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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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

IQV

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