• Nielsen for the pharmaceutical industry.
• Accenture for drug development and healthcare data.

• Clinical Research Services: Provides comprehensive services for planning, conducting, and managing clinical trials across all phases for pharmaceutical and biotechnology companies.
• Commercialization & Sales Solutions: Offers strategic consulting, data-driven insights, and services to help life sciences companies optimize product launch, marketing, and sales performance.
• Technology & Analytics Solutions: Delivers software platforms, advanced analytics, and AI-powered tools designed to enhance R&D, commercial operations, and patient engagement for the healthcare industry.
• Real-World Evidence (RWE) Solutions: Utilizes de-identified patient data and analytical expertise to generate insights into disease progression, treatment patterns, and drug effectiveness in real-world clinical practice.

Ari Bousbib, Chairman and Chief Executive Officer

Ari Bousbib has served as Chairman and Chief Executive Officer of IQVIA since October 2016, following the merger of Quintiles and IMS Health. He led IQVIA through a transformative integration and spearheaded the development of IQVIA Connected Intelligence™ while expanding global analytics and clinical research services. From 2010 until the merger, he was Chairman and CEO of IMS Health, leading the company's IPO in 2014. Prior to his time at IMS Health, Mr. Bousbib spent 14 years at United Technologies Corporation (UTC), where he held several senior leadership positions including Chief Strategy and Development Officer, Chief Operating Officer of Otis Elevator Company, and later President and Chief Executive of Otis. In 2008, he was appointed President of UTC Commercial Companies, overseeing the worldwide operations of Otis, Carrier, UTC Fire and Security, and UTC Power. Earlier in his career, he was a partner at Booz Allen Hamilton. He served as CEO of IMS Health after its leveraged buyout led by TPG Capital in 2010. Mr. Bousbib serves on the board of directors of The Home Depot, Inc. and Jogohealth, Inc.

Ron E. Bruehlman, Executive Vice President and Chief Financial Officer

Ron E. Bruehlman has been IQVIA's Executive Vice President and Chief Financial Officer since August 2020. He oversees the company's finances, treasury, tax, corporate development, and audit functions, playing a crucial role in optimizing post-IPO capital structure and managing debt to support global expansion. Prior to his current role, he served as Chief Financial Officer of IMS Health from July 2011 to September 2016, guiding the company through its 2014 IPO and its $16 billion merger with Quintiles Transnational Corporation in 2016. He joined IMS Health following a 2010 leveraged buyout led by TPG Capital. Before IMS Health, Mr. Bruehlman had a 23-year career at United Technologies Corporation, holding multiple senior finance leadership roles, including leading the finance function at UTC Commercial, Chief Financial Officer of Carrier Corporation, and heading corporate financial planning and analysis. He began his career as a financial analyst at Conoco, Inc. Mr. Bruehlman is a board member and Audit Committee chair for GoodRx. He previously served on the boards of Atotech Ltd., Q2 Solutions, and Clipper Windpower.

Trudy Stein, Executive Vice President and Chief Human Resources Officer

Trudy Stein leads IQVIA's global Human Resources as Executive Vice President and Chief Human Resources Officer. She champions initiatives in diversity, talent acquisition, and organizational development, which have enhanced employee engagement and established robust workforce development programs across IQVIA's worldwide workforce. Ms. Stein brings high-level HR experience from previous CHRO roles at Fortune 500 firms and was instrumental in global HR leadership at IMS Health before its merger. She holds an M.S. in Organizational Psychology from Cornell University and a B.A. from the University of California, Berkeley.

Eric Sherbet, Executive Vice President and General Counsel

Eric Sherbet, Executive Vice President and General Counsel, manages all global legal, compliance, and privacy affairs at IQVIA. He successfully guided the company through GDPR implementation and multiple major acquisitions. Mr. Sherbet was previously General Counsel at Patheon and InVentiv Health, and he began his career as a CPA at KPMG. He holds a J.D. from NYU School of Law and a B. Comm. in Accounting from the University of Virginia.

Bhavik Patel, President, Commercial Solutions

Bhavik Patel leads the commercial analytics and technology arm of IQVIA, where he has introduced AI-driven forecasting tools adopted by a significant portion of top pharmaceutical companies, boosting client ROI. With 20 years of experience in pharma analytics and commercial solutions, Mr. Patel holds an M.B.A. from INSEAD and a B. Eng. from the Indian Institute of Technology Bombay.

The key risks to IQVIA's business include significant financial leverage, the impact of regulatory changes, and intense competition leading to margin pressures.

Key Risks to IQVIA (IQV)

1. High Debt and Financial Leverage: IQVIA carries a substantial debt load, with a net debt of approximately $13.143 billion and a Net Leverage Ratio of 3.52x trailing twelve-month Adjusted EBITDA as of Q3 2025. This significant leverage poses a core financial risk and could lead to potential short-term liquidity constraints, as indicated by a current ratio around 0.84 in Q3 2025.
2. Regulatory Changes and Healthcare Reforms: The company faces risks associated with government regulations and healthcare reforms, such as the Inflation Reduction Act (IRA) and changes in Medicare reimbursement. These changes create uncertainty in pharmaceutical research and development spending, which could result in delayed or canceled clinical trials and a reduction in demand for IQVIA's services.
3. Intensified Competition and Margin Pressure: The Contract Research Organization (CRO) market, where IQVIA operates significantly, is highly competitive. Increased competition from both established players and new entrants, some of whom are expanding their offerings in data analytics and clinical trial management, could lead to pricing pressures and a potential erosion of IQVIA's profit margins.

IQVIA operates in several key addressable markets, providing a range of products and services primarily within the life sciences and healthcare industries. The addressable markets for their main offerings include Real World Evidence Solutions, AI Healthcare, and Contract Research Organization (CRO) services.

• Real World Evidence (RWE) Solutions: The global real-world evidence solutions market is estimated at USD 3.32 billion in 2025 and is projected to increase to approximately USD 6.92 billion by 2034, demonstrating an 8.51% Compound Annual Growth Rate (CAGR) from 2025 to 2034. For the U.S. region specifically, this market is valued at USD 1.02 billion in 2025 and is anticipated to reach around USD 2.17 billion by 2034, growing at a CAGR of 8.73%. North America held the largest share of this market, accounting for 40% in 2024.
• AI Healthcare Market: The global AI healthcare market is projected to grow significantly, nearly doubling from USD 20.65 billion in 2023 to USD 38.66 billion by 2025.
• Contract Research Organization (CRO) Market: IQVIA is recognized as the largest CRO globally, holding a significant market share of 37.90% in the CRO sector as of Q1 2025. Based on IQVIA's Research & Development Solutions (R&DS) revenue of USD 8,527 million in 2024, the estimated global addressable market for CRO services is approximately USD 22.5 billion.

Here are 3-5 expected drivers of future revenue growth for IQVIA (IQV) over the next 2-3 years:

1. Expansion of Technology & Analytics Solutions (TAS) driven by Artificial Intelligence (AI): IQVIA's Technology & Analytics Solutions segment is a significant growth engine, with Q2 2025 revenue increasing by 8.9% year-over-year and Q3 2025 revenue growing by 5.0% on a reported basis. The company is strategically investing in AI, having deployed over 50 NVIDIA-built AI agents in Q2 2025 to accelerate drug discovery and healthcare professional engagement workflows, with plans to expand to 500 specialized agents by 2027. This focus positions IQVIA favorably in the rapidly growing healthcare AI market, projected to exceed $100 billion by 2030, where it already holds a 33.02% market share in global health analytics.

2. Growth in Research & Development (R&D) Solutions fueled by strong demand and backlog: The R&D Solutions segment continues to be a core driver, with Q3 2025 revenue growing by 4.5% on a reported basis. The company reported robust net bookings of $2.6 billion in Q3 2025, resulting in a book-to-bill ratio of 1.15x, and a record contracted backlog of $32.4 billion, reflecting a 4.1% year-over-year increase. This substantial backlog provides strong future revenue visibility. The broader Contract Research Organization (CRO) market, in which IQVIA is a major player, is anticipated to grow at a 7.42% Compound Annual Growth Rate (CAGR) between 2024 and 2033, creating significant opportunities for IQVIA's comprehensive clinical research services.

3. Increased Adoption of Contract Sales & Medical Solutions (CSMS): IQVIA's Contract Sales & Medical Solutions segment demonstrated strong performance, with Q3 2025 revenue increasing by 16.1% on a reported basis. This growth is partly attributed to acquisitions and reflects a broader trend of pharmaceutical firms outsourcing their sales and medical solutions. IQVIA's CSMS offerings provide cost-effective ways for clients to manage workloads and access new capabilities, leveraging targeted market data to expand sales reach and market penetration.

4. Strategic Acquisitions and Global Market Expansion: IQVIA's growth strategy includes strategic business combinations and expanding its global footprint. Acquisitions contributed approximately 1.5 percentage points to the company's revenue growth in Q3 2025. An increase in goodwill on its balance sheet from $14.7 billion at the end of 2024 to $15.9 billion by September 2025 indicates active acquisition strategies. Furthermore, expanding into emerging markets is a key part of the company's future prospects, capitalizing on increasing healthcare spending and the growing clinical trial landscape in these regions.

5. Leveraging New Drug Launches and Broader Pharma Industry Growth: The pharmaceutical industry continues to see robust innovation and new drug launches, which directly benefits IQVIA's diverse service offerings. Global spending on medicines is projected to grow at around 7% per year, reaching $2.2 trillion by 2028, driven by specialty medicines and ongoing innovation. Biotech is a significant contributor to this growth, representing an increasing proportion of new product launches. Specific therapeutic areas like oncology, obesity, central nervous system (CNS) disorders, and mental health are expected to experience substantial growth in the coming years.

Share Repurchases

• IQVIA repurchased $1.35 billion of shares in 2024, $992 million in 2023, and $1.168 billion in 2022.
• For the first half of 2025, the company repurchased $1,032 million of its common stock.
• As of June 30, 2025, IQVIA had $1,981 million of share repurchase authorization remaining, following a board increase of $2,000 million in authorization on February 5, 2025.

Outbound Investments

• In 2024, IQVIA deployed $883 million on strategic acquisitions and investments.
• Notable acquisitions include Lasso (October 2022), Pharmaspectra for $100 million (August 2022), and DMDConnects (August 2021).
• The company acquired the remaining non-controlling interest in its lab joint venture Q² Solutions for $760 million in April 2021, and Myriad Rules Based Medicine to enhance biomarker lab testing capabilities.

Capital Expenditures

• IQVIA's capital expenditures have averaged $573 million annually from 2020 to 2024, peaking at $629.4 million in 2022 and reaching $581.1 million for the latest twelve months.
• In 2024, capital expenditures amounted to $602 million, primarily allocated to product development and capital improvements.
• The company directs significant capital towards innovation, including technology infrastructure and R&D initiatives focused on artificial intelligence and real-world evidence.