IQV · IQVIA Holdings Inc.

IQVIA delivered a strong first quarter, with revenue of $4,151 million exceeding expectations and growing 8.4% reported (6.0% constant currency) year-over-year. The performance was driven by better-than-expected organic growth in both segments. Commercial Solutions revenue rose 11.6% reported (8.5% constant currency), fueled by strength in patient solutions, analytics & consulting, and commercial engagement services, with AI-enabled offerings gaining traction. R&D Solutions revenue increased 6.2% reported (4.2% constant currency), with solid net new bookings of $2.5 billion and a book-to-bill ratio of 1.04x. The contracted backlog reached $34.2 billion, with approximately $8.9 billion expected to convert to revenue in the next twelve months, representing 7.6% growth. Adjusted EBITDA grew 5.5% to $932 million, and Adjusted Diluted EPS of $2.90 exceeded the high-end of expectations, up 7.4% year-over-year. Free cash flow was $491 million, representing 100% of Adjusted Net Income, up 15% year-over-year. The company repurchased $552 million of stock during the quarter. Management reaffirmed full-year 2026 revenue guidance of $17,150-$17,350 million and Adjusted EBITDA guidance of $3,975-$4,025 million, while raising Adjusted Diluted EPS guidance to $12.65-$12.95. The strong operational performance and raised guidance underscore IQVIA's momentum in a stabilizing market environment.