Item 1. Financial Statements

IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

						Three Months Ended March 31,
(in millions, except per share data)						2025						2024
Revenues						$	3,829					$	3,737
Cost of revenues, exclusive of depreciation and amortization						2,531						2,444
Selling, general and administrative expenses						508						508
Depreciation and amortization						265						264
Restructuring costs						29						15
Income from operations						496						506
Interest income						(11)						(11)
Interest expense						165						166
Loss on extinguishment of debt						4						—
Other expense, net						15						11
Income before income taxes and equity in losses of unconsolidated affiliates						323						340
Income tax expense						61						49
Income before equity in losses of unconsolidated affiliates						262						291
Equity in losses of unconsolidated affiliates						(13)						(3)
Net income						$	249					$	288
Earnings per share attributable to common stockholders:
Basic						$	1.42					$	1.58
Diluted						$	1.40					$	1.56
Weighted average common shares outstanding:
Basic						175.7						181.9
Diluted						177.4						184.3

The accompanying notes are an integral part of these condensed consolidated financial statements.

IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

						Three Months Ended March 31,
(in millions)						2025						2024
Net income						$	249					$	288
Comprehensive income adjustments:
Unrealized (losses) gains on derivative instruments, net of income tax (benefit) expense of $(5),$12						(17)						34
Defined benefit plan adjustments, net of income tax expense of $—, $—						(3)						—
Foreign currency translation, net of income tax (benefit) expense of $(46),$37						79						(69)
Reclassification adjustments:
Reclassifications on derivative instruments included in net income, net of income tax (expense) of $—,$(3)						1						(9)
Comprehensive income						$	309					$	244

The accompanying notes are an integral part of these condensed consolidated financial statements.

IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in millions, except per share data)						March 31, 2025						December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents						$	1,740					$	1,702
Trade accounts receivable and unbilled services, net						3,268						3,204
Prepaid expenses						166						154
Income taxes receivable						43						36
Investments in debt, equity and other securities						136						141
Other current assets and receivables						558						592
Total current assets						5,911						5,829
Property and equipment, net						533						535
Operating lease right-of-use assets						235						238
Investments in debt, equity and other securities						130						108
Investments in unconsolidated affiliates						253						266
Goodwill						15,027						14,710
Other identifiable intangibles, net						4,503						4,499
Deferred income taxes						245						194
Deposits and other assets, net						485						520
Total assets						$	27,322					$	26,899
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses						$	3,559					$	3,684
Unearned income						1,940						1,779
Income taxes payable						139						156
Current portion of long-term debt						1,222						1,145
Other current liabilities						319						193
Total current liabilities						7,179						6,957
Long-term debt, less current portion						13,108						12,838
Deferred income taxes						197						196
Operating lease liabilities						177						173
Other liabilities						676						668
Total liabilities						21,337						20,832
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock and additional paid-in capital, 400.0 shares authorized as of March 31, 2025 and December 31, 2024, $0.01 par value, 258.5 shares issued and 174.1 shares outstanding as of March 31, 2025; 258.2 shares issued and 176.1 shares outstanding as of December 31, 2024						11,173						11,143
Retained earnings						6,314						6,065
Treasury stock, at cost, 84.4 and 82.1 shares as of March 31, 2025 and December 31, 2024, respectively						(10,532)						(10,103)
Accumulated other comprehensive loss						(978)						(1,038)
Equity attributable to IQVIA Holdings Inc.’s stockholders						5,977						6,067
Noncontrolling interests						8						—
Total stockholders’ equity						5,985						6,067
Total liabilities and stockholders’ equity						$	27,322					$	26,899

The accompanying notes are an integral part of these condensed consolidated financial statements.

IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

						Three Months Ended March 31,
(in millions)						2025						2024
Operating activities:
Net income						$	249					$	288
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization						265						264
Amortization of debt issuance costs and discount						5						5
Stock-based compensation						72						56
Losses from unconsolidated affiliates						13						3
Loss (gain) on investments, net						1						(12)
Benefit from deferred income taxes						(41)						(66)
Changes in operating assets and liabilities:
Change in accounts receivable, unbilled services and unearned income						128						65
Change in other operating assets and liabilities						(124)						(81)
Net cash provided by operating activities						568						522
Investing activities:
Acquisition of property, equipment and software						(142)						(145)
Acquisition of businesses, net of cash acquired						(134)						(142)
Sales (purchases) of marketable securities, net						2						(1)
Investments in unconsolidated affiliates, net of payments received						(13)						(24)
Investments in debt and equity securities						(19)						(2)
Other						1						—
Net cash used in investing activities						(305)						(314)
Financing activities:
Proceeds from issuance of debt						1,985						—
Payment of debt issuance costs						(6)						—
Repayment of debt and principal payments on finance leases						(2,096)						(43)
Proceeds from revolving credit facility						275						275
Repayment of revolving credit facility						—						(275)
Payments related to employee stock incentive plans						(35)						(60)
Repurchase of common stock						(375)						—
Contingent consideration and deferred purchase price payments						(6)						(3)
Net cash used in financing activities						(258)						(106)
Effect of foreign currency exchange rate changes on cash						33						(34)
Increase in cash and cash equivalents						38						68
Cash and cash equivalents at beginning of period						1,702						1,376
Cash and cash equivalents at end of period						$	1,740					$	1,444

The accompanying notes are an integral part of these condensed consolidated financial statements.

IQVIA HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(unaudited)

(in millions)						Common Stock Shares						Treasury Stock Shares						Common Stock						Additional Paid-In Capital						Retained Earnings						Treasury Stock						Accumulated Other Comprehensive (Loss) Income						Noncontrolling Interests						Total
Balance, December 31, 2024						258.2						(82.1)						$	3					$	11,140					$	6,065					$	(10,103)					$	(1,038)					$	—					$	6,067
Issuance of common stock						0.3						—						—						(35)						—						—						—						—						(35)
Repurchase of common stock, net of tax						—						(2.3)						—						—						—						(429)						—						—						(429)
Stock-based compensation						—						—						—						65						—						—						—						—						65
Acquisitions related noncontrolling interests						—						—						—						—						—						—						—						8						8
Net income						—						—						—						—						249						—						—						—						249
Unrealized losses on derivative instruments, net of tax						—						—						—						—						—						—						(17)						—						(17)
Defined benefit plan adjustments, net of tax						—						—						—						—						—						—						(3)						—						(3)
Foreign currency translation, net of tax						—						—						—						—						—						—						79						—						79
Reclassification adjustments, net of tax						—						—						—						—						—						—						1						—						1
Balance, March 31, 2025						258.5						(84.4)						$	3					$	11,170					$	6,314					$	(10,532)					$	(978)					$	8					$	5,985

(in millions)						Common Stock Shares						Treasury Stock Shares						Common Stock						Additional Paid-In Capital						Retained Earnings						Treasury Stock						Accumulated Other Comprehensive (Loss) Income						Noncontrolling Interests						Total
Balance, December 31, 2023						257.2						(75.7)						$	3					$	11,025					$	4,692					$	(8,741)					$	(867)					$	—					$	6,112
Issuance of common stock						0.7						—						—						(61)						—						—						—						—						(61)
Stock-based compensation						—						—						—						49						—						—						—						—						49
Net income						—						—						—						—						288						—						—						—						288
Unrealized gains on derivative instruments, net of tax						—						—						—						—						—						—						34						—						34
Foreign currency translation, net of tax						—						—						—						—						—						—						(69)						—						(69)
Reclassification adjustments, net of tax						—						—						—						—						—						—						(9)						—						(9)
Balance, March 31, 2024						257.9						(75.7)						$	3					$	11,013					$	4,980					$	(8,741)					$	(911)					$	—					$	6,344

The accompanying notes are an integral part of these condensed consolidated financial statements.

IQVIA HOLDINGS INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

1. Summary of Significant Accounting Policies

The Company

IQVIA Holdings Inc. (together with its subsidiaries, the “Company” or “IQVIA”) is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries. With approximately 89,000 employees, the Company conducts business in more than 100 countries.

Unaudited Interim Financial Information

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the Company’s financial condition and results of operations have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The balance sheet as of December 31, 2024 has been derived from the audited consolidated financial statements of the Company, but does not include all the disclosures required by GAAP.

Recently Issued Accounting Standards

Accounting pronouncements recently adopted

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements. 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 new guidance was effective for the Company in the annual period beginning January 1, 2024, and in 2025 for interim periods. The adoption of this new accounting guidance for the annual period beginning January 1, 2024, and for the three months ended March 31, 2025, did not have a material effect on the Company's disclosures within the consolidated financial statements.

Accounting pronouncements issued but not adopted as of March 31, 2025

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. The amendments in this ASU require additional disclosures about income taxes, primarily focused on the disclosure of income taxes paid and the rate reconciliation table. The new guidance is effective for the Company in the annual period beginning January 1, 2025. The Company is assessing the impacts of this ASU on its disclosures within the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), to improve the disclosures about an entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The new guidance requires additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods, and will be effective for the Company in the annual period beginning January 1, 2027, and interim periods beginning January 1, 2028. The Company is assessing the impacts of this ASU on its disclosures within the consolidated financial statements.

2. Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations

The following tables represent revenues by geographic region and reportable segment for the three months ended March 31, 2025 and 2024:

			Three Months Ended March 31, 2025
(in millions)						Technology & Analytics Solutions						Research & Development Solutions						Contract Sales & Medical Solutions						Total
Revenues:
Americas						$	783					$	954					$	70					$	1,807
Europe and Africa						617						554						53						1,224
Asia-Pacific						146						594						58						798
Total revenues						$	1,546					$	2,102					$	181					$	3,829

						Three Months Ended March 31, 2024
(in millions)						Technology & Analytics Solutions						Research & Development Solutions						Contract Sales & Medical Solutions						Total
Revenues:
Americas						$	743					$	986					$	73					$	1,802
Europe and Africa						562						535						60						1,157
Asia-Pacific						148						574						56						778
Total revenues						$	1,453					$	2,095					$	189					$	3,737

No individual customer represented 10% or more of consolidated revenues for the three months ended March 31, 2025 or 2024.

Transaction Price Allocated to the Remaining Performance Obligations

As of March 31, 2025, approximately $34.9 billion of revenues are expected to be recognized in the future from remaining performance obligations. The Company expects to recognize revenues on approximately 30% of these remaining performance obligations over the next twelve months, on approximately 85% over the next five years, with the balance recognized thereafter. Most of the Company's remaining performance obligations where revenues are expected to be recognized beyond the next twelve months are for service contracts for clinical research in the Company's Research & Development Solutions segment. The customer contract transaction price allocated to the remaining performance obligations differs from backlog in that it does not include wholly unperformed contracts under which the customer has a unilateral right to cancel the arrangement.

3. Trade Accounts Receivable, Unbilled Services and Unearned Income

Trade accounts receivables and unbilled services consist of the following:

(in millions)						March 31, 2025						December 31, 2024
Trade accounts receivable						$	1,409					$	1,390
Unbilled services						1,896						1,856
Trade accounts receivable and unbilled services						3,305						3,246
Allowance for doubtful accounts						(37)						(42)
Trade accounts receivable and unbilled services, net						$	3,268					$	3,204

Unbilled services and unearned income were as follows:

(in millions)						March 31, 2025						December 31, 2024						Change
Unbilled services						$	1,896					$	1,856					$	40
Unearned income						(1,940)						(1,779)						(161)
Net balance						$	(44)					$	77					$	(121)

Unbilled services, which is comprised of approximately 69% of unbilled receivables and 31% of contract assets as of March 31, 2025 and December 31, 2024, increased by $40 million as compared to December 31, 2024. Contract assets are unbilled services for which invoicing is based on the timing of certain milestones related to service contracts for clinical research whereas unbilled receivables are billable upon the passage of time. Unearned income increased by $161 million over the same period resulting in a decrease of $121 million in the net balance of unbilled services and unearned income between March 31, 2025 and December 31, 2024. The change in the net balance is driven by the difference in timing of revenue recognition in accordance with Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers, primarily related to the Company’s Research & Development Solutions contracts (which is based on the percentage of costs incurred) versus the timing of invoicing, which is based on certain milestones.

The majority of the unearned income balance as of the beginning of the year is expected to be recognized in revenues during the year ended December 31, 2025.

Bad debt expense recognized on the Company’s trade accounts receivable was immaterial for the three months ended March 31, 2025 and 2024.

Accounts Receivable Factoring Arrangements

The Company has accounts receivable factoring agreements to sell certain eligible unsecured trade accounts receivable, either based on automatic arrangements or at its option, without recourse, to unrelated third-party financial institutions for cash. During the three months ended March 31, 2025, through its accounts receivable factoring arrangements that the Company utilizes most frequently, the Company factored approximately $167 million of customer invoices on a non-recourse basis and received approximately $166 million in cash proceeds from the sales. During the three months ended March 31, 2024, through these same accounts receivable factoring arrangements, the Company factored approximately $211 million of customer invoices on a non-recourse basis and received approximately $206 million in cash proceeds from the sales. The fees associated with these transactions were immaterial. The Company has other accounts receivable arrangements for which the activity associated with them is immaterial.

4. Goodwill

The following is a summary of goodwill by reportable segment for the three months ended March 31, 2025:

(in millions)						Technology & Analytics Solutions						Research & Development Solutions						Contract Sales & Medical Solutions						Consolidated
Balance as of December 31, 2024						$	11,957					$	2,608					$	145					$	14,710
Business combinations						98						—						—						98
Impact of foreign currency fluctuations and other						210						7						2						219
Balance as of March 31, 2025						$	12,265					$	2,615					$	147					$	15,027

5. Derivatives

The fair values of the Company’s derivative instruments and the line items on the accompanying condensed consolidated balance sheets to which they were recorded are summarized in the following table:

(in millions)						Balance Sheet Classification						March 31, 2025																		December 31, 2024
						Assets						Liabilities						Notional						Assets						Liabilities						Notional
Derivatives designated as hedging instruments:
Interest rate swaps						Other current liabilities						$	—					$	31					$	2,481					$	—					$	5					$	2,485
Cross-currency swaps						Other assets and other current liabilities						—						94						2,731						39						—						2,735
Foreign exchange forward contracts						Other current assets and other current liabilities						3						—						132						—						2						108
Total derivatives												$	3					$	125											$	39					$	7

The pre-tax effect of the Company’s cash flow hedging instruments on other comprehensive income is summarized in the following table:

						Three Months Ended March 31,
(in millions)						2025						2024
Interest rate swaps						$	(26)					$	36
Foreign exchange forward contracts						5						(2)
Total						$	(21)					$	34

The Company expects approximately $7 million of pre-tax unrealized gains related to its foreign exchange contracts and interest rate derivatives included in accumulated other comprehensive (loss) income (“AOCI”) as of March 31, 2025 to be reclassified into earnings within the next twelve months. For the three months ended March 31, 2025 and 2024, the total amount, net of income taxes, of the cash flow hedge effect on the accompanying condensed consolidated statements of income was $(1) million and $9 million, respectively.

During the three months ended March 31, 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 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 these swaps will decrease over time in connection with the related term loans. The Company designated these new swap agreements as a hedge of its net investment in certain foreign subsidiaries.

As of March 31, 2025 and 2024, the Company's cross-currency swaps were designated as a hedge of its net investment in certain foreign subsidiaries. For the three months ended March 31, 2025 and 2024, the Company recorded a $(133) million loss and $56 million gain, respectively, within AOCI as a result of these cross-currency swaps. The Company recognized approximately $12 million and $9 million related to the excluded component as a reduction of interest expense for the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, the portion of the Company's foreign currency denominated debt balance (net of original issue discount) designated as a hedge of its net investment in certain foreign subsidiaries totaled €2,554 million ($2,764 million). The amount of foreign exchange (losses) gains related to the net investment hedge included in the cumulative translation adjustment component of AOCI for the three months ended March 31, 2025 and 2024 was $(144) million and $68 million, respectively.

6. Fair Value Measurements

The Company records certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy that prioritizes the inputs used to measure fair value is described below. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

• Level 1 — Quoted prices in active markets for identical assets or liabilities.

• Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

• Level 3 — Unobservable inputs that are supported by little or no market activity. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The carrying values of cash, cash equivalents, accounts receivable and accounts payable approximated their fair values as of March 31, 2025 and December 31, 2024 due to their short-term nature. As of March 31, 2025 and December 31, 2024, the fair value of total debt was $14,276 million and $13,966 million, respectively, as determined under Level 2 measurements for these financial instruments.

Recurring Fair Value Measurements

The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured and reported at fair value on a recurring basis as of March 31, 2025:

(in millions)						Level 1						Level 2						Level 3						Total
Assets:
Marketable securities						$	167					$	—					$	—					$	167
Derivatives						—						3						—						3
Total						$	167					$	3					$	—					$	170
Liabilities:
Derivatives						$	—					$	125					$	—					$	125
Contingent consideration						—						—						106						106
Total						$	—					$	125					$	106					$	231

The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured and reported at fair value on a recurring basis as of December 31, 2024:

(in millions)						Level 1						Level 2						Level 3						Total
Assets:
Marketable securities						$	170					$	—					$	—					$	170
Derivatives						—						39						—						39
Total						$	170					$	39					$	—					$	209
Liabilities:
Derivatives						$	—					$	7					$	—					$	7
Contingent consideration						—						—						102						102
Total						$	—					$	7					$	102					$	109

Below is a summary of the valuation techniques used in determining fair value:

Marketable securities — The Company values trading and available-for-sale securities using the quoted market value of the securities held.

Derivatives — Derivatives consist of foreign exchange contracts, interest rate swaps, and cross-currency swaps. The fair value of foreign exchange contracts is based on observable market inputs of spot and forward rates or using other observable inputs. The fair value of the interest rate swaps is the estimated amount that the Company would receive or pay to terminate such agreements, taking into account market interest rates and the remaining time to maturities or using market inputs with mid-market pricing as a practical expedient for bid-ask spread. The fair value of the cross-currency swaps is the estimated amount that the Company would receive or pay to terminate such agreements, taking into account the effective interest rates, foreign exchange rates and the remaining time to maturities.

Contingent consideration — The Company values contingent consideration related to business combinations using a weighted probability calculation of potential payment scenarios discounted at rates reflective of the risks associated with the expected future cash flows. Assumptions used to estimate the fair value of contingent consideration include various financial metrics (revenues performance targets and operating forecasts) and the probability of achieving the specific targets. Based on the assessments of the probability of achieving specific targets, as of March 31, 2025 the Company has accrued approximately 84% of the maximum contingent consideration payments that could potentially become payable.

The following table summarizes the changes in Level 3 financial assets and liabilities measured on a recurring basis for the three months ended March 31, 2025:

(in millions)						Contingent Consideration
Balance as of December 31, 2024						$	102
Business combinations						6
Contingent consideration paid						(3)
Revaluations included in earnings and foreign currency translation adjustments						1
Balance as of March 31, 2025						$	106

The current portion of contingent consideration is included within accrued expenses and the long-term portion is included within other liabilities on the accompanying condensed consolidated balance sheets. Revaluations of contingent consideration are recognized in other expense, net on the accompanying condensed consolidated statements of income. A change in significant unobservable inputs could result in a higher or lower fair value measurement of contingent consideration.

Non-recurring Fair Value Measurements

As of March 31, 2025, assets carried on the balance sheet and not remeasured to fair value on a recurring basis totaled $19,882 million and were identified as Level 3. These assets are comprised of debt investments and cost and equity method investments of $352 million, goodwill of $15,027 million and other identifiable intangibles, net of $4,503 million.

7. Credit Arrangements

The following is a summary of the Company’s revolving credit facilities as of March 31, 2025:

Facility						Interest Rates
$2,000 million (revolving credit facility)						U.S. Dollar Term SOFR plus a margin of 1.25% plus a 10 basis credit spread adjustment as of March 31, 2025
$110 million (receivables financing facility)						U.S. Dollar Term SOFR plus a margin of 1.00% plus a 10 basis credit spread adjustment as of March 31, 2025

The following table summarizes the Company’s debt at the dates indicated:

(dollars in millions)						March 31, 2025						December 31, 2024
Revolving Credit Facility due 2026:
U.S. Dollar denominated borrowings—U.S. Dollar Term SOFR at average floating rates of 5.67%						$	1,100					$	825
Senior Secured Credit Facilities:
Term A Loan due 2026—U.S. Dollar Term SOFR at floating rates of 5.67%						1,179						1,197
Term A Loan due 2026—Euribor at floating rates of 3.61%						279						272
Term A Loan due 2027—U.S. Dollar Term SOFR at floating rates of 5.66%						1,078						1,094
Term B Loan due 2025—Euribor at floating rates of —%						—						542
Term B Loan due 2031—U.S. Dollar Term SOFR at floating rates of —%						—						1,485
Term B Loan due 2031—U.S. Dollar Term SOFR at floating rates of 6.05%						1,980						—
5.700% Senior Secured Notes due 2028—U.S. Dollar denominated						750						750
6.250% Senior Secured Notes due 2029—U.S. Dollar denominated						1,250						1,250
5.0% Senior Notes due 2027—U.S. Dollar denominated						1,100						1,100
5.0% Senior Notes due 2026—U.S. Dollar denominated						1,050						1,050
6.500% Senior Notes due 2030—U.S. Dollar denominated						500						500
2.875% Senior Notes due 2025—Euro denominated						455						436
2.25% Senior Notes due 2028—Euro denominated						779						748
2.875% Senior Notes due 2028—Euro denominated						770						739
1.750% Senior Notes due 2026—Euro denominated						595						572
2.250% Senior Notes due 2029—Euro denominated						974						935
Receivables financing facility due 2027—U.S. Dollar Term SOFR at floating rates of 5.43%:
Revolving Loan Commitment						110						110
Term Loan						440						440
Principal amount of debt						14,389						14,045
Less: unamortized discount and debt issuance costs						(59)						(62)
Less: current portion						(1,222)						(1,145)
Long-term debt						$	13,108					$	12,838

Contractual maturities of long-term debt as of March 31, 2025 are as follows:

(in millions)
Remainder of 2025						$	584
2026						4,218
2027						2,639
2028						2,318
2029						2,244
Thereafter						2,386
						$	14,389

Senior Secured Credit Facilities

On March 10, 2025, the Company entered into an Amendment (the “Amendment”) to its Fifth Amended and Restated Credit Agreement among IQVIA Inc., a wholly owned subsidiary of the Company, the Company, IQVIA RDS Inc., a wholly owned subsidiary of the Company, the other guarantors party thereto, Bank of America, N.A., as administrative agent and as collateral agent, and the Lenders (as defined therein) party thereto. The Amendment, among other changes, established a new incremental Term B-5 dollar loan facility in an aggregate principal amount equal to $1,985 million (the “Incremental Term B-5 Dollar Facility”). Proceeds of the Incremental Term B-5 Dollar Facility were applied to (a) refinance the existing Term B-4 dollar loans and (b) repay in full the existing Term B-2 Euro loans. The interest rates for borrowings under the Incremental Term B-5 Dollar Facility are based on the Secured Overnight Financing Rate plus an applicable margin of 1.75% per annum. In connection with this Amendment, we recognized a $4 million loss on extinguishment of debt, which includes fees and related expenses.

As of March 31, 2025, the Company’s Fifth Amended and Restated Credit Agreement provided financing through several senior secured credit facilities of up to $6,511 million, which consisted of $5,616 million principal amounts of debt outstanding (as detailed in the table above), and $895 million of available borrowing capacity on the $2,000 million revolving credit facility and standby letters of credit. The revolving credit facility is comprised of a $1,175 million senior secured revolving facility available in U.S. dollars, a $600 million senior secured revolving facility available in U.S. dollars, Euros, Swiss Francs and other foreign currencies, and a $225 million senior secured revolving facility available in U.S. dollars and Yen.

Restrictive Covenants

The Company’s debt agreements provide for certain covenants and events of default customary for similar instruments, including a covenant not to exceed a specified ratio of consolidated senior secured net indebtedness to Consolidated EBITDA, as defined in the senior secured credit facility agreement and a covenant to maintain a specified minimum interest coverage ratio. If an event of default occurs under any of the Company’s or the Company’s subsidiaries’ financing arrangements, the creditors under such financing arrangements will be entitled to take various actions, including the acceleration of amounts due under such arrangements, and in the case of the lenders under the revolving credit facility and term loans, other actions permitted to be taken by a secured creditor. The Company’s long-term debt arrangements contain other usual and customary restrictive covenants that, among other things, place limitations on the Company’s ability to declare dividends. As of March 31, 2025, the Company was in compliance in all material respects with the financial covenants under the Company’s financing arrangements.

8. Contingencies

The Company and its subsidiaries are involved in legal and tax proceedings, claims and litigation arising in the ordinary course of business. Management periodically assesses the Company’s liabilities and contingencies in connection with these matters based upon the latest information available. For those matters where management currently believes it is probable that the Company will incur a loss and that the probable loss or range of loss can be reasonably estimated, the Company has recorded an accrual in the consolidated financial statements based on its best estimates of such loss. In other instances, because of the uncertainties related to either the probable outcome or the amount or range of loss, management is unable to make a reasonable estimate of a liability, if any.

However, even in many instances where the Company has recorded an estimated liability, the Company is unable to predict with certainty the final outcome of the matter or whether resolution of the matter will materially affect the Company’s results of operations, financial position or cash flows. As additional information becomes available, the Company adjusts its assessments and estimates of such liabilities accordingly.

The Company routinely enters into agreements with third parties, including its clients and suppliers, all in the normal course of business. In these agreements, the Company sometimes agrees to indemnify and hold harmless the other party for any damages such other party may suffer as a result of potential intellectual property infringement and other claims. The Company has not accrued a liability with respect to these matters generally, as the exposure is considered remote.

Based on its review of the latest information available, management does not expect the impact of pending legal and tax proceedings, claims and litigation, either individually or in the aggregate, to have a material adverse effect on the Company’s results of operations, cash flows or financial position. However, one or more unfavorable outcomes in any claim or litigation against the Company could have a material adverse effect for the period in which it is resolved. The following is a summary of certain legal matters involving the Company.

On January 10, 2017, Quintiles IMS Health Incorporated and IMS Software Services Ltd. (collectively “IQVIA Parties”), filed a lawsuit in the U.S. District Court for the District of New Jersey against Veeva Systems, Inc. (“Veeva”) alleging Veeva unlawfully used IQVIA Parties intellectual property to improve Veeva data offerings, to promote and market Veeva data offerings and to improve Veeva technology offerings. IQVIA Parties seek injunctive relief, appointment of a monitor, the award of compensatory and punitive damages and reimbursement of all litigation expenses, including reasonable attorneys’ fees and costs. On March 13, 2017, Veeva filed counterclaims alleging anticompetitive business practices in violation of the Sherman Act and state laws. Veeva claims damages in excess of $200 million, and is seeking punitive damages and litigation costs, including attorneys’ fees. The Company believes the counterclaims are without merit, rejects all counterclaims raised by Veeva and intends to vigorously defend IQVIA Parties’ position and pursue its claims against Veeva. Since the initial filings, the parties have filed additional litigations against each other, primarily concerning the use of IQVIA data with various other Veeva products. Trial has been continued from an early 2025 setting to a date to be determined by the Court.

On May 7, 2021, the Court issued an order and opinion (the “Order”) in which it found significant evidence that Veeva had (1) misappropriated IQVIA data and unlawfully used it to improve Veeva data offerings, (2) engaged in a cover-up by deleting significant evidence of its theft of IQVIA’s trade secrets, and (3) improperly withheld certain evidence under privilege in furtherance of a crime and/or fraud against IQVIA. The Court imposed five sanctions against Veeva, including ordering three separate adverse inference instructions be issued to the jury and that IQVIA be permitted to present evidence to the jury of Veeva’s destruction efforts. Veeva appealed the Order. On March 30, 2024, the Court denied Veeva’s appeal with regard to its rejected privilege claims, while reserving ruling on the appropriate sanctions to be imposed for a later time.

9. Stockholders’ Equity

Preferred Stock

The Company is authorized to issue 1.0 million shares of preferred stock, $0.01 per share par value. No shares of preferred stock were issued or outstanding as of March 31, 2025 or December 31, 2024.

Equity Repurchase Program

On February 5, 2025, the Company's Board of Directors increased the stock repurchase authorization under the Company's equity repurchase program (the "Repurchase Program") with respect to the repurchase of the Company's common stock by an additional $2,000 million, which increased the total amount that has been authorized under the Repurchase Program to $13,725 million. The Repurchase Program does not obligate the Company to repurchase any particular amount of common stock, and it may be modified, extended, suspended or discontinued at any time.

During the three months ended March 31, 2025, the Company repurchased 2.3 million shares of its common stock for $425 million under the Repurchase Program. These amounts include 0.3 million of shares valued at $50 million, which were accrued for as of March 31, 2025 based on when the trade and settlement dates occurred. As of March 31, 2025, inclusive of the accrued amounts, the Company had remaining authorization to repurchase up to $2,588 million of its common stock under the Repurchase Program. In addition, from time to time, the Company has repurchased and may continue to repurchase common stock through private or other transactions outside of the Repurchase Program.

10. Business Combinations

The Company completed individually and in the aggregate immaterial acquisitions during the three months ended March 31, 2025. Additionally, during the quarter the Company gained a controlling interest in, and therefore consolidated, an entity in which it previously held an investment in an unconsolidated affiliate. The fair value of the net assets acquired through this step acquisition are included in the totals presented below, and the related fair value of noncontrolling interests of $8 million is reflected within the accompanying condensed consolidated financial statements. The Company’s assessment of fair value, including the valuation of certain identified intangibles, and the purchase price allocation related to these acquisitions is preliminary and subject to change upon completion. Further adjustments, largely related to acquired intangible assets and related deferred taxes, may be necessary as additional information related to the fair values of assets acquired and liabilities assumed is assessed during the measurement period (up to one year from the acquisition date). The Company recorded goodwill from these acquisitions, primarily attributable to assembled workforce, expected synergies and new customer relationships. The condensed consolidated financial statements include the results of the acquisitions subsequent to their respective closing dates. Pro forma information is not presented as pro forma results of operations would not be materially different to the actual results of operations of the Company.

The following table provides certain preliminary financial information for these acquisitions:

(in millions)						March 31, 2025
Assets acquired:
Cash and cash equivalents						$	7
Accounts receivable						29
Other assets						6
Goodwill						98
Other identifiable intangibles						66
Liabilities assumed:
Other liabilities						(23)
Deferred income taxes, long-term						(12)
Net assets acquired (1)						$	171

(1) Net assets acquired includes contingent consideration and deferred purchase price of $6 million, and $24 million related to the step acquisition disclosed above.

The portion of goodwill deductible for income tax purposes was preliminarily assessed as $16 million.

The following table provides a summary of the preliminary estimated fair value of certain intangible assets acquired:

(in millions)						Amortization Period															March 31, 2025
Other identifiable intangibles:
Customer relationships						9			-			17			years						$	55
Backlog												1			year						7
Trade names						3			-			5			years						3
Non-compete agreements												5			years						1
Total Other identifiable intangibles																					$	66

11. Restructuring

The Company has continued to take restructuring actions in 2025 to align its resources and reduce overcapacity to adapt to changing market conditions and integrate acquisitions. These actions include consolidating functional activities, eliminating redundant positions, and aligning resources with customer requirements. These restructuring actions are expected to continue throughout 2025 and into 2026.

The following amounts were recorded for the restructuring plans:

(in millions)						Severance and Related Costs
Balance as of December 31, 2024						$	21
Expense, net of reversals						29
Payments						(23)
Foreign currency translation and other						1
Balance as of March 31, 2025						$	28

The reversals were due to changes in estimates primarily resulting from the redeployment of staff and higher than expected voluntary terminations. Restructuring costs are not allocated to the Company’s reportable segments as they are not part of the segment performance measures regularly reviewed by management. The Company expects that the majority of the restructuring accruals as of March 31, 2025 will be paid in 2025 and 2026.

12. Income Taxes

The Company's effective income tax rate was 18.9% and 14.4% in the first quarter of 2025 and 2024, respectively. The effective income tax rate in the first quarter of 2025 and 2024 was favorably impacted due to changes in the geographical mix of earnings amongst the United States and foreign tax jurisdictions. The effective income tax rate in the first quarter of 2024 was also favorably impacted by $9 million, as a result of excess tax benefits recognized upon settlement of share-based compensation awards. The effective income tax rate in the first quarter of 2025 was unfavorably impacted by $3 million of tax expense recognized upon settlement of share-based compensation awards.

On December 12, 2022, the European Union member states agreed to implement the Organization for Economic Cooperation and Development’s (“OECD”) Pillar Two global corporate minimum tax rate of 15% on companies with revenues of at least €750 million, which went into effect in 2024. The Company has continued to evaluate the effect of this through the first quarter of 2025 and determined that it did not have any material impacts for the current year. The Company will continue to assess the impact of this proposal as countries are actively considering changes to their tax laws to adopt certain parts of the OECD's proposal.

13. Accumulated Other Comprehensive (Loss) Income

Below is a summary of the components of AOCI:

(in millions)						Foreign Currency Translation						Derivative Instruments						Defined Benefit Plans						Income Taxes						Total
Balance as of December 31, 2024						$	(1,092)					$	(5)					$	15					$	44					$	(1,038)
Other comprehensive income (loss) before reclassifications						33						(22)						(3)						51						59
Reclassification adjustments						—						1						—						—						1
Balance as of March 31, 2025						$	(1,059)					$	(26)					$	12					$	95					$	(978)

Below is a summary of the adjustments for amounts reclassified from AOCI into the condensed consolidated statements of income and the affected financial statement line item:

(in millions)						Affected Financial Statement Line Item						Three Months Ended March 31,
						2025						2024
Derivative instruments:
Interest rate swaps						Interest expense						$	1					$	15
Foreign exchange forward contracts						Revenues						(2)						(3)
Total before income taxes												(1)						12
Income taxes												—						3
Total net of income taxes												$	(1)					$	9

14. Segments

The following table presents the Company’s operations by reportable segment. The Company is managed through three reportable segments, Technology & Analytics Solutions, Research & Development Solutions and Contract Sales & Medical Solutions. Technology & Analytics Solutions provides mission critical information, technology solutions and real world insights and services to the Company’s life science clients. Research & Development Solutions, which primarily serves biopharmaceutical customers, provides outsourced clinical research and clinical trial related services. Contract Sales & Medical Solutions provides health care provider (including contract sales) and patient engagement services to both biopharmaceutical customers and the broader healthcare market.

Certain costs are not allocated to the Company's segments and are reported as general corporate and unallocated expenses. These costs primarily consist of stock-based compensation and expenses related to integration activities and acquisitions, as well as certain general corporate and unallocated expenses. The Company also does not allocate restructuring costs, depreciation and amortization or impairment charges, if any, to its segments. Asset information by segment is not presented, as this measure is not used by the chief executive officer, who is the chief operating decision maker ("CODM"), to assess the Company’s performance.

For all segments, the CODM uses segment revenue and segment profit in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a monthly and quarterly basis for both segment revenue and profit when making decisions about allocating operating and capital resources to the segments. The CODM also uses segment revenue and profit to assess the performance for each segment by comparing the results of each segment with one another and in determining the compensation of certain employees.

The Company’s reportable segment information is presented below:

						Three Months Ended March 31,
(in millions)						2025						2024
Revenues
Technology & Analytics Solutions						$	1,546					$	1,453
Research & Development Solutions						2,102						2,095
Contract Sales & Medical Solutions						181						189
Total revenues						3,829						3,737
Cost of revenues, exclusive of depreciation and amortization
Technology & Analytics Solutions						949						889
Research & Development Solutions						1,426						1,395
Contract Sales & Medical Solutions						156						160
Total cost of revenues, exclusive of depreciation and amortization						2,531						2,444
Selling, general and administrative expenses
Technology & Analytics Solutions						237						229
Research & Development Solutions						216						221
Contract Sales & Medical Solutions						14						16
Total selling, general and administrative expenses reportable segments						467						466
Segment profit
Technology & Analytics Solutions						360						335
Research & Development Solutions						460						479
Contract Sales & Medical Solutions						11						13
Total segment profit						831						827
General corporate and unallocated expenses						(41)						(42)
Depreciation and amortization						(265)						(264)
Restructuring costs						(29)						(15)
Total income from operations						496						506
Interest income						(11)						(11)
Interest expense						165						166
Loss on extinguishment of debt						4						—
Other expense, net						15						11
Income before income taxes and equity in losses of unconsolidated affiliates						$	323					$	340

15. Earnings Per Share

The following table presents the computation of basic and diluted earnings per share:

						Three Months Ended March 31,
(in millions, except per share data)						2025						2024
Numerator:
Net income						$	249					$	288
Denominator:
Basic weighted average common shares outstanding						175.7						181.9
Effect of dilutive stock options and share awards						1.7						2.4
Diluted weighted average common shares outstanding						177.4						184.3
Earnings per share attributable to common stockholders:
Basic						$	1.42					$	1.58
Diluted						$	1.40					$	1.56

Stock-based awards will have a dilutive effect under the treasury method when the respective period's average market value of the Company's common stock exceeds the exercise proceeds. Performance awards are included in diluted earnings per share based on if the performance targets have been met at the end of the reporting period.

For the three months ended March 31, 2025 and 2024, the weighted average number of outstanding stock-based awards not included in the computation of diluted earnings per share because they are subject to performance conditions that have not been met at the end of the reporting period or the effect of including such stock-based awards in the computation would be anti-dilutive was 2.2 million and 0.8 million, respectively.