IQVIA (IQV) Citi’s 2026 Unplugged MedTech and Life Sciences Access Day summary

Business performance and segment updates

• Achieved strong Q4 growth: nearly 10% actual currency, 7% constant currency, with TAS showing robust organic growth despite tough prior-year comparisons.

• Real-world business in TAS grew double digits; consulting, analytics, info, and tech grew low- to mid-single digits.

• Legacy TAS breakdown: ~1/3 real-world, 1/4 info, 20% consulting, low 20s tech.

• Commercial Solutions segment guided for 8% growth, R&DS for 4%; momentum supported by strong pipelines and improved client decision-making.

• Cedar Gate acquisition strengthens U.S. payer and provider segment within real-world patient solutions.

M&A, margins, and capital allocation

• M&A expected to contribute 150 basis points at enterprise level, with two-thirds to Commercial Solutions and the rest to R&DS.

• Margin profiles for Commercial Solutions and R&DS remain stable after segment shifts; no significant changes expected.

• Leverage target remains 3–4x; capital deployment between share repurchase and acquisitions depends on pipeline strength and stock valuation.

• No major changes in financial discipline or capital strategy anticipated with CFO transition; focus remains on continuity and execution.

AI strategy and impact

• AI seen as a significant opportunity, not a threat, due to proprietary, complex, and dynamic data assets and deep domain expertise.

• Over 150 AI agents developed for 30+ use cases by year-end, with growing client demand for AI-driven solutions.

• Small areas of consulting (e.g., primary market research) may be eroded by AI, but overall opportunities far outweigh risks.

• AI expected to improve efficiency in clinical trials and commercial planning, with pharma likely to reinvest savings into pipeline expansion.

• Data moat reinforced by global scale, proprietary feeds, and regulatory expertise; competitors cannot easily replicate.