IQVIA Holdings (IQV) 10-K risk factor changes: FY2024 vs FY2023

The size and complexity of our IT and information security systems, and those of our vendors (and the large amounts of confidential information that is present on them), make such systems potentially vulnerable to service interruptions or to security breaches from inadvertent or intentional actions [removed: by,] [added: including,] but not limited to, [added: by] our employees, contingent workers, service providers, business partners, customers or malicious attackers.

These various initiatives may not yield their intended gains, or be completed in [added: a] timely manner, which may impact our competitiveness and our ability to meet our growth objectives and, as a result, materially and adversely affect our business, operating results and financial condition.

In the [removed: EU,] [added: EU and in many other regions or countries,] personal data includes any information that relates to an identifiable natural person.

Health information about an identifiable person carries additional obligations under [removed: EU law,] [added: these laws,] including obtaining the explicit consent from the individual for collection, use or disclosure of the information.

In addition, any failure by [removed: our] [added: the] computer [removed: environment] [added: environments we use] to provide sufficient processing or network capacity to transfer data could result in interruptions in our service.

We have entered into agreements with certain vendors to provide systems [removed: development and] [added: development,] integration services [removed: that develop or license to us the] [added: and hosting of] IT [removed: platform] [added: platform(s)] for programs to optimize our business processes.

We seek to address [added: some of] our technology risks by increasing our reliance on the use of innovations by cross-industry technology leaders and adapt these for our biopharmaceutical and healthcare industry clients.

Although we did not have any client that represented 10% or more of our revenues in [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021,] [added: 2022,] we derive the majority of our revenues from a number of large clients.

- the United States or foreign countries have and could continue to enact legislation or impose regulations or other restrictions, including unfavorable labor regulations, tax [removed: policies] [added: policies, trade barriers,] or economic sanctions, which could have an adverse effect on our ability to conduct business in or expatriate profits from the countries in which we operate, including hiring, retaining and overseeing qualified management personnel for managing operations in multiple countries, differing employment practices and labor issues, and tax-related risks, including the imposition of taxes and the lack of beneficial treaties, that result in a higher effective tax rate for us;

Increasing focus on [removed: environmental] sustainability and [removed: social] [added: other similar] initiatives could increase our costs, and inaction could harm our reputation and adversely impact our financial results.

There has been increasing public focus by investors, customers, environmental activists, the media, and governmental and nongovernmental organizations on a variety of [removed: environmental, social,] [added: environmental] and [removed: other] sustainability matters.

In light of the importance of this to our internal and external stakeholders, if we are not effective in addressing [removed: environmental, social] [added: environmental] and [removed: other] sustainability matters affecting our business, or setting and meeting relevant sustainability goals, our reputation and financial results may suffer.

In addition, this emphasis on [removed: environmental, social,] [added: environmental] and [removed: other] sustainability matters has resulted and may result in the adoption of new laws and regulations, including new reporting requirements (including, but not limited to the EU Corporate Sustainability Reporting Directive, the EU Taxonomy, and the [removed: proposed] EU Corporate Sustainability Due Diligence Directive).

In addition, certain environmental and [removed: social] [added: sustainability] disclosures and commitments we make may be reliant in part or in whole on third party information, which we cannot verify the quality of, and third party performance, which we cannot guarantee.

We may fail to meet our environmental and [removed: social] [added: sustainability] commitments either entirely or on the schedule we commit to.

Our results of operations may be adversely affected if we fail to realize the full value of our goodwill and [added: acquired] intangible assets.

We assess the realizability of our [removed: indefinite-lived intangible assets and] goodwill annually and conduct an interim evaluation [added: for goodwill and acquired intangible assets] whenever events or changes in circumstances, such as operating losses or a significant decline in earnings associated with the acquired business or asset, indicate that these assets may be impaired.

Our ability to realize the value of the goodwill and [removed: indefinite-lived] [added: acquired] intangible assets will depend on the future cash flows of the businesses we have acquired, which in turn could depend in part on how well we have integrated these businesses into our own business.

If we are not able to realize the value of the goodwill and [removed: indefinite-lived] [added: acquired] intangible assets, we may be required to incur material charges relating to the impairment of those assets.

The biopharmaceutical services industry is highly fragmented, with numerous smaller specialized companies and [removed: a handful of] [added: various] companies with [removed: global] [added: multi-country] capabilities similar to certain of our own capabilities.

In [removed: 2023,] [added: 2024,] financial regulators in various jurisdictions, including where we have variable-rate indebtedness outstanding, [removed: increased] [added: cut] interest rates [removed: on multiple occasions and signaled] [added: modestly while signaling] that interest rates could remain higher compared to recent years for an extended period of time in an effort to lower inflation.

Third parties may attempt to improperly persuade customers, suppliers, vendors, partners, employees or others to disclose sensitive information such as user names, passwords or other information that can be used to gain unauthorized access to systems or data.

We have acquired various companies, products, services and technologies over the years.

While we make significant efforts to identify and address IT security issues with respect to these acquisitions, we may still inherit security risks associated with these activities.

Regulations relating to the use of AI and the interpretation of those regulations by regulators, courts and others are in the early stages of development and evolving, which may make it difficult to identify adequate compliance requirements or suitable governance practices to meet those requirements.

For example, in July 2015, indictments were issued by the Seoul Central District Prosecutors’ Office in South Korea against IMS Korea and two of its employees, among others, alleging improper handling of sensitive health information in violation of applicable privacy laws.

See Item 3 “Legal Proceedings” for additional information.

Moreover, investor advocacy groups, investment funds, and influential investors are increasingly focused on these practices, especially as they relate to the environment, health and safety, diversity, labor conditions, and human rights.

Failure to adapt to or comply with regulatory requirements or investor or stakeholder expectations and standards could negatively impact our reputation, ability to do business with certain partners, and our stock price.

IQVIA is a leading global provider of [removed: advanced analytics, technology solutions and] clinical research [removed: services] [added: services, commercial insights and healthcare intelligence] to the life sciences [removed: industry.][added: and healthcare industries.]

[removed: Our targeted productivity initiatives contributed to overall net income and earnings per share growth, and we] [added: We] ended the year with our highest ever [added: total company] remaining performance obligations of approximately [removed: $31.7] [added: $33.5] billion as of December 31, [removed: 2023.][added: 2024.]

While we experienced a decline in COVID-19 related work in [removed: 2023] [added: 2024] versus [removed: 2022,] [added: 2023,] overall COVID-19 related work was not material to operations.

As of December 31, [removed: 2023,] [added: 2024,] COVID-19 related work did not represent a material amount of our remaining performance obligations.

As of December 31, [removed: 2023,] [added: 2024,] cash and cash equivalents were [removed: $1,376] [added: $1,702] million and we had [removed: $100] [added: $825] million drawn under our $2,000 million revolving credit facility.

As of December 31, [removed: 2023,] [added: 2024,] we were in compliance with the financial covenants under our debt agreements in all material respects and do not have material uncertainty about ongoing ability to meet the covenants of our credit arrangements.

We have completed and will continue to consider strategic business combinations to enhance our capabilities and offerings in certain areas, including various individually immaterial acquisitions during the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022.][added: 2023.]

In [removed: 2023,] [added: 2024,] approximately 30% of our revenues were denominated in currencies other than the United States dollar, which represents approximately 60 currencies.

For a discussion of our results of operations comparison for [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] refer to our Annual Report on Form 10-K for the fiscal year ended December 31, [removed: 2022] [added: 2023] filed on February 15, [removed: 2023.][added: 2024.]

| | | | | | | | | | [removed: 2023] [added: 2024] vs. [removed: 2022] [added: 2023] | | | | | | | | | | | | [removed: 2022] [added: 2023] vs. [removed: 2021] [added: 2022] | | | | | | | | | | | | | | | | | | | | | | | |

| (dollars in millions) | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | $ | | | | | | % | | | | | | $ | | | | | | % | | |

| Revenues | | | | | | $ | [removed: 14,984] [added: 15,405] | | | | | $ | [removed: 14,410] [added: 14,984] | | | | | $ | [removed: 13,874] [added: 14,410] | | | | | $ | [removed: 574] [added: 421] | | | | | [removed: 4.0] [added: 2.8] | | % | | | | $ | [removed: 536] [added: 574] | | | | | [removed: 3.9] [added: 4.0] | | % |

[removed: *2023] [added: *2024] compared to [removed: 2022*][added: 2023*]

This increase was comprised of constant currency revenue growth of approximately [removed: $596] [added: $510] million, or [removed: 4.1%,] [added: 3.4%,] reflecting a [removed: $121] [added: $333] million increase in Technology & Analytics Solutions, a [removed: $477] [added: $167] million increase in Research & Development Solutions, and a [removed: $2] [added: $10] million [removed: decrease] [added: increase] in Contract Sales & Medical Solutions.

| (dollars in millions) | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Cost of revenues, exclusive of depreciation and amortization | | | | | | $ | [removed: 9,745] [added: 10,030] | | | | | $ | [removed: 9,382] [added: 9,745] | | | | | $ | [removed: 9,233] [added: 9,382] | |

| % of revenues | | | | | | [removed: 65.0] [added: 65.1] | | % | | | | [removed: 65.1] [added: 65.0] | | % | | | | [removed: 66.5] [added: 65.1] | | % |

When compared to [removed: 2022,] [added: 2023,] cost of revenues, exclusive of depreciation and amortization increased [removed: $363] [added: $285] million in [removed: 2023,] [added: 2024,] or [removed: 3.9%.][added: 2.9%.]

This increase included a constant currency increase of approximately [removed: $550] [added: $643] million, or [removed: 5.9%,] [added: 6.6%,] comprised of a [removed: $163] [added: $261] million increase in Technology & Analytics Solutions, a [removed: $393] [added: $374] million increase in Research & Development Solutions, and [removed: a $6] [added: an $8] million [removed: decrease] [added: increase] in Contract Sales & Medical Solutions.

As a percentage of revenues, cost of revenues, exclusive of depreciation and amortization in [removed: 2023] [added: 2024] remained relatively consistent with [removed: 2022.][added: 2023.]

| Selling, general and administrative expenses | | | | | | $ | [removed: 2,053] [added: 1,992] | | | | | $ | [removed: 2,071] [added: 2,053] | | | | | $ | [removed: 1,964] [added: 2,071] | |

| % of revenues | | | | | | [removed: 13.7] [added: 12.9] | | % | | | | [removed: 14.4] [added: 13.7] | | % | | | | [removed: 14.2] [added: 14.4] | | % |

The [removed: $18] [added: $61] million decrease in selling, general and administrative expenses in [removed: 2023] [added: 2024] as compared to [removed: 2022] [added: 2023] included a constant currency [removed: increase] [added: decrease] of approximately [removed: $8] [added: $33] million, or [removed: 0.4%,] [added: 1.6%,] comprised of a [removed: $40] [added: $52] million increase in Technology & Analytics Solutions, a [removed: $30] [added: $42] million increase in Research & Development Solutions, [removed: offset by] [added: and] a [removed: $4] [added: $2] million [removed: decrease] [added: increase] in Contract Sales & Medical [removed: Solutions and] [added: Solutions, offset by] a [removed: $58] [added: $129] million decrease in general corporate and unallocated expenses.

| Depreciation and amortization | | | | | | $ | [removed: 1,125] [added: 1,114] | | | | | $ | [removed: 1,130] [added: 1,125] | | | | | $ | [removed: 1,264] [added: 1,130] | |

| % of revenues | | | | | | [removed: 7.5] [added: 7.2] | | % | | | | [removed: 7.8] [added: 7.5] | | % | | | | [removed: 9.1] [added: 7.8] | | % |

The [removed: $5] [added: $11] million decrease in depreciation and amortization in [removed: 2023] [added: 2024] as compared to [removed: 2022] [added: 2023] was primarily the result of less amortization [removed: from] [added: of] certain intangible assets from the merger between Quintiles and IMS Health, offset by an increase in amortization of capitalized software and of intangible assets from acquisitions occurring in [removed: 2022] [added: 2023] and [removed: 2023.][added: 2024.]

| (in millions) | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Restructuring costs | | | | | | $ | [removed: 84] [added: 67] | | | | | $ | [removed: 28] [added: 84] | | | | | $ | [removed: 20] [added: 28] | |

These restructuring actions are expected to occur throughout [removed: 2024] [added: 2025] and are expected to consist of consolidating functional activities, eliminating redundant positions, and aligning resources with customer requirements.

| Interest income | | | | | | $ | [removed: (36)] [added: (47)] | | | | | $ | [removed: (13)] [added: (36)] | | | | | $ | [removed: (6)] [added: (13)] | |

| Interest expense | | | | | | $ | [removed: 672] [added: 670] | | | | | $ | [removed: 416] [added: 672] | | | | | $ | [removed: 375] [added: 416] | |

The increase [added: in 2024 as compared to 2023] is primarily a result of higher deposit rates.

Interest expense during [removed: 2023] [added: 2024] was [removed: higher] [added: lower] than [removed: 2022] [added: 2023] due primarily to [removed: higher] [added: lower] base rate interest costs across the floating rate debt [removed: portfolio as well as from an increase in our net debt.][added: portfolio.]

| Loss on extinguishment of debt | | | | | | $ | [removed: 6] [added: —] | | | | | $ | [removed: —] [added: 6] | | | | | $ | [removed: 26] [added: —] | |

In [removed: 2023,] [added: 2023] we recognized a loss on extinguishment of debt of $6 million for fees and expenses incurred related to the refinancing of our Credit [removed: Agreement as discussed further in Note 10 to our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K.][added: Agreement.]

| Other (income) expense, net | | | | | | $ | [removed: (124)] [added: (90)] | | | | | $ | [removed: 33] [added: (124)] | | | | | $ | [removed: (130)] [added: 33] | |

Other (income) expense, net for [removed: 2023 increased] [added: 2024 decreased] compared to [removed: 2022] [added: 2023] primarily due to [added: less] foreign currency gain on [removed: transactions, and to a lesser extent from revaluations of contingent consideration and gains on investments.][added: transactions.]

| Income tax expense | | | | | | $ | [removed: 101] [added: 301] | | | | | $ | [removed: 260] [added: 101] | | | | | $ | [removed: 163] [added: 260] | |

| Effective income tax rate | | | | | | [removed: 6.9] [added: 18.0] | | % | | | | [removed: 19.1] [added: 6.9] | | % | | | | [removed: 14.5] [added: 19.1] | | % |

[removed: In] [added: Our effective income tax rate was favorably impacted in] 2023, [removed: we completed] [added: due to the completion of] an internal legal entity restructuring that resulted in a benefit of $125 million.

IQVIA’s portfolio of solutions are powered by IQVIA Connected Intelligence™ to deliver actionable insights and services built on high-quality health data, Healthcare-grade AI™, advanced analytics, the latest technologies and extensive domain expertise.

We are committed to using AI responsibly, ensuring that our AI-powered capabilities are grounded in privacy, regulatory compliance, and patient safety.

With approximately 88,000 employees in over 100 countries, including experts in healthcare, life sciences, data science, technology and operational excellence, IQVIA is dedicated to accelerating the development and commercialization of innovative medical treatments to help improve patient outcomes and population health worldwide.

We delivered another year of strong operating results in 2024 with our income from operations increasing over 11 percent and our cash flow from operating activities increasing over 26 percent from 2023.

Our Technology & Analytics Solutions segment revenues and profit growth improved in the second half of the year as we captured opportunities relating to our clients increasing their spending.

Our Research & Development Solutions segment also produced revenues and segment profit growth in 2024.

Although we faced some challenges in our Research & Development Solutions segment in the latter half of 2024, and while we anticipate some of these challenges will persist into 2025, we consider these to be more short-term in nature.

This segment overall is a long-cycle business.

In 2024, our revenues increased $421 million, or 2.8%, as compared to 2023.

*2024 compared to 2023*

| (dollars in millions) | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

*2024 compared to 2023*

| (dollars in millions) | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

No such activity occurred in 2024.

| (in millions) | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

| (dollars in millions) | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

| (in millions) | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

| (in millions) | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

*2024 compared to 2023*

*2024 compared to 2023*

*2024 compared to 2023*

| (dollars in millions) | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | | | | | 2024 vs. 2023 | | | | | | | | | | | | 2023 vs. 2022 | | | | | | | | |

*2024 compared to 2023*

*2024 compared to 2023*

*2024 compared to 2023*

| (dollars in millions) | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | | | | | 2024 vs. 2023 | | | | | | | | | | | | 2023 vs. 2022 | | | | | | | | |

*2024 compared to 2023*

This decrease included constant currency revenue growth of approximately $10 million, or 1.4%, reflecting revenue growth primarily in the Europe and Africa region and to a lesser extent in the Asia-Pacific region.

*2024 compared to 2023*

This decrease included a constant currency increase of approximately $8 million, or 1.3%, reflecting primarily an increase in costs associated with supporting revenue growth.

*2024 compared to 2023*

| (in millions) | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

*2024 compared to 2023*

| (in millions) | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

*2024 compared to 2023*

| (in millions) | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

*2024 compared to 2023*

| (in millions) | | | | | | December 31, 2024 | | | | | | December 31, 2023 | | |

| (in millions) | | | | | | December 31, 2024 | | | | | | December 31, 2023 | | |

| Long-term debt, including interest (1) | | | | | | $ | 1,801 | | | | | $ | 7,445 | | | | | $ | 4,852 | | | | | $ | 2,024 | | | | | $ | 16,122 | |

IQVIA creates intelligent connections across all aspects of healthcare through its analytics, transformative technology, big data resources, extensive domain expertise and network of partners.

IQVIA Connected Intelligence delivers actionable insights and powerful solutions with speed and agility — enabling customers to accelerate the clinical development and commercialization of innovative medical treatments that improve healthcare outcomes for patients.

With approximately 87,000 employees, we conduct operations in more than 100 countries.

Throughout 2023 we experienced strong demand and operational results for our Research & Development Solutions offerings.

Our Technology & Analytics Solutions offerings were relatively more impacted by a tougher macro environment, including more cautious spending by our clients on extended timelines than what we have experienced in the past.

We experienced growth in certain Technology & Analytics Solutions offerings, such as multi-channel marketing and real world solutions.

In 2023, our revenues increased $574 million, or 4.0%, as compared to 2022.

Lastly, the effective tax rate was also impacted by changes in the geographical mix of earnings amongst foreign tax jurisdictions as well as state and local tax rates.

In 2022, we recorded a benefit of $6 million related to a 2021 U.S. Federal tax return position associated with Foreign Derived Intangible Income (“FDII”) and Global Intangible Low-Taxed Income (“GILTI”) tax credits.

In addition, our effective tax rate was impacted by changes in the geographical mix of earnings amongst foreign tax jurisdictions as well as state and local tax rates.

This decrease included a constant currency decrease of approximately $6 million, or 0.9%.

This decrease included a constant currency decrease of approximately $4 million, or 6.5%.

On November 28, 2023, we entered into an amendment (the “Amendment”) to our Fifth Amended and Restated Credit Agreement (the “Credit Agreement”).

Pursuant to the Amendment, we borrowed $1,500 million in incremental Term B-4 Dollar Loans (as defined in the Credit Agreement) due January 2, 2031.

The net proceeds from the Term B-4 Dollar Loans were used to repay certain of the outstanding term loans due in 2024 and in 2025 under our senior secured credit facilities, and to pay fees and expenses related to the related to the Amendment and the offering of 2029 Senior Secured Notes (as defined below).

In connection with this Amendment, we recognized a $6 million loss on extinguishment of debt, which includes fees and expenses.

In connection with the allocation of the Term B-4 Dollar Loans, we entered into cross-currency swaps with a combined notional value of $1,500 million to effectively convert $1,500 million of the Term B-4 Dollar Loans into euro-denominated borrowings at prevailing euro interest rates through January 2031.

The effective net borrowing rate to us for these loans, inclusive of the yield on the loans and the beneficial impact of the cross-currency swaps and of the interest rate swaps entered on November 17, 2023 in connection with the allocation of the loans, is approximately 4.9015%.

On April 17, 2023, we increased the capacity of our senior secured revolving credit facility by $500 million U.S. dollars, bringing the total capacity of the revolving credit facility to $2,000 million.

At the same time, we also amended the benchmark rate of our U.S. dollar revolving credit facility and the U.S. dollar Term A Loans from U.S. dollar LIBOR to U.S. dollar Term SOFR plus a 10 basis point Credit Spread Adjustment.

The net proceeds from the 2029 Senior Secured Notes offering were used to repay certain of the outstanding term loans due in 2024 and in 2025 under our senior secured credit facilities, and to pay fees and expenses related to the 2029 Senior Secured Notes offering and the Amendment.

The 2029 Senior Secured Notes are secured obligations, will mature on February 1, 2029, unless earlier repurchased or redeemed in accordance with their terms, and bear interest at the rate of 6.250% per year, with interest payable semi-annually on February 1 and August 1 of each year, beginning on February 1, 2024.

We may redeem the 2029 Senior Secured Notes prior to February 1, 2029 subject to a customary make-whole premium, and thereafter subject to a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest.

In connection with the pricing of the 2029 Senior Secured Notes, we entered into cross-currency swaps with a combined notional value of $1,250 million to effectively convert $1,250 million of the 2029 Senior Secured Notes into euro-denominated borrowings at prevailing euro interest rates through February 2029.

The effective net borrowing rate to us is approximately 4.8555%, inclusive of the yield on the notes and the beneficial impact of the cross-currency swaps.

On May 23, 2023, we completed the issuance and sale of $750 million in gross proceeds of 5.700% senior secured notes due 2028 (the “2028 Senior Secured Notes”).

The net proceeds from the 2028 Senior Secured Notes offering were used to repay existing borrowings under our revolving credit facility, and to pay fees and expenses related to the 2028 Senior Secured Notes offering and offering of 2030 Senior Notes (as defined below).

The 2028 Senior Secured Notes are secured obligations, will mature on May 15, 2028, unless earlier repurchased or redeemed in accordance with their terms, and bear interest at the rate of 5.700% per year, with interest payable semi-annually on May 15 and November 15 of each year, beginning on November 15, 2023.

We may redeem the 2028 Senior Secured Notes prior to April 15, 2028 subject to a customary make-whole premium, and thereafter subject to a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest.

The 2028 Senior Secured Notes and 2029 Senior Secured Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction.

The Exchange Offer commenced on January 26, 2024 and will expire on February 23, 2024, unless we extend the offer.

The terms of the 2028 Registered Notes and the 2029 Registered Notes to be issued in the Exchange Offer are substantially identical in all material respects to the terms of the 2028 Senior Secured Notes and 2029 Senior Secured Notes, respectively, except that the registered notes will not be subject to restrictions on transfer or to any increase in the annual interest rate for failure to comply with the applicable registration rights agreement.

Senior Notes

On May 23, 2023, we completed the issuance and sale of $500 million in gross proceeds of 6.500% senior notes due 2030 (the “2030 Senior Notes”).

The net proceeds from the 2030 Senior Notes offering were used to repay existing borrowings under our revolving credit facility, and to pay fees and expenses related to the 2030 Senior Notes offering and 2028 Senior Secured Notes offering.

The 2030 Senior Notes are unsecured obligations, will mature on May 15, 2030, unless earlier repurchased or redeemed in accordance with their terms, and bear interest at the rate of 6.500% per year, with interest payable semi-annually on May 15 and November 15 of each year, beginning on November 15, 2023.

We may redeem the 2030 Senior Notes prior to their final stated maturity, subject to a customary make-whole premium, at any time prior to May 15, 2026 (subject to a customary “equity claw” redemption right) and thereafter subject to a redemption premium declining from 3.250% to 0.000%.

| Long-term debt, including interest (1) | | | | | | $ | 1,412 | | | | | $ | 5,612 | | | | | $ | 5,096 | | | | | $ | 4,448 | | | | | $ | 16,568 | |

| Operating leases | | | | | | 117 | | | | | | 151 | | | | | | 60 | | | | | | 31 | | | | | | 359 | | |

| Finance leases | | | | | | 13 | | | | | | 26 | | | | | | 28 | | | | | | 283 | | | | | | 350 | | |

The principal currency hedged in [removed: 2023] [added: 2024] with foreign currency forward contracts was the British Pound.

The contractual value of our foreign exchange forward contracts was approximately [removed: $121] [added: $108] million as of December 31, [removed: 2023.][added: 2024.]

The potential gain in fair value for foreign exchange forward contracts based on a hypothetical 10% decrease in the value of the United States dollar was [removed: $12] [added: $11] million as of December 31, [removed: 2023.][added: 2024.]

Excluding the impacts from any outstanding or future hedging transactions, a hypothetical 10% change in average exchange rates used to translate all foreign currencies to the United States dollar would have impacted income before income taxes for [removed: 2023] [added: 2024] by approximately [removed: $54] [added: $154] million.

The contractual value of our cross-currency swaps was approximately [removed: $2,750] [added: $2,735] million as of December 31, [removed: 2023.][added: 2024.]

The potential loss in fair value for cross-currency swaps based on a hypothetical 10% decrease in the value of the United States dollar was [removed: $327] [added: $300] million as of December 31, [removed: 2023.][added: 2024.]

As of December 31, [removed: 2023,] [added: 2024,] our total foreign currency denominated debt was [removed: €4,101] [added: €4,085] million [removed: ($4,526] [added: ($4,244] million), with approximately [removed: 60%] [added: 67%] being designated as a hedge.

A hypothetical 10% decrease in the value of the United States dollar would lead to a potential loss in fair value of [removed: $453] [added: $424] million.

However, approximately [removed: 60%] [added: 67%] of this change in fair value would be offset by the change in value of the hedged portion of our net investment in foreign subsidiaries caused by the currency exchange rate fluctuation.

As of December 31, [removed: 2023,] [added: 2024,] we had approximately [removed: $5,500] [added: $5,965] million of variable rate indebtedness and interest rate swaps with a notional value of [removed: $3,300] [added: $2,485] million.

Excluding debt covered by hedges, each quarter-point increase or decrease in the interest rate on our variable rate debt would result in our interest expense changing by approximately [removed: $5] [added: $9] million per year.

As of December 31, [removed: 2023,] [added: 2024,] we held investments in marketable equity securities.

As of December 31, [removed: 2023,] [added: 2024,] the fair value of these investments was [removed: $146] [added: $170] million based on the quoted market value of the securities.

The potential loss in fair value resulting from a hypothetical decrease of 10% in quoted market values was approximately [removed: $15] [added: $17] million as of December 31, [removed: 2023.][added: 2024.]

IQVIA is a leading global provider of [removed: advanced analytics, technology solutions, and] clinical research [removed: services] [added: services, commercial insights and healthcare intelligence] to the life sciences [removed: industry.][added: and healthcare industries.]

Our scaled and growing information set contains approximately [removed: 61] [added: 64] petabytes of unique proprietary data sourced from approximately 150,000 data suppliers and covering over one million data feeds globally.

Based on this data, we deliver information and insights on [removed: over] [added: approximately] 90% of the world’s pharmaceuticals, as measured by [removed: 2022] [added: 2023] sales.

- Analytics-driven clinical development, which improves clinical trial design, site identification and patient recruitment by empowering therapeutic, scientific, and domain experts with expansive levels of information, including product level tracking in [removed: 94] [added: 95] markets, and information about treatments and outcomes on more than 1.2 billion unique non-identified patient records globally;

- A staff of approximately [removed: 87,000] [added: 88,000] employees across the globe, including over [removed: 30,000] [added: 29,000] Technology & Analytics Solutions employees, approximately [removed: 48,000] [added: 49,000] Research & Development Solutions employees and approximately [removed: 7,000] [added: 6,000] Contract Sales & Medical Solutions employees.

We compete in a market of [removed: greater than] [added: approximately] $330 billion consisting of outsourced research and development, real-world evidence and connected health and technology enabled clinical and commercial operations markets for life sciences companies and the broader healthcare industry.

- Outsourced research and development: Biopharmaceutical spending on drug development totaled approximately [removed: $184] [added: $194] billion in [removed: 2023.][added: 2024.]

Of that amount, we estimate that our addressable opportunity (clinical development spending excluding preclinical spending) was approximately [removed: $99] [added: $155] billion.

The portion of this addressable opportunity that was outsourced in [removed: 2023,] [added: 2024,] based on our estimates, was approximately [removed: $50] [added: $73] billion.

- Real-World Evidence and connected health: Total addressable market of approximately [removed: $70] [added: $85] billion in [removed: 2023] [added: 2024] that consists of tightly coupled life sciences and healthcare markets.

Second, the addressable opportunity for connected healthcare is approximately [removed: $40] [added: $55] billion, and includes areas such as revenue cycle management, payer & provider analytics and clinical decision support services.

- Technology enabled commercial operations: Total addressable market of approximately [removed: $80] [added: $82] billion in [removed: 2023] [added: 2024] that includes information, data warehousing, IT outsourcing, software applications and other services in the broader market for IT services.

Growth and innovation in the life sciences industry. The life sciences industry is a large and critical part of the global healthcare system and, according to the latest information available from the IQVIA Market Prognosis service, is estimated to have generated approximately [removed: $1.63] [added: $1.73] trillion in revenues in [removed: 2023.][added: 2024.]

According to the IQVIA Institute, it is estimated that spending on pharmaceuticals in emerging markets will expand at a 5% to 8% compound annual growth rate (“CAGR”) through [removed: 2028.][added: 2029.]

The IQVIA Institute also estimates that approximately 350 new molecular entities (“NMEs”) are expected to be approved between [removed: 2024] [added: 2025] and [removed: 2028,] [added: 2029,] or 70 per year compared to 61 per year on average during the past decade.

For example, real-world evidence studies demonstrate practical and clinical [removed: efficacies,] [added: effectiveness,] which [removed: we believe] [added: can] require the aggregation and integration of large clinical data sets across [removed: all] [added: multiple] care settings, types of therapies and patient cohorts.

Finally, manufacturers also [added: can] require the ability to analyze social media activity to identify unmet patient needs and support for new orphan drugs.

We believe life sciences companies are working to bring alignment across constituents on the value of their treatments in order to successfully develop and commercialize new [removed: therapies.][added: therapies and improve lives of patients.]

Beyond our proprietary information assets, we have developed key capabilities to assess opportunities to develop and commercialize therapies, support and defend the value of medicines and help our clients operate more efficiently through the application of [added: our clinical, scientific and operational knowledge as well as our] insight-driven decision-making and cost-efficient technology solutions.

Continue to innovate through our IQVIA Connected Intelligence by leveraging our information, advanced analytics, transformative technology and significant domain expertise. As a leader in the development and commercialization of new pharmaceutical therapies, we can empower our therapeutic, scientific and domain experts with expansive levels of information including product level tracking in [removed: 94] [added: 95] markets and information about treatments and outcomes on more than 1.2 billion unique non-identified patient records.

We transform Real World Evidence by linking prospective and retrospective approaches and introduce innovation such as secondary control arms, which [added: can] eliminate the need for a placebo group.

Build upon our extensive client relationships and leverage our global presence. We have a diversified base of over 10,000 clients in over 100 countries and have expanded our client value proposition to address a broader market for research and development and commercial operations which we estimate to be [removed: more than] [added: approximately] $330 billion in [removed: 2023.][added: 2024.]

Expand the penetration of our offerings to the broader healthcare marketplace. We believe that substantial opportunities exist to use our existing technology and domain expertise to serve additional healthcare stakeholders (payers, providers, healthcare [removed: professionals)] [added: professionals, governments, non-governmental organizations)] to quantify and optimize cost of care delivery; provide registry technology to professional association and patient communities and support healthcare providers with system implementation and platform migration.

Real World [removed: Solutions.] [added: Solutions.] We enable life sciences and provider customers to generate and disseminate evidence in a cost-efficient manner which informs health care decision making and ultimately improves patients’ outcomes.

Our scaled information networks include more than 1.2 billion unique non-identified patient records globally, as well as access to profiles of over [removed: 3,400] [added: 4,100] real world data assets in more than 100 countries uniquely facilitating data discoverability for healthcare research via the IQVIA Health Data Catalog.

Our Natural Language Processing capabilities help us create structured data from unstructured clinical [removed: notes.][added: notes and the published literature, and provide accredited independent medical educational content.]

Included is our site management organization Avacare Clinical Research Network, which orchestrates the activities of over 200 investigators and extends solutions to patients across more than 20 therapeutic indications in nearly [removed: 50] [added: 40] locations.

Medical [removed: Affairs] Services. We provide a range of [removed: scientific strategy and] medical [removed: affairs] services [added: and scientific strategy] to help biopharmaceutical companies plan and transition from the clinical trial setting to commercialization.

No single client accounted for 10% or more of our total Company revenues in [removed: 2023, 2022] [added: 2024, 2023] or [removed: 2021.][added: 2022.]

For the year ended December 31, [removed: 2023] [added: 2024] the largest client based on its percentage of total Company revenues contributed approximately 5%.

Our offerings compete with various firms, including Accenture, Aetion, Panalgo (a Norstella company), Cognizant Technology Solutions, [removed: Fortrea,] Deloitte, Pharmaceutical Product Development, Inc. [removed: (now part] [added: (part] of Thermo Fisher Scientific Inc.), Relx, IBM, Infosys, [removed: Cerner (an] Oracle [removed: company),] [added: Health,] McKinsey, NielsenIQ, Optum [removed: Insight,] [added: Insight (part of UnitedHealth Group),] Parexel International Corporation, Press Ganey, RTI Health Solutions, ICON plc, Definitive Healthcare, Cegedim, Tempus, Merative, CompuGroup Medical, [removed: Medidata,] [added: Medidata (Part of Dassault Systèmes),] Clarivate, Veeva, and ZS Associates.

Among the traditional CROs, there are [removed: several-hundred] [added: thousands of] small, limited-service providers, several medium-sized firms and only a few full-service companies with global capabilities.

[removed: Our primary] [added: Some of our larger] competitors include ICON plc, Parexel International Corporation, Pharmaceutical Product Development, Inc., [added: and] Syneos Health, [removed: and Fortrea,] among others.

We are committed to sustainable [removed: environmental, social and governance ("ESG")] practices that further our corporate [removed: purpose] [added: mission] of accelerating innovation for a healthier world.

For further information on our [removed: ESG program, achievements,] [added: sustainability program] and [removed: goals,] [added: achievements,] see our [removed: 2023 Environmental, Social, and Governance] [added: 2024 Sustainability] Report (the [removed: "2023 ESG] [added: "2024 Sustainability] Report"), which will be available on our website at [removed: https://www.iqvia.com/about-us/corporate-responsibility.][added: https://www.iqvia.com/about-us/sustainability.]

Information in the [removed: 2023 ESG] [added: 2024 Sustainability] Report is not incorporated by reference in, and does not form part of, this Annual Report on Form 10-K.

To facilitate the disclosure of comparable, consistent, and reliable [removed: ESG] [added: sustainability] information, the [removed: 2023 ESG] [added: 2024 Sustainability] Report will be aligned with the Sustainability Accounting Standards Board ("SASB") and the Global Reporting Initiative ("GRI") reporting frameworks by including therein and reporting against their respective reporting standards indexes.

The [removed: 2023 ESG] [added: 2024 Sustainability] Report also discusses our [removed: climate-related] risks and opportunities [added: related to environmental events and natural disasters] in accordance with the recommended disclosures of the Task Force on Climate-related Financial Disclosures ("TCFD").

In particular, personal health information is recognized in many countries [added: or regions] such as the United States, the European [removed: Union, or EU,] [added: Union (EU), Latin America, Asia] and [removed: several countries in Asia,] [added: others,] as a special, sensitive category of personal information, subject to additional mandatory protections.

Board Oversight of Human Capital Management. Our Board of Directors (our "Board") receives periodic updates on key human capital metrics, including recruitment and attrition rates, talent development data, and [removed: diversity] statistics related to [removed: hiring, promotion and] our overall workforce.

IQVIA’s portfolio of solutions are powered by IQVIA Connected Intelligence™ to deliver actionable insights and services built on high-quality health data, Healthcare-grade AI™, advanced analytics, the latest technologies and extensive domain expertise.

We are committed to using artificial intelligence ("AI") responsibly, ensuring that our AI-powered capabilities are grounded in privacy, regulatory compliance, and patient safety.

With approximately 88,000 employees in over 100 countries, including experts in healthcare, life sciences, data science, technology and operational excellence, we are dedicated to accelerating the development and commercialization of innovative medical treatments to help improve patient outcomes and population health worldwide.

Artificial Intelligence

Artificial Intelligence ("AI") presents opportunities for smarter healthcare.

It can enable the industry to better understand patient needs, identify new approaches to treatment, and scale and democratize access to medicine.

IQVIA has a rich history of developing Healthcare-grade AI™.

We have steadily expanded our capabilities over the years in connection with machine learning, natural language processing and generative AI as technology evolves.

For example, AI can be used to generate new insights and recommendations, helping to increase clinical trials efficiency at all stages from trial design to data submission.

We use AI to deliver tangible customer benefits and patient impact, while focusing on ethical application, responsible use and compliance with emerging regulation.

The expanded use of AI is generating clear benefits, but also concerns about data security, privacy and trust.

IQVIA is committed to implementing technology in a way that addresses these concerns.

Our new Center for Defensible Data and AI and our AI Governance Council support employee compliance with our guiding principles of Defensible AI, Trustworthy AI, and Responsible and Ethical AI.

This helps us to maintain high standards across the business and ensures we are well-placed to comply with emerging regulation such as the European Union’s Artificial Intelligence Act (the "EU AI Act") and the Colorado AI Act.

Given the sensitive and complex nature of health-related information, developing and implementing AI for healthcare requires additional safeguards, including privacy standards and regulatory compliance.

IQVIA Healthcare-grade AI™ is embedded across our AI-powered offerings, engineered to meet the level of precision, speed, and trust needed by the industry.

It combines IQVIA's expertise across life sciences, data science, information management, and technology with AI models trained on our extensive, high quality, and diverse health data.

Our ability to connect these powerful capabilities enables us to responsibly advance AI in healthcare and accelerate the delivery of solutions to improve patients’ lives.

IQVIA employs a wide variety of policies, procedures, guidelines, training, communications, tools and other resources to support the responsible use of AI technologies, including generative AI, to use AI responsibly and comply with legislation such as the EU AI Act, including:

- For higher risk AI activities, we have established procedures and methodologies to evaluate or test input, AI models, output and other aspects of AI use for error, bias, hallucinations and results that are not otherwise fit for the intended purpose.

- For lower risk activities, a variety of policies, standard operating procedures, guidance and training support our employees in the use of AI models — for example, the use of AI assistants to improve employee communications, and ensuring we have the necessary rights to use any non-IQVIA content with AI tools.

- We have established private instances of certain public large language models.

This ensures proprietary IQVIA content is not used to train public models and that the output and AI models derived from the use of proprietary content remains subject to IQVIA requirements and guidelines.

- Robust AI policies and practices must be built on a solid foundation of good information governance policies and practices relating to data privacy, information security, intellectual property management, contract compliance, vendor management and related domains.

IQVIA has extensive policies and practices addressing these topics, and substantial resources and experience in each of these domains.

- Good AI policies and practices also depend upon strong supporting policies, practices and experience relating to the design, development, testing, implementation, management and support of technology.

IQVIA has extensive policies and practices addressing these topics, and substantial resources and experience relating to the responsible use of technology.

- IQVIA employs an information security framework based on National Institute of Standards and Technology ("NIST"), Health Information Trust Alliance ("HITRUST") and other common standards to define the minimum security controls and safeguards that are appropriate for each type of content.

Overview. Our approximately 88,000 employees drive our vision to power smarter healthcare for everyone, everywhere.

They are comprised of specialists across multiple disciplines, including medical and life sciences, engineering, technology, data science and more.

Investments in our people are aimed at attracting, developing, and retaining a talented workforce.

These efforts not only engage our people but also result in strong productivity and superior outcomes for our clients.

We unite our global workforce through our Employee Value Proposition (EVP), which consists of four values that make up our identity – passion, collaboration, innovation, and growth.

The nature of our business attracts IQVIANs who thrive by innovating and growing together while they do meaningful work that helps people lead healthier lives.

We offer curated upskilling pathways and project opportunities across our businesses, empowering employees to build the skills for tomorrow while following their passions.

We encourage IQVIANs to pursue multiple careers here, including unconventional career paths that bring new ways of thinking.

This commitment fosters their professional development and, in an industry as competitive as ours, contributes to our favorable attrition and internal movement.

We do this by promoting our One IQVIA, Multiple Careers approach, which helps employees build their skills using our curated learning content and uses technology to match employees to open roles and projects.

Our retention efforts focus on areas that are important to our employees, including community, career, health & well-being, and financial rewards.

We heard from 71,000 employees on average across our two surveys in 2024, equivalent to an average 84% response rate.

IQVIA creates intelligent connections across all aspects of healthcare through its analytics, transformative technology, big data resources, extensive domain expertise and network of partners.

IQVIA Connected Intelligence delivers actionable insights and powerful solutions with speed and agility — enabling customers to accelerate the clinical development and commercialization of innovative medical treatments that improve healthcare outcomes for patients.

With approximately 87,000 employees, we conduct operations in more than 100 countries.

Overview. Our approximately 87,000 employees help us drive our business success and achieve our ambition to advance human health.

We are a diverse global team that shares a passion for collaboration and solving complex problems.

Our workforce is comprised of a wide variety of professionals, including clinicians, data scientists, epidemiologists and more.

Our culture is one in which employees are encouraged to apply their insight, curiosity, and intellectual courage across everything they do.

The way we manage our people and the programs we offer our employees reflect our commitment to fostering this culture of empowerment and engagement.

Each one of our employees provides value, no matter where they sit within the organization.

We are committed to creating an environment where all employees are respected and heard, where talented people from all backgrounds can contribute to and share in our growth, and where opportunity is available to everyone.

Attracting, developing, and retaining a talented workforce is essential to the success of our business and the realization of our purpose.

Investments in our people are motivated by our desire to have an engaged and connected workforce.

This results in high productivity and better results for IQVIA.

In an industry as competitive as ours, we also recognize that employees who feel supported contribute to higher retention and recruitment rates.

- Development & Progression.

We do this by encouraging mentoring and establishing support networks as well as by providing programs and tools to help employees achieve their career goals.

- Retention.

To increase employee engagement and retention, we consistently seek input from employees through surveys and focus groups and develop meaningful initiatives and programs to respond to their feedback.

Employee Engagement. In 2023, we completed two Company-wide employee surveys.

We received an average of 71,000 responses across our surveys in 2023, with an average participant rate of approximately 84%.

Across our surveys, on average 80% of respondents say they feel engaged.

Three items saw significant improvement in 2023 as compared to 2022: The number of employees indicating they can see a clear link between their work and IQVIA's vision to drive healthcare forward increased 5 points in 2023 to 87% compared with the prior year, the number of employees indicating their manager supports their efforts to balance their work and personal life increased 2 points in 2023 to 86% compared with the prior year, and the number of employees indicating they are energized by their work increased 2 points in 2023 to 71% compared with the prior year.

Diversity and Inclusion. Our commitment to diversity and inclusion ("D&I") is reflected in the various policies, programs, training and support we offer, including our Employee Resource Groups ("ERGs"), manager diversity and inclusion training and our highly diverse global workforce.

They provide a forum for the exchange of ideas and opportunities for mentoring and professional development.

- Black Leadership Network (BLN) aims to maintain an inclusive community that supports professional development, knowledge sharing, collaboration, and business success for Black employees.

- Disabilities and Carers Network (DCN) builds awareness and appreciation around the accomplishments and challenges of the disabled community, to foster inclusion, engagement, and professional development.

- Emerging Professionals Network (EPN) builds community among leaders and emerging professionals through networking, personal development and volunteerism.

- Multi-Faith Network (MFN) fosters a culture of openness and diversity and provides a place where IQVIA employees can connect with people of different faiths or for mutual support.

- LGBTQIA+ Group (PRIDE) supports the ability for all people at IQVIA to be their authentic selves by fostering an inclusive, equal, and inspiring culture for LGBTQIA+ employees.

- Race, Ethnicity and Cultural Heritage Group (REACH) aims to create a supportive and collaborative community for IQVIA employees who represent racial, ethnic and cultural minorities across the globe.

- Veterans Employee Resource Group (VERG) connects active duty and transitioning service members and veterans at IQVIA while advocating for and supporting active duty and veteran causes that align with IQVIA's core values.

- Women Inspired Network (WIN) fosters a corporate culture that inspires women to excel in their careers at IQVIA and within the biopharma industry.

In 2023, we grew our ERG membership to more than 11,700 participants worldwide, an increase in membership of over 100% from the past year, which spans 73 countries across the globe.

We aim to create a work culture that provides flexibility, autonomy, and recognition, and supports personal and organizational growth.

Talent and Learning. Helping our people grow, develop, and reach their full potential is a key component of our human capital management strategy.

Nurturing talent is critical in a highly competitive industry, and it also keeps our employees motivated and engaged.

We invest in our employees’ development throughout their careers at IQVIA through our various talent and learning initiatives.

Our strategy is focused on supporting business growth, optimizing our offerings through enhanced digital tools, and building the future leaders of IQVIA.

At the same time, we are transforming the employee experience and have evolved our performance management approach to be more responsive to our employees’ experiences.

Mirroring our overall culture, our approach to talent and learning is underpinned by the philosophy of empowerment, and we encourage all employees to take ownership of their careers.

For the fiscal year ended December 31, [removed: 2023][added: 2024]

[removed: ][added: ]

The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant, based upon the closing sale price as reported on the New York Stock Exchange on June [removed: 30, 2023,] [added: 28, 2024,] the last business day of the registrant’s most recently completed second quarter, was approximately [removed: $40.8] [added: $38.2] billion.

As of February 5, [removed: 2024,] [added: 2025,] there were approximately [removed: 181.5] [added: 176.1] million shares of the registrant’s common stock outstanding.

Portions of the registrant’s Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein.

Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, [removed: 2023.][added: 2024.]

| 1A. | | | [Risk [removed: Factors](#id8f6afbc818a473e9457574f682bd619_19)] [added: Factors](#i45a2c3b51bb642789ea4b4feb3f679c1_19)] | | | [removed: [18](#id8f6afbc818a473e9457574f682bd619_19)] [added: [19](#i45a2c3b51bb642789ea4b4feb3f679c1_19)] | | |

| 1B. | | | [Unresolved Staff [removed: Comments](#id8f6afbc818a473e9457574f682bd619_22)] [added: Comments](#i45a2c3b51bb642789ea4b4feb3f679c1_22)] | | | [removed: [44](#id8f6afbc818a473e9457574f682bd619_22)] [added: [44](#i45a2c3b51bb642789ea4b4feb3f679c1_22)] | | |

| 1C. | | | [removed: [Cybersecurity](#id8f6afbc818a473e9457574f682bd619_1932)] [added: [Cybersecurity](#i45a2c3b51bb642789ea4b4feb3f679c1_25)] | | | [removed: [45](#id8f6afbc818a473e9457574f682bd619_1932)] [added: [45](#i45a2c3b51bb642789ea4b4feb3f679c1_25)] | | |

| 3. | | | [Legal [removed: Proceedings](#id8f6afbc818a473e9457574f682bd619_28)] [added: Proceedings](#i45a2c3b51bb642789ea4b4feb3f679c1_31)] | | | [removed: [46](#id8f6afbc818a473e9457574f682bd619_28)] [added: [46](#i45a2c3b51bb642789ea4b4feb3f679c1_31)] | | |

| 4. | | | [Mine Safety [removed: Disclosures](#id8f6afbc818a473e9457574f682bd619_31)] [added: Disclosures](#i45a2c3b51bb642789ea4b4feb3f679c1_34)] | | | [removed: [46](#id8f6afbc818a473e9457574f682bd619_31)] [added: [46](#i45a2c3b51bb642789ea4b4feb3f679c1_34)] | | |

| 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#id8f6afbc818a473e9457574f682bd619_37)] [added: Securities](#i45a2c3b51bb642789ea4b4feb3f679c1_40)] | | | [removed: [47](#id8f6afbc818a473e9457574f682bd619_37)] [added: [47](#i45a2c3b51bb642789ea4b4feb3f679c1_40)] | | |

| 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#id8f6afbc818a473e9457574f682bd619_46)] [added: Operations](#i45a2c3b51bb642789ea4b4feb3f679c1_46)] | | | [removed: [49](#id8f6afbc818a473e9457574f682bd619_46)] [added: [49](#i45a2c3b51bb642789ea4b4feb3f679c1_46)] | | |

| 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#id8f6afbc818a473e9457574f682bd619_70)] [added: Risk](#i45a2c3b51bb642789ea4b4feb3f679c1_73)] | | | [removed: [65](#id8f6afbc818a473e9457574f682bd619_70)] [added: [65](#i45a2c3b51bb642789ea4b4feb3f679c1_73)] | | |

| 8. | | | [Financial Statements and Supplementary [removed: Data](#id8f6afbc818a473e9457574f682bd619_82)] [added: Data](#i45a2c3b51bb642789ea4b4feb3f679c1_85)] | | | [removed: [68](#id8f6afbc818a473e9457574f682bd619_82)] [added: [67](#i45a2c3b51bb642789ea4b4feb3f679c1_85)] | | |

| 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#id8f6afbc818a473e9457574f682bd619_193)] [added: Disclosure](#i45a2c3b51bb642789ea4b4feb3f679c1_184)] | | | [removed: [115](#id8f6afbc818a473e9457574f682bd619_193)] [added: [116](#i45a2c3b51bb642789ea4b4feb3f679c1_184)] | | |

| 9A. | | | [Controls and [removed: Procedures](#id8f6afbc818a473e9457574f682bd619_196)] [added: Procedures](#i45a2c3b51bb642789ea4b4feb3f679c1_187)] | | | [removed: [116](#id8f6afbc818a473e9457574f682bd619_196)] [added: [116](#i45a2c3b51bb642789ea4b4feb3f679c1_187)] | | |

| 9B. | | | [Other [removed: Information](#id8f6afbc818a473e9457574f682bd619_199)] [added: Information](#i45a2c3b51bb642789ea4b4feb3f679c1_190)] | | | [removed: [116](#id8f6afbc818a473e9457574f682bd619_199)] [added: [116](#i45a2c3b51bb642789ea4b4feb3f679c1_190)] | | |

| 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#id8f6afbc818a473e9457574f682bd619_202)] [added: Inspections](#i45a2c3b51bb642789ea4b4feb3f679c1_193)] | | | [removed: [116](#id8f6afbc818a473e9457574f682bd619_202)] [added: [116](#i45a2c3b51bb642789ea4b4feb3f679c1_193)] | | |

| | | | [PART [removed: III](#id8f6afbc818a473e9457574f682bd619_205)] [added: III](#i45a2c3b51bb642789ea4b4feb3f679c1_196)] | | | [removed: [117](#id8f6afbc818a473e9457574f682bd619_205)] [added: [117](#i45a2c3b51bb642789ea4b4feb3f679c1_196)] | | |

| 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#id8f6afbc818a473e9457574f682bd619_208)] [added: Governance](#i45a2c3b51bb642789ea4b4feb3f679c1_199)] | | | [removed: [117](#id8f6afbc818a473e9457574f682bd619_208)] [added: [117](#i45a2c3b51bb642789ea4b4feb3f679c1_199)] | | |

| 11. | | | [Executive [removed: Compensation](#id8f6afbc818a473e9457574f682bd619_211)] [added: Compensation](#i45a2c3b51bb642789ea4b4feb3f679c1_202)] | | | [removed: [118](#id8f6afbc818a473e9457574f682bd619_211)] [added: [118](#i45a2c3b51bb642789ea4b4feb3f679c1_202)] | | |

| 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#id8f6afbc818a473e9457574f682bd619_214)] [added: Matters](#i45a2c3b51bb642789ea4b4feb3f679c1_205)] | | | [removed: [118](#id8f6afbc818a473e9457574f682bd619_214)] [added: [118](#i45a2c3b51bb642789ea4b4feb3f679c1_205)] | | |

| 13. | | | [Certain Relationships and Related Transactions and Director [removed: Independence](#id8f6afbc818a473e9457574f682bd619_217)] [added: Independence](#i45a2c3b51bb642789ea4b4feb3f679c1_208)] | | | [removed: [119](#id8f6afbc818a473e9457574f682bd619_217)] [added: [119](#i45a2c3b51bb642789ea4b4feb3f679c1_208)] | | |

| 14. | | | [Principal Accountant Fees and [removed: Services](#id8f6afbc818a473e9457574f682bd619_220)] [added: Services](#i45a2c3b51bb642789ea4b4feb3f679c1_211)] | | | [removed: [119](#id8f6afbc818a473e9457574f682bd619_220)] [added: [119](#i45a2c3b51bb642789ea4b4feb3f679c1_211)] | | |

| 15. | | | [Exhibits and Financial Statement [removed: Schedules](#id8f6afbc818a473e9457574f682bd619_226)] [added: Schedules](#i45a2c3b51bb642789ea4b4feb3f679c1_217)] | | | [removed: [120](#id8f6afbc818a473e9457574f682bd619_226)] [added: [120](#i45a2c3b51bb642789ea4b4feb3f679c1_217)] | | |

| | | | [Exhibit [removed: Index](#id8f6afbc818a473e9457574f682bd619_229)] [added: Index](#i45a2c3b51bb642789ea4b4feb3f679c1_220)] | | | [removed: [121](#id8f6afbc818a473e9457574f682bd619_229)] [added: [121](#i45a2c3b51bb642789ea4b4feb3f679c1_220)] | | |

| 16. | | | [Form 10-K [removed: Summary](#id8f6afbc818a473e9457574f682bd619_232)] [added: Summary](#i45a2c3b51bb642789ea4b4feb3f679c1_223)] | | | [removed: [124](#id8f6afbc818a473e9457574f682bd619_232)] [added: [124](#i45a2c3b51bb642789ea4b4feb3f679c1_223)] | | |

We caution you that any such forward-looking statements are further qualified by important factors that could cause our actual operating results to differ materially from those in the forward-looking statements, including without limitation, that business disruptions caused by natural disasters, pandemics such as the COVID-19 (coronavirus) outbreak, including any variants, and the public health policy responses to the outbreak, international conflict or other disruptions outside of our [removed: control such as the current situation in Ukraine and Russia;] [added: control;] most of our contracts may be terminated on short notice, and we may lose or experience delays with large client contracts or be unable to enter into new contracts; the market for our services may not grow as we expect; we may be unable to successfully develop and market new services or enter new markets; imposition of restrictions on our use of data by data suppliers or their refusal to license data to us; any failure by us to comply with contractual, regulatory or ethical requirements under our contracts, including current or future changes to data protection and privacy laws; breaches or misuse of our or our outsourcing partners’ security or communications systems; failure to meet our productivity or business transformation objectives; failure to successfully invest in growth opportunities; our ability to protect our intellectual property rights and our susceptibility to claims by others that we are infringing on their intellectual property rights; the expiration or inability to acquire third party licenses for technology or intellectual property; any failure by us to accurately and timely price and formulate cost estimates for contracts, or to document change orders; hardware and software failures, delays in the operation of our computer and communications systems or the failure to implement system enhancements; the rate at which our backlog converts to revenues; our ability to acquire, develop and implement technology necessary for our business; consolidation in the industries in which our clients operate; risks related to client or therapeutic concentration; government regulators or our customers may limit the number or scope of indications for medicines and treatments or withdraw products from the market, and government regulators may impose new regulatory requirements or may adopt new regulations affecting the biopharmaceutical industry; the risks associated with operating on a global basis, including currency or exchange rate fluctuations and legal compliance, including anti-corruption laws; risks related to changes in accounting standards; general economic conditions in the markets in which we operate, including financial market conditions, inflation and risks related to sales to government entities; the impact of changes in tax laws and regulations; and our ability to successfully integrate, and achieve expected benefits from, our acquired businesses.

| | | | [PART I](#i45a2c3b51bb642789ea4b4feb3f679c1_13) | | | | | |

| 1. | | | [Business](#i45a2c3b51bb642789ea4b4feb3f679c1_16) | | | [5](#i45a2c3b51bb642789ea4b4feb3f679c1_16) | | |

| 2. | | | [Properties](#i45a2c3b51bb642789ea4b4feb3f679c1_28) | | | [46](#i45a2c3b51bb642789ea4b4feb3f679c1_28) | | |

| | | | [PART II](#i45a2c3b51bb642789ea4b4feb3f679c1_37) | | | [47](#i45a2c3b51bb642789ea4b4feb3f679c1_37) | | |

| 6. | | | [\[Reserved\]](#i45a2c3b51bb642789ea4b4feb3f679c1_43) | | | [49](#i45a2c3b51bb642789ea4b4feb3f679c1_43) | | |

| | | | [PART IV](#i45a2c3b51bb642789ea4b4feb3f679c1_214) | | | [120](#i45a2c3b51bb642789ea4b4feb3f679c1_214) | | |

| | | | [Signatures](#i45a2c3b51bb642789ea4b4feb3f679c1_226) | | | [124](#i45a2c3b51bb642789ea4b4feb3f679c1_226) | | |

| | | | [PART I](#id8f6afbc818a473e9457574f682bd619_13) | | | | | |

| 1. | | | [Business](#id8f6afbc818a473e9457574f682bd619_16) | | | [5](#id8f6afbc818a473e9457574f682bd619_16) | | |

| 2. | | | [Properties](#id8f6afbc818a473e9457574f682bd619_25) | | | [46](#id8f6afbc818a473e9457574f682bd619_25) | | |

| | | | [PART II](#id8f6afbc818a473e9457574f682bd619_34) | | | [47](#id8f6afbc818a473e9457574f682bd619_34) | | |

| 6. | | | [\[Reserved\]](#id8f6afbc818a473e9457574f682bd619_40) | | | [49](#id8f6afbc818a473e9457574f682bd619_40) | | |

| | | | [PART IV](#id8f6afbc818a473e9457574f682bd619_223) | | | [120](#id8f6afbc818a473e9457574f682bd619_223) | | |

| | | | [Signatures](#id8f6afbc818a473e9457574f682bd619_235) | | | [124](#id8f6afbc818a473e9457574f682bd619_235) | | |

In [removed: order to maintain effective] [added: connection with] Board oversight across the entire enterprise risk management program, the Board delegates to the individual committees certain elements of its oversight function.

[removed: All cybersecurity processes and frameworks are created by the] [added: The] Global Information Security team, led by our [removed: CISO.][added: CISO, create cybersecurity processes and frameworks for use throughout IQVIA.]

Our Integrated Information Security Framework ("IISF") defines [removed: the policies] [added: minimum controls] and [removed: processes we have in place] [added: safeguards used] to safeguard proprietary and confidential information.

The framework [removed: consists of] [added: is integrated with IQVIA] policies, standards, procedures, work [removed: instructions] [added: instructions, documentation] and [removed: documentation.][added: development and oversight activities.]

Our global data centers and IT controls are included in an annual SOC2 Type II attestation program carried out by an independent audit firm who performs control testing and [removed: issue] [added: issues] reports.

The BISO connects several key functions, including [added: the] Chief Information Officer Business Partnership, business continuity, governance, [removed: risk,] [added: risk management,] and compliance.

We [added: provide standard operating procedures, work instructions, guidelines, communications, training programs, tools and other documentation and resources to help employees avoid risky practices, help us promptly identify potential or actual issues and employ cybersecurity requirements in their day-to-day work We] also have global incident response procedures, global service tools to log incidents and issues for investigation, and an ethics line to report concerns and follow-up on matters already reported.

Our CISO is an experienced cybersecurity leader with over 25 years of experience in security, technology and risk management, and has previously served as a public company CISO for a global financial services firm, where he spent 18 years serving in roles of increasing responsibility, leading large cross functional security and technology teams.

The IQVIA cybersecurity program employs policies, procedures, guidelines, training, communications, tools, assessments and other methods and resources to identify and manage cybersecurity risks.

In 2023, we conducted a mapping of the IISF with the NIST framework to make it easier for customers and other stakeholders to understand how IQVIA's cybersecurity program aligns with published frameworks.

Our CISO has a Systems Engineer degree in Computer Science from St. Petersburg University of Information Technology and gained experience in the manufacturing, consultancy, and energy industries prior to joining the Company in 2012.

Our CISO is a Certified Information Systems Auditor (CISA), Certified Information Security Manager (CISM), Information Technology Infrastructure Library (ITIL) v3 Expert, and Certified in Risk and Information Systems Control (CRISC).

In 2023, we conducted a mapping with the NIST to align our procedures with industry standards in an effort to create a first-in-class approach.

We provide various training programs and tools to employees so they can avoid risky practices and help us promptly identify potential or actual issues.

As of December 31, [removed: 2023,] [added: 2024,] we had [removed: approximately 291] [added: 305] offices and laboratories located in [removed: approximately 85] [added: 86] countries.

We continue to assess the [removed: impacts of the current working environment on the] suitability, adequacy, productive capacity and utilization of our existing principal physical properties, and we are in the process of evaluating the future state of our workforce practices, which may result in changes to our physical property needs.

On February 5, [removed: 2024,] [added: 2025,] we had approximately 15 stockholders of record as reported by our transfer agent.

We do not currently intend to pay dividends on our common stock, and no dividends were declared or paid in [removed: 2023] [added: 2024] or [removed: 2022.][added: 2023.]

We did not sell any unregistered equity securities in [removed: 2023.][added: 2024.]

Our Board increased the stock repurchase authorization under the Repurchase Program with respect to the repurchase of our common stock by $600 million, $1.5 billion, $2.0 billion, $1.5 billion, $2.0 billion, [added: $2.0 billion,] and $2.0 billion in 2015, 2016, 2017, 2018, 2019, [removed: and] 2022, [added: and 2023,] respectively.

On [removed: July 31, 2023, our] [added: February 5, 2025, the] Board increased the stock repurchase authorization under the Repurchase Program [added: with respect to the repurchase of the Company's common stock] by an additional $2,000 million, which increased the total amount that has been authorized under the Repurchase Program to [removed: $11,725] [added: $13,725] million.

From inception of the Repurchase Program through December 31, [removed: 2023,] [added: 2024,] we have repurchased a total of [removed: $9,362] [added: $10,712] million of our securities under the Repurchase Program.

During the year ended December 31, [removed: 2023,] [added: 2024,] we repurchased [removed: 5.0] [added: 6.4] million shares of our common stock for [removed: approximately $992] [added: $1,350] million under the Repurchase Program.

As of December 31, [removed: 2023,] [added: 2024,] we had remaining authorization to repurchase up to [removed: approximately $2,363] [added: $1,013] million of our common stock under the Repurchase Program.

Since the Merger between Quintiles and IMS [removed: health] [added: Health] in October 2016, we have repurchased [removed: 78.1] [added: 84.6] million shares of our common stock at an average market price per share of [removed: $115.02] [added: $122.23] for an aggregate purchase price of [removed: $8,988] [added: $10,338] million both under and outside of the Repurchase Program.

The following table summarizes the monthly equity repurchase activity for the three months ended December 31, [removed: 2023] [added: 2024] and the approximate dollar value of shares that may yet be purchased pursuant to the Repurchase Program.

The following graph shows a comparison from December 31, [removed: 2018] [added: 2019] through December 31, [removed: 2023] [added: 2024] of the cumulative total return for our common stock, the Standard & Poor’s 500 Stock Index (“S&P 500”), [removed: our new peer group set forth below ("New Peer Group"),] and our [removed: old] peer group set forth [removed: below ("Old Peer Group").][added: below.]

The [added: peer group consists of Charles River Laboratories, Inc., Fortrea Holdings Inc., ICON plc, Medpace Holdings Inc., S&P Global Inc., Danaher Corporation and Thermo Fisher Scientific Inc. The] companies in our peer [removed: groups] [added: group] are publicly traded information services, information technology or clinical research companies, and thus share similar business model characteristics to IQVIA, or provide services to similar customers as IQVIA.

The graph assumes that $100 was invested in IQVIA, the S&P 500, [removed: the New Peer Group,] and [removed: the Old Peer Group] [added: our peer group] as of the close of market on December 31, [removed: 2018,] [added: 2019,] and assumes the reinvestments of dividends, if any.

The S&P 500 and our [removed: New and Old Peer Groups] [added: peer group] are included for comparative purposes only.

They do not necessarily reflect management’s opinion that the S&P 500 and our peer [removed: groups] [added: group] are an appropriate measure of the relative performance of the stock involved, and they are not intended to forecast or be indicative of possible future performance of our common stock.

[removed: ][added: ]

| | | | | | | [removed: 12/31/2018] [added: 12/31/2019] | | | | | | [removed: 12/31/2019] [added: 12/31/2020] | | | | | | [removed: 12/31/2020] [added: 12/31/2021] | | | | | | [removed: 12/31/2021] [added: 12/31/2022] | | | | | | [removed: 12/31/2022] [added: 12/31/2023] | | | | | | [removed: 12/31/2023] [added: 12/31/2024] | | |

| October 1, 2024 – October 31, 2024 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 2,163 | |

| November 1, 2024 – November 30, 2024 | | | | | | 4.9 | | | | | | $ | 206.15 | | | | | 4.9 | | | | | | $ | 1,163 | |

| December 1, 2024 – December 31, 2024 | | | | | | 0.7 | | | | | | $ | 195.56 | | | | | 0.7 | | | | | | $ | 1,013 | |

| | | | | | | 5.6 | | | | | | | | | | | | 5.6 | | | | | | | | |

| IQVIA | | | | | | $ | 100 | | | | | $ | 116 | | | | | $ | 183 | | | | | $ | 133 | | | | | $ | 150 | | | | | $ | 127 | |

| S&P 500 | | | | | | $ | 100 | | | | | $ | 118 | | | | | $ | 152 | | | | | $ | 125 | | | | | $ | 158 | | | | | $ | 197 | |

| Peer Group | | | | | | $ | 100 | | | | | $ | 140 | | | | | $ | 204 | | | | | $ | 161 | | | | | $ | 172 | | | | | $ | 174 | |

| October 1, 2023 – October 31, 2023 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 2,592 | |

| November 1, 2023 – November 30, 2023 | | | | | | 1.2 | | | | | | $ | 195.06 | | | | | 1.2 | | | | | | $ | 2,363 | |

| December 1, 2023 – December 31, 2023 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 2,363 | |

| | | | | | | 1.2 | | | | | | | | | | | | 1.2 | | | | | | | | |

The New Peer Group consists of Charles River Laboratories, Inc., Fortrea Holdings Inc., ICON plc, Medpace Holdings Inc., S&P Global Inc., Danaher Corporation and Thermo Fisher Scientific Inc. The difference between the New Peer Group and the Old Peer Group is that Laboratory Corporation of America Holdings, Syneos Health, Equifax Inc., Thomson Reuters Corporation and Verisk Analytics, Inc. have been removed from the New Peer Group as these companies were either spun-off, acquired by a private equity consortium or not relevant anymore during the year ended December 31, 2023.

Simultaneously, Fortrea Holdings Inc., Medpace Holdings Inc., S&P Global Inc., Danaher Corporation and Thermo Fisher Scientific Inc. were added to the New Peer Group during the year ended December 31, 2023.

| IQVIA | | | | | | $ | 100 | | | | | $ | 133 | | | | | $ | 154 | | | | | $ | 243 | | | | | $ | 176 | | | | | $ | 199 | |

| S&P 500 | | | | | | $ | 100 | | | | | $ | 131 | | | | | $ | 156 | | | | | $ | 200 | | | | | $ | 164 | | | | | $ | 207 | |

| New Peer Group | | | | | | $ | 100 | | | | | $ | 150 | | | | | $ | 209 | | | | | $ | 305 | | | | | $ | 241 | | | | | $ | 257 | |

| Old Peer Group | | | | | | $ | 100 | | | | | $ | 143 | | | | | $ | 183 | | | | | $ | 261 | | | | | $ | 196 | | | | | $ | 256 | |

Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2023.][added: 2024.]

As a result of this assessment and based on the criteria in the COSO framework, management has concluded that, as of December 31, [removed: 2023,] [added: 2024,] the Company’s internal control over financial reporting was effective.

The effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2023] [added: 2024] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears herein.

We have audited the accompanying consolidated balance sheets of IQVIA Holdings Inc. and its subsidiaries (the “Company”) as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the related consolidated statements of income, [added: of] comprehensive income, [added: of] stockholders’ equity and [added: of] cash flows for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] including the related notes and financial statement schedules listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

We also have audited the Company's internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2023] [added: 2024] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

As described in Notes 1 and 20 to the consolidated financial statements, revenue of the Research & Development Solutions segment for the year ended December 31, [removed: 2023,] [added: 2024,] is [removed: $8,395] [added: $8,527] million, the majority of which relates to service contracts for clinical research that represent a single performance obligation.

| (in millions, except per share data) | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Revenues | | | | | | $ | [removed: 14,984] [added: 15,405] | | | | | $ | [removed: 14,410] [added: 14,984] | | | | | $ | [removed: 13,874] [added: 14,410] | |

| Cost of revenues, exclusive of depreciation and amortization | | | | | | [removed: 9,745] [added: 10,030] | | | | | | [removed: 9,382] [added: 9,745] | | | | | | [removed: 9,233] [added: 9,382] | | |

| Selling, general and administrative expenses | | | | | | [removed: 2,053] [added: 1,992] | | | | | | [removed: 2,071] [added: 2,053] | | | | | | [removed: 1,964] [added: 2,071] | | |

| Depreciation and amortization | | | | | | [removed: 1,125] [added: 1,114] | | | | | | [removed: 1,130] [added: 1,125] | | | | | | [removed: 1,264] [added: 1,130] | | |

| Restructuring costs | | | | | | [removed: 84] [added: 67] | | | | | | [removed: 28] [added: 84] | | | | | | [removed: 20] [added: 28] | | |

| Income from operations | | | | | | [removed: 1,977] [added: 2,202] | | | | | | [removed: 1,799] [added: 1,977] | | | | | | [removed: 1,393] [added: 1,799] | | |

| Interest income | | | | | | [removed: (36)] [added: (47)] | | | | | | [removed: (13)] [added: (36)] | | | | | | [removed: (6)] [added: (13)] | | |

| Interest expense | | | | | | [removed: 672] [added: 670] | | | | | | [removed: 416] [added: 672] | | | | | | [removed: 375] [added: 416] | | |

| Loss on extinguishment of debt | | | | | | [removed: 6] [added: —] | | | | | | [removed: —] [added: 6] | | | | | | [removed: 26] [added: —] | | |

| Other (income) expense, net | | | | | | [removed: (124)] [added: (90)] | | | | | | [removed: 33] [added: (124)] | | | | | | [removed: (130)] [added: 33] | | |

| Income before income taxes and equity in [removed: (losses)] earnings [added: (losses)] of unconsolidated affiliates | | | | | | [removed: 1,459] [added: 1,669] | | | | | | [removed: 1,363] [added: 1,459] | | | | | | [removed: 1,128] [added: 1,363] | | |

| Income tax expense | | | | | | [removed: 101] [added: 301] | | | | | | [removed: 260] [added: 101] | | | | | | [removed: 163] [added: 260] | | |

| Income before equity in [removed: (losses)] earnings [added: (losses)] of unconsolidated affiliates | | | | | | [removed: 1,358] [added: 1,368] | | | | | | [removed: 1,103] [added: 1,358] | | | | | | [removed: 965] [added: 1,103] | | |

| Equity in [removed: (losses)] earnings [added: (losses)] of unconsolidated affiliates | | | | | | [removed: —] [added: 5] | | | | | | [removed: (12)] [added: —] | | | | | | [removed: 6] [added: (12)] | | |

| Net income | | | | | | [removed: 1,358] [added: $] | [added: 1,373] | | | | | [removed: 1,091] [added: $] | [added: 1,358] | | | | | [removed: 971] [added: $] | [added: 1,091] | |

| Net income [removed: attributable to IQVIA Holdings Inc.] | | | | | | $ | [removed: 1,358] [added: 1,373] | | | | | $ | [removed: 1,091] [added: 1,358] | | | | | $ | [removed: 966] [added: 1,091] | |

| Basic | | | | | | $ | [removed: 7.39] [added: 7.57] | | | | | $ | [removed: 5.82] [added: 7.39] | | | | | $ | [removed: 5.05] [added: 5.82] | |

| Diluted | | | | | | $ | [removed: 7.29] [added: 7.49] | | | | | $ | [removed: 5.72] [added: 7.29] | | | | | $ | [removed: 4.95] [added: 5.72] | |

| Basic | | | | | | [removed: 183.8] [added: 181.3] | | | | | | [removed: 187.6] [added: 183.8] | | | | | | [removed: 191.4] [added: 187.6] | | |

| Diluted | | | | | | [removed: 186.3] [added: 183.4] | | | | | | [removed: 190.6] [added: 186.3] | | | | | | [removed: 195.0] [added: 190.6] | | |

| (in millions) | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Net income | | | | | | $ | [removed: 1,358] [added: 1,373] | | | | | $ | [removed: 1,091] [added: 1,358] | | | | | $ | [removed: 971] [added: 1,091] | |

| Unrealized [removed: (losses)] gains [added: (losses)] on derivative instruments, net of income tax [removed: (benefit)] expense [added: (benefit)] of [removed: $(3), $13] [added: $17, $(3)] and [removed: $2] [added: $13] | | | | | | [removed: (7)] [added: 53] | | | | | | [removed: 40] [added: (7)] | | | | | | [removed: 9] [added: 40] | | |

| Defined benefit plan adjustments, net of income tax expense (benefit) of [removed: $4, $(3)] [added: $5, $4] and [removed: $21] [added: $(3)] | | | | | | 7 | | | | | | [removed: (10)] [added: 7] | | | | | | [removed: 69] [added: (10)] | | |

| Foreign currency translation, net of income tax [removed: (benefit)] expense [added: (benefit)] of [removed: $(55), $106] [added: $77, $(55)] and [removed: $116] [added: $106] | | | | | | [removed: (89)] [added: (200)] | | | | | | [removed: (361)] [added: (89)] | | | | | | [removed: (281)] [added: (361)] | | |

| Reclassifications on derivative instruments included in net income, net of income tax (expense) benefit of [removed: $(17), $2] [added: $(10), $(17)] and [removed: $4] [added: $2] | | | | | | [removed: (51)] [added: (31)] | | | | | | [removed: 10] [added: (51)] | | | | | | [removed: 12] [added: 10] | | |

| Comprehensive income | | | | | | [removed: 1,218] [added: $] | [added: 1,202] | | | | | [removed: 770] [added: $] | [added: 1,218] | | | | | [removed: 780] [added: $] | [added: 770] | |

| (in millions, except per share data) | | | | | | [added: 2024 | | | | | |] 2023 | | | | | | 2022 | | |

| Cash and cash equivalents | | | | | | $ | [removed: 1,376] [added: 1,702] | | | | | $ | [removed: 1,216] [added: 1,376] | |

| Trade accounts receivable and unbilled services, net | | | | | | [removed: 3,381] [added: 3,204] | | | | | | [removed: 2,917] [added: 3,381] | | |

| Prepaid expenses | | | | | | [removed: 141] [added: 154] | | | | | | [removed: 151] [added: 141] | | |

| (in millions, except per share data) | | | | | | 2024 | | | | | | 2023 | | |

| Proceeds from sale of property, equipment and software | | | | | | 25 | | | | | | — | | | | | | — | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Repurchase of common stock, net of tax | | | | | | — | | | | | | (6.4) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,362) | | | | | | — | | | | | | | | | | | | (1,362) | | |

| Net income | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,373 | | | | | | — | | | | | | — | | | | | | | | | | | | 1,373 | | |

| Balance, December 31, 2024 | | | | | | 258.2 | | | | | | (82.1) | | | | | | $ | 3 | | | | | $ | 11,140 | | | | | $ | 6,065 | | | | | $ | (10,103) | | | | | $ | (1,038) | | | | | | | | | | | $ | 6,067 | |

IQVIA’s portfolio of solutions are powered by IQVIA Connected Intelligence™ to deliver actionable insights and services built on high-quality health data, Healthcare-grade AI™, advanced analytics, the latest technologies and extensive domain expertise.

IQVIA is committed to using AI responsibly, ensuring that its AI-powered capabilities are grounded in privacy, regulatory compliance, and patient safety.

With approximately 88,000 employees in over 100 countries, including experts in healthcare, life sciences, data science, technology and operational excellence, IQVIA is dedicated to accelerating the development and commercialization of innovative medical treatments to help improve patient outcomes and population health worldwide.

In November 2024, the FASB issued ASU 2024-03, *Disaggregation of Income Statement Expenses (DISE)*, to improve the disclosures about an entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions.

| Americas | | | | | | $ | 3,182 | | | | | $ | 3,894 | | | | | $ | 280 | | | | | $ | 7,356 | |

| Europe and Africa | | | | | | 2,397 | | | | | | 2,304 | | | | | | 219 | | | | | | 4,920 | | |

| Asia-Pacific | | | | | | 581 | | | | | | 2,329 | | | | | | 219 | | | | | | 3,129 | | |

| Total revenues | | | | | | $ | 6,160 | | | | | $ | 8,527 | | | | | $ | 718 | | | | | $ | 15,405 | |

| (in millions) | | | | | | 2024 | | | | | | 2023 | | |

| (in millions) | | | | | | 2024 | | | | | | 2023 | | |

| Other | | | | | | 179 | | | | | | 506 | | |

| | | | | | | $ | 236 | | | | | $ | 579 | |

The difference between the carrying amount of the investments in unconsolidated VIEs and the maximum exposure to loss is primarily attributable to capital commitments that the Company anticipates will be called in the future.

The Company is not the primary beneficiary of its VIEs and therefore does not consolidate the VIEs.

The Company does not have the power to direct the activities that most significantly affect the VIEs’ economic performance.

Additionally, the Company considers whether there are any rights to receive benefits or obligations to absorb losses of the VIE that could potentially be significant to the VIE.

| Total | | | | | | $ | 170 | | | | | $ | 39 | | | | | $ | — | | | | | $ | 209 | |

| Total | | | | | | $ | — | | | | | $ | 7 | | | | | $ | 102 | | | | | $ | 109 | |

This includes a qualitative analysis of macroeconomic conditions, industry and market considerations, cost factors, financial performance, fair value history and other company specific events.

If this qualitative analysis indicates that it is more likely than not that the estimated fair value is less than the carrying value for the respective reporting unit, the Company would then need to calculate the fair value of the reporting unit.

If the reporting unit calculated fair value is less than the carrying amount, the Company would record an impairment charge for the difference, with the impairment charge not to exceed the carrying amount of Goodwill.

| (in millions) | | | | | | 2024 | | | | | | 2023 | | |

| | | | | | | $ | 11,930 | | | | | $ | (7,431) | | | | | $ | 4,499 | | | | | $ | 11,718 | | | | | $ | (6,879) | | | | | $ | 4,839 | |

| Balance as of December 31, 2024 | | | | | | $ | 11,957 | | | | | $ | 2,608 | | | | | $ | 145 | | | | | $ | 14,710 | |

| (in millions) | | | | | | 2024 | | | | | | 2023 | | |

| | | | | | | $ | 2,948 | | | | | $ | 2,855 | |

| 2025 | | | | | | $ | 1,145 | |

| 2029 | | | | | | 2,200 | | |

| Thereafter | | | | | | 1,910 | | |

| | | | | | | $ | 14,045 | |

On October 1, 2024, the Company amended its receivables financing facility to extend the term of the $550 million facility to October 1, 2027.

| 2025 | | | | | | $ | 109 | | | | | $ | 13 | |

| 2029 | | | | | | 14 | | | | | | 14 | | |

| Thereafter | | | | | | 22 | | | | | | 269 | | |

February 15, 2024

| Net income attributable to non-controlling interests | | | | | | — | | | | | | — | | | | | | (5) | | |

| Comprehensive income attributable to non-controlling interests | | | | | | — | | | | | | — | | | | | | (5) | | |

| Comprehensive income attributable to IQVIA Holdings Inc. | | | | | | $ | 1,218 | | | | | $ | 770 | | | | | $ | 775 | |

| Acquisition of Quest's non-controlling interest | | | | | | — | | | | | | — | | | | | | (758) | | |

| Balance, December 31, 2020 | | | | | | 254.7 | | | | | | (63.5) | | | | | | $ | 3 | | | | | $ | 11,092 | | | | | $ | 1,277 | | | | | $ | (6,166) | | | | | $ | (205) | | | | | $ | 279 | | | | | $ | 6,280 | |

| Acquisition of Quest's non-controlling interest, net of tax | | | | | | — | | | | | | — | | | | | | — | | | | | | (416) | | | | | | — | | | | | | — | | | | | | (10) | | | | | | (284) | | | | | | (710) | | |

| Repurchase of common stock | | | | | | — | | | | | | (5.5) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,168) | | | | | | — | | | | | | — | | | | | | (1,168) | | |

IQVIA creates intelligent connections across all aspects of healthcare through its analytics, transformative technology, big data resources, extensive domain expertise and network of partners.

IQVIA Connected Intelligence delivers actionable insights and powerful solutions with speed and agility — enabling customers to accelerate the clinical development and commercialization of innovative medical treatments that improve healthcare outcomes for patients.

With approximately 87,000 employees, the Company conducts business in more than 100 countries.

In September 2022, the Financial Accounting Standards Board ("FASB") issued new accounting guidance, Accounting Standards Update ("ASU") 2022-04, *Liabilities - Supplier Finance Programs*, to enhance the transparency of supplier finance programs.

The amendments in this ASU address investor and other financial statement user requests for additional information about the use of supplier finance programs by the buyer party to understand the effect of those programs on a Company's working capital, liquidity, and cash flows.

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | December 31, 2021 | | | | | | | | | | | | | | | | | | | | |

| Americas | | | | | | $ | 2,610 | | | | | $ | 3,887 | | | | | $ | 351 | | | | | $ | 6,848 | |

| Europe and Africa | | | | | | 2,282 | | | | | | 1,899 | | | | | | 176 | | | | | | 4,357 | | |

| Asia-Pacific | | | | | | 642 | | | | | | 1,770 | | | | | | 257 | | | | | | 2,669 | | |

| Total revenues | | | | | | $ | 5,534 | | | | | $ | 7,556 | | | | | $ | 784 | | | | | $ | 13,874 | |

For the year ended December 31, 2022, revenues in the United States accounted for approximately 42% of total revenues using this revenue attribution approach.

For the year ended December 31, 2021, revenues in the United States and the United Kingdom accounted for approximately 42% and 11% of total revenues, respectively, using this revenue attribution approach.

| | | | | | | $ | 107 | | | | | $ | 371 | |

On March 27, 2020, the Company entered into an interest rate swap with a notional value of $1,000 million in an effort to limit its exposure to changes in the variable interest rate on its Senior Secured Credit Facilities (see Note 10 for additional information).

Interest on the swap began accruing on June 30, 2020 and the swap expires on June 28, 2024.

The Company pays a fixed rate of 0.32% and receives a variable rate of interest equal to the three-month Term SOFR on the swap.

| Total | | | | | | $ | 122 | | | | | $ | 44 | | | | | $ | — | | | | | $ | 166 | |

| Total | | | | | | $ | — | | | | | $ | 2 | | | | | $ | 173 | | | | | $ | 175 | |

As part of the quantitative impairment assessment, the Company compared the fair value of each reporting unit to its carrying value.

The quantitative test requires significant judgments, estimates, and assumptions.

The Company estimated the fair value of each reporting by weighting results of the income and market approaches, with greater weight given to the income approach.

Significant estimates used in the income approach include estimates of future revenues, EBITDA, cash flows, long-term growth rates, tax rates, and discount rates.

The selected discount rates consider the risk and nature of the respective reporting unit’s cash flows, and the rates of return a market participant would expect to earn by investing in the Company's reporting units.

The market approach uses information about the Company as well as other publicly traded guideline companies, including revenue and EBITDA-related multiples and estimates of control premiums.

| | | | | | | $ | 11,718 | | | | | $ | (6,879) | | | | | $ | 4,839 | | | | | $ | 10,830 | | | | | $ | (6,010) | | | | | $ | 4,820 | |

| Balance as of December 31, 2021 | | | | | | $ | 11,337 | | | | | $ | 1,802 | | | | | $ | 162 | | | | | $ | 13,301 | |

| Business combinations | | | | | | 554 | | | | | | 472 | | | | | | — | | | | | | 1,026 | | |

| | | | | | | $ | 2,855 | | | | | $ | 2,671 | |

| Term B Loan due 2025—Euribor at average floating rates of 5.93% | | | | | | 576 | | | | | | 559 | | |

| Term B Loan due 2031—U.S Dollar Term SOFR at average floating rates of 7.35% | | | | | | 1,500 | | | | | | — | | |

| Receivables financing facility due 2024—U.S. Dollar Term SOFR at average floating rates of 6.36% | | | | | | | | | | | | | | |

There were no changes in our internal control over financial reporting during the quarter ended December 31, [removed: 2023] [added: 2024] that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

During the quarter ended December 31, [removed: 2023,] [added: 2024,] no director or officer (as defined in Exchange Act Rule 16a-1(f)) of IQVIA Holdings Inc. adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement for the purchase or sale of securities of IQVIA Holdings Inc., within the meaning of Item 408 of Regulation S-K.

Information required by this Item, other than the information regarding the executive officers of the Company set forth below, is incorporated by reference to the sections of our definitive Proxy Statement for our [removed: 2024] [added: 2025] Annual Meeting of Stockholders (the [removed: “2024] [added: “2025] Proxy Statement”) entitled “Proposal No. 1: Election of Directors”, “Corporate Governance—Documents Establishing our Corporate [removed: Governance” and] [added: Governance”,] “Corporate Governance—Leadership Structure—Committees of the [removed: Board.”][added: Board”, "Compensation Discussion and Analysis—Rigorous Accountability, Risk-Mitigation and Recovery Provisions—Insider Trading Policies and Procedures” and “Other Relevant Information—Delinquent Section 16(a) Reports.”]

| Ari Bousbib | | | | | | [removed: 62] [added: 63] | | | | | | Chairman and Chief Executive Officer | | |

| Ronald E. Bruehlman | | | | | | [removed: 63] [added: 64] | | | | | | Executive Vice President and Chief Financial Officer | | |

| W. Richard Staub, III | | | | | | [removed: 61] [added: 62] | | | | | | President, Research & Development Solutions | | |

| Eric Sherbet | | | | | | [removed: 59] [added: 60] | | | | | | Executive Vice President, General Counsel and Secretary | | |

Mr. Bruehlman [added: currently serves on the board of directors of GoodRx Holdings, Inc. Mr. Bruehlman] served as a director and Chair of the Audit Committee to Atotech, Ltd. from 2020 to 2022.

Mr. [removed: Knightly] [added: Patel] has served as President, [removed: Corporate Strategy and Enterprise Networks] [added: Commercial Solutions] since July 2022.

| Bhavik Patel | | | | | | 45 | | | | | | President, Commercial Solutions | | |

Bhavik Patel, President, Commercial Solutions

Mr. Patel previously served as Senior Vice President, Global Market Insights and MedTech from September 2018 to July 2022.

Prior to that, Mr. Patel held roles of increasing responsibility within IQVIA’s Global Market Insights business.

Prior to joining IQVIA in 2005, Mr. Patel began his career in the healthcare industry at Schwarz Pharma in 2003, where he was responsible for sales to healthcare professionals.

| Kevin C. Knightly | | | | | | 63 | | | | | | President, Corporate Strategy and Enterprise Networks | | |

Kevin C.

Knightly, President, Corporate Strategy and Enterprise Networks

Mr. Knightly previously served as the Company's President, Technology & Commercial Solutions from October 2016 to June 2022.

Mr. Knightly served as Senior Vice President, Information Offerings at IMS Health from April 2015 to October 2016.

From January 2011 to March 2015, Mr. Knightly served as Senior Vice President, Supplier Management at IMS Health.

Prior to that, Mr. Knightly served in a number of senior financial, operations, marketing and general management roles for IMS Health, including as Senior Vice President, Pharma Business Management from 2007 until 2010.

Mr. Knightly holds a Bachelor of Science degree in Economics and Accounting from the College of the Holy Cross, and an M.B.A. from New York University’s Stern Business School.

The information required by this Item is set forth under the headings “Director Compensation,” “Compensation Discussion and Analysis,” “Leadership Development and Compensation Committee Report,” “Compensation of Named Executive Officers,” and “Other Relevant Information—Compensation Committee Interlocks and Insider Participation” in the Company's [removed: 2024] [added: 2025] Proxy Statement and is incorporated herein by reference.

Information in response to this Item, other than Securities Authorized for Issuance Under Equity Compensation Plans, is set forth in the section entitled “Security Ownership of Certain Beneficial Owners and Management” in the Company’s [removed: 2024] [added: 2025] Proxy Statement, which information is incorporated herein by reference.

The following table provides certain information with respect to all of our equity compensation plans in effect as of December 31, [removed: 2023:][added: 2024:]

| Plan Category | | | | | | Number of Securities to be issued Upon Exercise of Outstanding Options, Warrants and Rights (a) | | | | | | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights (b) | | | | | | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column [removed: (a)] [added: (a))] (c) | | | | | |

(1) Consists of: (i) [removed: 4,037,681] [added: 3,580,277] shares of common stock issuable upon the exercise of outstanding time-based stock options and underlying outstanding time-based SARs; (ii) [removed: 882,950] [added: 987,940] shares of common stock issuable in settlement of outstanding restricted stock units awarded; (iii) [removed: 746,070] [added: 992,478] shares of common stock issuable in settlement of outstanding performance units awarded; (iv) [removed: 329,397] [added: 385,293] shares of common stock reserved for issuance at December 31, [removed: 2023] [added: 2024] and issuable in settlement of outstanding stock settled long term incentive ("LTI") awards; and (v) [removed: 5,906] [added: 12,388] shares of deferred common stock outstanding under the Director Deferral Plan.

If restricted stock units, performance units and other awards that constitute “rights” were included in this calculation, treating such awards as having an exercise price of $0, the weighted average exercise price of outstanding options, warrants and rights would be [removed: $95.00.][added: $93.33.]

| Equity compensation plans approved by security holders | | | | | | 5,958,376 | | | (1) | | | $ | 155.32 | | (3) | | | 7,578,119 | | | (4) | | |

| Total | | | | | | 5,985,103 | | | | | | $ | 155.32 | | (3) | | | 7,578,119 | | | | | |

| Equity compensation plans approved by security holders | | | | | | 6,002,004 | | | (1) | | | $ | 141.22 | | (3) | | | 8,454,582 | | | (4) | | |

| Total | | | | | | 6,028,731 | | | | | | $ | 141.22 | | (3) | | | 8,454,582 | | | | | |

The information required by this item is set forth under the headings “Corporate Governance,” and “Certain Relationships and Related Party Transactions” in the [removed: 2024] [added: 2025] Proxy Statement and is incorporated herein by reference.

The information required by this item is set forth under the headings “Audit—Fees Paid to Independent Registered Public Accounting Firm” in the [removed: 2024] [added: 2025] Proxy Statement and is incorporated herein by reference.

| Management’s Report on Internal Control over Financial Reporting | | | [removed: [68](#id8f6afbc818a473e9457574f682bd619_82)] [added: [67](#i45a2c3b51bb642789ea4b4feb3f679c1_85)] | | |

| Report of Independent Registered Public Accounting Firm (PCAOB ID: 238) | | | [removed: [68](#id8f6afbc818a473e9457574f682bd619_82)] [added: [67](#i45a2c3b51bb642789ea4b4feb3f679c1_85)] | | |

| Consolidated Statements of Income | | | [removed: [71](#id8f6afbc818a473e9457574f682bd619_91)] [added: [70](#i45a2c3b51bb642789ea4b4feb3f679c1_94)] | | |

| Consolidated Statements of Comprehensive Income | | | [removed: [72](#id8f6afbc818a473e9457574f682bd619_94)] [added: [71](#i45a2c3b51bb642789ea4b4feb3f679c1_97)] | | |

| Consolidated Balance Sheets | | | [removed: [73](#id8f6afbc818a473e9457574f682bd619_97)] [added: [72](#i45a2c3b51bb642789ea4b4feb3f679c1_100)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [74](#id8f6afbc818a473e9457574f682bd619_100)] [added: [73](#i45a2c3b51bb642789ea4b4feb3f679c1_103)] | | |

| Consolidated Statements of Stockholders’ Equity | | | [removed: [75](#id8f6afbc818a473e9457574f682bd619_103)] [added: [74](#i45a2c3b51bb642789ea4b4feb3f679c1_106)] | | |

| Notes to Consolidated Financial Statements | | | [removed: [76](#id8f6afbc818a473e9457574f682bd619_106)] [added: [75](#i45a2c3b51bb642789ea4b4feb3f679c1_109)] | | |

(2) Financial Statement Schedules for the Years Ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021][added: 2022]

| Schedule I—Condensed Financial Information of Registrant (Parent Company Only) | | | [removed: [126](#id8f6afbc818a473e9457574f682bd619_241)] [added: [126](#i45a2c3b51bb642789ea4b4feb3f679c1_232)] | | |

| Schedule II—Valuation and Qualifying Accounts | | | [removed: [130](#id8f6afbc818a473e9457574f682bd619_244)] [added: [130](#i45a2c3b51bb642789ea4b4feb3f679c1_235)] | | |

| 3.2 | | | | | | [Amended and Restated Bylaws of IQVIA Holdings Inc., effective April 18, 2023.](https://www.sec.gov/Archives/edgar/data/1478242/000114036123018951/brhc20051594_ex3-2.htm) | | | | | | | | | | | | 8-K | | | | | | 001-35907 | | | | | | [removed: 3.1] [added: 3.2] | | | | | | April 18, 2023 | | |

| 4.1 | | | | | | [Description of the Company's [removed: Securities](https://www.sec.gov/Archives/edgar/data/1478242/000147824224000038/ex-41descriptionofthecompa.htm)] [added: Securities](https://www.sec.gov/Archives/edgar/data/1478242/000147824224000038/ex-41descriptionofthecompa.htm).] | | | | | | [removed: X] | | | | | | [added: 10-K] | | | | | | [added: 001-35907] | | | | | | [added: 4.1] | | | | | | [added: February 15, 2024] | | |

| [removed: 4.8] [added: 4.9] | | | | | | [Amended and Restated Indenture, dated December 19, 2023, among IQVIA Inc., as Issuer, U.S. Bank Trust Company, National Association, as trustee of the 5.700% Senior Secured Notes due 2028 and the Company and certain subsidiaries of the Issuer as guarantors.](https://www.sec.gov/Archives/edgar/data/1478242/000119312524003405/d550629dex48.htm) | | | | | | | | | | | | S-4 | | | | | | 001-35907 | | | | | | 4.8 | | | | | | January 5, 2024 | | |

| [removed: 4.9] [added: 4.11] | | | | | | [Amended and Restated Indenture, dated December 19, 2023, among IQVIA Inc., as Issuer, U.S. Bank Trust Company, National Association, as trustee of the 6.250% Senior Secured Notes due 2029 and the Company and certain subsidiaries of the Issuer as guarantors.](https://www.sec.gov/Archives/edgar/data/1478242/000119312524003405/d550629dex49.htm) | | | | | | | | | | | | S-4 | | | | | | 001-35907 | | | | | | 4.9 | | | | | | January 5, 2024 | | |

| 10.4 | | | | | | [Amendment No. 3 to Fifth Amended and Restated Credit Agreement, dated November 28, 2023, among IQVIA Inc., IQVIA Holdings Inc., IQVIA RDS Inc., IQVIA AG, IQVIA Solutions Japan LLC, the other guarantors party thereto, Bank of America, N.A. as administrative agent and as collateral agent, and the Lenders party [removed: theret](https://www.sec.gov/Archives/edgar/data/1478242/000119312523284299/d560118dex101.htm)[o](https://www.sec.gov/Archives/edgar/data/1478242/000119312523284299/d560118dex101.htm)[.](https://www.sec.gov/Archives/edgar/data/1478242/000119312523284299/d560118dex101.htm)] [added: thereto.](https://www.sec.gov/Archives/edgar/data/1478242/000119312523284299/d560118dex101.htm)] | | | | | | | | | | | | 8-K | | | | | | 001-35907 | | | | | | 10.1 | | | | | | November 23, 2023 | | |

| 10.5 | | | | | | [Amended and Restated Pledge and Security Agreement, dated as of March 17, 2014, among Healthcare Technology Intermediate Holdings, Inc., IMS Health Incorporated, each of the grantors party thereto, and Bank of America, N.A., as Administrative [removed: Agent.](http://www.sec.gov/Archives/edgar/data/1595262/000119312514111498/d628679dex1033.htm)] [added: Agent.](https://www.sec.gov/Archives/edgar/data/1595262/000119312514111498/d628679dex1033.htm)] | | | | | | | | | | | | IMS Health S-1/A | | | | | | 333-193159 | | | | | | 10.33 | | | | | | March 24, 2014 | | |

| 10.6 | | | | | | [U.S. Guaranty, dated as of March 17, 2014, among Healthcare Technology [removed: Intermediate](http://www.sec.gov/Archives/edgar/data/1595262/000119312514111498/d628679dex1034.htm) Holdings,] [added: Intermediate](https://www.sec.gov/Archives/edgar/data/1595262/000119312514111498/d628679dex1034.htm) [Holdings,] Inc., as Holdings, IMS Health Incorporated, as Parent [removed: Borrower,] [added: Borrower,](https://www.sec.gov/Archives/edgar/data/1595262/000119312514111498/d628679dex1034.htm)] [the other Guarantors party thereto from time to time, and Bank of America, N.A., as [removed: Administrative](http://www.sec.gov/Archives/edgar/data/1595262/000119312514111498/d628679dex1034.htm) Agent.] [added: Administrative](https://www.sec.gov/Archives/edgar/data/1595262/000119312514111498/d628679dex1034.htm) [Agent.](https://www.sec.gov/Archives/edgar/data/1595262/000119312514111498/d628679dex1034.htm)] | | | | | | | | | | | | IMS Health S-1/A | | | | | | 333-193159 | | | | | | 10.34 | | | | | | March 24, 2014 | | |

| 10.7† | | | | | | [removed: [Form](http://www.sec.gov/Archives/edgar/data/1478242/000119312513161424/d483912dex1013.htm)] [added: [Form](https://www.sec.gov/Archives/edgar/data/1478242/000119312513161424/d483912dex1013.htm)] of Director Indemnification Agreement. | | | | | | | | | | | | S-1/A | | | | | | 333-186708 | | | | | | 10.13 | | | | | | April 19, 2013 | | |

| 10.8 | | | | | | [Form of Indemnification Agreement with each of the non-management directors of Quintiles IMS [removed: Holdings](http://www.sec.gov/Archives/edgar/data/1478242/000119312516728752/d266940dex108.htm)] [added: Holdings](https://www.sec.gov/Archives/edgar/data/1478242/000119312516728752/d266940dex108.htm)] Inc. | | | | | | | | | | | | 8-K | | | | | | 001-35907 | | | | | | 10.8 | | | | | | October 3, 2016 | | |

| 10.9† | | | | | | [removed: [Form](https://www.sec.gov/Archives/edgar/data/1478242/000147824224000038/ex-109formofconfidentialit.htm) [of](https://www.sec.gov/Archives/edgar/data/1478242/000147824224000038/ex-109formofconfidentialit.htm) [Confidentiality] [added: [Form of Confidentiality] and Restrictive [removed: Covenants](https://www.sec.gov/Archives/edgar/data/1478242/000147824224000038/ex-109formofconfidentialit.htm) [Agreement](https://www.sec.gov/Archives/edgar/data/1478242/000147824224000038/ex-109formofconfidentialit.htm)] [added: Covenants Agreement](https://www.sec.gov/Archives/edgar/data/1478242/000147824224000038/ex-109formofconfidentialit.htm).] | | | | | | [removed: X] | | | | | | [added: 10-K] | | | | | | [added: 001-35907] | | | | | | [added: 10.9] | | | | | | [added: February 15, 2024] | | |

| 10.10† | | | | | | [Work Product [removed: Assignment](https://www.sec.gov/Archives/edgar/data/1478242/000147824224000038/ex-1010workproductassignme.htm) [Agreement](https://www.sec.gov/Archives/edgar/data/1478242/000147824224000038/ex-1010workproductassignme.htm)] [added: Assignment Agreement](https://www.sec.gov/Archives/edgar/data/1478242/000147824224000038/ex-1010workproductassignme.htm).] | | | | | | [removed: X] | | | | | | [added: 10-K] | | | | | | [added: 001-35907] | | | | | | [added: 10.10] | | | | | | [added: February 15, 2024] | | |

| 10.11† | | | | | | [removed: [Quintiles](https://www.sec.gov/Archives/edgar/data/1478242/000119312513161424/d483912dex1022.htm) [Transnational] [added: [Quintiles Transnational] Holdings Inc. 2013 Stock Incentive Plan.](https://www.sec.gov/Archives/edgar/data/1478242/000119312513161424/d483912dex1022.htm) | | | | | | | | | | | | S-1/A | | | | | | 333-186708 | | | | | | 10.22 | | | | | | April 19, 2013 | | |

| 10.12† | | | | | | [Form of Award Agreement Awarding Stock Appreciation Rights under the Quintiles [removed: IMS](http://www.sec.gov/Archives/edgar/data/1478242/000119312517046709/d321341dex1041.htm)] [added: IMS](https://www.sec.gov/Archives/edgar/data/1478242/000119312517046709/d321341dex1041.htm)] Holdings, Inc. 2013 Stock Incentive Plan effective February 2017. | | | | | | | | | | | | 10-K | | | | | | 001-35907 | | | | | | 10.41 | | | | | | February 16, 2017 | | |

| 10.14† | | | | | | [removed: [IMS](http://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1010.htm) Health] [added: [IMS](https://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1010.htm) [Health] Incorporated Defined Contribution Executive Retirement Plan, as [removed: amended [and](http://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1010.htm) restated.] [added: amended](https://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1010.htm) [and](https://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1010.htm) [restated.](https://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1010.htm)] | | | | | | | | | | | | IMS Health S-1 | | | | | | 333-193159 | | | | | | 10.10 | | | | | | January 2, 2014 | | |

| 10.15† | | | | | | [First Amendment to the IMS Health Incorporated Retirement Excess Plan, dated March [removed: 17,](http://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1012.htm)] [added: 17,](https://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1012.htm)] 2009. | | | | | | | | | | | | IMS Health S-1 | | | | | | 333-193159 | | | | | | 10.12 | | | | | | January 2, 2014 | | |

| 10.16† | | | | | | [Second Amendment to the IMS Health Incorporated Retirement Excess Plan, dated December [removed: 8,](http://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1013.htm)] [added: 8,](https://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1013.htm)] 2009. | | | | | | | | | | | | IMS Health S-1 | | | | | | 333-193159 | | | | | | 10.13 | | | | | | January 2, 2014 | | |

| 10.17† | | | | | | [removed: [Third](http://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1014.htm) Amendment] [added: [Third](https://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1014.htm) [Amendment] to the IMS Health Incorporated Retirement Excess Plan, dated [removed: April [5,](http://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1014.htm) 2011.] [added: April](https://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1014.htm) [5,](https://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1014.htm) [2011](https://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1014.htm).] | | | | | | | | | | | | IMS Health S-1 | | | | | | 333-193159 | | | | | | 10.14 | | | | | | January 2, 2014 | | |

| 10.18† | | | | | | [Fourth Amendment to the IMS Health Incorporated Retirement Excess Plan (effective May [removed: 3,](http://www.sec.gov/Archives/edgar/data/1595262/000156459016021700/ims-ex103_370.htm)] [added: 3,](https://www.sec.gov/Archives/edgar/data/1595262/000156459016021700/ims-ex103_370.htm)] 2016). | | | | | | | | | | | | IMS Health 10-Q | | | | | | 001-36381 | | | | | | 10.3 | | | | | | July 28, 2016 | | |

| 10.19† | | | | | | [IMS Health Incorporated Retirement Plan, as amended and restated effective January 1, [removed: 2020](https://www.sec.gov/Archives/edgar/data/1478242/000147824224000038/ex-1019imshealthincorporat.htm)] [added: 2020](https://www.sec.gov/Archives/edgar/data/1478242/000147824224000038/ex-1019imshealthincorporat.htm).] | | | | | | [removed: X] | | | | | | [added: 10-K] | | | | | | [added: 001-35907] | | | | | | [added: 10.19] | | | | | | [added: February 15, 2024] | | |

| 10.20† | | | | | | [removed: [Quintiles](http://www.sec.gov/Archives/edgar/data/1478242/000119312516728752/d266940dex106.htm)] [added: [Quintiles](https://www.sec.gov/Archives/edgar/data/1478242/000119312516728752/d266940dex106.htm)] IMS Holdings, Inc. 2014 Incentive and Stock Award Plan. | | | | | | | | | | | | 8-K | | | | | | 001-35907 | | | | | | 10.6 | | | | | | October 3, 2016 | | |

| 10.21† | | | | | | [removed: [Form](http://www.sec.gov/Archives/edgar/data/1595262/000119312515039535/d867587dex101.htm) of] [added: [Form](https://www.sec.gov/Archives/edgar/data/1595262/000119312515039535/d867587dex101.htm) [of] IMS Stock Appreciation Rights Agreement under the 2014 Incentive and [removed: Stock [Award](http://www.sec.gov/Archives/edgar/data/1595262/000119312515039535/d867587dex101.htm) Plan.] [added: Stock](https://www.sec.gov/Archives/edgar/data/1595262/000119312515039535/d867587dex101.htm) [Award](https://www.sec.gov/Archives/edgar/data/1595262/000119312515039535/d867587dex101.htm) [Plan.](https://www.sec.gov/Archives/edgar/data/1595262/000119312515039535/d867587dex101.htm)] | | | | | | | | | | | | IMS Health 8-K | | | | | | 001-36381 | | | | | | 10.1 | | | | | | February 10, 2015 | | |

| 10.22† | | | | | | IQVIA Holdings Inc. 2017 Incentive Stock Award Plan (f/k/a [removed: [Q](https://www.sec.gov/Archives/edgar/data/1478242/000119312517052162/d324461ddef14a.htm#toc324461_66)[uintiles IMS](https://www.sec.gov/Archives/edgar/data/1478242/000119312517052162/d324461ddef14a.htm#toc324461_66) [Holdings](https://www.sec.gov/Archives/edgar/data/1478242/000119312517052162/d324461ddef14a.htm#toc324461_66)[,](https://www.sec.gov/Archives/edgar/data/1478242/000119312517052162/d324461ddef14a.htm#toc324461_66) [Inc.] [added: [Quintiles IMS Holdings, Inc.] 2017 Incentive and Stock Award [removed: Plan](https://www.sec.gov/Archives/edgar/data/1478242/000119312517052162/d324461ddef14a.htm#toc324461_66)[)](https://www.sec.gov/Archives/edgar/data/1478242/000119312517052162/d324461ddef14a.htm#toc324461_66)[.](https://www.sec.gov/Archives/edgar/data/1478242/000119312517052162/d324461ddef14a.htm#toc324461_66)] [added: Plan).](https://www.sec.gov/Archives/edgar/data/1478242/000119312517052162/d324461ddef14a.htm#toc324461_66)] | | | | | | | | | | | | DEF 14A | | | | | | 001-35907 | | | | | | Appendix B | | | | | | February 22, 2017 | | |

| 10.25† | | | | | | [Form of Award Agreement Awarding Restricted Stock Units under the Quintiles IMS](https://www.sec.gov/Archives/edgar/data/1478242/000156459017009467/q-ex1010_1158.htm) Holdings, Inc. 2017 Incentive and Stock Award Plan effective April 2017. | | | | | | | | | | | | 10-Q | | | | | | 001-35907 | | | | | | [removed: 10.1] [added: 10.10] | | | | | | May 8, 2017 | | |

| 10.27† | | | | | | [IQVIA Savings Equalization Plan, effective January 1, 2018.](https://www.sec.gov/Archives/edgar/data/1478242/000147824224000038/ex-1027iqviasavingsequaliz.htm) | | | | | | [removed: X] | | | | | | [added: 10-K] | | | | | | [added: 001-35907] | | | | | | [added: 10.27] | | | | | | [added: February 15, 2024] | | |

| 10.28† | | | | | | [IQVIA Elective Deferred Compensation Plan, as amended and restated.](https://www.sec.gov/Archives/edgar/data/1478242/000147824224000038/ex-1028iqviaelectivedeferr.htm) | | | | | | [removed: X] | | | | | | [added: 10-K] | | | | | | [added: 001-35907] | | | | | | [added: 10.28] | | | | | | [added: February 15, 2024] | | |

| 10.29† | | | | | | [IQVIA Holdings Inc. Non-Employee Director Deferral Plan, effective January 1, 2017 (amended November 9, 2023).](https://www.sec.gov/Archives/edgar/data/1478242/000147824224000038/ex-1029iqviaholdingsincnon.htm) | | | | | | [removed: X] | | | | | | [added: 10-K] | | | | | | [added: 001-35907] | | | | | | [added: 10.29] | | | | | | [added: February 15, 2024] | | |

| 10.30† | | | | | | [Amended](https://www.sec.gov/Archives/edgar/data/0001478242/000156459019003180/iqv-ex1060_4268.htm) and Restated Employment Agreement between IQVIA Holdings Inc. and Ari Bousbib, dated February 18, 2019. | | | | | | | | | | | | 10-K | | | | | | 001-35907 | | | | | | [removed: 10.6] [added: 10.60] | | | | | | February 19, 2019 | | |

| 10.31† | | | | | | [Stock Appreciation Rights Agreement between IMS Health Holdings, Inc. and Ari](https://www.sec.gov/Archives/edgar/data/1595262/000156459016012901/ims-ex1034_427.htm) [removed: Bousbib,] [added: [](https://www.sec.gov/Archives/edgar/data/1595262/000156459016012901/ims-ex1034_427.htm)[Bousbib,] dated February 10, [removed: 2015.] [added: 2015.](https://www.sec.gov/Archives/edgar/data/1595262/000156459016012901/ims-ex1034_427.htm)] | | | | | | | | | | | | IMS Health 10-K | | | | | | 001-36381 | | | | | | 10.34 | | | | | | February 19, 2016 | | |

| 10.34† | | | | | | [Letter Agreement between the Company and Ronald Bruehlman, effective on August 1, 2020.](https://www.sec.gov/Archives/edgar/data/1478242/000147824220000075/exhibit101offerletter.htm) | | | | | | | | | | | | 10-Q | | | | | | 001-35907 | | | | | | [removed: 10.10] [added: 10.1] | | | | | | October 22, 2020 | | |

| 4.8 | | | | | | [Indenture, dated May 23, 2023, among IQVIA Inc., as Issuer, U.S. Bank Trust Company, National Association, as Trustee of the 6.500% Senior Notes due 2030 and certain subsidiaries of the Issuer as guarantors.](https://www.sec.gov/Archives/edgar/data/1478242/000119312523151851/d506140dex42.htm) | | | | | | | | | | | | 8-K | | | | | | 001-35907 | | | | | | 4.2 | | | | | | May 23, 2023 | | |

| 4.10 | | | | | | [Supplemental Indenture, dated as of June 27, 2024, among the subsidiary guarantors named on the signature pages thereto and U.S. Bank Trust Company, National Association, as trustee of the 5.700% Senior Secured Notes due 2028.](https://www.sec.gov/Archives/edgar/data/1478242/000147824224000097/iqv-20240630xexhibit41.htm) | | | | | | | | | | | | 10-Q | | | | | | 001-35907 | | | | | | 4.1 | | | | | | July 22, 2024 | | |

| 4.12 | | | | | | [Supplemental Indenture, dated as of June 27, 2024, among the subsidiary guarantors named on the signature pages thereto and U.S. Bank Trust Company, National Association, as trustee of the 6.250% Senior Secured Notes due 2029.](https://www.sec.gov/Archives/edgar/data/1478242/000147824224000097/iqv-20240630xexhibit42.htm) | | | | | | | | | | | | 10-Q | | | | | | 001-35907 | | | | | | 4.2 | | | | | | July 22, 2024 | | |

| 10.36 | | | | | | [Employment Agreement between IQVIA AG and Bhavik Patel, effective as of August 7, 2018, as amended on August 9, 2022 and August 1, 2023.](https://www.sec.gov/Archives/edgar/data/1478242/000147824225000045/ex-10361231202410xk.htm) | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 19.1 | | | | | | [Securities Trading Policy](https://www.sec.gov/Archives/edgar/data/1478242/000147824225000045/ex-1911231202410xkxsecurit.htm). | | | | | | X | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 10.36 | | | | | | [Registration Rights Agreement, dated May 23, 2023, among IQVIA Inc., IQVIA Holdings Inc., certain subsidiaries of the Issuer as guarantors, and Goldman Sachs & Co. LLC as representative of the several initial purchasers.](https://www.sec.gov/Archives/edgar/data/1478242/000119312524003405/d550629dex101.htm) | | | | | | | | | | | | S-4 | | | | | | 001-35907 | | | | | | 10.1 | | | | | | January 5, 2024 | | |

| 10.37 | | | | | | [Registration Rights Agreement, dated November 28, 2023, among IQVIA Inc., IQVIA Holdings Inc., certain subsidiaries of the Issuer as guarantors, and J.P. Morgan Securities LLC as representative of the several initial purchasers.](https://www.sec.gov/Archives/edgar/data/1478242/000119312524003405/d550629dex102.htm) | | | | | | | | | | | | S-4 | | | | | | 001-35907 | | | | | | 10.2 | | | | | | January 5, 2024 | | |

Date: February [removed: 15, 2024][added: 13, 2025]

| /s/ Ari Bousbib | | | | | | Chairman and Chief Executive Officer; Director | | | | | | February [removed: 15, 2024] [added: 13, 2025] | | |

| /s/ Ronald E. Bruehlman | | | | | | Executive Vice President and Chief Financial Officer | | | | | | February [removed: 15, 2024] [added: 13, 2025] | | |

| /s/ Keriann Cherofsky | | | | | | Senior Vice President, Chief Accounting Officer and Corporate Controller | | | | | | February [removed: 15, 2024] [added: 13, 2025] | | |

| /s/ Carol J. Burt | | | | | | Director | | | | | | February [removed: 15, 2024] [added: 13, 2025] | | |

| /s/ John P. Connaughton | | | | | | Director | | | | | | February [removed: 15, 2024] [added: 13, 2025] | | |

| /s/ John G. Danhakl | | | | | | Director | | | | | | February [removed: 15, 2024] [added: 13, 2025] | | |

| /s/ James A. Fasano | | | | | | Director | | | | | | February [removed: 15, 2024] [added: 13, 2025] | | |

| /s/ Colleen A. Goggins | | | | | | Director | | | | | | February [removed: 15, 2024] [added: 13, 2025] | | |

| /s/ John M. Leonard, M.D. | | | | | | Director | | | | | | February [removed: 15, 2024] [added: 13, 2025] | | |

| /s/ Leslie Wims Morris | | | | | | Director | | | | | | February [removed: 15, 2024] [added: 13, 2025] | | |

| /s/ Todd B. Sisitsky | | | | | | Director | | | | | | February [removed: 15, 2024] [added: 13, 2025] | | |

| /s/ Sheila A. Stamps | | | | | | Director | | | | | | February [removed: 15, 2024] [added: 13, 2025] | | |

| (in millions) | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Equity in earnings of subsidiary, net of tax | | | | | | $ | [removed: 1,358] [added: 1,373] | | | | | $ | [removed: 1,091] [added: 1,358] | | | | | $ | [removed: 966] [added: 1,091] | |

| Net income | | | | | | [removed: 1,358] [added: 1,373] | | | | | | [removed: 1,091] [added: 1,358] | | | | | | [removed: 966] [added: 1,091] | | |

| Equity in other comprehensive (loss) income of subsidiary, net of tax | | | | | | [removed: (140)] [added: (171)] | | | | | | [removed: (321)] [added: (140)] | | | | | | [removed: (191)] [added: (321)] | | |

| Comprehensive income | | | | | | $ | [removed: 1,218] [added: 1,202] | | | | | $ | [removed: 770] [added: 1,218] | | | | | $ | [removed: 775] [added: 770] | |

| (in millions, except per share data) | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Cash and cash equivalents | | | | | | $ | [removed: 2] [added: —] | | | | | $ | 2 | |

| Total current assets | | | | | | [removed: 2] [added: —] | | | | | | 2 | | |

| Total assets | | | | | | $ | [removed: 9,669] [added: 9,667] | | | | | $ | 9,669 | |

| Accounts payable | | | | | | $ | [removed: 8] [added: 9] | | | | | $ | [removed: —] [added: 8] | |

| Total current liabilities | | | | | | [removed: 8] [added: 9] | | | | | | [removed: —] [added: 8] | | |

| Investment in subsidiary | | | | | | [removed: 3,546] [added: 3,588] | | | | | | [removed: 3,902] [added: 3,546] | | |

| Payable to subsidiary | | | | | | 3 | | | | | | [removed: 2] [added: 3] | | |

| Total liabilities | | | | | | [removed: 3,557] [added: 3,600] | | | | | | [removed: 3,904] [added: 3,557] | | |

| Common stock and additional paid-in capital, 400.0 shares authorized as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] $0.01 par value, [removed: 257.2] [added: 258.2] shares issued and [removed: 181.5] [added: 176.1] shares outstanding as of December 31, [removed: 2023; 256.4] [added: 2024; 257.2] shares issued and [removed: 185.7] [added: 181.5] shares outstanding as of December 31, [removed: 2022] [added: 2023] | | | | | | [removed: 11,028] [added: 11,143] | | | | | | [removed: 10,898] [added: 11,028] | | |