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- **Record Free Cash Flow**: $772M in Q3, highest ever, driven by disciplined working capital and industry recovery.
- **AI-Driven Growth**: 90+ AI agents deployed, with examples like AI-enabled patient insights and SaaS platforms boosting margins.
- **Clinical Momentum**: Net bookings $2.6B (13% YoY), RFP flow up 20%, and backlog $32.4B.
- **TAS Resilience**: 5% growth vs. 8.6% last year, with real-world evidence leading the charge.
- **Guidance Narrowing**: Full year revenue $16.15-16.25B, Q4 adj EPS $3.35-3.45, reflecting confidence in '25 execution.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue of $4.1 billion grew 5.2% YoY (3.9% at constant currency), driven by strong clinical bookings and TAS momentum. Free cash flow hit a record $772 million, surpassing COVID-era highs.
- **AI Strategy**: 90 AI agents in development across 25 use cases, with examples like AI-enabled patient insights for oncology launches and next-gen SaaS platforms for compliance reporting.
- **Clinical Strength**: Net bookings of $2.6 billion (1.15x book-to-bill), up 13% YoY and 5% sequentially. RFP flow grew 20% YoY, with decision timelines improving and backlog reaching $32.4 billion.
- **Commercial Expansion**: CSMS revenue up 16.1% YoY, driven by large pharma outsourcing of established brands. TAS delivered 5% growth despite tough comps, led by real-world evidence and consulting.
- **Strategic Acquisitions**: $485M spent on NEXT Oncology (SMO) and other tech platforms, contributing 1.5pts to revenue growth.

**【CFO Financial Commentary】**
- **Top & Bottom Line**: Adjusted EBITDA of $949M (+1.1% YoY), GAAP EPS of $1.93, and record free cash flow of $772M. Year-to-date adjusted EBITDA up 2%.
- **Segment Performance**: 
  - **Tech & Analytics**: $1.63B (+5% reported, 3.3% const curr)
  - **R&D Solutions**: $2.26B (+4.5% reported, 3.4% const curr)
  - **CSMS**: $209M (+16.1% YoY)
- **Guidance**: Full year revenue $16.15-16.25B (4.8-5.5% growth), narrowing to $16.2B midpoint. Q4 adj EPS $3.35-3.45 (+7.4-10.6% YoY).
- **Leverage**: Net debt $13.14B, leverage 3.52x trailing EBITDA.

**【Q&A Highlights】**
- **Market Dynamics**: Large pharma pipelines 'sanitized' post-IRA, with RFP flow up 20% YoY. Biotech EBP funding at $18B Q3 (BioWorld), up sequentially.
- **AI Impact**: 90+ AI agents in use, e.g., AI pathology tools for stroke trials. Internal AI reduces cycle times from weeks to days.
- **TAS Outlook**: Full year 5-6% growth guidance maintained. Q4 expected to meet narrowed range despite tough Q3 comps.
- **CFO Transition**: Ron Bruehlman retiring Feb '26, succeeded by Mike Fedock. Ron will stay as senior advisor.
- **Risk Management**: Cancellations normalized ($550M/quarter), down from $3B in '24. No mega trials impacting '25 guidance.

IQVIA Holdings Inc. (IQV) Q3 2025 Earnings Call Transcript

- **Revenue Record**: Q2 revenue of $4.017 billion (+5.3% YoY) marked first time over $4 billion, with TAS up 8.9% YoY.
- **Backlog Growth**: R&D Solutions backlog hit $32.1 billion (+5.1% YoY), driven by $2.5 billion net bookings and improved win rates.
- **AI Leadership**: 20+ AI agents in production, with Everest Group naming IQVIA a front-runner in generative AI for life sciences.
- **Guidance Update**: Full-year revenue expected $16.1-16.3 billion (+4.5-5.8% YoY), with adjusted EPS $11.75-12.05.
- **Share Buybacks**: $1.03 billion repurchased H1, with $2 billion remaining under current program.

**【CEO Opening Remarks】**
- **Record Revenue**: Q2 revenue reached $4.017 billion, exceeding high-end guidance and growing 5.3% YoY (6.3% excluding COVID-related work). TAS revenue grew 8.9% YoY, driven by double-digit real-world evidence growth.
- **R&D Solutions Momentum**: Net bookings of $2.5 billion (1.12x book-to-bill) and record backlog of $32.1 billion (+5.1% YoY). RFP flow up low teens YoY, with win rate improvement in EBP segment.
- **AI Advancements**: 20+ AI agents in production across commercial, real-world, and R&D, with use cases like clinical data review and HCP engagement. Everest Group named IQVIA a front-runner in generative AI for life sciences.
- **Strategic Wins**: Secured major oncology, rare disease, and gene therapy trials, including a Phase III colorectal cancer program and a gene editing study for Wilson disease.

**【CFO Financial Commentary】**
- **Profitability**: Adjusted EBITDA of $910 million (+2.6% YoY), GAAP net income of $266 million, and adjusted EPS of $2.81 (+6.4% YoY). Free cash flow of $292 million.
- **Balance Sheet**: Cash of $2.039 billion, net debt of $13.451 billion (3.61x net leverage). Repurchased $607 million in shares Q2, totaling $1.03 billion H1.
- **Guidance Update**: Full-year revenue $16.1-16.3 billion (+4.5-5.8% YoY), adjusted EBITDA $3.75-3.825 billion, and adjusted EPS $11.75-12.05.

**【Q&A Highlights】**
- **TAS Resilience**: Despite macro uncertainty, TAS growth (8.9% YoY) outperformed expectations, driven by new drug launches and commercial roadmaps. Real-world evidence segment grew double digits.
- **R&D Solutions Strategy**: "See More, Win More" go-to-market strategy boosted RFP flow (+low teens YoY) and win rates, offsetting pricing pressures. EBP segment bookings grew high single digits.
- **AI Impact**: 50+ new AI agents in development for 15 use cases, with examples like 10x faster literature review and 75% reduced patient journey time. Internal efficiency gains expected to mitigate margin compression.
- **Margin Dynamics**: Gross margin compression (mix-driven: 2/3 from TAS/real-world, 1/3 FX) offset by SG&A cost control. FSP backlog proportion stabilizing at 16-17% vs. historical 14-15%.


IQVIA Holdings Inc. (IQV) Q2 2025 Earnings Call Transcript

- **Revenue Resilience**: Q1 revenue growth of 3.5% (constant currency), driven by TAS segment (+7.6%) and AI-driven efficiency gains.
- **AI Impact**: 20 AI agents deployed, reducing delivery times by 66% and costs by 30%. 40+ use cases planned for 2025.
- **RDS Uncertainty**: Regulatory delays caused 10% elongation in RFP-to-contract timelines, but backlog (+4.8% YoY) and pipeline stable.
- **Financial Strength**: Free cash flow $426 million Q1; full-year revenue guidance raised to $16.0-$16.4 billion (+5.2% YoY).

**【CEO Opening Remarks】**
- **Q1 Revenue Performance**: Total revenue of $3.829 billion, up 2.5% YoY (3.5% at constant currency), driven by TAS segment growth of 7.6% (constant currency). Adjusted EPS of $2.70, up 6.3% YoY.
- **Market Dynamics**: R&D Solutions (RDS) faced delays in decision-making due to U.S. regulatory uncertainty, with RFP-to-contract timelines elongated by 10% YoY. TAS outperformed expectations, led by double-digit growth in real-world evidence (RWE) and commercial tech solutions.
- **AI Progress**: 20 AI agents deployed across commercial, RWE, and RDS, reducing delivery times by 66% and costs by 30%. 40+ use cases planned for 2025 deployment.
- **Backlog & Pipeline**: RDS backlog of $31.5 billion (+4.8% YoY), with qualified pipeline up low-single digits YoY, driven by large pharma.

**【CFO Financial Update】**
- **Q1 Financial Highlights**: GAAP net income $249 million, free cash flow $426 million. Full-year revenue guidance raised by $275 million to $16.0-$16.4 billion (midpoint +5.2% YoY). Adjusted EBITDA guidance reaffirmed at $3.765-$3.885 billion.
- **Segment Performance**: TAS revenue +7.6% (constant currency), RDS +3% (ex-COVID, constant currency). Contract Sales & Medical Solutions down 2.1% (constant currency).
- **Balance Sheet**: Cash $1.74 billion, net debt $12.59 billion. Shares repurchased $425 million Q1, with $2.6 billion remaining under buyback program.

**【Q&A Key Themes】**
- **RWE Growth Drivers**: Pent-up demand post-2023 delays, mission-critical RWE work resuming. TAS growth expected to continue through 2025.
- **Profit Margin Pressures**: FX tailwinds offset mix shifts (e.g., FSP/RDS lab growth). AI deployment targeting 30%+ cost reduction in key processes.
- **Market Environment**: Large pharma pipeline stability vs. EBP funding declines. RDS bookings impacted by delayed funding confirmations, but pipeline metrics stable.
- **AI Scaling**: 40+ use cases identified, with focus on clinical trial efficiency and commercial tech integration.


IQVIA (IQV)-6 May 25-2025 Q1 Earnings call transcript

- **Strong 2024 Performance**: 5.5% constant currency revenue growth, $2.1B free cash flow, and 9.1% EPS growth highlight operational resilience.
- **TAS Recovery**: TAS segment grew 9.5% in Q4, driven by real-world evidence and AI solutions, positioning for 5-7% 2025 growth.
- **R&D Backlog Strength**: Despite $1B+ cancellations, backlog rose 5.5% to $31.1B, signaling demand stability.
- **AI Innovation Lead**: 60 new AI tools launched, including NVIDIA collaboration, driving digital transformation in clinical trials.
- **2025 Outlook**: Guidance for 4-7% revenue growth reflects cautious optimism amid macro challenges and FX risks.

**【CEO Summary Section】**
- IQVIA delivered 5.5% constant currency revenue growth in 2024, excluding COVID-related work, with adjusted EPS up 9.1% and free cash flow reaching $2.1 billion.
- TAS segment showed strong recovery, with Q4 revenue growth of 9.5% at constant currency, driven by real-world evidence and AI-enabled solutions.
- R&D Solutions backlog grew 5.5% YoY to $31.1 billion, despite elevated cancellations due to macroeconomic challenges.
- Collaboration with NVIDIA to integrate AI agents into clinical workflows highlights strategic focus on innovation.

**【CFO Financial Commentary】**
- Q4 2024 revenue: $3.958 billion (2.3% reported growth, 3% at constant currency), with TAS contributing $1.658 billion (8.3% reported growth).
- Adjusted EBITDA: $996 million (3.1% YoY growth), free cash flow: $721 million (record quarterly high).
- 2025 guidance: 4-7% constant currency revenue growth (ex COVID), adjusted EPS growth of 5-9%, and $2 billion in cash deployment for M&A and share buybacks.
- Key risks include FX headwinds (150bps) and potential volatility in R&D Solutions demand.

**【Q&A Highlights】**
- **Cancellations & Backlog**: 2024 cancellations were 50% higher than prior years, but gross bookings offset this, leading to a 5.5% YoY backlog increase.
- **AI & Innovation**: 60 new AI-enabled applications launched in 2024, including IQVIA AI Assistant, with Europe seeing doubled digital network expansion.
- **Policy Environment**: New U.S. administration signals support for life sciences innovation, potentially easing IRA-related pressures.
- **Gross Margin Management**: Stranded costs from delayed trials and lower-margin real-world business impacted Q4 gross margins, but ongoing cost optimization and AI deployment mitigate pressures.


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