1、USA|Pharmaceutical Svcs.IQVIAEquity ResearchJuly 23,2025 DavidWindley,CFA*|Equity Analyst(615)963-8313|TuckerRemmers*|Equity Associate+1(615)963-8315|FY(Dec)2024A2025E2026E2027ERev.(MM)15,405.016,159.816,881.717,650.4EBITDA(MM)3,684.03,796.53,965.54,164.0EPS11.1311.8912.9814.17P/E16.8x15.7x14.4x13.2

2、x4 Key Insights:IQV 2Q25Like MEDP,IQV reported stronger 2Q bookings,driven by EBP,where mgtnoted improved RFP flow and win rates.Despite these developments,FY25R&DS revenue was still revised down due to delayed decision-making acrosslarge pharma and biotech,which mgt communicated previously.TAS stre

3、ngthcontinues to derive from RWE,although comps get tougher in 2H.We raiseFY26 rev,EPS,and PT due to the better bookings trajectory,but maintain Hold.R&DS CC%Guidance Revised Down,Offset by FX and TAS.IQV narrowed its rev guidancerange(stable midpoint),reflecting 50bps FX tailwind,slightly stronger

4、TAS growth,and softer 2HR&DS growth vs prior expectations.Through 2Q,mgt indicated R&DS was tracking to the lowend of the 46%ex-COVID CC growth range.Mgt confirmed the downward revision aligns withprior commentary.The lower outlook isnt concentrated in one customer segmentboth largepharma and biotec

5、h are dragging on decisions due to policy uncertainty(MFN,tariffs)and fundingconstraints.For 26,a higher bookings level gets us back up to prior consensus revenue ttl,but notabove.Meanwhile,Biotech RFP Flow and Bookings Were Up.Despite the neg revision to R&DSexpectations,early demand indicators wer

6、e stronger in 2Q.Overall RFP flow rose mid-teens%YoY,led by EBP(up strong DD%),while large pharma was up L-MSD%.Private CRO checks have flaggedinflated RFP growth from biotechs inviting more CROs to bid(510 today vs 36 historically).IQVmgt doesnt see that impact,noting win rates in EBP have increase