trial cancellations occurred due to economic and policy reassessments, but this wave is now largely over.

• Uncertainty has lifted since Q2, with executive orders clarifying policy and decision timelines normalizing.

• Clients are resuming investments, recognizing the need to replenish pipelines ahead of patent expirations.

Demand signals and RFP trends

• RFP growth is seen as a reliable leading indicator, validated by science and funding, and correlates with future bookings.

• Win rates are increasing across both large pharma and biotech segments.

• Large pharma is consolidating vendor relationships, resulting in fewer bidders per trial.

• Expansion into previously untapped EBP market segments is contributing to higher RFP volumes.

• Biotech win rates are trending higher than those in large pharma.