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What guidance did IQVIA's management provide for the next earnings period?

Did IQVIA beat or miss consensus estimates last quarter?

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What is IQVIA's latest dividend and current dividend yield?

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What were the key takeaways from IQVIA’s earnings call?

- **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.

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