# IQVIA (IQV)

Sector: Clinical research and healthcare data services

| Field | Value |
|---|---|
| Price | $274.53 |
| Market cap | $45B |
| Intrinsic value source | Analysts |
| Data as of | 2026-11-12 |
| Next earnings | 2027-02-04 (estimate) |

Analysts: Very bullish

Picks: Research only

Discount category: Close to intrinsic value

## In short

The market doubts IQVIA because of its debt and the risk that AI cuts the fees of trial work, and bookings above revenue with steady buybacks can lift its value.

## Themes and gap

- Themes: AI disruption risk (ai-disruption), High debt (leverage)
- Gap type: Can close (closable)
- Why: The Investor Day on December 1, 2026 and the Q4 2026 report in February 2027 show whether bookings keep growing and whether AI changes the fees of trial work.

## About

IQVIA Holdings Inc. (IQVIA) sells clinical research services, commercial services and healthcare data to drug, biotech and medical device companies. Since January 1, 2026, it reports two segments. Research & Development Solutions (R&DS) runs clinical trials for customers, and its revenue was $2,639 million in Q3 2026. Commercial Solutions sells data, analytics, technology and sales and marketing services, and its revenue was $1,789 million in Q3. Total revenue was $16,310 million in 2025 and $12,947 million in the first nine months of 2026. R&DS contracted backlog was $32.6 billion at September 30, 2026. About 95,000 people work for IQVIA in more than 100 countries. IQVIA is based in Research Triangle Park, North Carolina, and its shares trade on the New York Stock Exchange. Ari Bousbib is Chairman and Chief Executive Officer.

## Thesis

The market prices IQVIA as a company with a lot of debt whose work AI and slower drug-industry spending could change. Net debt was $13.8 billion, 3.45 times adjusted EBITDA, and interest expense was $203 million in Q3. Two doubts matter. The first is demand: drug and biotech spending on trials must keep growing so that new bookings stay above revenue. The second is AI: investors ask whether AI tools cut the hours and fees of trial work and of commercial analytics. For the shares to earn more, three things must be true. R&DS net new bookings must stay above revenue. The book-to-bill ratio was 1.2 times in Q3 on $3.2 billion of bookings, and about $9.4 billion of backlog is due to turn into revenue in the next twelve months. Adjusted EPS must keep growing near 10% a year, as in the 11.3% of Q3, with margins rising. And free cash flow must keep paying for buybacks, $950 million in nine months, while leverage falls from 3.45 times. The Investor Day on December 1, 2026 and the Q4 2026 report with 2027 guidance in February 2027 are the next tests.

## Checkpoints

- Oct 27, 2026: Q3 2026 results: bookings and guidance. Status: Passed. Watch: A book-to-bill ratio of 1.2 times or more and a raise to the 2026 guidance pass; a lower ratio or a cut fails. Outcome: R&DS net new bookings were $3.2 billion, the book-to-bill ratio was 1.2 times, and IQVIA raised its 2026 guidance.
- Dec 1, 2026: Investor Day: medium-term targets. Status: Pending. Watch: Targets that keep adjusted EPS growth near 10% a year with lower leverage pass; lower growth targets fail.
- Feb 4, 2027 (estimate): Q4 2026 results: bookings and 2027 guidance. Status: Pending. Watch: A book-to-bill ratio of 1.1 times or more and 2027 guidance that grows adjusted EPS pass; a lower ratio or flat guidance fails.

## Balance sheet

IQVIA reported cash of $2,249 million and debt of $16,067 million at September 30, 2026, so net debt was $13,818 million and the net leverage ratio was 3.45 times trailing twelve-month adjusted EBITDA. The revolving credit facility is $2,000 million and runs to 2030. On September 23, 2026, IQVIA Inc. sold $2.0 billion of 6.375% senior notes due 2034 to redeem its 5.000% notes due 2026 and repay part of the revolving credit facility. Interest expense was $203 million in Q3 and $592 million in nine months. Operating cash flow was $2,001 million in nine months, and capital spending on property, equipment and software was $483 million. IQVIA bought back 5.5 million shares for $950 million in nine months and has $2,819 million of authorization left. It had 164.8 million shares outstanding at October 20, 2026, down from 169.6 million at the end of 2025.

As of 2026-09-30.

Sources:

- https://www.sec.gov/Archives/edgar/data/1478242/000162828026067406/iqv-q3x2026earningspressre.htm
- https://www.sec.gov/Archives/edgar/data/1478242/000162828026067646/iqv-20260930.htm
- https://www.sec.gov/Archives/edgar/data/1478242/000119312526399616/d128109d8k.htm

## Dividends

IQVIA does not pay a dividend.

Source: company filings and market data, read on 2026-11-13.

## Recent events

- 2026-10-27: IQVIA reported Q3 2026 results. Revenue was $4,428 million, up 8.0%, with Commercial Solutions at $1,789 million and R&DS at $2,639 million. Adjusted EBITDA was $1,032 million, GAAP diluted EPS was $2.10 and adjusted diluted EPS was $3.34, up 11.3%. R&DS net new bookings were $3.2 billion, up 15%, a book-to-bill ratio of 1.2 times. Free cash flow was $667 million.
- 2026-10-27: IQVIA raised its 2026 guidance to revenue of $17,350 million to $17,500 million, adjusted EBITDA of $4,025 million to $4,055 million and adjusted diluted EPS of $12.90 to $13.00. It said that a review of inactive trials cut R&DS backlog by about $2.1 billion to $32.6 billion, with no effect on past results, guidance or the next twelve months of revenue from backlog. It announced an Investor Day for December 1, 2026.
- 2026-09-23: IQVIA Inc. sold $2.0 billion of 6.375% senior notes due 2034. It will use the proceeds to redeem its 5.000% senior notes due 2026, to repay part of the revolving credit facility and to pay fees.
- 2026-07-28: IQVIA reported Q2 2026 results. Revenue was $4,368 million, up 8.7%, adjusted diluted EPS was $3.15, up 12.1%, and R&DS net new bookings were $3.15 billion, up 19%. Free cash flow was $360 million. IQVIA raised its 2026 guidance.
- 2026-05-07: IQVIA's board authorized the repurchase of $2.0 billion more of its common stock, which brought the remaining authorization to $3,217 million. The program has no expiration date.
- 2026-02-05: IQVIA reported Q4 and full-year 2025 results and gave its 2026 guidance. For 2025, revenue was $16,310 million, adjusted EBITDA was $3,788 million and adjusted diluted EPS was $11.92, up 7.1%.

## Latest news and filings

- Last earnings: 2026-10-27 (8-K: https://www.sec.gov/Archives/edgar/data/1478242/000162828026067406/)
- Next earnings: 2027-02-04 (expected; the company has not confirmed it)

| Filed | Form | Headline | Period end | XBRL document | Link |
| --- | --- | --- | --- | --- | --- |
| 2026-10-27 | 10-Q | Quarterly report for the period ended Sep 30, 2026 | 2026-09-30 | iqv-20260930 | https://www.sec.gov/Archives/edgar/data/1478242/000162828026067646/iqv-20260930.htm |
| 2026-10-27 | 8-K | Earnings release |  | iqv-20261027 | https://www.sec.gov/Archives/edgar/data/1478242/000162828026067406/ |
| 2026-09-23 | 8-K | New material agreement and New debt or financial obligation |  |  | https://www.sec.gov/Archives/edgar/data/1478242/000119312526399616/d128109d8k.htm |
| 2026-09-09 | 8-K | Other company news |  |  | https://www.sec.gov/Archives/edgar/data/1478242/000119312526386633/d516985d8k.htm |
| 2026-07-28 | 10-Q | Quarterly report for the period ended Jun 30, 2026 | 2026-06-30 | iqv-20260630 | https://www.sec.gov/Archives/edgar/data/1478242/000162828026050211/iqv-20260630.htm |
| 2026-07-28 | 8-K | Earnings release |  | iqv-20260728 | https://www.sec.gov/Archives/edgar/data/1478242/000162828026049923/ |
| 2026-06-11 | 8-K | New material agreement and New debt or financial obligation |  |  | https://www.sec.gov/Archives/edgar/data/1478242/000119312526267763/d157492d8k.htm |
| 2026-06-04 | 8-K | Other company news |  |  | https://www.sec.gov/Archives/edgar/data/1478242/000119312526257730/d107340d8k.htm |
| 2026-06-03 | 8-K | Other company news |  |  | https://www.sec.gov/Archives/edgar/data/1478242/000119312526255635/d42817d8k.htm |
| 2026-05-07 | 8-K | Other company news |  |  | https://www.sec.gov/Archives/edgar/data/1478242/000119312526212463/d114471d8k.htm |

Every filing on SEC EDGAR (CIK 1478242): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001478242&type=&dateb=&owner=include&count=40

## Risks

- Medium: Debt is $16.1 billion and net leverage is 3.45 times adjusted EBITDA. Interest expense was $592 million in nine months. The new 6.375% notes cost more than the 5.000% notes that they replace.
- Medium: Trial spending can change. The review of inactive trials removed about $2.1 billion from backlog in Q3, which shows that trials stop. Slower biotech funding or cuts to drug-company research budgets would lower bookings.
- Medium: AI may lower the hours of work that customers pay for in trials and in commercial analytics. IQVIA says that it has deployed over 400 AI agents, but it earns fees for work that AI could do faster.
- Low: Acquisitions added about 250 basis points to 2026 revenue growth, and IQVIA spent $589 million on acquisitions in nine months. Weaker results from acquired businesses would lower growth.
- Low: IQVIA holds large amounts of patient data. Changes to privacy rules or a data breach could limit how it uses the data.

## Links

- Page: https://picks.utilarium.app/company/IQV/
- History of changes: https://picks.utilarium.app/company/IQV/history/
- JSON with full history: https://picks.utilarium.app/data/company/IQV.json

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