What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2025-02-13 compared with 2024-02-15 · 122 added, 177 removed, 1344 unchanged (18% of the section changed)

23 unchanged sentences

We have audited the accompanying consolidated balance sheets of IQVIA Holdings Inc.

and its subsidiaries (the “Company”) as of December 31, 2023 and 2022, and the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2023, 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”).

and its subsidiaries (the “Company”) as of December 31, 2024 and 2023, 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, 2024, including the related notes and financial statement schedules listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

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

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Other (income) expense, net ( 90 ) ( 124 ) 33

Income before income taxes and equity in (losses) earnings of unconsolidated affiliates 1,459 1,363 1,128

Income before income taxes and equity in earnings (losses) of unconsolidated affiliates 1,669 1,459 1,363

Income tax expense 301 101 260

Income before equity in (losses) earnings of unconsolidated affiliates 1,358 1,103 965

Equity in (losses) earnings of unconsolidated affiliates — ( 12 ) 6

Income before equity in earnings (losses) of unconsolidated affiliates 1,368 1,358 1,103

Equity in earnings (losses) of unconsolidated affiliates 5 — ( 12 )

Net income $ 1,373 $ 1,358 $ 1,091

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

Net income attributable to IQVIA Holdings Inc.

$ 1,358 $ 1,091 $ 966

Earnings per share attributable to common stockholders:

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Comprehensive income adjustments:

Unrealized (losses) gains on derivative instruments, net of income tax (benefit) expense of $( 3 ), $ 13 and $ 2

Unrealized gains (losses) on derivative instruments, net of income tax expense (benefit) of $ 17 , $( 3 ) and $ 13

Defined benefit plan adjustments, net of income tax expense (benefit) of $ 5 , $ 4 and $( 3 )

Foreign currency translation, net of income tax (benefit) expense of $( 55 ), $ 106 and $ 116

Foreign currency translation, net of income tax expense (benefit) of $ 77 , $( 55 ) and $ 106

( 200 ) ( 89 ) ( 361 )

1 unchanged sentence

Reclassifications on derivative instruments included in net income, net of income tax (expense) benefit of $( 10 ), $( 17 ) and $ 2

Comprehensive income 1,218 770 780

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

Comprehensive income attributable to IQVIA Holdings Inc.

( 31 ) ( 51 ) 10

Comprehensive income $ 1,202 $ 1,218 $ 770

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

57 unchanged sentences

Gain on disposals of property and equipment, net — — ( 10 )

Losses (earnings) from unconsolidated affiliates — 12 ( 6 )

(Earnings) losses from unconsolidated affiliates ( 5 ) — 12

(Gain) loss on investments, net ( 22 ) ( 20 ) 27

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Investments in unconsolidated affiliates, net of payments received ( 132 ) ( 39 ) ( 20 )

(Investments in) proceeds from sale of debt and equity securities ( 38 ) — 5

Investments in debt and equity securities ( 2 ) ( 38 ) —

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

Net cash used in investing activities ( 1,444 ) ( 1,603 ) ( 2,006 )

5 unchanged sentences

Repayment of revolving credit facility ( 960 ) ( 2,709 ) ( 2,025 )

Payments related to employee stock option plans ( 61 ) ( 71 ) ( 59 )

Payments related to employee stock incentive plans, net ( 64 ) ( 61 ) ( 71 )

Repurchase of common stock ( 1,350 ) ( 992 ) ( 1,168 )

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

Contingent consideration and deferred purchase price payments ( 16 ) ( 81 ) ( 26 )

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in millions) Common Stock Shares Treasury Stock Shares Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive (Loss) Income Non-controlling Interests Total

(in millions) Common Stock Shares Treasury Stock Shares Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive (Loss) Income Total

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

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Stock-based compensation — — — 192 — — — 192

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

Net income — — — — 1,091 — — 1,091

5 unchanged sentences

Issuance of common stock 0.8 — — ( 61 ) — — — ( 61 )

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

Repurchase of common stock, net of tax — ( 5.0 ) — — — ( 1,001 ) — ( 1,001 )

Stock-based compensation — — — 191 — — — 191

Net income — — — — 1,358 — — 1,358

Unrealized gains on derivative instruments, net of tax — — — — — — 40 — 40

Unrealized losses on derivative instruments, net of tax — — — — — — ( 7 ) ( 7 )

Defined benefit plan adjustments, net of tax — — — — — — 7 7

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Net income — — — — 1,373 — — 1,373

Unrealized losses on derivative instruments, net of tax — — — — — — ( 7 ) — ( 7 )

Unrealized gains on derivative instruments, net of tax — — — — — — 53 53

Defined benefit plan adjustments, net of tax — — — — — — 7 7

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IQVIA Holdings Inc.

(together with its subsidiaries, the “Company” or “IQVIA”) is a leading global provider of advanced analytics, technology solutions and clinical research services to the life sciences industry.

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

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

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

(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.

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

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

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

IQVIA is a global leader in protecting individual patient privacy.

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The accompanying consolidated financial statements include the accounts and operations of the Company, its subsidiaries and investments in which the Company has control.

Amounts pertaining to the non-controlling ownership interests held by third parties in the operating results and financial position of the Company’s majority-owned subsidiaries are reported as non-controlling interests.

Amounts pertaining to the non-controlling ownership interests held by third parties, if any, in the operating results and financial position of the Company’s majority-owned subsidiaries are reported as non-controlling interests.

Intercompany accounts and transactions have been eliminated in consolidation.

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If this review indicates that carrying values will not be recoverable, as determined based on undiscounted cash flow projections, the Company will record an impairment charge to reduce carrying values to estimated fair value.

There were no impairments recognized in the years ended December 31, 2023, 2022 and 2021.

There were no significant impairments recognized in the years ended December 31, 2024, 2023 and 2022.

Revenue Recognition

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Cash payments made to customers as incentives to induce customers to enter into service agreements with the Company are amortized as a reduction of revenues over the period the services are performed.

The Company records revenues net of any tax assessments by governmental authorities, such as value added taxes, that are imposed on and concurrent with specific revenues generating transactions.

The Company records revenues net of any tax assessments by governmental authorities, such as value added and sales taxes, that are imposed on and concurrent with specific revenues generating transactions.

The Company derives the majority of its revenues in the Technology & Analytics Solutions segment from various information and technology service offerings.

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however, in the event of termination, most contracts require payment for services rendered through the date of termination, as well as for subsequent services rendered to close out the contract.

The majority of revenues in the Company's Contract Sales & Medical Solutions segment is from contract salesforce to the biopharmaceutical industry and broader healthcare market and recognized over time using a single measure of progress dependent on the performance obligation.

The majority of revenues in the Company's Contract Sales & Medical Solutions segment is from contract sales force to the biopharmaceutical industry and broader healthcare market and recognized over time using a single measure of progress dependent on the performance obligation.

Some of the Company's Contract Sales & Medical Solutions contracts contain multiple performance obligations with distinct promises including recruiting, sales force automation and deployment of sales representatives.

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deferred taxes based on the Federal corporate income tax rate of 21%.

The Company accounts for tax related to Global Intangible Low-Taxed Income (“GILTI”) as a period cost when incurred.

The Company accounts for tax related to Global Intangible Low-Taxed Income (“GILTI”) and Qualified Domestic Minimum Top-up Taxes ("QDMTT") in relation to the Organization for Economic Co-operation and Development's ("OECD") Pillar Two global corporate minimum tax rate of 15%, as period costs when and if incurred.

Recognition of deferred income tax assets is based on management’s belief that it is more likely than not that the income tax benefit associated with certain temporary differences, income tax operating loss, capital loss carryforwards, and income tax credits, will be realized.

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The Company determines if an arrangement is a lease at inception and reassesses if there are changes in terms and conditions of the contract.

Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities on our consolidated balance sheets.

Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities on the Company's consolidated balance sheets.

Finance leases are included in deposits and other assets, net, other current liabilities, and other liabilities on the Company's consolidated balance sheets.

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These investments are classified as investments in unconsolidated affiliates on the accompanying consolidated balance sheets.

The Company records its pro rata share of the earnings, adjusted for accretion of basis difference, of these investments in equity in (losses) earnings of unconsolidated affiliates on the accompanying consolidated statements of income.

The Company records its pro rata share of the earnings, adjusted for accretion of basis difference, of these investments in equity in earnings (losses) of unconsolidated affiliates on the accompanying consolidated statements of income.

The Company reviews its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable.

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Accounting pronouncements recently adopted

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

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

The Company adopted this new accounting guidance effective January 1, 2023.

The adoption of this new accounting guidance did not have a material effect on the Company's disclosures within the consolidated financial statements.

Accounting pronouncements issued but not adopted as of December 31, 2023

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

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.

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

The new guidance will be effective for the Company in the annual period beginning January 1, 2024 and in 2025 for interim periods.

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

The Company adopted this new accounting guidance effective for the annual period beginning January 1, 2024, and will adopt it in 2025 for interim periods.

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.

Accounting pronouncements issued but not adopted as of December 31, 2024

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

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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.

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

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When attributing revenues to individual countries based upon where the services are performed, no individual country, except for the United States, accounted for 10% or more of total revenues for the years ended December 31, 2024, 2023 and 2022.

For the year ended December 31, 2023, revenues in the United States accounted for approximately 45 % of total revenues using this revenue attribution approach.

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

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

For the years ended December 31, 2024, 2023 and 2022, revenues in the United States accounted for approximately 42 %, 45 %, and 42 % of total revenues, respectively, using this revenue attribution approach.

No individual customer represented 10% or more of total revenues for the years ended December 31, 2024, 2023 and 2022.

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Net balance $ 77 $ 143 $ ( 66 )

Unbilled services, which is comprised of approximately 68 % and 61 % of unbilled receivables and 32 % and 39 % of contract assets as of December 31, 2023 and December 31, 2022, respectively, increased by $ 318 million as compared to December 31, 2022.

Unbilled services, which is comprised of approximately 69 % and 68 % of unbilled receivables and 31 % and 32 % of contract assets as of December 31, 2024 and December 31, 2023, respectively, decreased by $ 86 million as compared to December 31, 2023.

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 $ 2 million over the same period resulting in an increase of $ 316 million in the net balance of unbilled services and unearned income between December 31, 2023 and 2022.

The change in the net balance is driven by the difference in timing of revenue recognition in accordance with 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.

Unearned income decreased by $ 20 million over the same period resulting in a decrease of $ 66 million in the net balance of unbilled services and unearned income between December 31, 2024 and 2023.

The change in the net balance is driven by the difference in timing of revenue recognition in accordance with 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 primarily based on certain milestones.

The majority of the unearned income balance as of the beginning of the year was recognized in revenues during the year ended December 31, 2024.

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Unconsolidated Affiliates

The Company accounts for its investments in unconsolidated affiliates under the equity method of accounting and records its pro rata share of its losses or earnings from these investments in equity in (losses) earnings of unconsolidated affiliates.

The following is a summary of the Company’s investments in unconsolidated affiliates:

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(“NostraData”) 17 18

NovaQuest Pharma Opportunities Fund IV, L.P.

(“NQ Fund IV”) 6 8

NovaQuest Private Equity Fund I, L.P.

(“NQ PE Fund I”) 11 10

NovaQuest Pharma Opportunities Fund IV, L.P.

(“NQ Fund IV”) 4 6

Longwood Fund V, L.P.

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NQ Fund V $ 36 $ 43

Longwood 7 10

NQ PE Fund I 11 12

1 unchanged sentence

NQ Fund III — 5

Other 179 506

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

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

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

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

Interest Rate Risk Management

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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).

Interest on the swaps began accruing on June 28, 2019 and the swaps expire on June 28, 2024.

The Company pays an average fixed rate of 2.75 % and receives a variable rate of interest equal to the three-month Term SOFR on these swaps.

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

Interest on the swap began accruing on March 31, 2020 and the swap expired on March 31, 2023.

The Company paid a fixed rate of 0.56 % and received a variable rate of interest equal to the one-month LIBOR on the swap.

Interest on the swaps began accruing on June 28, 2019 and the swaps expired on June 28, 2024.

The Company paid an average fixed rate of 2.75 % and received a variable rate of interest equal to the three-month Term SOFR on these swaps.

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 expires on June 28, 2024.

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

Interest on the swap began accruing on June 30, 2020 and the swa p expired o n 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.

On January 3, 2023, the Company entered into interest rate swaps with a combined notional value of $ 1,000 million in an effort to limit its exposure to changes in the variable interest rate on its Senior Secured Credit Facilities (see Note 10 for additional information).

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As of December 31, 2024, the portion of the Company's foreign currency denominated debt balance that was designated as a hedge of its net investment in certain foreign subsidiaries totaled approximately € 2,732 million ($ 2,837 million).

The amount of foreign exchange (losses) gains related to this net investment hedge included in the cumulative translation adjustment component of AOCI was $( 102 ) million, $ 332 million, and $ 475 million for the years ended December 31, 2023, 2022 and 2021, respectively.

The amount of foreign exchange gains (losses) related to this net investment hedge included in the cumulative translation adjustment component of AOCI was $ 186 million, $( 102 ) million, and $ 332 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Net Investment Risk Management, Cross-Currency Swaps

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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 4.8555 %, inclusive of the yield on the notes and the beneficial impact of the cross-currency swaps.

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

On November 17, 2023, in connection with the allocation of the Term B-4 Dollar Loans ( see Note 10 for additional information) , the Company entered into cross-currency swaps with a combined notional value of $ 1,500 million to effectively convert $ 1,500 million of the Term B-4 Dollar Loans into euro-denominated borrowings at prevailing euro interest rates through January 2031.

1 unchanged sentence

The Company will receive quarterly interest payments from the counterparties based on a fixed interest rate until maturity of these agreements.

The effective net borrowing rate to the Company is approximately 4.9015 %, inclusive of the yield on the loans, the beneficial impact of the cross-currency swaps and of the interest rate swaps entered o n November 17, 2023 as noted above.

The effective net borrowing rate to the Company is approximately 4.9015 %, inclusive of the yield on the loans, the impact of the cross-currency swaps and of the interest rate swaps entered o n November 17, 2023 as noted above.

The Company does not enter into cross-currency swaps for investment or speculative purposes.

For the year ended December 31, 2023, the Company recorded a loss of $ 108 million within AOCI as a result of these cross-currency swaps.

The Company recognized approximately $ 3 million related to the excluded component as a reduction of interest expense for the year ended December 31, 2023.

For the years ended December 31, 2024 and 2023, the Company recorded gains (losses) of $ 147 million and $( 108 ) million, respectively, within AOCI as a result of these cross-currency swaps.

The Company recognized $ 36 million and $ 3 million related to the excluded component as a reduction of interest expense for the years ended December 31, 2024 and 2023 , respectively.

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

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Interest rate swaps Other current assets, other assets and other current liabilities $ — $ 5 $ 2,485 $ 13 $ 51 $ 3,300

Cross-currency swaps Other current liabilities — 108 2,750 — — —

Cross-currency swaps Other assets and other current liabilities 39 — 2,735 — 108 2,750

Foreign exchange forward contracts Other current assets and other current liabilities — 2 108 2 — 121

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The recoverability of goodwill is evaluated annually for impairment, or if and when events or circumstances indicate a possible impairment.

For the year ended December 31, 2023, the Company elected to perform a quantitative impairment assessment for each of the Company's reporting units.

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

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

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

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

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

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

For the year ended December 31, 2024, the Company elected to perform a qualitative impairment assessment.

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

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

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

See Note 8 for additional information.

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Goodwill and Other Identifiable Intangible Assets

As of December 31, 2023, the Company has approximately $ 4,839 million of other identifiable intangible assets.

As of December 31, 2024, the Company has $ 4,499 million of other identifiable intangible assets.

Amortization expense associated with other identifiable definite-lived intangible assets was as follows:

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Term A Loan due 2026—U.S.

Dollar Term SOFR at average floating rates of 6.71 %

Term A Loan due 2026—Euribor at average floating rates of 5.18 %

Dollar Term SOFR at floating rates of 5.71 %

Term A Loan due 2026—Euribor at floating rates of 3.93 %

Term A Loan due 2027—U.S.

Dollar Term SOFR at average floating rates of 6.74 %

Term B Loan due 2024—Euribor at average floating rates of — %

Term B Loan due 2025—U.S.

Dollar Term SOFR at average floating rates of — %

Term B Loan due 2025—U.S.

Dollar Term SOFR at average floating rates of — %

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

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

Dollar Term SOFR at floating rates of 5.86 %

Term B Loan due 2025—Euribor at floating rates of 4.68 %

Term B Loan due 2031—U.S Dollar Term SOFR at floating rates of 6.33 %

5.700 % Senior Secured Notes due 2028—U.S.

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Receivables financing facility due 2027—U.S.

Dollar Term SOFR at average floating rates of 6.36 %

Dollar Term SOFR at floating rates of 5.69 %

Revolving Loan Commitment 110 110

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Senior Secured Credit Facilities

As of December 31, 2024, the Fifth Amended and Restated Credit Agreement (the “Credit Agreement”) provided financing through several senior secured credit facilities of up to $ 6,585 million, which consisted of $ 5,415 million principal amounts of debt outstanding (as detailed in the table above), and $ 1,170 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.

2023 Financing Transactions

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

On November 28, 2023, the Company entered into an amendment (the “Amendment”) to its 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.

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dollar Secured Overnight Financing Rate term rates ("Term SOFR"), plus a 10 basis point Credit Spread Adjustment.

As of December 31, 2023, the Credit Agreement provided financing through several senior secured credit facilities of up to $ 6,808 million, which consisted of $ 4,908 million principal amounts of debt outstanding (as detailed in the table above), and $ 1,900 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.

2022 Financing Transactions

On June 16, 2022, the Company entered into Amendment No.

1 to the Credit Agreement to borrow $ 1,250 million in additional U.S.

Dollar denominated term A loans due 2027 (the “Additional Term A Loans”).

The Additional Term A Loans bear interest based at Term SOFR, plus a credit spread adjustment of 0.10 % plus a margin ranging from 1.125 % to 2.00 %, with a Term SOFR floor of 0.00 % per annum.

The proceeds from the Additional Term A Loans were used to repay approximately $ 950 million of outstanding revolving credit loans under the Credit Agreement and for general corporate purposes.

On October 13, 2022, the Company elected to prepay $ 510 million, the entire outstanding balance, of its U.S.

Dollar Term B Loan due 2024.

Senior Secured Notes

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wholly owned restricted subsidiaries (excluding IQVIA Solutions Japan LLC and IQVIA Services Japan LLC) and IQVIA Holdings Inc., have jointly and severally, irrevocably and unconditionally, on a senior secured basis, guaranteed the obligations under the 2028 Senior Secured Notes and the 2029 Senior Secured Notes.

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

In January 2024, the Company filed a registration statement with respect to an offer (the “Exchange Offer”) to exchange the 2028 Senior Secured Notes for an equal amount of $ 750 million aggregate principal amount of 5.700 % Senior Secured Notes due 2028 registered under the Securities Act (the “2028 Registered Notes”) and the 2029 Senior Secured Notes for an equal amount of $ 1,250 million aggregate principal amount of 6.250 % Senior Secured Notes due 2029 registered under the Securities Act (the “2029 Registered Notes”).

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

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

2022 Financing Transactions

In February 2024, the Issuer completed an exchange offer in which it issued $ 1,250 million aggregate principal amount of 6.250 % Senior Secured Notes due 2029 registered under the Securities Act (the “2029 Registered Notes”) and $ 750 million aggregate principal amount of 5.700 % Senior Secured Notes due 2028 registered under the Securities Act (the “2028 Registered Notes” and, together with the 2029 Registered Notes, the 2029 Senior Secured Notes, and the 2028 Senior Secured Notes, the “Notes”) in exchange for the same principal amount and substantially identical terms of the 2029 Senior Secured Notes and 2028 Senior Secured Notes, respectively.

2023 Financing Transactions

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

2022 Financing Transactions

Receivables Financing Facility

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

Under the receivables financing facility, certain of the Company's accounts receivable are sold on a non-recourse basis by certain of the Company's consolidated subsidiaries (each, an “Originator”) to another of the Company's consolidated subsidiaries, a bankruptcy-remote special purpose entity (the “SPE”).

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Finance leases

$ — $ 54 $ 44

Weighted Average Remaining Lease Term:

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The following is a summary of certain legal matters involving the Company.

On February 13, 2014, a group of approximately 1,200 medical doctors and 900 private individuals filed a civil lawsuit with the Seoul Central District Court against IMS Korea and two other defendants, the Korean Pharmaceutical Association (“KPA”) and the Korean Pharmaceutical Information Center (“KPIC”).

The civil lawsuit alleges KPA and KPIC collected their personal information in violation of applicable privacy laws without the necessary consent through a software system installed on pharmacy computer systems in Korea, and that personal information was transferred to IMS Korea and sold to pharmaceutical companies.

On September 11, 2017, the District Court issued a final decision that the encryption in use by the defendants since June 2014 was adequate to meet the requirements of the Korean Personal Information Privacy Act (“PIPA”) and the sharing of non-identified information for market research purposes was allowed under PIPA.

The District Court also found an earlier version of encryption was insufficient to meet PIPA requirements, but no personal data had been leaked or re-identified.

The District Court did not award any damages to plaintiffs.

Approximately 280 medical doctors and 200 private individuals appealed the District Court decision.

On May 3, 2019, the Appellate Court issued a final decision in which it concluded all of the non-identified information transferred by KPIC to IMS Korea for market research purposes violated PIPA, but did not award any damages to plaintiffs (affirming the District Court’s decision on this latter point).

On May 24, 2019, approximately 247 plaintiffs appealed the Appellate Court’s decision to the Supreme Court.

The Company believes the appeal is without merit and is vigorously defending its position.

On July 23, 2015, indictments were issued by the Seoul Central District Prosecutors’ Office in South Korea against 24 individuals and companies alleging improper handling of sensitive health information in violation of, among others, South Korea’s Personal Information Protection Act.

IMS Korea and two of its employees were among the individuals and organizations indicted.

Although there is no assertion that IMS Korea used patient identified health information in any of its offerings, prosecutors allege that certain of IMS Korea’s data suppliers should have obtained patient consent when they converted sensitive patient information into non-identified data and that IMS Korea had not taken adequate precautions to reduce the risk of re-identification.

On February 14, 2020, the Seoul Central District Court acquitted IMS Korea and its two employees of the charges of improper handling of sensitive health information, and the Prosecutor's Office appealed.

On December 23, 2021, the appellate court affirmed the judgment of the Seoul Central District Court.

The Prosecutor's Office has appealed to the Supreme Court.

The Company intends to vigorously defend its position on appeal.

On January 10, 2017, Quintiles IMS Health Incorporated and IMS Software Services Ltd.

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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 scheduled for early 2025.

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 in furtherance of a crime and/or fraud against IQVIA.

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 is currently appealing the Order.

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.

Stockholders’ Equity

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On October 30, 2013, the Company’s Board of Directors (the “Board”) first approved the Company's equity repurchase program (the “Repurchase Program”), authorizing the repurchase of up to $ 125 million of the Company’s common stock.

The Board increased the stock repurchase authorization under the Repurchase Program with respect to the repurchase of the Company's common stock by $ 600 million, $ 1.5 billion, $ 2.0 billion, $ 1.5 billion, $ 2.0 billion, and $ 2.0 billion in 2015, 2016, 2017, 2018, 2019, and 2022, respectively.

On July 31, 2023, the Board increased the stock repurchase authorization under 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 $ 11,725 million.

The Board increased the stock repurchase authorization under the Repurchase Program with respect to the repurchase of the Company's common stock by $ 600 million, $ 1.5 billion, $ 2.0 billion, $ 1.5 billion, $ 2.0 billion, $ 2.0 billion, and $ 2.0 billion in 2015, 2016, 2017, 2018, 2019, 2022, and 2023, respectively.

On February 5, 2025, the Board increased the stock repurchase authorization under 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.

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Average price per share $ 209.68 $ 196.89 $ 213.06

Non-controlling Interests

On April 1, 2021, the Company acquired the 40 % non-controlling interest in Q 2 Solutions, a fully consolidated subsidiary, from Quest Diagnostics Incorporated ("Quest") for approximately $ 758 million, financed with cash on hand.

The transaction resulted in the Company having 100 % ownership in Q 2 Solutions.

As of December 31, 2023 and 2022, the Company had no other material non-controlling interests.

Business Combinations

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Net assets acquired (1)

$ 977 $ 1,487

(1) Net assets acquired include contingent consideration and deferred purchase price of $ 84 million and $ 73 million, respectively.

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Client relationships 9 - 16 years $ 257 $ 324

Software and related assets 3 - 8 years 44 79

Backlog 1 - 4 years 28 51

Databases 3 - 7 years 4 11

Trade names 2 - 5 years 2 7

Software and related assets 3 - 5 years 10 44

Non-compete agreements 3 - 5 years 7 —

Trade names 5 years 6 2

Databases 4 - 5 years 5 4

Total Other identifiable intangibles $ 313 $ 425

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These restructuring actions are expected to continue into 2025.

The management approved plans resulted in approximately $ 84 million, $ 28 million and $ 20 million of restructuring expense, net of reversals, which consisted primarily of severance and other exit-related costs in the years ended December 31, 2023, 2022 and 2021, respectively.

The management approved plans resulted in $ 67 million, $ 84 million and $ 28 million of restructuring expense, net of reversals, which consisted primarily of severance and other exit-related costs in the years ended December 31, 2024, 2023 and 2022, respectively.

The following amounts were recorded for the restructuring plans:

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Payments ( 74 )

Foreign currency translation and other ( 1 )

Balance as of December 31, 2023 $ 36

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Payments ( 81 )

Foreign currency translation and other ( 1 )

Balance as of December 31, 2024 $ 21

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The Company expects the majority of the restructuring accruals as of December 31, 2024 will be paid in 2025.

The components of income before income taxes and equity in (losses) earnings of unconsolidated affiliates are as follows:

The components of income before income taxes and equity in earnings (losses) of unconsolidated affiliates are as follows:

Year Ended December 31,

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taxes on foreign earnings.

In the year ended December 31, 2023, the Company completed an internal legal entity restructuring that resulted in a benefit of $ 125 million.

The Company's effective income tax rate was 18.0 %, 6.9 %, and 19.1 % for the years ending December 31, 2024, 2023, and 2022, respectively.

The Company's effective income tax rate for December 31, 2023, was favorably impacted due to the completion of an internal legal entity restructuring that resulted in a benefit of $ 125 million.

Historically, the Company 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.

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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.

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

In the year ended December 31, 2022, the Company recorded a benefit of $ 6 million related to a 2021 U.S.

Federal tax return position associated with FDII and GILTI tax credits.

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

On August 16, 2022, the U.S.

government enacted the Inflation Reduction Act of 2022, which, among other things, implements a 15% minimum tax on book income of certain large corporations, a 1% excise tax on net stock repurchases and several tax incentives to promote clean energy.

Many of the provisions took effect beginning in 2023.

The Company assessed the impacts and determined it was not subject to the minimum tax and there were no other material income tax impacts during 2023.

The Company will continue to monitor future impacts to its consolidated financial statements.

On December 12, 2022 the European Union member states agreed to implement the Organization for Economic Co-operation and Development’s (“OECD”) Pillar 2 global corporate minimum tax rate of 15% on companies with revenues of at least $790 million, which would go into effect in 2024.

The Company is assessing the impact of this proposal as countries are actively considering changes to their tax laws to adopt certain parts of the OECD’s proposal.

In the year ended December 31, 2021, the Company recorded a benefit of $ 29 million related to a 2020 U.S.

Federal tax return position associated with FDII and GILTI tax credits.

Also in 2021, the Company recorded a $ 9 million tax expense as a result of the U.S.

Treasury Department issuing final regulations on foreign tax credits.

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 rate of 15% on companies with revenues of at least $790 million, which went into effect in 2024.

The Company has continued to evaluate the effect of this through the end of 2024 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 OCED's proposal.

Undistributed earnings of the Company’s foreign subsidiaries amounted to approximately $ 5,117 million as of December 31, 2024.

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Deferred income tax assets:

Net operating loss and capital loss carryforwards $ 132 $ 145

Net operating loss and other loss carryforwards $ 176 $ 132

Tax credit carryforwards 292 254

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Net deferred income tax assets (liabilities) $ ( 2 ) $ ( 36 )

During the year ended December 31, 2023, the net deferred tax liabilities decreased due to foreign exchange revaluations of debt instruments, reversal of a previously established valuation allowance for Foreign Tax Credits, and amortization of intangibles related to the merger between Quintiles and IMS Health.

During the year ended December 31, 2024, the net deferred income tax liabilities decreased due to amortization of intangibles related to the merger between Quintiles and IMS Health.

The Company had federal, state and local, and foreign tax loss carryforwards and tax credits, the tax effect of which was $ 541 million as of December 31, 2024.

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Some of the federal losses are subject to limitations under the Internal Revenue Code, however, management expects these losses to be utilized during the carryforward periods.

In the year ended December 31, 2023, the Company decreased its valuation allowance by $ 91 million to $ 166 million as of December 31, 2023 from $ 257 million as of December 31, 2022.

The valuation allowance decreased primarily due to the release of the valuation allowance on branch basket foreign tax credits as the Company has determined they are more likely than not to be used prior to expiration.

In the year ended December 31, 2024, the Company increased its valuation allowance by $ 30 million to $ 196 million as of December 31, 2024 from $ 166 million as of December 31, 2023.

On December 10, 2024, the US Department of Treasury published final regulations related to foreign currency gains and losses that are effective as of January 1, 2025.

These regulations require computation of pre-transition foreign currency gain or loss to be included in the determination of future taxable income or loss.

The valuation allowance increased primarily as a result of these regulations.

We recorded a one-time, non-cash deferred tax benefit related to the pre-transition foreign currency losses in the current year that will be fully offset by a valuation allowance.

A reconciliation of the beginning and ending amount of gross unrecognized income tax benefits is presented below:

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Interest cost 22 22 17 17

Actuarial losses 15 ( 101 ) 5 ( 144 )

Business combinations — — — 3

Actuarial (gains) losses ( 9 ) 15 ( 2 ) 5

Benefits paid ( 14 ) ( 13 ) ( 26 ) ( 20 )

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Settlements — — ( 3 ) ( 3 )

Business combinations — — — 1

Foreign currency fluctuations and other — — 14 18

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Actuarial (gain) loss – current year ( 36 ) ( 30 ) 31 24 19 ( 18 )

Prior service cost – current year — — — — — ( 2 )

Total recognized in other comprehensive income

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Total $ 133 $ — $ 538 $ 130 $ — $ 486

(1) Certain investments that are measured at fair value using the net asset value ("NAV") per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

The fair value amounts presented in the above plan asset tables are intended to permit reconciliation of the fair value of plan assets in the fair value hierarchy to the plan asset amounts presented in the above funded status table as of December 31, 2024 and 2023.

The following table summarizes non-United States plan assets measured at fair value:

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Debt issued by national, state or local government 2 170 172 2 210 212

Corporate bonds — 18 18 — — —

Investments funds — 10 10 — 10 10

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Other 8 7 15 3 7 10

Total assets in the fair value hierarchy 6 373 379 6 256 262

Assets measured at NAV (1)

Total $ 10 $ 374 $ 384 $ 6 $ 373 $ 379

(1) Certain investments that are measured at fair value using the net asset value ("NAV") per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

Investments in mutual funds are valued at quoted market prices.

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Within each asset class, rapid market shifts, changes in economic conditions or an individual fund manager’s outlook may cause the asset allocation to fall outside the prescribed targets.

The majority of the Company’s plan assets are measured quarterly against benchmarks established by the Company’s investment advisors and the Company’s Asset Management Committee, who review actual plan performance and have the authority to recommend changes as deemed appropriate.

The majority of the Company’s plan assets are measured quarterly against benchmarks established by the Company’s investment manager and the Company’s Investment Committee, who review actual plan performance and have the authority to recommend changes as deemed appropriate.

Assets are rebalanced periodically to their strategic targets to maintain the plan’s strategic risk/reward characteristics.

The Company periodically conducts asset liability modeling studies to ensure that the investment strategy is aligned with the obligations of the plans and that the assets will generate income and capital growth to meet the cost of current and future benefits that the plans provide.

The pension plans do not have investments in Company stock as of December 31, 2023 and 2022.

The pension plans did not have investments in Company stock as of December 31, 2024 and 2023.

The portfolio for the Company’s United Kingdom pension plans seek to invest in a range of suitable assets of appropriate liquidity that will generate in the most effective manner possible, income and capital growth to ensure that there are sufficient assets to meet benefit payments when they fall due, while controlling the long-term costs of the plans, avoiding short-term volatility of investment returns, and managing risks in accordance with plan investment strategies.

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The Company may make additional contributions into its pension plans in 2025 depending on, among other factors, how the funded status of those plans change or in order to meet minimum funding requirements as set forth in employee benefit and tax laws, plus additional amounts the Company may deem to be appropriate.

Estimated future benefit payments and subsidy receipts

Estimated future benefit payments

The following benefit payments (net of expected participant contributions) for pension benefits are expected to be paid as follows:

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Outstanding as of December 31, 2024 3,493,312 $ 157.58 $ 175

The weighted average fair value per share of SSRs granted in the year ended December 31, 2024 was $ 70.63 .

The total intrinsic value of SSRs exercised was approximately $ 88 million, $ 51 million and $ 25 million in the years ended December 31, 2024, 2023 and 2022, respectively.

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(1) Pursuant to the IQVIA Holdings Inc.

Non-Employee Director Deferral Plan (the “Director Deferral Plan”), non-employee directors may elect to defer receipt of their cash retainers.

Non-Employee Director Deferral Plan (the “Director Deferral Plan”), non-employee directors may elect to defer receipt of their cash and/or equity retainers.

If a director elects to defer his or her retainer, he or she will instead be credited with that value in deferred shares under the Director Deferral Plan.

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During the year ended December 31, 2022, the Company entered into long term incentive award agreements with certain employees totaling a fixed monetary amount of $ 80 million to issue a variable number of common shares based on the fair market value when the awards vest on the third anniversary of the grant date.

The Company accounts for the awards as liability-classified awards with the liability recorded in other liabilities in the consolidated balance sheets.

The Company recorded approximately $ 22 million and $ 9 million of stock-based compensation expense for these awards during the years ended December 31, 2023 and December 31, 2022, respectively.

The Company accounts for the awards as liability-classified awards with the liability recorded in other current liabilities in the consolidated balance sheets as of December 31, 2024.

The Company recorded approximately $ 26 million, $ 22 million and $ 9 million of stock-based compensation expense for these awards during the years ended December 31, 2024, 2023 and 2022, respectively.

The Company sponsors a supplemental non-qualified deferred compensation plan, covering certain management employees, and maintains other statutory indemnity plans as required by local laws or regulations.

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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.

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 operating decision maker to assess the Company’s performance.

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:

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Contract Sales & Medical Solutions 60 58 62

General corporate and unallocated 268 330 332

Total selling, general and administrative expenses 2,053 2,071 1,964

Total selling, general and administrative expenses reportable segments 1,858 1,785 1,741

Segment profit

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Total segment profit 3,517 3,454 3,287

General corporate and unallocated ( 268 ) ( 330 ) ( 332 )

General corporate and unallocated expenses ( 134 ) ( 268 ) ( 330 )

Depreciation and amortization ( 1,114 ) ( 1,125 ) ( 1,130 )

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Total income from operations 2,202 1,977 1,799

Interest income ( 47 ) ( 36 ) ( 13 )

Interest expense 670 672 416

Loss on extinguishment of debt — 6 —

Other (income) expense, net ( 90 ) ( 124 ) 33

Income before income taxes and equity in earnings (losses) of unconsolidated affiliates $ 1,669 $ 1,459 $ 1,363

Earnings Per Share

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(in millions, except per share data) 2024 2023 2022

Net income attributable to IQVIA Holdings Inc.

$ 1,358 $ 1,091 $ 966

Net income $ 1,373 $ 1,358 $ 1,091

Basic weighted average common shares outstanding 181.3 183.8 187.6

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Reclassification adjustments — 12 — ( 2 ) 10

Acquisition of Quest's non-controlling interest ( 10 ) — — — ( 10 )

Balance as of December 31, 2022 ( 825 ) 44 ( 8 ) 62 ( 727 )

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data