olivLaw · US equity research
IQVIA Holdings Inc. IQV
Services-Commercial Physical & Biological Research · SIC 8731 · Vertical: Services-Commercial Physical & Biological Research (SIC 8731)
IQVIA provides clinical research, commercial insights and healthcare intelligence to the life sciences industry, relying on large health datasets and advanced analytics. In the second quarter of 2026 revenue grew 8.7 percent and the company raised its full-year guidance, which makes its profile relevant as the market appears to recover from an uncertain 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, IQVIA Holdings Inc. (IQV) stock was 263.79 USD (+0.46% on the day), with market capitalisation 43.5 bn USD, P/E 32.0 on diluted EPS of 8.23 USD over the last 12 months, beta 0.98, 52-week range 156.66–279.36 USD. Latest reported quarter (Q3 2026): revenue of 4.4 bn USD (+8.0% YoY), net income of 350.0 m USD (+5.7% YoY), diluted EPS 2.10 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 46.9
- neutral
- Bollinger (20, 2)
- 254.26 – 281.85
- in the lower half of the band · %B 0.35 · band width 10.3%
- SMA 50 / 200
- 266.20 / 209.88
- mixed trend
- MACD (12, 26, 9)
- 0.68 / 2.18
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.9% | −1.1% | +0.2 pp | — |
| 3 months | +11.8% | −0.5% | +12.2 pp | — |
| 6 months | +49.5% | +4.4% | +45.1 pp | — |
| Year to date | +17.0% | +12.3% | +4.7 pp | — |
| 1 year | +25.0% | +13.5% | +11.5 pp | +10.9% |
| 3 years | +33.8% | +76.4% | −42.6 pp | −23.9% |
| 5 years | +6.7% | +63.7% | −57.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.0 bn | 3.8 bn | 4.0 bn | 4.1 bn | 4.4 bn | 4.2 bn | 4.4 bn | 4.4 bn |
| Cost of revenue | 2.6 bn | 2.5 bn | 2.7 bn | 2.7 bn | 2.9 bn | 2.8 bn | 2.9 bn | 2.9 bn |
| SG&A | 453.0 m | 508.0 m | 509.0 m | 514.0 m | 468.0 m | 502.0 m | 574.0 m | 569.0 m |
| Operating income | 626.0 m | 496.0 m | 506.0 m | 553.0 m | 627.0 m | 514.0 m | 506.0 m | 572.0 m |
| Depreciation & amortisation | 303.0 m | 265.0 m | 276.0 m | 286.0 m | 317.0 m | 288.0 m | 292.0 m | 321.0 m |
| Interest expense | 171.0 m | 165.0 m | 182.0 m | 189.0 m | 193.0 m | 192.0 m | 197.0 m | 203.0 m |
| Pre-tax income | 544.0 m | 323.0 m | 323.0 m | 408.0 m | 537.0 m | 328.0 m | 301.0 m | 386.0 m |
| Income tax | 112.0 m | 61.0 m | 56.0 m | 76.0 m | 59.0 m | 59.0 m | 60.0 m | 76.0 m |
| Net income | 437.0 m | 249.0 m | 266.0 m | 331.0 m | 514.0 m | 274.0 m | 256.0 m | 350.0 m |
| Diluted EPS | 2.42 ≈ | 1.40 | 1.54 | 1.93 | 2.99 ≈ | 1.61 | 1.53 | 2.10 |
| Operating cash flow | 885.0 m | 568.0 m | 443.0 m ≈ | 908.0 m ≈ | 735.0 m | 618.0 m | 558.0 m ≈ | 825.0 m ≈ |
| Capex | 164.0 m | 142.0 m | 151.0 m ≈ | 136.0 m ≈ | 174.0 m | 127.0 m | 198.0 m ≈ | 158.0 m ≈ |
| Share repurchases | 1.2 bn | 375.0 m | 657.0 m ≈ | 0 ≈ | 212.0 m | 552.0 m | 398.0 m ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 43 percentile of its own 44-quarter history (min 16.6, median 35.1, max 256.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.4 bn | 11.1 bn | 11.4 bn | 13.9 bn | 14.4 bn | 15.0 bn | 15.4 bn | 16.3 bn |
| Revenue YoY | +6.9% | +6.5% | +2.4% | +22.1% | +3.9% | +4.0% | +2.8% | +5.9% |
| Net income | 259.0 m | 191.0 m | 279.0 m | 966.0 m | 1.1 bn | 1.4 bn | 1.4 bn | 1.4 bn |
| Net income YoY | −79.7% | −26.3% | +46.1% | +246.2% | +12.9% | +24.5% | +1.1% | −0.9% |
| Diluted EPS | 1.24 | 0.96 | 1.43 | 4.95 | 5.72 | 7.29 | 7.49 | 7.84 |
| Diluted EPS YoY | −78.4% | −22.6% | +49.0% | +246.2% | +15.6% | +27.4% | +2.7% | +4.7% |
| net % | 2.5% | 1.7% | 2.5% | 7.0% | 7.6% | 9.1% | 8.9% | 8.3% |
| Free cash flow | 795.0 m | 835.0 m | 1.3 bn | 2.3 bn | 1.6 bn | 1.5 bn | 2.1 bn | 2.1 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.0 bn USD
- Financial debt
- 15.7 bn USD
- Net debt
- 13.7 bn USD
- Equity
- 6.6 bn USD
- Total assets
- 29.9 bn USD
- Debt / equity
- 2.37x
- Current ratio
- 0.75x
- ROE
- 21.4%
- ROA
- 4.8%
- FCF margin
- 12.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 11.4 bn | 13.9 bn | 14.4 bn | 15.0 bn | 15.4 bn | 16.3 bn | SEC (XBRL)· 17 Feb 2026verified |
| Cost of revenue | 7.5 bn | 9.2 bn | 9.4 bn | 9.7 bn | 10.0 bn | 10.9 bn | SEC (XBRL)· 17 Feb 2026verified |
| Gross profit | 3.9 bn ≈ | 4.6 bn ≈ | 5.0 bn ≈ | 5.2 bn ≈ | 5.4 bn ≈ | 5.4 bn ≈ | SEC (XBRL)· 17 Feb 2026derived |
| SG&A | 1.8 bn | 2.0 bn | 2.1 bn | 2.1 bn | 2.0 bn | 2.0 bn | SEC (XBRL)· 17 Feb 2026verified |
| Operating income | 731.0 m | 1.4 bn | 1.8 bn | 2.0 bn | 2.2 bn | 2.2 bn | SEC (XBRL)· 17 Feb 2026verified |
| Depreciation & amortisation | 1.3 bn | 1.3 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 17 Feb 2026verified |
| EBITDA | 2.0 bn ≈ | 2.7 bn ≈ | 2.9 bn ≈ | 3.1 bn ≈ | 3.3 bn ≈ | 3.3 bn ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Interest expense | 416.0 m | 375.0 m | 416.0 m | 672.0 m | 670.0 m | 729.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Pre-tax income | 373.0 m | 1.1 bn | 1.4 bn | 1.5 bn | 1.7 bn | 1.6 bn | SEC (XBRL)· 17 Feb 2026verified |
| Income tax | 72.0 m | 163.0 m | 260.0 m | 101.0 m | 301.0 m | 252.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Net income | 279.0 m | 966.0 m | 1.1 bn | 1.4 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 17 Feb 2026verified |
| Diluted EPS | 1.43 | 4.95 | 5.72 | 7.29 | 7.49 | 7.84 | SEC (XBRL)· 17 Feb 2026verified |
| Weighted average diluted shares | 195.0 m | 195.0 m | 190.6 m | 186.3 m | 183.4 m | 173.5 m | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.8 bn | 1.4 bn | 1.2 bn | 1.4 bn | 1.7 bn | 2.0 bn | SEC (XBRL)· 17 Feb 2026verified |
| Current assets | 5.1 bn | 4.8 bn | 5.0 bn | 5.6 bn | 5.8 bn | 6.2 bn | SEC (XBRL)· 17 Feb 2026verified |
| Property, plant & equipment, net | 482.0 m | 497.0 m | 532.0 m | 523.0 m | 535.0 m | 533.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Goodwill | 12.7 bn | 13.3 bn | 13.9 bn | 14.6 bn | 14.7 bn | 16.6 bn | SEC (XBRL)· 17 Feb 2026verified |
| Intangibles (excl. goodwill) | 5.2 bn | 4.9 bn | 4.8 bn | 4.8 bn | 4.5 bn | 5.0 bn | SEC (XBRL)· 17 Feb 2026verified |
| Total assets | 24.6 bn | 24.7 bn | 25.3 bn | 26.7 bn | 26.9 bn | 29.9 bn | SEC (XBRL)· 17 Feb 2026verified |
| Short-term debt | 149.0 m | 91.0 m | 152.0 m | 718.0 m | 1.1 bn | 1.8 bn | SEC (XBRL)· 17 Feb 2026verified |
| Long-term debt | 12.4 bn | 12.0 bn | 12.6 bn | 13.0 bn | 12.8 bn | 13.9 bn | SEC (XBRL)· 17 Feb 2026verified |
| Current liabilities | 4.6 bn | 5.2 bn | 5.6 bn | 6.5 bn | 7.0 bn | 8.3 bn | SEC (XBRL)· 17 Feb 2026verified |
| Total liabilities | 18.3 bn | 18.6 bn | 19.6 bn | 20.6 bn | 20.8 bn | 23.3 bn | SEC (XBRL)· 17 Feb 2026verified |
| Equity | 6.3 bn | 6.0 bn | 5.8 bn | 6.1 bn | 6.1 bn | 6.6 bn | SEC (XBRL)· 17 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.0 bn | 2.9 bn | 2.3 bn | 2.1 bn | 2.7 bn | 2.7 bn | SEC (XBRL)· 17 Feb 2026verified |
| Capex | 616.0 m | 640.0 m | 674.0 m | 649.0 m | 602.0 m | 603.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Free cash flow | 1.3 bn ≈ | 2.3 bn ≈ | 1.6 bn ≈ | 1.5 bn ≈ | 2.1 bn ≈ | 2.1 bn ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Investing cash flow | -796.0 m | -2.1 bn | -2.0 bn | -1.6 bn | -1.4 bn | -2.3 bn | SEC (XBRL)· 17 Feb 2026verified |
| Financing cash flow | -217.0 m | -1.2 bn | -329.0 m | -382.0 m | -878.0 m | -150.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Share repurchases | 447.0 m | 406.0 m | 1.2 bn | 992.0 m | 1.4 bn | 1.2 bn | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 48 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 43.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet7
- Growth54
- Quality77
- Returns38
- Valuation53
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 167.90 – 566.54 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)167.90 – 335.95 (Mid 229.71)WACC 8.1% · starting FCFF 2.7 bn USD · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 8.8%
- Peers: EV/EBITDA428.43 – 566.54 (Mid 491.76)3 companies used · median multiple 27.6x · quartiles 24.6x – 31.2xCRL, ICLR, NRC
- Peers: P/E418.49 – 556.87 (Mid 537.10)3 companies used · median multiple 65.2x · quartiles 50.8x – 67.6xICLR, INCY, MEDP
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 48/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.3% | 56 (on a fixed band) | 11% |
| Net margin · Quality | 8.1% | 91 (vs peers) | 7% |
| FCF conversion · Quality | 149.1% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 4.2% | 35 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 11.1% | 74 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 4.0x | 0 (on a fixed band) | 11% |
| Interest coverage · Balance sheet | 2.8x | 20 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 0.8x | 2 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 32.0x | 100 (vs peers) | 11% |
| EV/EBITDA · Valuation | 16.7x | 0 (on a fixed band) | 11% |
| FCF yield · Valuation | 4.8% | 60 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 2.7% | 38 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet7/100 · 3/3 factors with a value
- Growth54/100 · 2/2 factors with a value
- Quality77/100 · 3/3 factors with a value
- Returns· partial38/100 · 1/2 factors with a value
- Valuation53/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
IQVIA HOLDINGS INC. (IQV). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 16.3 bn USD in 2025; YoY growth 5.9%; net margin 8.1%; ROE 21.7%; net debt/EBITDA 4.0x.
The estimated value range is 418.49–556.87 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 491.76 USD, the price of 263.79 USD leaves a potential of 86.4% (value / price − 1) and a margin of safety of 46.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 48/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 8.1%
- FCF conversion: 149.1%
- EPS CAGR 3Y: 11.1%
- P/E (TTM): 32.0x
- The price is below the estimated value range
What contradicts it
- Net debt / EBITDA: 4.0x
- Interest coverage: 2.8x
- Current ratio: 0.8x
- EV/EBITDA: 16.7x
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Services-Commercial Physical & Biological Research (SIC 8731) · same industry (4-digit SIC) · compared with 11 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| IQVIqvia Holdings Inc. | 43.5 bn | 32.0 | 21.7% | 8.1% | +5.9% | +25% / +34% |
| INCYIncyte Corporation | 25.0 bn | 65.2 | 7.8% | 6.7% | +21.2% | +18% / +126% |
| MEDPMedpace Holdings, Inc. | 18.4 bn | 36.4 | 117.9% | 18.2% | +20.0% | +11% / +143% |
| CRLCharles River Laboratories International, Inc. | 15.6 bn | 385.5 | 1.2% | 1.0% | −0.9% | +83% / +66% |
| ICLRICON plc | 15.6 bn | 70.0 | 2.5% | 2.8% | +0.8% | +10% / −24% |
| ABSIAbsci Corp | 1.8 bn | — | -57.7% | -7,756.4% | −38.2% | +231% / +528% |
| OABIOmniab, Inc. | 755.6 m | — | -16.5% | -108.1% | −29.3% | +186% / +18% |
| NRCNRC Health | 574.5 m | 95.9 | 248.1% | 4.5% | −4.0% | +59% / −35% |
| ONMDOnemednet Corporation | 269.2 m | — | — | -584.2% | +111.4% | −75% / −89% |
| MXCTMaxCyte, Inc. | 143.5 m | — | -20.4% | -114.8% | −14.5% | −21% / −71% |
| BIAFbioAffinity Technologies, Inc. | 23.7 m | — | -1,860.2% | -257.3% | −34.2% | −87% / −100% |
| ISPCiSpecimen Inc. | 2.1 m | — | -968.5% | -2,449.0% | −79.2% | −95% / −100% |
1- and 3-year price returns: for IQV from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 159.73 Total return -39% · Per year -39% | 282.44 Total return 7% · Per year 7% | 425.48 Total return 61% · Per year 61% |
| 3 years | 154.14 Total return -42% · Per year -16% | 306.75 Total return 16% · Per year 5% | 507.51 Total return 92% · Per year 24% |
| 5 years | 148.74 Total return -44% · Per year -11% | 333.15 Total return 26% · Per year 5% | 605.36 Total return 129% · Per year 18% |
- Exit P/E± 76.69
- Net margin± 53.68
- Annual revenue growth± 44.19
- Annual dilution± 4.51
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Jul 2026; since then the company filed 10-Q (27 Oct 2026), 8-K (27 Oct 2026 · results).
In brief
IQVIA provides clinical research, commercial insights and healthcare intelligence to the life sciences industry, relying on large health datasets and advanced analytics. In the second quarter of 2026 revenue grew 8.7 percent and the company raised its full-year guidance, which makes its profile relevant as the market appears to recover from an uncertain 2025.
SWOT
Strengths
- The company has an extensive medical database, a specialised IT infrastructure and a global presence in clinical research and commercial analytics 1.
- The client base is diversified, and high contracted backlog provides visibility into future revenue 3.
- Integrating data, analytics and operational services can create offers that smaller competitors find hard to replicate.
Weaknesses
- Debt is high relative to operating results, and interest costs could limit financial flexibility if funding conditions worsen 3.
- Revenue partly depends on contracts that clients can terminate or delay for varied reasons, which creates volatility.
- A significant part of revenue is in foreign currencies, exposing reported results to exchange rate changes 1.
Opportunities
- Growth in emerging-market spending and new drug approvals could expand demand for the company's services 1.
- Strategic acquisitions are cited as a growth route, and updated guidance includes an acquisition contribution for 2026 3.
- Extending offerings to payers and healthcare providers could open new revenue sources.
Threats
- Restrictions on data use by external suppliers could limit access to information essential to the services 1.
- Data protection and privacy legislation could impose higher compliance costs or usage restrictions.
- Economic uncertainty could slow client decisions, affecting new orders and project timing.
Risks
- Loss or delay of large contractshigh
Clients can terminate contracts on short notice, and this could affect revenue and profitability, especially in broader partnerships 1.
- Restrictions on third-party datahigh
Data suppliers may impose stricter terms or refuse licences, which could limit the services offered to clients 1.
- High indebtednessmedium
The level of debt and restrictions in credit agreements could limit the company's ability to fund investments or acquisitions.
- Errors in conducting clinical trialsmedium
Mistakes in running studies can compromise results and generate costs or legal liability for the company 1.
- Exchange rate fluctuationslow
Currency moves can reduce reported dollar revenue, as seen in the downward foreign exchange adjustment to 2026 guidance 3.
Investment thesis
What would need to be true (bull case)
- If organic growth stays strong and contracted backlog keeps converting into revenue, the company could confirm its 2026 upgrade and benefit from a client base and data assets that are hard to replicate.
- Acquisitions and expansion into new segments could add growth on top of the existing market.
- Rising adoption of AI-based solutions could support margins and the long-term service offer.
What would break the thesis
- If clients delay projects because of economic uncertainty, new orders could slow and revenue could fall short of expectations.
- If debt stays high and interest costs rise, financial flexibility could be constrained.
- If data regulation tightens, compliance costs could rise and limit the business model.
What to watch
- Development of new orders and the backlog-to-revenue ratio in the R&DS segmentQ3 2026
- Delivery against the raised 2026 guidance for revenue and Adjusted EBITDA2026
- Net debt and leverage ratio after acquisitions and share repurchasesQ3 2026
- First results reported under the new two-segment structure, Commercial Solutions and R&DSnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Jul 2026; since then the company filed 10-Q (27 Oct 2026), 8-K (27 Oct 2026 · results).
The business
IQVIA is a global provider of clinical research services, commercial insights and healthcare intelligence to biopharmaceutical, biotech and medical device companies, as well as government agencies and payers. The company builds its offerings on IQVIA Connected Intelligence, a platform combining proprietary health data, advanced analytics and domain expertise. According to the 2025 annual report, it has about 93,000 employees in over 100 countries and more than 10,000 clients 1.
The company's data assets include sales, prescription, promotional, claims, electronic medical record and genomics information. It states that this information covers approximately 90 percent of the world's pharmaceuticals, measured by 2024 sales, and that its IT infrastructure receives about 120 billion healthcare records a year 1. This data advantage underpins several of the services offered to clients.
From January 1, 2026, IQVIA reports in two segments: Commercial Solutions, which includes information services, analytics, technology, contract sales and patient engagement, and Research & Development Solutions, which covers outsourced clinical research and real-world research services 23. The earlier three-segment structure was reorganised to reflect the new operating model.
Market context
The company estimates its total addressable market, covering outsourced research and development, real-world evidence and technology-enabled commercial operations, at about 335 billion dollars in 2025, of which about 75 billion dollars was outsourced clinical development spending 1. These estimates combine third-party sources with internal analysis and have not been independently verified.
Over the longer term, pharmaceutical companies could outsource more development work if pressure on efficiency and the need for new medicines persist. Around 375 new molecular entities are expected to be approved between 2026 and 2030, which would support demand for research services 1. A tougher funding environment for small biotechs could, however, slow orders.
Trends
- Growth in emerging marketstailwind
Spending on medicines in emerging markets is expected to grow, which could generate demand for local information and market access strategies. If this holds, IQVIA could benefit from its global presence.
- Cost pressure on clientsmixed
Pharmaceutical companies face thinner margins and pricing pressure, which may lead them to outsource more to cut costs. The company notes this can create opportunities but also delays in decision-making.
- Rising complexity of clinical researchtailwind
New therapy types and local-population trial requirements increase the complexity of clinical development. The company believes its biomarker expertise and global laboratory network position it well for such projects.
- Currency swings and economic uncertaintyheadwind
A significant part of revenue is denominated in foreign currencies, and exchange rate moves can change reported results. The 2026 guidance was adjusted down for foreign exchange impact, which shows the company's sensitivity to this factor.
Competitive position
The biopharmaceutical services market is highly competitive, and the company warns it cannot be sure it will keep its position if it fails to adapt quickly to technology and service changes 1. Competition comes from specialised clinical research outsourcers as well as technology and IT services firms entering medical data analytics.
The company's competitive edge rests on the scale and breadth of its data, its global presence and the integration of analytics with operational services. If these hold, they could support market share, though the loss of large contracts could weigh on results 1.
- Outsourced clinical research service providers
Companies offering comparable clinical trial services, cited in the context of biopharmaceutical services competition 1.
- IT services and data analytics firms
Technology and analytics providers entering the commercial information and digital operations segment of the pharmaceutical industry 1.
- Commercial services providers to the pharmaceutical industry
Companies offering outsourced sales forces and engagement services, comparable to the Commercial Solutions segment 1.
- Regional and local clinical research providers
Local firms that may compete for clinical studies in emerging markets, where the company also reports its own presence 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- IQVIA fined $7.8 million for failing to properly anonymize health dataBleepingComputer · 05 Oct 2026 · EN
- A Strong Rebound Case of IQVIA Holdings (IQV)Yahoo Finance — News · 15 Sept 2026 · EN
- IQVIA Holdings Stock: Is IQV Outperforming the Health Care Sector?Yahoo Finance — News · 10 Sept 2026 · EN
The latest news item in our archive is from 05 Oct 2026; the newest SEC filing is from 27 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report27 Oct 2026
- Current report27 Oct 2026Results of operations · Financial statements and exhibits
- Current report23 Sept 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report09 Sept 2026Other events · Financial statements and exhibits
- Quarterly report28 Jul 2026
- Current report28 Jul 2026Results of operations · Financial statements and exhibits
- Current report11 Jun 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report04 Jun 2026Other events · Financial statements and exhibits
- Current report03 Jun 2026Other events · Financial statements and exhibits
- Current report07 May 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / IQVIA Holdings Inc. · 17 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / IQVIA Holdings Inc. · 28 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / IQVIA Holdings Inc. · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.