IQVIA Holdings (IQV) 10-K risk factor changes: FY2025 vs FY2024

[removed: Each of our Technology & Analytics] [added: Our Commercial] Solutions information services [removed: is] [added: are] derived from data we collect from third parties.

Cyber threats are rapidly evolving and are becoming increasingly [removed: sophisticated.][added: sophisticated, including through the use of AI-supported attacks.]

Our preventive and remedial [removed: actions] [added: actions, including the activities described in Item 1C Cybersecurity in this Annual Report on Form 10-K,] may not be successful.

We are pursuing business transformation initiatives to update technology, increase innovation and obtain operating [removed: efficiencies.][added: efficiencies, including through the use of AI.]

Further, if we are unable to develop new technologies and [removed: services,] [added: services or keep up with the rapid pace of change in technological development and innovation,] clients do not purchase our new technologies and services, our new technologies and services do not work as intended or there are delays in the availability or adoption of our new technologies and services, then we may not be able to grow our business or growth may occur slower than anticipated.

Data protection, privacy and similar laws [added: and regulations] in the United States and around the world restrict access, use and disclosure of personal information, and failure to comply with or adapt to changes in these laws could materially and adversely harm our business.

The confidentiality, collection, use, retention, security, transfer and disclosure of personal [removed: data, including individually identifiable health] information [removed: and clinical trial patient-specific information, are] [added: is] subject to governmental regulation [removed: generally] in the [removed: country that] [added: countries where] the personal [removed: data were] [added: information was] collected or [removed: used (collectively, "Privacy Laws").][added: processed.]

For example, United States federal regulations under the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”) create specific requirements for the protection of the privacy and security of [removed: individual] [added: certain individually-identifiable] health [removed: information.][added: information, specifically protected health information (PHI).]

These provisions apply to both “covered entities” [removed: (primarily] [added: (health care providers,] health care [removed: providers] [added: plans,] and [removed: health insurers)] [added: clearinghouses)] and their “business associates” [removed: or service providers.][added: (service providers who process PHI on behalf of the covered entity).]

Under HIPAA’s enforcement scheme, [removed: we can] [added: overseen by the US Department of Health and Human Services, covered entities and business associates may] be subject to significant penalties [added: and fines] in connection with HIPAA violations, along with the potential for significant other expenditures related to these activities.

Privacy [removed: Laws in the United States] [added: laws] and [removed: around] [added: regulations in all regions of] the world are designed to ensure that information about an [removed: individual’s healthcare] [added: individual] is properly protected from inappropriate access, use and disclosure.

[removed: Privacy Laws] [added: Such laws and regulations] also include the European Union’s (“EU”) General Data Protection [removed: Regulation,] [added: Regulation (GDPR),] Canada’s Personal Information Protection and Electronic Documents Act [added: (PIPEDA), Brazil’s General Data Protection Law (LGPR), India’s Digital Personal Data Protection Act (DPDP Act), Japan’s Act on the Protection of Personal Information (APPI), China’s Personal Information Protection Law (PIPL)] and [added: many] other data [removed: protection, privacy, data security, data localization] [added: protection] and [removed: similar] [added: privacy laws at the] national, state/provincial and local [removed: laws.][added: level.]

[removed: Health] [added: Processing health] information [removed: about an identifiable person] carries additional obligations under these [removed: laws,] [added: laws and regulations, often] including [removed: obtaining] the [added: need to obtain the] explicit consent [removed: from] [added: of] the individual for collection, use or disclosure of the information.

We have established frameworks, models, processes and technologies to manage [removed: privacy] [added: privacy, data protection] and security for many data types, from a variety of sources, and under a myriad of [removed: Privacy Laws.][added: privacy and data protection laws.]

In addition, we rely on our data suppliers to deliver information to us in a form and in a manner that complies with applicable [removed: Privacy Laws.][added: privacy laws and regulations.]

These laws [added: and regulations] are [removed: complex] [added: complex,] and there is no assurance that the safeguards and controls employed by us or our data suppliers will be sufficient to prevent a breach of these [removed: laws,] [added: laws] or [added: regulations, or] that claims will not be filed against us or our data suppliers despite such safeguards and controls.

Federal, state and foreign governments are contemplating or have proposed or adopted new [removed: Privacy Laws] [added: privacy laws and regulations] or modifications to existing [removed: Privacy Laws,] [added: privacy laws and regulations,] including by amendment, replacement or interpretation through judicial or administrative decisions.

New or modified [removed: Privacy Laws] [added: privacy laws or regulations] might, among other things, require us to implement new security measures and processes or bring within the scope of the [removed: Privacy Law] [added: privacy law or regulation] other data not currently regulated, each of which may require substantial expenditures or limit our ability to offer some of our services.

Additionally, changes in [removed: Privacy Laws] [added: privacy laws and regulations] may limit our data access, use and disclosure, and may require increased expenditures by us or may dictate that we not offer certain types of services.

There is ongoing concern from privacy advocates, regulators and others regarding data protection and privacy issues, and the number of jurisdictions with [removed: Privacy Laws] [added: privacy laws and regulations] has been increasing.

Also, there are ongoing public policy discussions [added: and legal challenges] regarding whether the standards for de-identified, anonymous or pseudonymized health information are sufficient, and the risk of re-identification sufficiently small, to adequately protect patient privacy.

Many [removed: Privacy Laws] [added: privacy laws and regulations] protect more than patient information, and although they vary by jurisdiction, these laws can extend to employee information, business contact information, provider information and other information relating to identifiable individuals.

We operate in businesses that require sophisticated computer systems and software for data collection, data processing, cloud-based platforms, analytics, cryptography, statistical projections and forecasting, mobile computing, social media analytics and other applications and [removed: technologies, particularly in our Technology & Analytics Solutions and Research & Development Solutions businesses.][added: technologies.]

We are building [removed: artificial intelligence (AI)] [added: AI] technologies into internal applications and solutions we use with others, including clients; we expect the use of AI to [added: continue to] grow.

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 [added: or implement] adequate compliance requirements or suitable governance practices to meet those [removed: requirements.][added: requirements, including the activities described in Item 1.]

Although we did not have any client that represented 10% or more of our revenues in [removed: 2024, 2023 and 2022,] [added: 2025, 2024 or 2023,] 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 policies, trade barriers, [added: tariffs,] 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;

- natural disasters, public health emergencies and [removed: pandemics such as the COVID-19, including any variants,] [added: pandemics,] or international conflict, such as the ongoing conflict between Russia and Ukraine, or terrorist acts, could interrupt our services, endanger our personnel, lower patient visits and increase patient drop-out rates, cause delays in recruitment of new patients, decrease the productivity of our clinical research associates, cause other project delays or loss of clinical trial materials or results.

[removed: Climate change] [added: Environmental events] may have an impact on our business.

While we have determined that, at this time, [removed: climate change does] [added: environmental events do] not present a material risk to our business given the nature of our activities, we continue to evaluate and mitigate our business risks associated with [removed: climate change,] [added: environmental events,] and we recognize that there are inherent climate-related risks wherever business is conducted.

Any of our office or IT systems locations may be vulnerable to the adverse effects of [removed: climate change.][added: environmental events.]

Furthermore, [removed: climate change] [added: environmental events] may impact patients in our clinical trials and our employees, particularly where they work remotely.

We [added: both own a facility and] subcontract into a network of facilities where Phase I clinical trials are conducted, which ordinarily involve testing an investigational drug on a limited number of healthy individuals, typically 20 to 80 persons, to determine such drug’s basic safety.

Our [removed: Contract Sales & Medical] [added: Commercial] Solutions business could result in liability to us if a drug causes harm to a patient.

There is significant and increasing competition for qualified personnel, particularly those with higher educational degrees, such as a medical degree, a Ph.D. or an equivalent degree, [added: cutting-edge skillsets, such as AI and machine learning,] or relevant experience in the industry, including highly technical specialties such as clinical research associates, project managers and technology developers, and in the locations in which we operate.

In addition, the emergence of the use of Real World Evidence and [added: the advancements in] new approaches such as machine learning and artificial intelligence [added: (AI), including generative, agentic and foundation models] that [added: are increasingly accessible through third‑party or open‑source platforms, that] capitalize on the availability of large data sets may reduce the time and costs of the discovery and development process, may allow our clients to more readily perform for themselves clinical development tasks and services that we have typically provided, may cause even greater price competition [removed: or may render] [added: and/or reduce the perceived differentiation of] certain [removed: data offerings less valuable or relevant.][added: of our information, analytics and insight‑based offerings.]

In [removed: 2024,] [added: 2025,] financial regulators in various jurisdictions, including where we have variable-rate indebtedness outstanding, cut interest rates modestly while signaling that interest rates could remain higher compared to [removed: recent years] [added: the pre-2022 period] for an extended period of time in an effort to lower inflation.

We are also investing significantly in our AI strategy by launching AI-enabled solutions across our business units, developing AI agents for internal use and external offerings, and developing relationships with key strategic partners across the health-tech sector to foster collaboration and facilitate interoperability amongst AI-enabled solutions.

When acting as a HIPAA covered entity or as a business associate of a covered entity, there can be liability for improper processing of PHI.

Under most laws and regulations around the world, any information that relates to an identifiable natural person is considered “personal information”.

In general, health information related to an identifiable person is considered “sensitive personal information” and is highly regulated.

In many countries, there are restrictions related to the cross-border transfer of personal information to other countries, including the need to put measures in place to allow the data transfer to occur.

For example, registration with the EU-US Data Protection Framework (DPF) allows the transfer of data from the EU to US.

For companies not registering with the DPF, another means of legalizing the transfer is the use of standard contractual clauses.

In addition, in several countries around the world there are requirements to maintain personal information or sensitive personal information within that particular country under their data localization laws.

The development, deployment, and commercialization of certain AI‑enabled offerings and services involve significant uncertainty, including risks that models may not perform as intended, may produce incomplete, misleading, or biased outputs, or may not be adopted by customers at the pace or scale we expect.

If our investments in AI‑enabled services and offerings do not keep pace with rapid innovation by competitors or technology providers, or if alternative AI solutions evolve more quickly or are more cost‑effective than our offerings, certain of our existing services or platforms could become less competitive or economically viable.

Artificial Intelligence in this Annual Report on Form 10-K.

The expectations and requirements of regulators and other key stakeholders on sustainability-related matters, continue to evolve and diverge, and our ability to meet these expectations and requirements could increase our costs, and inaction could harm our reputation and adversely impact our financial results.

We are subject to rapidly changing and varied expectations and requirements on sustainability-related issues, from a wide range of stakeholders, such as governmental and self-regulatory organizations, including the Securities and Exchange Commission, U.S. federal and state governments, New York Stock Exchange, and the European Union, as well as our investors, customers and suppliers.

In addition, many of our stakeholders have diverging demands, perspectives and preferences on a variety of sustainability topics.

We may not be able to meet the diverging expectations and demands of all of our stakeholders, which could result in an adverse impact on our business, financial results, stock price or reputation, and subject us to legal, reputational and operational risks.

For example, U.S. federal, state and local governmental authorities, as well as governmental authorities in various jurisdictions, have proposed or implemented and are likely to continue to propose or implement, legislative and regulatory initiatives around corporate governance and environmental and social practices and disclosures.

Compliance with such evolving expectations, rules and regulations, including any that may emerge in the future as well as customer expectations and requirements, could increase the cost and complexity of operating our business, and could adversely impact us.

In addition, various jurisdictions have adopted or proposed laws, regulations and policies that diverge from, or potentially conflict with, those adopted or proposed in other jurisdictions, making compliance more difficult and uncertain.

Failure to comply with any law, regulation or policy, including as a result of making good faith interpretations that may differ from those taken by authorities in relevant jurisdictions, could potentially result in legal, reputational and operational risks.

Furthermore, any actual or perceived failure to achieve our current and future sustainability goals, including those which result from customer expectations or requirements, or to act responsibly with respect to such matters or to effectively respond to new or additional sustainability-related legal or regulatory requirements, could result in adverse publicity and adversely affect our business and reputation.

There is no assurance that we will be able to successfully achieve any sustainability-related goal or execute on any sustainability-related strategy, or adequately meet stakeholder expectations with respect to such matters.

Our efforts to attract, develop and retain highly skilled employees may be compounded by intensified restrictions on immigration particularly if fees are increased significantly on the transfer, renewal or extension of work visas.

We continue to hire personnel in countries where exceptional technical knowledge and other expertise are offered at lower costs, which increases the efficiency of our global workforce structure and reduces our personnel-related expenditures.

Nonetheless, as globalization continues, competition for talent in those countries has increased, which may impact our ability to retain these employees and increase our compensation-related expenses.

For example, starting in the first quarter of 2026, we have restructured our operations to reduce our reportable segments from three to two.

If customers are able to obtain comparable insights through alternative AI‑enabled solutions, develop such capabilities internally, or shift spending toward lower‑cost providers, demand for certain of our services and offerings could decline, pricing pressure could increase, and our margins and growth prospects could be adversely affected.

Any significant change in regulations, such as the Inflation Reduction Act of 2022 (IRA), which contains drug price negotiation provisions, or change in the interpretation of existing regulations, could reduce demand for our offerings or increase our expenses.

For example, in May 2025, the Trump administration issued an executive order entitled “Delivering Most-Favored-Nation Prescription Drug Pricing to American Patients,” which, among other things, directs the HHS and other agencies to communicate most-favored-nation price targets to pharmaceutical manufacturers to bring prices for U.S. patients in line with comparably developed nations and to facilitate direct-to-consumer purchasing programs.

It is currently unclear whether and to what extent these measures will be implemented and what impact any such implementation would have on our business.

- changes in investor perception regarding the role, effectiveness, risks or regulatory implications of artificial intelligence in our business or in the healthcare and life sciences industries more broadly;

- concerns, whether or not substantiated, regarding the accuracy, reliability, ethical use, governance, or regulatory compliance of AI-enabled solutions;

As there are some instances where we are a HIPAA “business associate” of a “covered entity,” we can be directly liable for mishandling protected health information.

These rules require individuals’ written authorization in many situations, in addition to any required informed consent, before protected health information may be used for research.

We are both directly and indirectly affected by the privacy provisions surrounding individual authorizations because many investigators with whom we are involved in clinical trials are directly subject to them and because we obtain identifiable health information from third parties that are subject to such various Privacy Laws.

In general, patient health information is among the most sensitive (and highly regulated) of personal information.

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

In addition, we are subject to EU rules with respect to cross-border transfers of such data out of the EU (along with similar data transfer requirements or data localization requirements in other countries).

Increasing focus on sustainability and 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 environmental and sustainability matters.

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

We may experience increased costs in order to execute upon our sustainability goals and measure achievement of those goals, which could have an adverse impact on our business and financial condition.

In addition, this emphasis on environmental and 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 EU Corporate Sustainability Due Diligence Directive).

Such rules may require us to incur significant additional costs to comply, including the implementation of significant additional internal controls processes and procedures regarding matters that have not been subject to such controls in the past, and impose increased oversight obligations on our management and Board.

If we fail to comply with new laws, regulations, or reporting requirements, our reputation and business could be adversely impacted.

For example, in August 2022, the Inflation Reduction Act was signed into law in the United States, which, among other things, requires manufacturers of certain drugs to engage in price negotiations with Medicare (beginning in 2026), imposes rebates under Medicare Part B and Medicare Part D to penalize price increases that outpace inflation (first due in 2023), and replaces the Part D coverage gap discount program with a new discounting program (beginning in 2025).

- the division of the board of directors into three classes (subject to gradual declassification which began at the 2023 annual meeting of stockholders, such that our board of directors will be fully declassified and each director will be elected to a one-year term beginning at the 2025 annual meeting of stockholders);

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 [removed: AI™,] [added: AI®,] advanced analytics, the latest technologies and extensive domain expertise.

With approximately [removed: 88,000] [added: 93,000] 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 ended the year with [removed: our highest ever] total company remaining performance obligations of approximately [removed: $33.5] [added: $34.2] billion as of December 31, [removed: 2024.][added: 2025.]

As of December 31, [removed: 2024,] [added: 2025,] cash and cash equivalents were [removed: $1,702] [added: $1,980] million and we had [removed: $825] [added: $800] million drawn under our $2,000 million revolving credit facility.

As of December 31, [removed: 2024,] [added: 2025,] 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 [removed: completed] [added: completed,] and will continue to [removed: consider] [added: 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: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

In [removed: 2024,] [added: 2025,] 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: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] refer to our Annual Report on Form 10-K for the fiscal year ended December 31, [removed: 2023] [added: 2024] filed on February [removed: 15, 2024.][added: 13, 2025.]

| | | | | | | | | | [removed: 2024] [added: 2025] vs. [removed: 2023] [added: 2024] | | | | | | | | | | | | [removed: 2023] [added: 2024] vs. [removed: 2022] [added: 2023] | | | | | | | | | | | | | | | | | | | | | | | |

| (dollars in millions) | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | $ | | | | | | % | | | | | | $ | | | | | | % | | |

| Revenues | | | | | | $ | [removed: 15,405] [added: 16,310] | | | | | $ | [removed: 14,984] [added: 15,405] | | | | | $ | [removed: 14,410] [added: 14,984] | | | | | $ | [removed: 421] [added: 905] | | | | | [removed: 2.8] [added: 5.9] | | % | | | | $ | [removed: 574] [added: 421] | | | | | [removed: 4.0] [added: 2.8] | | % |

[removed: *2024] [added: *2025] compared to [removed: 2023*][added: 2024*]

This increase was comprised of constant currency revenue growth of approximately [removed: $510] [added: $737] million, or [removed: 3.4%,] [added: 4.8%,] reflecting a [removed: $333] [added: $380] million increase in Technology & Analytics Solutions, a [removed: $167] [added: $298] million increase in Research & Development Solutions, and a [removed: $10] [added: $59] million increase in Contract Sales & Medical Solutions.

| (dollars in millions) | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Cost of revenues, exclusive of depreciation and amortization | | | | | | $ | [removed: 10,030] [added: 10,880] | | | | | $ | [removed: 9,745] [added: 10,030] | | | | | $ | [removed: 9,382] [added: 9,745] | |

| % of revenues | | | | | | [removed: 65.1] [added: 66.7] | | % | | | | [removed: 65.0] [added: 65.1] | | % | | | | [removed: 65.1] [added: 65.0] | | % |

When compared to [removed: 2023,] [added: 2024,] cost of revenues, exclusive of depreciation and [removed: amortization] [added: amortization,] increased [removed: $285] [added: $850] million in [removed: 2024,] [added: 2025,] or [removed: 2.9%.][added: 8.5%.]

This increase included a constant currency increase of approximately [removed: $643] [added: $790] million, or [removed: 6.6%,] [added: 7.9%,] comprised of a [removed: $261] [added: $315] million increase in Technology & Analytics Solutions, a [removed: $374] [added: $416] million increase in Research & Development Solutions, and [removed: an $8] [added: a $59] million increase in Contract Sales & Medical Solutions.

| Selling, general and administrative expenses | | | | | | $ | [removed: 1,992] [added: 1,999] | | | | | $ | [removed: 2,053] [added: 1,992] | | | | | $ | [removed: 2,071] [added: 2,053] | |

| % of revenues | | | | | | [removed: 12.9] [added: 12.3] | | % | | | | [removed: 13.7] [added: 12.9] | | % | | | | [removed: 14.4] [added: 13.7] | | % |

The [removed: $61] [added: $7] million [removed: decrease] [added: increase] in selling, general and administrative expenses in [removed: 2024] [added: 2025] as compared to [removed: 2023] [added: 2024] included a constant currency decrease of approximately [removed: $33] [added: $7] million, or [removed: 1.6%,] [added: 0.4%,] comprised of a [removed: $52] [added: $26] million increase in Technology & Analytics Solutions, [removed: a $42] [added: an $18] million increase in Research & Development Solutions, and [removed: a $2 million increase] [added: no constant currency change] in Contract Sales & Medical Solutions, offset by a [removed: $129] [added: $51] million decrease in general corporate and unallocated expenses.

| Depreciation and amortization | | | | | | $ | [removed: 1,114] [added: 1,144] | | | | | $ | [removed: 1,125] [added: 1,114] | | | | | $ | [removed: 1,130] [added: 1,125] | |

| % of revenues | | | | | | [removed: 7.2] [added: 7.0] | | % | | | | [removed: 7.5] [added: 7.2] | | % | | | | [removed: 7.8] [added: 7.5] | | % |

The [removed: $11] [added: $30] million [removed: decrease] [added: increase] in depreciation and amortization in [removed: 2024] [added: 2025] as compared to [removed: 2023] [added: 2024] was primarily the result of [removed: less amortization 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: 2023] [added: 2024] and [removed: 2024.][added: 2025, offset by less amortization of certain intangible assets from the merger between Quintiles and IMS Health.]

| (in millions) | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Restructuring costs | | | | | | $ | [removed: 67] [added: 105] | | | | | $ | [removed: 84] [added: 67] | | | | | $ | [removed: 28] [added: 84] | |

These restructuring actions are expected to occur throughout [removed: 2025] [added: 2026] and are expected to consist of consolidating functional activities, eliminating redundant positions, and aligning resources with customer requirements.

| Interest income | | | | | | $ | [removed: (47)] [added: (45)] | | | | | $ | [removed: (36)] [added: (47)] | | | | | $ | [removed: (13)] [added: (36)] | |

| Interest expense | | | | | | $ | [removed: 670] [added: 729] | | | | | $ | [removed: 672] [added: 670] | | | | | $ | [removed: 416] [added: 672] | |

The [removed: increase] [added: decrease] in [removed: 2024] [added: 2025] as compared to [removed: 2023] [added: 2024] is primarily a result of [removed: higher] [added: lower] deposit rates.

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

In [added: 2025 and] 2023 we recognized a loss on extinguishment of debt of $6 million for fees and expenses incurred related to the [removed: refinancing] [added: refinancings] of our Credit Agreement.

Other [removed: (income) expense, net][added: Income, Net]

| Other [removed: (income) expense,] [added: income,] net | | | | | | $ | [removed: (90)] [added: (99)] | | | | | $ | [removed: (124)] [added: (90)] | | | | | $ | [removed: 33] [added: (124)] | |

Other [removed: (income) expense,] [added: income,] net for [removed: 2024 decreased] [added: 2025 increased] compared to [removed: 2023] [added: 2024] primarily due to [removed: less] [added: fair value related adjustments on investments offset by losses on] foreign currency [removed: gain on] transactions.

| Income tax expense | | | | | | $ | [removed: 301] [added: 252] | | | | | $ | [removed: 101] [added: 301] | | | | | $ | [removed: 260] [added: 101] | |

| Effective income tax rate | | | | | | [removed: 18.0] [added: 15.8] | | % | | | | [removed: 6.9] [added: 18.0] | | % | | | | [removed: 19.1] [added: 6.9] | | % |

Equity in Earnings [removed: (Losses)] of Unconsolidated Affiliates

| Equity in earnings [removed: (losses)] of unconsolidated affiliates | | | | | | $ | [removed: 5] [added: 22] | | | | | $ | [removed: —] [added: 5] | | | | | $ | [removed: (12)] [added: —] | |

Equity in earnings [removed: (losses)] of unconsolidated affiliates increased in [removed: 2024] [added: 2025] compared to [removed: 2023] [added: 2024] due to the results in the operations of our unconsolidated affiliates.

We are committed to using artificial intelligence ("AI") responsibly, with AI-powered capabilities built on best-in-class approaches to privacy, regulatory compliance and patient safety, and delivering AI to the high standards of trust, scalability and precision demanded by the industry.

Effective January 1, 2026, we will be updating our segment reporting to align with industry evolution, our updated operating model, and how internal reporting will be provided to the chief operating decision maker.

As a result, the Contract Sales & Medical Solutions segment, which has become more closely related operationally to the Technology & Analytics Solutions segment commercial offerings, will be incorporated into the Technology & Analytics Solutions segment, which is renamed Commercial Solutions.

Additionally, Real-World Late Phase and certain other Real-World offerings that have become more closely related operationally to the clinical research business, will be moved from the Technology & Analytics Solutions segment to the Research & Development Solutions segment.

We will reflect the recast of segment information on this basis beginning with our Form 10-Q for the three months ended March 31, 2026.

We delivered solid results in 2025, navigating a year of industry uncertainty resulting from a variety of macroeconomic factors that together slowed customer decision-making.

Our Technology & Analytics Solutions business continued its growth trajectory, with revenue increasing 7.6% over 2024.

While our Research & Development Solutions segment has been impacted by client cautiousness, we grew full-year revenue 4.3% over 2024, driven by improved growth rates in the second half of the year.

We achieved $2,654 million of cash flows from operating activities, and invested $1,714 million, net of cash, to acquire businesses that will strengthen and expand our offerings moving forward, including acquisitions in all three reportable segments.

In 2025, our revenues increased $905 million, or 5.9%, as compared to 2024.

*2025 compared to 2024*

| (dollars in millions) | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

*2025 compared to 2024*

| (dollars in millions) | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

Interest expense during 2025 increased compared to 2024 as a result of higher outstanding debt balances.

| (in millions) | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| (dollars in millions) | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

Our effective income tax rate for 2025 was favorably impacted due to changes in the geographic mix of earnings amongst the United States and foreign tax jurisdictions, compared to our effective income tax rate for 2024.

On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act ("OBBBA"), which includes several changes to U.S. federal income tax law, including the temporary and permanent extension, of expiring provisions of the Tax Cuts and Jobs Act of 2017.

The impacts of the OBBBA did not have a material impact on the 2025 consolidated financial statements, however we will continue to evaluate impacts to future periods.

On December 12, 2022, the European Union member states agreed to implement the Organization for Economic Co-operation and Development’s (“OECD”) Pillar Two global corporate minimum tax, which establishes a 15% minimum effective tax rate for multinational enterprises with consolidated revenues of at least €750 million.

Certain components of Pillar Two became effective in various jurisdictions beginning in 2024.

We have continued to evaluate the effects of Pillar Two through the end of 2025 and concluded that its adoption did not have a material impact on our consolidated financial statements for the periods presented.

On January 5, 2026, the OECD Inclusive Framework released Administrative Guidance introducing a "side-by-side" safe harbor regime, under which U.S. parented multinational groups may be excluded from Pillar Two's Income Inclusion Rule ("IIR") and Undertaxed Profits Rule ("UTPR"), in recognition of the U.S. tax system's existing minimum tax framework.

We will continue to monitor and evaluate this administrative guidance in the context of jurisdictions that adopt it.

Based on our current analysis, this guidance does not change our conclusion regarding the absence of a material impact for the current year.

| (in millions) | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| (in millions) | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

*2025 compared to 2024*

*2025 compared to 2024*

*2025 compared to 2024*

| (dollars in millions) | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | | | | | 2025 vs. 2024 | | | | | | | | | | | | 2024 vs. 2023 | | | | | | | | |

*2025 compared to 2024*

*2025 compared to 2024*

This increase included a constant currency increase of approximately $416 million, or 7.3%, reflecting increases in reimbursed expenses, as well as compensation and related expenses, as a result of volume-related increases in clinical services.

*2025 compared to 2024*

| (dollars in millions) | | | | | | 2025 | | | | | | 2024 | | | | | | 2023 | | | | | | 2025 vs. 2024 | | | | | | | | | | | | 2024 vs. 2023 | | | | | | | | |

*2025 compared to 2024*

The constant currency revenue growth was primarily due to volume-related increases in services performed.

*2025 compared to 2024*

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

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.

While we experienced a decline in COVID-19 related work in 2024 versus 2023, overall COVID-19 related work was not material to operations.

As of December 31, 2024, COVID-19 related work did not represent a material amount of our remaining performance obligations.

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

As a percentage of revenues, cost of revenues, exclusive of depreciation and amortization in 2024 remained relatively consistent with 2023.

Interest expense during 2024 was lower than 2023 due primarily to lower base rate interest costs across the floating rate debt portfolio.

Our effective income tax rate was favorably impacted in 2023, due to the completion of an internal legal entity restructuring that resulted in a benefit of $125 million.

Historically, we recorded deferred tax assets related to certain foreign tax credits, and a full valuation allowance in relation to these foreign tax credits was established as it was not expected the credits would be utilized prior to expiration.

We now believe it is reasonably possible that these foreign tax credits will be utilized and therefore we recorded a tax benefit of $64 million related to the valuation allowance release and establishing related uncertain tax positions.

Additionally, due to the restructuring we also reversed a deferred tax liability of $61 million due to a basis difference that was recovered in a tax-free manner.

The effective tax rate was also favorably impacted by a reversal of uncertain tax positions relating to tax credit carryforwards in the amount of $21 million due to an audit settlement.

The constant currency revenue growth for the year was impacted by a decrease in COVID-19 related work.

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.

This increase included a constant currency increase of approximately $2 million, or 3.4%.

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

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

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

| Operating leases | | | | | | 109 | | | | | | 120 | | | | | | 47 | | | | | | 22 | | | | | | 298 | | |

| Finance leases | | | | | | 13 | | | | | | 27 | | | | | | 28 | | | | | | 269 | | | | | | 337 | | |

| Data acquisition | | | | | | 563 | | | | | | 760 | | | | | | 232 | | | | | | 24 | | | | | | 1,579 | | |

| Purchase obligations (2) | | | | | | 113 | | | | | | 59 | | | | | | 11 | | | | | | 1 | | | | | | 184 | | |

| Benefit obligations (4) | | | | | | 30 | | | | | | 33 | | | | | | 34 | | | | | | 100 | | | | | | 197 | | |

| Total | | | | | | $ | 2,642 | | | | | $ | 8,476 | | | | | $ | 5,221 | | | | | $ | 2,440 | | | | | $ | 18,779 | |

For the year ended December 31, 2023, we elected to perform a quantitative impairment evaluation for each of our reporting units.

We 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 our 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.

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

If results of the evaluation indicate the carrying amount of a reporting unit exceeds its fair value, an impairment charge would be recorded by calculating the implied fair value of the reporting unit goodwill as compared to its carrying amount.

The principal currency hedged in [removed: 2024] [added: 2025] with foreign currency forward contracts was the British Pound.

The contractual value of our foreign exchange forward contracts was approximately [removed: $108] [added: $127] million as of December 31, [removed: 2024.][added: 2025.]

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: $11] [added: $13] million as of December 31, [removed: 2024.][added: 2025.]

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 [removed: before income taxes] [added: from operations] for [removed: 2024] [added: 2025] by approximately [removed: $154] [added: $193] million.

The contractual value of our cross-currency swaps was approximately [removed: $2,735] [added: $2,720] million as of December 31, [removed: 2024.][added: 2025.]

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: $300] [added: $339] million as of December 31, [removed: 2024.][added: 2025.]

As of December 31, [removed: 2024,] [added: 2025,] our total foreign currency denominated debt was [removed: €4,085] [added: €3,128] million [removed: ($4,244] [added: ($3,673] million), with approximately [removed: 67%] [added: 94%] 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: $424] [added: $367] million.

However, approximately [removed: 67%] [added: 94%] 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: 2024,] [added: 2025,] we had approximately [removed: $5,965] [added: $5,768] million of variable rate indebtedness and interest rate swaps with a notional value of [removed: $2,485] [added: $1,470] 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: $9] [added: $11] million per year.

As of December 31, [removed: 2024,] [added: 2025,] we held investments in marketable equity securities.

As of December 31, [removed: 2024,] [added: 2025,] the fair value of these investments was [removed: $170] [added: $203] 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: $17] [added: $20] million as of December 31, [removed: 2024.][added: 2025.]

On February 3, 2025, the Company terminated its existing cross-currency swap agreements and entered into new cross-currency swap agreements for the same purpose and with substantially similar terms as the previous swaps.

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 [removed: AI™,] [added: AI®,] advanced analytics, the latest technologies and extensive domain expertise.

With approximately [removed: 88,000] [added: 93,000] 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.

We have one of the largest and most comprehensive collections of healthcare information in the [removed: world, which includes more than 1.2 billion comprehensive, longitudinal, non-identified patient records] [added: world] spanning sales, [removed: prescription and] [added: prescription,] promotional [added: and social media] data, [added: as well as] medical claims, electronic medical records, [removed: genomics,] and [removed: social media.][added: genomics data, including more than 1.2 billion comprehensive, longitudinal, unique non-identified patient records.]

Our scaled and growing information set contains approximately [removed: 64] [added: 68] 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 approximately 90% of the world’s pharmaceuticals, as measured by [removed: 2023] [added: 2024] 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: 95] [added: 97] markets, and information about treatments and outcomes on more than 1.2 billion unique non-identified patient records globally;

- A staff of approximately [removed: 88,000] [added: 93,000] employees across the globe, including over [removed: 29,000] [added: 31,000] Technology & Analytics Solutions employees, approximately [removed: 49,000] [added: 51,000] Research & Development Solutions employees and approximately [removed: 6,000] [added: 7,000] Contract Sales & Medical Solutions employees.

We compete in a market of approximately [removed: $330] [added: $335] 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: $194] [added: $199] billion in [removed: 2024.][added: 2025.]

Of that amount, we estimate that our addressable opportunity (clinical development spending excluding preclinical spending) was approximately [removed: $155] [added: $159] billion.

The portion of this addressable opportunity that was outsourced in [removed: 2024,] [added: 2025,] based on our estimates, was approximately [removed: $73] [added: $75] billion.

- Real-World Evidence and connected health: Total addressable market of approximately [removed: $85] [added: $90] billion in [removed: 2024] [added: 2025] that consists of tightly coupled life sciences and healthcare markets.

First, the life sciences market for Real-World Evidence of approximately [removed: $30] [added: $35] billion includes post-launch evidence generation, market access, and medical affairs.

- Technology enabled commercial operations: Total addressable market of approximately [removed: $82] [added: $84] billion in [removed: 2024] [added: 2025] 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: $1.73] [added: $1.94] trillion in revenues in [removed: 2024.][added: 2025.]

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: 2029.][added: 2030.]

The IQVIA Institute also estimates that approximately [removed: 350] [added: 375] new molecular entities (“NMEs”) are expected to be approved between [removed: 2025] [added: 2026] and [removed: 2029,] [added: 2030,] or [removed: 70] [added: 75] per year compared to [removed: 61] [added: 68] per year on average during the past decade.

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: 95] [added: 97] markets and information about treatments and outcomes on more than 1.2 billion unique non-identified patient records.

We bring best in class [removed: Software as a Service] [added: Software-as-a-Service] ("SaaS") platforms, purpose built for life sciences, to our clients to help them run their clinical and commercial operations more efficiently.

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 approximately [removed: $330] [added: $335] billion in [removed: 2024.][added: 2025.]

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: 4,100] [added: 4,600] real world data assets in more than 100 countries uniquely facilitating data discoverability for healthcare research via the IQVIA Health Data Catalog.

Our widely used reference database tracks over [removed: 25] [added: 22] million healthcare professionals in over 100 countries, providing a comprehensive view of health care practitioners that is critical for the commercial success of our clients’ marketing and sales initiatives.

Project Management and Clinical Monitoring. Drawing upon our years of experience, our site databases, our site relationships and our highly trained staff, our solutions and services enables the efficient conduct and coordination of multi-site clinical trials [removed: (generally Phase II-IV).][added: (Phase I-IV).]

Included is our site management organization Avacare Clinical Research Network, which orchestrates the activities of over [removed: 200] [added: 180] investigators and extends solutions to patients across more than 20 therapeutic indications in nearly [removed: 40] [added: 50] locations.

No single client accounted for 10% or more of our total Company revenues in [removed: 2024, 2023] [added: 2025, 2024] or [removed: 2022.][added: 2023.]

For the year ended December 31, [removed: 2024] [added: 2025] the largest client based on its percentage of total Company revenues contributed approximately 5%.

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

Some of our larger competitors include ICON plc, Parexel International Corporation, Pharmaceutical Product Development, [removed: Inc.,] [added: Inc. (part of Thermo Fisher Scientific Inc.),] and Syneos Health, among others.

For further information on our sustainability program and achievements, see our [removed: 2024] [added: 2025] Sustainability Report (the [removed: "2024] [added: "2025] Sustainability Report"), which will be available on our website at https://www.iqvia.com/about-us/sustainability.

Information in the [removed: 2024] [added: 2025] 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 sustainability information, the [removed: 2024] [added: 2025] 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.

Our capabilities allow us to render data [added: to be] non-identified while still maintaining data utility, thus protecting privacy while still advancing innovation.

Not only do we make use of [removed: de-identification] [added: anonymization] techniques with respect to the data we hold, but we also share our expertise in this area with policymakers, regulators and others to help them understand [removed: de-identification] [added: anonymization] methodologies and practical considerations to avoid re-identification risk.

IQVIA has a rich history of developing Healthcare-grade [removed: AI™.][added: AI®.]

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

The expanded use of AI [added: in the life sciences industry] is generating clear benefits, but also concerns about data security, privacy and trust.

This helps us to maintain high standards across the [removed: business] [added: business,] and [removed: ensures we are well-placed to comply] [added: supports our compliance] with [added: existing laws (e.g., clinical, employment, intellectual property, consumer protection, competition) and] emerging [added: AI] 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 [removed: safeguards,] [added: safeguards to address information governance requirements,] including privacy [removed: standards] and [added: security, and clinical] regulatory [removed: compliance.][added: requirements, including good clinical practice, pharmacovigilance and the integrity and reliability of systems.]

IQVIA Healthcare-grade [removed: AI™ is embedded across] [added: AI® supports] our AI-powered offerings, engineered to meet the level of precision, speed, and trust needed by the industry.

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

We are committed to using artificial intelligence ("AI") responsibly, with AI-powered capabilities built on best-in-class approaches to privacy, regulatory compliance and patient safety, and delivering AI to the high standards of trust, scalability and precision demanded by the industry.

Longitudinal analysis across disparate datasets is enabled via internally developed fully compliant tokenization engines.

Effective January 1, 2026, our reportable segments consist of Commercial Solutions and Research & Development Solutions.

See Note 20 to our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K for further details.

We are an industry leader in anonymization and privacy-enhancing technologies.

Employee Engagement. Listening and responding to our employees across the world enables us to continually strengthen our culture.

Employee Health & Well-being. Our vision for a healthier world begins with our employees.

Healthy You comes to life through global initiatives and local champions who promote well-being year-round, offering activities from health and financial education sessions to social events and blood donation drives.

In 2025, we strengthened this commitment by introducing programs that support employees at every stage of life, including resources for those managing chronic illness or cancer, and by expanding Hinge Health, our U.S. digital physical therapy program, with specialized guidance for women’s health.

Talent & Learning. At IQVIA, our people represent some of the smartest minds working at the intersection of healthcare, technology, and data science – complex domains that are constantly evolving.

Our work demands continuous learning, and our people show a high level of commitment to upskilling.

In fact, in 2025, they visited the IQVIA Talent and Learning Hub 867,000 times and completed 2.2 million e-learning programs.

Taken as a whole, these efforts reflect a workforce evolving to meet the next era of work, where 91% of our employees agree that they are acquiring the knowledge and skills to be effective in their job.

Our One IQVIA, Multiple Careers approach provides an overarching framework to help employees direct their learning toward practical outcomes, supporting skill development in the context of career mobility and organizational agility.

Whether employees are exploring new paths, building new skills, applying those skills in real-world projects, or moving into a new role at IQVIA when they’re ready to take the next step, we are empowering them to build skills for the future while pursuing their passions.

As demand for AI capabilities in healthcare evolves, building AI literacy has become essential for everyone at IQVIA.

We are committed to providing employees with the resources needed to develop their careers and leverage the AI applications we are deploying across our business.

These AI tools are intended not only to improve efficiency, but to elevate how we work, learn, and connect.

By integrating these capabilities, we are building an AI-augmented workplace that empowers employees and accelerates progress.

To prepare employees for the skills of tomorrow, we launched the AI and Data Analytics Skills training series in 2025, available to all employees.

The series offers differentiated learning tracks: one for those eager to build a foundational understanding of AI and technology, and another for employees ready to deepen their expertise in advanced concepts.

Participants have access to virtual instructor-led courses, curated e-learning paths, and short videos, giving employees hands-on experience with real-world tools.

Since launch, the generative AI learning resources have received over 230,000 views.

Alongside these opportunities to build excellence in technology, we also maintain a strong emphasis on leadership and interpersonal skills through multiple learning pillars in the IQVIA Learning Academy, helping employees strengthen the human skills that drive impact.

- Emerging Leader and Future Programs: Designed for early and middle stages of growth, these programs strengthen leadership capability through immersive experiences that broaden perspective, build strategic insight, and expand networks, preparing participants to lead effectively at different levels in different parts of the company.

- General Management Acceleration Program: A year-long program designed for Research & Development Solutions (R&DS) employees interested in leading scientific organizations.

Participants build leadership skills through a combination of advanced training and project work across R&DS operations, preparing them to tackle complex, high-impact challenges across the business.

Our Code of Conduct outlines the procedures employees must follow to protect their own safety and that of their colleagues.

Employees must complete mandatory health and safety training covering key risks and practical workplace safety guidance.

Our health and safety programs are most relevant and tailored to our laboratories business due to the nature of activities and associated risks at these locations.

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

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

We are an industry leader in de-identifying data.

Employee Engagement. Maintaining regular and open channels of dialogue with employees and receiving and responding to their feedback with actionable and meaningful initiatives is critical to our human capital management strategy.

Our bi-annual companywide surveys provide a valuable opportunity to hear the perspectives of our workforce around the world.

The employee engagement index has been stable across our surveys in 2024 with 79% of our employees who responded saying they feel engaged.

70% of employees who responded believe IQVIA encourages an environment where they can challenge the status quo, surpassing the Fortune 500 Benchmark by 3 points.

Building Community. The scale and geographic reach of our business is a key asset that we leverage as we focus on building a connected community that celebrates both individual and cultural differences.

This is a foundation of our approach to human capital management.

We create this culture for employees regardless of gender, race, color, creed, religion, marital status, age, national origin or ancestry, physical or mental disability, medical condition, veteran status, citizenship, sexual orientation, gender identity or any other protected group status.

Our global workforce operates in over 100 countries and represents approximately 90 different ethnicities.

Approximately 62% of our employees globally identify as female and approximately 53% of employees worldwide at a manager level identify as female.

In the United States, approximately 39% identify as a minority, including 16% who identify as Asian, 12% who identify as Black or African American, 8% who identify as Hispanic or Latino and 3% who identify as a different minority.

Our growing network of Employee Resource Groups ("ERGs") provides a framework for employees to connect and collaborate with colleagues with similar interests.

These groups support our values and business goals and foster the multifaceted thinking required for innovation, providing a forum for the exchange of ideas and opportunities for mentoring and professional development.

These groups also organize activities to engage and educate our wider employee community on different perspectives and experiences.

There are eight global ERGs and all are employee-led, voluntary, and open to every employee.

Each ERG has a mission that is aligned to our vision, values, and core operating principles.

In 2024, we grew our ERG membership to 13,000 participants spanning 69 countries across the globe.

Our second 2024 Employee Pulse Survey included a focus on belonging to enable us to understand employee needs in this area and align our approach to help employees do their best work.

According to respondents, the most important elements of belonging include opportunities to learn and grow; working in a supportive team environment; and being involved in meaningful work.

The most-selected actions that foster employees’ sense of belonging were regular manager feedback, formal and informal recognition for their contributions, and learning/development activities.

These insights are being incorporated into our plans to further reinforce our strengths and drive meaningful updates.

Employee Health & Well-being. Investing in resources and incentives to promote the personal well-being of our employees and their families is an important way we support our people.

We provide a variety of market-competitive health and welfare benefit plans that are available to employees and their family members, based on their location and specific country regulations.

We provide parental leave for all full-time employees for the birth or adoption of a child, with variability in leave time dependent on location.

Beyond health and welfare benefits, many regions also offer employee well-being programs.

In the United States, “Healthy You” offers employees a range of wellness benefits, including free flu shots, teledoc services, nutrition counseling, tobacco cessation support and reimbursement for wellness-related expenses.

Talent & Learning. In a highly competitive industry, nurturing talent is both a priority and a necessity.

Employee growth and development are key components of our Employee Value Proposition and our human capital management strategy.

We foster a culture of curiosity and flexibility, encouraging our employees to explore different career opportunities within the organization.

By taking ownership of their development in collaboration with managers, mentors, and peers, our employees are empowered to shape their career paths and achieve their full potential.

We invest in our employees' development throughout their careers at IQVIA, with a range of talent and learning initiatives that leverage cutting-edge digital tools to support business growth and meet the evolving needs of our employees.

Our performance management system is aligned to this journey, emphasizing continuous dialogue about priorities, contributions, and personal growth – ensuring that employees feel supported, valued and recognized.

We are committed to building an environment where our employees have opportunities to learn, grow and shape their careers according to their aspirations and interests.

Through our One IQVIA Multiple Careers model, we offer an extensive range of technology-enabled tools and resources from onboarding through to leadership training, enabling our people to plan their own career paths.

Our continually expanding Career Connections platform provides 37,000 registered users access to mentoring, projects, and open roles to further develop skills in a practical setting and pursue their next role when ready.

Our learning and development offerings allow our employees to put the One IQVIA, Multiple Careers Model into action.

For example, our IQVIA Learning Academy informs employees about in-demand skills within IQVIA, providing transparency about the talent and expertise needed to meet future growth objectives.

In 2024, employees continued building future skills through 215,000 visits to the IQVIA Learning Academy, with new learning paths aligned to business needs spanning artificial intelligence, evolving leadership, and data insights, amongst others.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

[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: 28, 2024,] [added: 30, 2025,] the last business day of the registrant’s most recently completed second quarter, was approximately [removed: $38.2] [added: $26.5] billion.

As of February [removed: 5, 2025,] [added: 6, 2026,] there were approximately [removed: 176.1] [added: 169.7] million shares of the registrant’s common stock outstanding.

Portions of the registrant’s Proxy Statement for the [removed: 2025] [added: 2026] 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: 2024.][added: 2025.]

| 1A. | | | [Risk [removed: Factors](#i45a2c3b51bb642789ea4b4feb3f679c1_19)] [added: Factors](#if05565a2a20b49f2b8253004765a2694_58)] | | | [removed: [19](#i45a2c3b51bb642789ea4b4feb3f679c1_19)] [added: [18](#if05565a2a20b49f2b8253004765a2694_58)] | | |

| 1B. | | | [Unresolved Staff [removed: Comments](#i45a2c3b51bb642789ea4b4feb3f679c1_22)] [added: Comments](#if05565a2a20b49f2b8253004765a2694_61)] | | | [removed: [44](#i45a2c3b51bb642789ea4b4feb3f679c1_22)] [added: [44](#if05565a2a20b49f2b8253004765a2694_61)] | | |

| 1C. | | | [removed: [Cybersecurity](#i45a2c3b51bb642789ea4b4feb3f679c1_25)] [added: [Cybersecurity](#if05565a2a20b49f2b8253004765a2694_64)] | | | [removed: [45](#i45a2c3b51bb642789ea4b4feb3f679c1_25)] [added: [45](#if05565a2a20b49f2b8253004765a2694_64)] | | |

| 3. | | | [Legal [removed: Proceedings](#i45a2c3b51bb642789ea4b4feb3f679c1_31)] [added: Proceedings](#if05565a2a20b49f2b8253004765a2694_70)] | | | [removed: [46](#i45a2c3b51bb642789ea4b4feb3f679c1_31)] [added: [46](#if05565a2a20b49f2b8253004765a2694_70)] | | |

| 4. | | | [Mine Safety [removed: Disclosures](#i45a2c3b51bb642789ea4b4feb3f679c1_34)] [added: Disclosures](#if05565a2a20b49f2b8253004765a2694_73)] | | | [removed: [46](#i45a2c3b51bb642789ea4b4feb3f679c1_34)] [added: [46](#if05565a2a20b49f2b8253004765a2694_73)] | | |

| 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i45a2c3b51bb642789ea4b4feb3f679c1_40)] [added: Securities](#if05565a2a20b49f2b8253004765a2694_79)] | | | [removed: [47](#i45a2c3b51bb642789ea4b4feb3f679c1_40)] [added: [47](#if05565a2a20b49f2b8253004765a2694_79)] | | |

| 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i45a2c3b51bb642789ea4b4feb3f679c1_46)] [added: Operations](#if05565a2a20b49f2b8253004765a2694_85)] | | | [removed: [49](#i45a2c3b51bb642789ea4b4feb3f679c1_46)] [added: [49](#if05565a2a20b49f2b8253004765a2694_85)] | | |

| 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i45a2c3b51bb642789ea4b4feb3f679c1_73)] [added: Risk](#if05565a2a20b49f2b8253004765a2694_112)] | | | [removed: [65](#i45a2c3b51bb642789ea4b4feb3f679c1_73)] [added: [65](#if05565a2a20b49f2b8253004765a2694_112)] | | |

| 8. | | | [Financial Statements and Supplementary [removed: Data](#i45a2c3b51bb642789ea4b4feb3f679c1_85)] [added: Data](#if05565a2a20b49f2b8253004765a2694_124)] | | | [removed: [67](#i45a2c3b51bb642789ea4b4feb3f679c1_85)] [added: [67](#if05565a2a20b49f2b8253004765a2694_124)] | | |

| 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i45a2c3b51bb642789ea4b4feb3f679c1_184)] [added: Disclosure](#if05565a2a20b49f2b8253004765a2694_223)] | | | [removed: [116](#i45a2c3b51bb642789ea4b4feb3f679c1_184)] [added: [116](#if05565a2a20b49f2b8253004765a2694_223)] | | |

| 9A. | | | [Controls and [removed: Procedures](#i45a2c3b51bb642789ea4b4feb3f679c1_187)] [added: Procedures](#if05565a2a20b49f2b8253004765a2694_226)] | | | [removed: [116](#i45a2c3b51bb642789ea4b4feb3f679c1_187)] [added: [116](#if05565a2a20b49f2b8253004765a2694_226)] | | |

| 9B. | | | [Other [removed: Information](#i45a2c3b51bb642789ea4b4feb3f679c1_190)] [added: Information](#if05565a2a20b49f2b8253004765a2694_229)] | | | [removed: [116](#i45a2c3b51bb642789ea4b4feb3f679c1_190)] [added: [116](#if05565a2a20b49f2b8253004765a2694_229)] | | |

| 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i45a2c3b51bb642789ea4b4feb3f679c1_193)] [added: Inspections](#if05565a2a20b49f2b8253004765a2694_232)] | | | [removed: [116](#i45a2c3b51bb642789ea4b4feb3f679c1_193)] [added: [116](#if05565a2a20b49f2b8253004765a2694_232)] | | |

| | | | [PART [removed: III](#i45a2c3b51bb642789ea4b4feb3f679c1_196)] [added: III](#if05565a2a20b49f2b8253004765a2694_235)] | | | [removed: [117](#i45a2c3b51bb642789ea4b4feb3f679c1_196)] [added: [117](#if05565a2a20b49f2b8253004765a2694_235)] | | |

| 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i45a2c3b51bb642789ea4b4feb3f679c1_199)] [added: Governance](#if05565a2a20b49f2b8253004765a2694_238)] | | | [removed: [117](#i45a2c3b51bb642789ea4b4feb3f679c1_199)] [added: [117](#if05565a2a20b49f2b8253004765a2694_238)] | | |

| 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i45a2c3b51bb642789ea4b4feb3f679c1_205)] [added: Matters](#if05565a2a20b49f2b8253004765a2694_244)] | | | [removed: [118](#i45a2c3b51bb642789ea4b4feb3f679c1_205)] [added: [119](#if05565a2a20b49f2b8253004765a2694_244)] | | |

| 13. | | | [Certain Relationships and Related Transactions and Director [removed: Independence](#i45a2c3b51bb642789ea4b4feb3f679c1_208)] [added: Independence](#if05565a2a20b49f2b8253004765a2694_247)] | | | [removed: [119](#i45a2c3b51bb642789ea4b4feb3f679c1_208)] [added: [120](#if05565a2a20b49f2b8253004765a2694_247)] | | |

| 14. | | | [Principal Accountant Fees and [removed: Services](#i45a2c3b51bb642789ea4b4feb3f679c1_211)] [added: Services](#if05565a2a20b49f2b8253004765a2694_250)] | | | [removed: [119](#i45a2c3b51bb642789ea4b4feb3f679c1_211)] [added: [120](#if05565a2a20b49f2b8253004765a2694_250)] | | |

| 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i45a2c3b51bb642789ea4b4feb3f679c1_217)] [added: Schedules](#if05565a2a20b49f2b8253004765a2694_256)] | | | [removed: [120](#i45a2c3b51bb642789ea4b4feb3f679c1_217)] [added: [121](#if05565a2a20b49f2b8253004765a2694_256)] | | |

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, [removed: pandemics such as the COVID-19 (coronavirus) outbreak, including any variants,] [added: pandemics,] and the public health policy responses to the outbreak, international conflict or other disruptions outside of our 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 [added: the enactment of legislation or the imposition of regulations or other restrictions or actions by governments that create business uncertainty and have the potential to limit trade;] 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](#if05565a2a20b49f2b8253004765a2694_13) | | | | | |

| 1. | | | [Business](#if05565a2a20b49f2b8253004765a2694_16) | | | [5](#if05565a2a20b49f2b8253004765a2694_16) | | |

| 2. | | | [Properties](#if05565a2a20b49f2b8253004765a2694_67) | | | [46](#if05565a2a20b49f2b8253004765a2694_67) | | |

| | | | [PART II](#if05565a2a20b49f2b8253004765a2694_76) | | | [47](#if05565a2a20b49f2b8253004765a2694_76) | | |

| 6. | | | [\[Reserved\]](#if05565a2a20b49f2b8253004765a2694_82) | | | [49](#if05565a2a20b49f2b8253004765a2694_82) | | |

| 11. | | | [Executive Compensation](#if05565a2a20b49f2b8253004765a2694_241) | | | [119](#if05565a2a20b49f2b8253004765a2694_241) | | |

| | | | [PART IV](#if05565a2a20b49f2b8253004765a2694_253) | | | [121](#if05565a2a20b49f2b8253004765a2694_253) | | |

| | | | [Exhibit Index](#if05565a2a20b49f2b8253004765a2694_259) | | | [122](#if05565a2a20b49f2b8253004765a2694_259) | | |

| 16. | | | [Form 10-K Summary](#if05565a2a20b49f2b8253004765a2694_262) | | | [125](#if05565a2a20b49f2b8253004765a2694_262) | | |

| | | | [Signatures](#if05565a2a20b49f2b8253004765a2694_265) | | | [125](#if05565a2a20b49f2b8253004765a2694_265) | | |

In addition, we may not achieve the expected benefits of our reorganized business segment structure.

| | | | [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) | | |

| 11. | | | [Executive Compensation](#i45a2c3b51bb642789ea4b4feb3f679c1_202) | | | [118](#i45a2c3b51bb642789ea4b4feb3f679c1_202) | | |

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

| | | | [Exhibit Index](#i45a2c3b51bb642789ea4b4feb3f679c1_220) | | | [121](#i45a2c3b51bb642789ea4b4feb3f679c1_220) | | |

| 16. | | | [Form 10-K Summary](#i45a2c3b51bb642789ea4b4feb3f679c1_223) | | | [124](#i45a2c3b51bb642789ea4b4feb3f679c1_223) | | |

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

We manage risk in our supply chain through engagement with suppliers and vendors, including vendor on-boarding risk [removed: assessments, ongoing oversight,] [added: assessments] and [removed: independent cyber-reputation score monitoring for key suppliers.][added: ongoing oversight.]

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 internal Business Information Security Office ("BISO"), established in 2022, continues to streamline communications between our IT function and business units.

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

As of December 31, [removed: 2024,] [added: 2025,] we had [removed: 305] [added: 304] offices and laboratories located in [removed: 86] [added: 87] countries.

On February [removed: 5, 2025,] [added: 6, 2026,] we had approximately [removed: 15] [added: 11] 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: 2024] [added: 2025] or [removed: 2023.][added: 2024.]

We did not sell any unregistered equity securities in [removed: 2024.][added: 2025.]

From inception of the Repurchase Program through December 31, [removed: 2024,] [added: 2025,] we have repurchased a total of [removed: $10,712] [added: $11,956] million of our securities under the Repurchase Program.

During the year ended December 31, [removed: 2024,] [added: 2025,] we repurchased [removed: 6.4] [added: 7.4] million shares of our common stock for [removed: $1,350] [added: $1,244] million under the Repurchase Program.

As of December 31, [removed: 2024,] [added: 2025,] we had remaining authorization to repurchase up to [removed: $1,013] [added: $1,769] million of our common stock under the Repurchase Program.

Since the Merger between Quintiles and IMS Health in October 2016, we have repurchased [removed: 84.6] [added: 92.0] million shares of our common stock at an average market price per share of [removed: $122.23] [added: $125.98] for an aggregate purchase price of [removed: $10,338] [added: $11,582] 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: 2024] [added: 2025] 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: 2019] [added: 2020] through December 31, [removed: 2024] [added: 2025] of the cumulative total return for our common stock, the Standard & Poor’s 500 Stock Index (“S&P 500”), and our peer group set forth below.

The graph assumes that $100 was invested in IQVIA, the S&P 500, and our peer group as of the close of market on December 31, [removed: 2019,] [added: 2020,] and assumes the reinvestments of dividends, if any.

[removed: ][added: ]

| | | | | | | [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] | | | | | | [removed: 12/31/2024] [added: 12/31/2025] | | |

| October 1, 2025 – October 31, 2025 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 1,981 | |

| November 1, 2025 – November 30, 2025 | | | | | | 0.6 | | | | | | $ | 211.85 | | | | | 0.6 | | | | | | $ | 1,861 | |

| December 1, 2025 – December 31, 2025 | | | | | | 0.4 | | | | | | $ | 223.42 | | | | | 0.4 | | | | | | $ | 1,769 | |

| | | | | | | 1.0 | | | | | | | | | | | | 1.0 | | | | | | | | |

| IQVIA | | | | | | $ | 100 | | | | | $ | 157 | | | | | $ | 114 | | | | | $ | 129 | | | | | $ | 110 | | | | | $ | 126 | |

| S&P 500 | | | | | | $ | 100 | | | | | $ | 129 | | | | | $ | 105 | | | | | $ | 133 | | | | | $ | 166 | | | | | $ | 196 | |

| Peer Group | | | | | | $ | 100 | | | | | $ | 146 | | | | | $ | 115 | | | | | $ | 123 | | | | | $ | 124 | | | | | $ | 133 | |

| 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 | |

Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

As a result of this assessment and based on the criteria in the COSO framework, management has concluded that, as of December 31, [removed: 2024,] [added: 2025,] 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: 2024] [added: 2025] 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: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the related consolidated statements of income, of comprehensive income, of stockholders’ equity and of cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024] [added: 2025] 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: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] is [removed: $8,527] [added: $8,896] million, the majority of which relates to service contracts for clinical research that represent a single performance obligation.

| | | | | | | Year Ended December 31, | | | | | | | | | [removed: | | | | | |]

| (in millions, except per share data) | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Revenues | | | | | | $ | [removed: 15,405] [added: 16,310] | | | | | $ | [removed: 14,984] [added: 15,405] | | | | | $ | [removed: 14,410] [added: 14,984] | |

| Cost of revenues, exclusive of depreciation and amortization | | | | | | [removed: 10,030] [added: 10,880] | | | | | | [removed: 9,745] [added: 10,030] | | | | | | [removed: 9,382] [added: 9,745] | | |

| Selling, general and administrative expenses | | | | | | [removed: 1,992] [added: 1,999] | | | | | | [removed: 2,053] [added: 1,992] | | | | | | [removed: 2,071] [added: 2,053] | | |

| Depreciation and amortization | | | | | | [removed: 1,114] [added: 1,144] | | | | | | [removed: 1,125] [added: 1,114] | | | | | | [removed: 1,130] [added: 1,125] | | |

| Restructuring costs | | | | | | [removed: 67] [added: 105] | | | | | | [removed: 84] [added: 67] | | | | | | [removed: 28] [added: 84] | | |

| Income from operations | | | | | | [removed: 2,202] [added: 2,182] | | | | | | [removed: 1,977] [added: 2,202] | | | | | | [removed: 1,799] [added: 1,977] | | |

| Interest income | | | | | | [removed: (47)] [added: (45)] | | | | | | [removed: (36)] [added: (47)] | | | | | | [removed: (13)] [added: (36)] | | |

| Interest expense | | | | | | [removed: 670] [added: 729] | | | | | | [removed: 672] [added: 670] | | | | | | [removed: 416] [added: 672] | | |

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

| Other [removed: (income) expense,] [added: income,] net | | | | | | [removed: (90)] [added: (99)] | | | | | | [removed: (124)] [added: (90)] | | | | | | [removed: 33] [added: (124)] | | |

| Income before income taxes and equity in earnings [removed: (losses)] of unconsolidated affiliates | | | | | | [removed: 1,669] [added: 1,591] | | | | | | [removed: 1,459] [added: 1,669] | | | | | | [removed: 1,363] [added: 1,459] | | |

| Income tax expense | | | | | | [removed: 301] [added: 252] | | | | | | [removed: 101] [added: 301] | | | | | | [removed: 260] [added: 101] | | |

| Income before equity in earnings [removed: (losses)] of unconsolidated affiliates | | | | | | [removed: 1,368] [added: 1,339] | | | | | | [removed: 1,358] [added: 1,368] | | | | | | [removed: 1,103] [added: 1,358] | | |

| Equity in earnings [removed: (losses)] of unconsolidated affiliates | | | | | | [removed: 5] [added: 22] | | | | | | [removed: —] [added: 5] | | | | | | [removed: (12)] [added: —] | | |

| Net income | | | | | | [removed: $] [added: 1,361] | [removed: 1,373] | | | | | [removed: $] [added: 1,373] | [removed: 1,358] | | | | | [removed: $] [added: 1,358] | [removed: 1,091] | |

| Basic | | | | | | $ | [removed: 7.57] [added: 7.91] | | | | | $ | [removed: 7.39] [added: 7.57] | | | | | $ | [removed: 5.82] [added: 7.39] | |

| Diluted | | | | | | $ | [removed: 7.49] [added: 7.84] | | | | | $ | [removed: 7.29] [added: 7.49] | | | | | $ | [removed: 5.72] [added: 7.29] | |

| Basic | | | | | | [removed: 181.3] [added: 171.9] | | | | | | [removed: 183.8] [added: 181.3] | | | | | | [removed: 187.6] [added: 183.8] | | |

| Diluted | | | | | | [removed: 183.4] [added: 173.5] | | | | | | [removed: 186.3] [added: 183.4] | | | | | | [removed: 190.6] [added: 186.3] | | |

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

| Unrealized [removed: gains] (losses) [added: gains] on derivative instruments, net of income tax [removed: expense] (benefit) [added: expense] of [removed: $17, $(3)] [added: $(7), $17] and [removed: $13] [added: $(3)] | | | | | | [removed: 53] [added: (21)] | | | | | | [removed: (7)] [added: 53] | | | | | | [removed: 40] [added: (7)] | | |

| Defined benefit plan adjustments, net of income tax expense [removed: (benefit)] of [removed: $5, $4] [added: $7, $5] and [removed: $(3)] [added: $4] | | | | | | [removed: 7] [added: 18] | | | | | | 7 | | | | | | [removed: (10)] [added: 7] | | |

| Foreign currency translation, net of income tax [removed: expense] (benefit) [added: expense] of [removed: $77, $(55)] [added: $(140), $77] and [removed: $106] [added: $(55)] | | | | | | [removed: (200)] [added: 106] | | | | | | [removed: (89)] [added: (200)] | | | | | | [removed: (361)] [added: (89)] | | |

| Reclassifications on derivative instruments included in net income, net of income tax (expense) [removed: benefit] of [removed: $(10), $(17)] [added: $(2), $(10)] and [removed: $2] [added: $(17)] | | | | | | [removed: (31)] [added: (8)] | | | | | | [removed: (51)] [added: (31)] | | | | | | [removed: 10] [added: (51)] | | |

| Comprehensive income | | | | | | [removed: $] [added: 1,456] | [removed: 1,202] | | | | | $ | [removed: 1,218] [added: 1,202] | | | | | $ | [removed: 770] [added: 1,218] | |

| (in millions, except per share data) | | | | | | [added: 2025 | | | | | |] 2024 | | | | | | 2023 | | |

| Cash and cash equivalents | | | | | | $ | [removed: 1,702] [added: 1,980] | | | | | $ | [removed: 1,376] [added: 1,702] | |

| Trade accounts receivable and unbilled services, net | | | | | | [removed: 3,204] [added: 3,400] | | | | | | [removed: 3,381] [added: 3,204] | | |

| Prepaid expenses | | | | | | [removed: 154] [added: 162] | | | | | | [removed: 141] [added: 154] | | |

| Income taxes receivable | | | | | | [removed: 36] [added: 27] | | | | | | [removed: 32] [added: 36] | | |

| Net income attributable to noncontrolling interests | | | | | | (1) | | | | | | — | | | | | | — | | |

| Net income attributable to IQVIA Holdings Inc. | | | | | | $ | 1,360 | | | | | $ | 1,373 | | | | | $ | 1,358 | |

| Comprehensive income attributable to noncontrolling interests | | | | | | (1) | | | | | | — | | | | | | — | | |

| Comprehensive income attributable to IQVIA Holdings Inc. | | | | | | $ | 1,455 | | | | | $ | 1,202 | | | | | $ | 1,218 | |

| (in millions, except per share data) | | | | | | 2025 | | | | | | 2024 | | |

| Equity attributable to IQVIA Holdings Inc.’s stockholders | | | | | | 6,503 | | | | | | 6,067 | | |

| Noncontrolling interests | | | | | | 127 | | | | | | — | | |

| Net income | | | | | | $ | 1,361 | | | | | $ | 1,373 | | | | | $ | 1,358 | |

| Acquisition of noncontrolling interests | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 126 | | | | | | 126 | | |

| Net income | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,360 | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 1,361 | | |

| Balance, December 31, 2025 | | | | | | 259.1 | | | | | | (89.5) | | | | | | $ | 3 | | | | | $ | 11,375 | | | | | $ | 7,425 | | | | | $ | (11,357) | | | | | $ | (943) | | | | | $ | 127 | | | | | $ | 6,630 | |

IQVIA is committed to using artificial intelligence ("AI") responsibly.

The Company adopted this new accounting guidance on January 1, 2025.

See Note 16 for the Company's income tax disclosures which have been expanded to comply with the new guidance.

In September 2025, the FASB issued ASU 2025-06, *Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software*, to modernize the accounting for internal-use software costs.

The new guidance amends the existing standard that refers to various stages of a software development project to align better with current software development methods.

Under the new guidance, entities will start capitalizing eligible costs when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended.

In evaluating whether it is probable the project will be completed, an entity is required to consider whether there is significant uncertainty associated with the development activities of the software.

In December 2025, the FASB issued ASU 2025-10, *Accounting for Government Grants Received by Business Entities*, to establish guidance on the recognition, measurement, and presentation of government grants received by business entities.

The overall principle of the new standard is that a government grant is recognized in earnings in the same periods that the costs for which the grant was intended to compensate are recognized.

However, a government grant cannot be recognized until it is probable that the company will comply with the conditions attached to the grant and the grant will be received.

The new guidance requires that a grant related to an asset be recognized on the balance sheet as a business entity incurs the related costs for which the grant is intended to compensate, either as deferred income (the deferred income approach), or an adjustment to the cost basis in determining the carrying amount of the asset (the cost accumulation approach).

The Company is assessing the impacts of this ASU on its consolidated financial statements.

| Americas | | | | | | $ | 3,363 | | | | | $ | 4,105 | | | | | $ | 277 | | | | | $ | 7,745 | |

| Europe and Africa | | | | | | 2,646 | | | | | | 2,273 | | | | | | 266 | | | | | | 5,185 | | |

| Asia-Pacific | | | | | | 617 | | | | | | 2,518 | | | | | | 245 | | | | | | 3,380 | | |

| Total revenues | | | | | | $ | 6,626 | | | | | $ | 8,896 | | | | | $ | 788 | | | | | $ | 16,310 | |

| (in millions) | | | | | | 2025 | | | | | | 2024 | | |

| (in millions) | | | | | | 2025 | | | | | | 2024 | | | | | | Change | | |

| (in millions) | | | | | | 2025 | | | | | | 2024 | | |

| | | | | | | $ | 324 | | | | | $ | 266 | |

| Other | | | | | | 251 | | | | | | 635 | | |

| | | | | | | $ | 302 | | | | | $ | 695 | |

On February 3, 2025, the Company terminated its existing cross-currency swap agreements and entered into new cross-currency swap agreements for the same purpose and with substantially similar terms as the previous swaps.

The new $1,250 million swaps expire in February 2029 at the time of the senior secured notes to which they are related, and the Company will receive semiannual interest payments on February 1 and August 1 from the counterparties based on a fixed interest rate until maturity of these agreements.

The effective net borrowing rate to the Company is approximately 4.1071%, inclusive of the yield on the notes and the beneficial impact of the cross-currency swaps.

The new $1,485 million swaps expire in January 2031 at the time of the term loans to which they are related, and the Company will receive quarterly interest payments from the counterparties based on a fixed interest rate until maturity of these agreements.

The notional amount of the $1,485 million swaps will decrease over time in connection with the related term loans.

The effective net borrowing rate to the Company is approximately 4.0610%, inclusive of the yield on the notes, the beneficial impact of the cross-currency swaps and of the interest rate swaps entered on November 17, 2023 as noted above.

The Company designated these new cross-currency swap agreements as a hedge of its net investment in certain foreign subsidiaries.

February 13, 2025

| Balance, December 31, 2021 | | | | | | 255.8 | | | | | | (65.2) | | | | | | $ | 3 | | | | | $ | 10,774 | | | | | $ | 2,243 | | | | | $ | (6,572) | | | | | $ | (406) | | | | | | | | | | | $ | 6,042 | |

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

The new guidance requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included in the reported measure of segment profit or loss.

It does not change the definition of a segment or the guidance for determining reportable segments.

The adoption of this new accounting guidance for the annual period beginning January 1, 2024 did not have a material effect on the Company's disclosures within the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures*, to enhance the transparency and decision usefulness of income tax disclosures.

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

| Americas | | | | | | $ | 2,947 | | | | | $ | 3,747 | | | | | $ | 354 | | | | | $ | 7,048 | |

| Europe and Africa | | | | | | 2,175 | | | | | | 2,016 | | | | | | 175 | | | | | | 4,366 | | |

| Asia-Pacific | | | | | | 624 | | | | | | 2,158 | | | | | | 214 | | | | | | 2,996 | | |

| Total revenues | | | | | | $ | 5,746 | | | | | $ | 7,921 | | | | | $ | 743 | | | | | $ | 14,410 | |

| NovaQuest Pharma Opportunities Fund III, L.P. (“NQ Fund III”) | | | | | | — | | | | | | 1 | | |

| | | | | | | $ | 266 | | | | | $ | 134 | |

| NQ Fund III | | | | | | — | | | | | | 5 | | |

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

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

On July 19, 2018, the Company entered into forward starting interest rate swaps with a total notional value of $500 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).

On June 4, 2020, the Company entered into an interest rate swap with a notional value of $300 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 expired on June 28, 2024.

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

Interest on the swaps began accruing on December 30, 2022 and the swaps expire on December 31, 2025.

The Company pays a fixed rate of 4.10% and receives a variable rate of interest equal to one-month Term SOFR on the swaps.

| Total | | | | | | $ | 146 | | | | | $ | 15 | | | | | $ | — | | | | | $ | 161 | |

| Derivatives | | | | | | $ | — | | | | | $ | 159 | | | | | $ | — | | | | | $ | 159 | |

| Total | | | | | | $ | — | | | | | $ | 159 | | | | | $ | 106 | | | | | $ | 265 | |

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

| Balance as of December 31, 2022 | | | | | | $ | 11,520 | | | | | $ | 2,247 | | | | | $ | 154 | | | | | $ | 13,921 | |

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

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

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

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

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

On April 17, 2023, the Company increased the capacity of the 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, the Company also amended the benchmark rate of the U.S dollar revolving credit facility and the U.S dollar Term A Loans from U.S dollar LIBOR to U.S. dollar Secured Overnight Financing Rate term rates ("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 under the Company’s senior secured credit facilities due in 2024 and in 2025, and to pay fees and expenses related to the 2029 Senior Secured Notes offering and the Amendment.

The Company may redeem the 2029 Senior Secured Notes prior to January 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.

On May 23, 2023, IQVIA Inc. (the “Issuer”) 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 2028 Senior Secured Notes were issued pursuant to an Indenture, dated May 23, 2023, among the Issuer, U.S. Bank Trust Company, National Association, as trustee of the 2028 Senior Secured Notes and as collateral agent, and the Company and certain subsidiaries of the Issuer as guarantors.

The net proceeds from the 2028 Senior Secured Notes offering were used to repay existing borrowings under the Company’s 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).

There were no changes in our internal control over financial reporting during the quarter ended December 31, [removed: 2024] [added: 2025] that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

During the quarter ended December 31, [removed: 2024,] [added: 2025,] 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: 2025] [added: 2026] Annual Meeting of Stockholders (the [removed: “2025] [added: “2026] Proxy Statement”) entitled “Proposal No. 1: Election of Directors”, “Corporate Governance—Documents Establishing our Corporate Governance”, “Corporate Governance—Leadership Structure—Committees of the 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: 63] [added: 64] | | | | | | Chairman and Chief Executive Officer | | |

| Ronald E. Bruehlman | | | | | | [removed: 64] [added: 65] | | | | | | Executive Vice President and Chief Financial Officer | | |

| W. Richard Staub, III | | | | | | [removed: 62] [added: 63] | | | | | | President, Research & Development Solutions | | |

| [removed: Bhavik Patel] [added: Alistair Grenfell] | | | | | | [removed: 45] [added: 52] | | | | | | President, Commercial Solutions | | |

| Eric Sherbet | | | | | | [removed: 60] [added: 61] | | | | | | Executive Vice President, General Counsel and Secretary | | |

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

[removed: Bhavik Patel,] [added: Alistair Grenfell,] President, Commercial Solutions

Mr. [removed: Patel] [added: Grenfell] has served as President, Commercial Solutions since [removed: July 2022.][added: December 2025.]

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

[removed: Prior to] [added: Before] 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.

| Bhavik Patel | | | | | | 46 | | | | | | President, MedTech and Consumer Health | | |

| Bernd Haas | | | | | | 50 | | | | | | Executive Vice President, AI and Technology Solutions | | |

| James G. Berkshire | | | | | | 52 | | | | | | Executive Vice President, Global Infrastructure and Operations | | |

| Michael J. Fedock | | | | | | 51 | | | | | | Senior Vice President, Financial Planning and Analysis | | |

Bhavik Patel, President, MedTech and Consumer Health

Mr. Patel has served as President, MedTech and Consumer Health since December 2025.

Prior to that, he served as President, Commercial Solutions from July 2022 to December 2025.

Mr. Grenfell previously served as President, Europe, Middle East, Africa and South Asia Regional Business Unit from January 2020 to December 2025.

In addition, Mr. Grenfell led IQVIA’s Global Public Health initiatives during this time.

From May 2015 to December 2019, Mr. Grenfell served as President, North Europe, Middle East, Africa and South Asia.

Since joining IMS Health, IQVIA’s predecessor company, in 1996, Mr. Grenfell has held sales, client services and business management roles of increasing responsibility in EMEA.

Mr. Grenfell holds a Bachelor of Arts degree with honors in Business Economics from Anglia Ruskin University and a Master of Science in Economics and Competition Policy from Bayes Business School, City St. George’s, University of London.

Bernd Haas, Executive Vice President, AI and Technology Solutions

Mr. Haas has served as Executive Vice President, AI and Technology Solutions since December 2025.

Mr. Haas previously served as Senior Vice President, Digital Products & Solutions from January 2024 to December 2025.

Mr. Haas has over 20 years of experience in the healthcare and pharmaceutical industry.

He joined IQVIA in 2013 and had responsibility for the Technology Solutions business across Europe, Middle East, Africa and South Asia.

Before joining IQVIA, Mr. Haas was an associate principal at McKinsey and Company leading the pharma multi-channel marketing group.

Prior to McKinsey, he held various roles at Bayer Pharmaceuticals, including country manager Denmark and sales & marketing head, Poland.

Mr. Haas holds a master's degree in international business from the University of Bamberg.

James G.

Berkshire, Executive Vice President, Global Infrastructure and Operations

Mr. Berkshire has served as our Executive Vice President, Global Infrastructure and Operations since December 2025.

Mr. Berkshire previously served as Executive Vice President, Global Technology and Operations from January 2024 to December 2025.

Prior to that, he was Senior Vice President, Business Operations, where he focused on operational excellence, productivity improvements and cost management.

Previously, Mr. Berkshire was Vice President, Organizational Effectiveness at IMS Health, IQVIA’s predecessor company.

Mr. Berkshire has a Bachelor of Arts degree in economics from Indiana University.

Michael J.

Fedock, Senior Vice President, Financial Planning and Analysis

Mr. Fedock has served as our Senior Vice President, Financial Planning and Analysis since April 2021.

From July 2019 to April 2021, Mr. Fedock served as the CFO for the Company’s Research & Development Solutions Business Unit and from May 2016 to July 2019, he served as CFO of IQVIA Laboratories (formally known as Q2 Solutions, a joint venture between the Company and Quest Diagnostics Incorporated and a leading clinical trial laboratory services organization).

Prior to joining IQVIA Laboratories, Mr. Fedock spent 13 years with ICON plc where he held various roles of increasing responsibility in both financial and operational leadership positions.

Mr. Fedock has a bachelor’s degree in biological sciences from Drexel University and a Master of Business Administration from the University of Baltimore.

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: 2025] [added: 2026] 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: 2025] [added: 2026] 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: 2024:][added: 2025:]

(1) Consists of: (i) [removed: 3,580,277] [added: 3,342,758] shares of common stock issuable upon the exercise of outstanding time-based stock options and underlying outstanding time-based SARs; (ii) [removed: 987,940] [added: 1,454,410] shares of common stock issuable in settlement of outstanding restricted stock units awarded; (iii) [removed: 992,478] [added: 1,222,735] shares of common stock issuable in settlement of outstanding performance units awarded; [removed: (iv) 385,293 shares of common stock reserved for issuance at December 31, 2024] and [removed: issuable in settlement of outstanding stock settled long term incentive ("LTI") awards; and (v) 12,388] [added: (iv) 21,683] shares of deferred common stock outstanding under the Director Deferral Plan.

(3) The weighted-average exercise price includes all outstanding stock options and SARs but does not include restricted stock units, performance units, [removed: stock settled LTI awards,] deferred stock or IMS Health DCERP awards, all of which do not have an exercise price.

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: $93.33.][added: $96.11.]

| Equity compensation plans approved by security holders | | | | | | 6,041,586 | | | (1) | | | $ | 173.70 | | (3) | | | 6,573,173 | | | (4) | | |

| Total | | | | | | 6,068,313 | | | | | | $ | 173.70 | | (3) | | | 6,573,173 | | | | | |

| 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 | | | | | |

The information required by this item is set forth under the headings “Corporate Governance,” and “Certain Relationships and Related Party Transactions” in the [removed: 2025] [added: 2026] 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: 2025] [added: 2026] Proxy Statement and is incorporated herein by reference.

| Management’s Report on Internal Control over Financial Reporting | | | [removed: [67](#i45a2c3b51bb642789ea4b4feb3f679c1_85)] [added: [67](#if05565a2a20b49f2b8253004765a2694_124)] | | |

| Report of Independent Registered Public Accounting Firm (PCAOB ID: 238) | | | [removed: [67](#i45a2c3b51bb642789ea4b4feb3f679c1_85)] [added: [67](#if05565a2a20b49f2b8253004765a2694_124)] | | |

| Consolidated Statements of Income | | | [removed: [70](#i45a2c3b51bb642789ea4b4feb3f679c1_94)] [added: [70](#if05565a2a20b49f2b8253004765a2694_133)] | | |

| Consolidated Statements of Comprehensive Income | | | [removed: [71](#i45a2c3b51bb642789ea4b4feb3f679c1_97)] [added: [71](#if05565a2a20b49f2b8253004765a2694_136)] | | |

| Consolidated Balance Sheets | | | [removed: [72](#i45a2c3b51bb642789ea4b4feb3f679c1_100)] [added: [72](#if05565a2a20b49f2b8253004765a2694_139)] | | |

| Consolidated Statements of Cash Flows | | | [removed: [73](#i45a2c3b51bb642789ea4b4feb3f679c1_103)] [added: [73](#if05565a2a20b49f2b8253004765a2694_142)] | | |

| Consolidated Statements of Stockholders’ Equity | | | [removed: [74](#i45a2c3b51bb642789ea4b4feb3f679c1_106)] [added: [74](#if05565a2a20b49f2b8253004765a2694_145)] | | |

| Notes to Consolidated Financial Statements | | | [removed: [75](#i45a2c3b51bb642789ea4b4feb3f679c1_109)] [added: [75](#if05565a2a20b49f2b8253004765a2694_148)] | | |

(2) Financial Statement Schedules for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022][added: 2023]

| Schedule I—Condensed Financial Information of Registrant (Parent Company Only) | | | [removed: [126](#i45a2c3b51bb642789ea4b4feb3f679c1_232)] [added: [127](#if05565a2a20b49f2b8253004765a2694_271)] | | |

| Schedule II—Valuation and Qualifying Accounts | | | [removed: [130](#i45a2c3b51bb642789ea4b4feb3f679c1_235)] [added: [131](#if05565a2a20b49f2b8253004765a2694_274)] | | |

| 3.1 | | | | | | [Amended and Restated Certificate of Incorporation of IQVIA Holdings Inc., effective [removed: April 18, 2023.](https://www.sec.gov/Archives/edgar/data/1478242/000114036123018951/brhc20051594_ex3-1.htm)] [added: April](https://www.sec.gov/Archives/edgar/data/1478242/000119312525093687/d898130dex31.htm) [24, 20](https://www.sec.gov/Archives/edgar/data/1478242/000119312525093687/d898130dex31.htm)[2](https://www.sec.gov/Archives/edgar/data/1478242/000119312525093687/d898130dex31.htm)[5](https://www.sec.gov/Archives/edgar/data/1478242/000119312525093687/d898130dex31.htm).] | | | | | | | | | | | | 8-K | | | | | | 001-35907 | | | | | | 3.1 | | | | | | April [removed: 18, 2023] [added: 24, 2025] | | |

| 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/1478242/000162828026008322/ex-41xdescriptionofthecomp.htm)[.](https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/ex-41xdescriptionofthecomp.htm)] | | | | | | [added: X] | | | | | | [removed: 10-K] | | | | | | [removed: 001-35907] | | | | | | [removed: 4.1] | | | | | | [removed: February 15, 2024] | | |

| 4.3 | | | | | | [Indenture, dated [removed: September 14, 2017,] [added: May 10, 2019,] among [removed: Quintiles IMS Incorporated,] [added: IQVIA Inc.,] as Issuer, U.S. Bank National Association, as trustee of the [removed: Notes,] [added: Notes] and certain subsidiaries of the [removed: Issuer] [added: Issuer,] as [removed: guarantors](https://www.sec.gov/Archives/edgar/data/0001478242/000119312517288374/d457354dex41.htm) U.S. Bank National] [added: guarantors](https://www.sec.gov/Archives/edgar/data/0001478242/000119312519144333/d745990dex41.htm)] Association, as trustee of the [removed: Notes,] [added: Notes] and certain subsidiaries of the [removed: Issuer] [added: Issuer,] as guarantors. | | | | | | | | | | | | 8-K | | | | | | 001-35907 | | | | | | 4.1 | | | | | | [removed: September 19, 2017] [added: May 10, 2019] | | |

| 4.4 | | | | | | [Indenture, dated [removed: May 10,] [added: August 13,] 2019, among IQVIA Inc., as Issuer, U.S. Bank National Association, as trustee of the Notes and certain subsidiaries of the Issuer, as [removed: guarantors](https://www.sec.gov/Archives/edgar/data/0001478242/000119312519144333/d745990dex41.htm)] [added: guarantors](https://www.sec.gov/Archives/edgar/data/0001478242/000119312519219979/d789837dex41.htm)] Association, as trustee of the Notes and certain subsidiaries of the Issuer, as guarantors. | | | | | | | | | | | | 8-K | | | | | | 001-35907 | | | | | | 4.1 | | | | | | [removed: May 10,] [added: August 13,] 2019 | | |

| 4.5 | | | | | | [Indenture, dated [removed: August 13, 2019,] [added: June 24, 2020,] among IQVIA Inc., as Issuer, U.S. Bank [removed: National Association, as trustee of the Notes and certain subsidiaries of the Issuer, as guarantors](https://www.sec.gov/Archives/edgar/data/0001478242/000119312519219979/d789837dex41.htm)] [added: National](https://www.sec.gov/Archives/edgar/data/0001478242/000147824220000039/exhibit41indenture.htm)] Association, as trustee of the Notes and certain subsidiaries of the Issuer, as guarantors. | | | | | | | | | | | | 8-K | | | | | | 001-35907 | | | | | | 4.1 | | | | | | [removed: August 13, 2019] [added: June 24, 2020] | | |

| 4.6 | | | | | | [Indenture, dated [removed: June 24, 2020,] [added: March 3, 2021,] among IQVIA Inc., as Issuer, U.S. Bank [removed: National](https://www.sec.gov/Archives/edgar/data/0001478242/000147824220000039/exhibit41indenture.htm)] [added: National](https://www.sec.gov/Archives/edgar/data/1478242/000147824221000026/indenturedatedmarch32021.htm)] Association, as trustee of the Notes and certain subsidiaries of the Issuer, as guarantors. | | | | | | | | | | | | 8-K | | | | | | 001-35907 | | | | | | 4.1 | | | | | | [removed: June 24, 2020] [added: March 3, 2021] | | |

| 4.7 | | | | | | [Indenture, dated [removed: March 3, 2021,] [added: May 23, 2023,] among IQVIA Inc., as Issuer, U.S. Bank [removed: National](https://www.sec.gov/Archives/edgar/data/1478242/000147824221000026/indenturedatedmarch32021.htm)] [added: Trust Company, National] Association, as [removed: trustee] [added: Trustee] of the [added: 6.500% Senior] Notes [added: due 2030] and certain subsidiaries of the [removed: Issuer,] [added: Issuer] as [removed: guarantors.] [added: guarantors.](https://www.sec.gov/Archives/edgar/data/1478242/000119312523151851/d506140dex42.htm)] | | | | | | | | | | | | 8-K | | | | | | 001-35907 | | | | | | [removed: 4.1] [added: 4.2] | | | | | | [removed: March 3, 2021] [added: May 23, 2023] | | |

| 4.8 | | | | | | [removed: [Indenture,] [added: [Amended and Restated Indenture,] dated [removed: May 23,] [added: December 19,] 2023, among IQVIA Inc., as Issuer, U.S. Bank Trust Company, National Association, as [removed: Trustee] [added: trustee] of the [removed: 6.500%] [added: 5.700%] Senior [added: Secured] Notes due [removed: 2030] [added: 2028] and [added: the Company and] certain subsidiaries of the Issuer as [removed: guarantors.](https://www.sec.gov/Archives/edgar/data/1478242/000119312523151851/d506140dex42.htm)] [added: guarantors.](https://www.sec.gov/Archives/edgar/data/1478242/000119312524003405/d550629dex48.htm)] | | | | | | | | | | | | [removed: 8-K] [added: S-4] | | | | | | 001-35907 | | | | | | [removed: 4.2] [added: 4.8] | | | | | | [removed: May 23, 2023] [added: January 5, 2024] | | |

| [removed: 4.9] [added: 4.14] | | | | | | [removed: [Amended and Restated Indenture,] [added: [Indenture,] dated [removed: December 19, 2023,] [added: June 4, 2025,] among IQVIA Inc., as Issuer, U.S. Bank Trust Company, National Association, as trustee of the [removed: 5.700%] [added: 6.250%] Senior [removed: Secured] Notes due [removed: 2028 and the Company] [added: 2032] and certain subsidiaries of the Issuer as [removed: guarantors.](https://www.sec.gov/Archives/edgar/data/1478242/000119312524003405/d550629dex48.htm)] [added: guarantors.](https://www.sec.gov/Archives/edgar/data/1478242/000119312525134940/d10517dex41.htm)] | | | | | | | | | | | | [removed: S-4] [added: 8-K] | | | | | | 001-35907 | | | | | | [removed: 4.8] [added: 4.1] | | | | | | [removed: January 5, 2024] [added: June 4, 2025] | | |

| [removed: 4.10] [added: 4.9] | | | | | | [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 | | |

| [removed: 10.5] [added: 10.7] | | | | | | [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 Agent.](https://www.sec.gov/Archives/edgar/data/1595262/000119312514111498/d628679dex1033.htm) | | | | | | | | | | | | IMS Health S-1/A | | | | | | 333-193159 | | | | | | 10.33 | | | | | | March 24, 2014 | | |

| [removed: 10.6] [added: 10.8] | | | | | | [U.S. Guaranty, dated as of March 17, 2014, among Healthcare Technology [removed: Intermediate](https://www.sec.gov/Archives/edgar/data/1595262/000119312514111498/d628679dex1034.htm) [Holdings,] [added: Intermediate Holdings,] Inc., as Holdings, IMS Health Incorporated, as Parent [removed: Borrower,](https://www.sec.gov/Archives/edgar/data/1595262/000119312514111498/d628679dex1034.htm) [the] [added: Borrower, the] other Guarantors party thereto from time to time, and Bank of America, N.A., as [removed: Administrative](https://www.sec.gov/Archives/edgar/data/1595262/000119312514111498/d628679dex1034.htm) [Agent.](https://www.sec.gov/Archives/edgar/data/1595262/000119312514111498/d628679dex1034.htm)] [added: Administrative Agent.](https://www.sec.gov/Archives/edgar/data/1595262/000119312514111498/d628679dex1034.htm)] | | | | | | | | | | | | IMS Health S-1/A | | | | | | 333-193159 | | | | | | 10.34 | | | | | | March 24, 2014 | | |

| [removed: 10.7†] [added: 10.9†] | | | | | | [removed: [Form](https://www.sec.gov/Archives/edgar/data/1478242/000119312513161424/d483912dex1013.htm)] [added: [Form] of Director Indemnification [removed: Agreement.] [added: Agreement](https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/ex-109directorindemnificat.htm)] | | | | | | [added: X] | | | | | | [removed: S-1/A] | | | | | | [removed: 333-186708] | | | | | | [removed: 10.13] | | | | | | [removed: April 19, 2013] | | |

| [removed: 10.8] [added: 10.14†] | | | | | | [removed: [Form of Indemnification Agreement with each of the non-management directors of Quintiles] [added: [Quintiles] IMS [removed: Holdings](https://www.sec.gov/Archives/edgar/data/1478242/000119312516728752/d266940dex108.htm)] [added: Holdings,] Inc. [added: Defined Contribution Executive Retirement Plan](https://www.sec.gov/Archives/edgar/data/1478242/000119312516728752/d266940dex107.htm).] | | | | | | | | | | | | 8-K | | | | | | 001-35907 | | | | | | [removed: 10.8] [added: 10.7] | | | | | | October 3, 2016 | | |

| [removed: 10.9†] [added: 10.10†] | | | | | | [Form of Confidentiality and Restrictive Covenants Agreement](https://www.sec.gov/Archives/edgar/data/1478242/000147824224000038/ex-109formofconfidentialit.htm). | | | | | | | | | | | | 10-K | | | | | | 001-35907 | | | | | | 10.9 | | | | | | February 15, 2024 | | |

| [removed: 10.10†] [added: 10.11†] | | | | | | [Work Product Assignment Agreement](https://www.sec.gov/Archives/edgar/data/1478242/000147824224000038/ex-1010workproductassignme.htm). | | | | | | | | | | | | 10-K | | | | | | 001-35907 | | | | | | 10.10 | | | | | | February 15, 2024 | | |

| [removed: 10.11†] [added: 10.12†] | | | | | | [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 | | |

| [removed: 10.12†] [added: 10.13†] | | | | | | [Form of Award Agreement Awarding Stock Appreciation Rights under the Quintiles 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 | | |

| [removed: 10.13†] [added: 10.21†] | | | | | | [removed: [Quintiles] [added: [Quintiles](https://www.sec.gov/Archives/edgar/data/1478242/000119312516728752/d266940dex106.htm)] IMS Holdings, Inc. [removed: Defined Contribution Executive Retirement Plan](https://www.sec.gov/Archives/edgar/data/1478242/000119312516728752/d266940dex107.htm).] [added: 2014 Incentive and Stock Award Plan.] | | | | | | | | | | | | 8-K | | | | | | 001-35907 | | | | | | [removed: 10.7] [added: 10.6] | | | | | | October 3, 2016 | | |

| [removed: 10.14†] [added: 10.15†] | | | | | | [removed: [IMS](https://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1010.htm) [Health] [added: [IMS Health] Incorporated Defined Contribution Executive Retirement Plan, as [removed: 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)] [added: amended and restated.](https://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1010.htm)] | | | | | | | | | | | | IMS Health S-1 | | | | | | 333-193159 | | | | | | 10.10 | | | | | | January 2, 2014 | | |

| [removed: 10.15†] [added: 10.16†] | | | | | | [First Amendment to the IMS Health Incorporated Retirement Excess Plan, dated March 17,](https://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1012.htm) 2009. | | | | | | | | | | | | IMS Health S-1 | | | | | | 333-193159 | | | | | | 10.12 | | | | | | January 2, 2014 | | |

| [removed: 10.16†] [added: 10.17†] | | | | | | [Second Amendment to the IMS Health Incorporated Retirement Excess Plan, dated December 8,](https://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1013.htm) 2009. | | | | | | | | | | | | IMS Health S-1 | | | | | | 333-193159 | | | | | | 10.13 | | | | | | January 2, 2014 | | |

| [removed: 10.17†] [added: 10.18†] | | | | | | [removed: [Third](https://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1014.htm) [Amendment] [added: [Third Amendment] to the IMS Health Incorporated Retirement Excess Plan, dated [removed: 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).] [added: April 5, 2011](https://www.sec.gov/Archives/edgar/data/1595262/000119312514000659/d628679dex1014.htm).] | | | | | | | | | | | | IMS Health S-1 | | | | | | 333-193159 | | | | | | 10.14 | | | | | | January 2, 2014 | | |

| [removed: 10.18†] [added: 10.19†] | | | | | | [Fourth Amendment to the IMS Health Incorporated Retirement Excess Plan (effective May 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 | | |

| [removed: 10.19†] [added: 10.20†] | | | | | | [IMS Health Incorporated Retirement Plan, as amended and restated effective January 1, 2020](https://www.sec.gov/Archives/edgar/data/1478242/000147824224000038/ex-1019imshealthincorporat.htm). | | | | | | | | | | | | 10-K | | | | | | 001-35907 | | | | | | 10.19 | | | | | | February 15, 2024 | | |

| [removed: 10.20†] [added: 10.23†] | | | | | | [removed: [Quintiles](https://www.sec.gov/Archives/edgar/data/1478242/000119312516728752/d266940dex106.htm)] [added: IQVIA Holdings Inc. 2017 Incentive Stock Award Plan (f/k/a [Quintiles] IMS Holdings, Inc. [removed: 2014] [added: 2017] Incentive and Stock Award [removed: Plan.] [added: Plan).](https://www.sec.gov/Archives/edgar/data/1478242/000119312517052162/d324461ddef14a.htm#toc324461_66)] | | | | | | | | | | | | [removed: 8-K] [added: DEF 14A] | | | | | | 001-35907 | | | | | | [removed: 10.6] [added: Appendix B] | | | | | | [removed: October 3, 2016] [added: February 22, 2017] | | |

| [removed: 10.21†] [added: 10.22†] | | | | | | [removed: [Form](https://www.sec.gov/Archives/edgar/data/1595262/000119312515039535/d867587dex101.htm) [of] [added: [Form of] IMS Stock Appreciation Rights Agreement under the 2014 Incentive and [removed: 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)] [added: Stock Award Plan.](https://www.sec.gov/Archives/edgar/data/1595262/000119312515039535/d867587dex101.htm)] | | | | | | | | | | | | IMS Health 8-K | | | | | | 001-36381 | | | | | | 10.1 | | | | | | February 10, 2015 | | |

| [removed: 10.22†] [added: 10.24†] | | | | | | [removed: IQVIA Holdings Inc. 2017 Incentive Stock] [added: [Form of] Award [removed: Plan (f/k/a [Quintiles] [added: Agreement Awarding Stock Appreciation Rights under the Quintiles](https://www.sec.gov/Archives/edgar/data/1478242/000156459017009467/q-ex108_1118.htm)] IMS Holdings, Inc. 2017 Incentive and Stock Award [removed: Plan).](https://www.sec.gov/Archives/edgar/data/1478242/000119312517052162/d324461ddef14a.htm#toc324461_66)] [added: Plan effective April 2017.] | | | | | | | | | | | | [removed: DEF 14A] [added: 10-Q] | | | | | | 001-35907 | | | | | | [removed: Appendix B] [added: 10.8] | | | | | | [removed: February 22,] [added: May 8,] 2017 | | |