What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-05-06 compared with 2024-10-31 · 88 added, 136 removed, 208 unchanged (52% of the section changed)

6 unchanged sentences

We assume no obligation to update any such forward-looking information to reflect actual results or changes in our outlook or the factors affecting such forward-looking information.

We caution you that any such forward-looking statements are further qualified by important factors that could cause our actual operating results to differ materially from those in the forward-looking statements, including without limitation, business disruptions caused by natural disasters, pandemics such as the COVID-19 (coronavirus) outbreak, including any variants, and the public health policy responses to the outbreak, and international conflicts or other disruptions outside of our control such as the current situation in Ukraine and Russia;

most of our contracts may be terminated on short notice, and we may lose or experience delays with large client contracts or be unable to enter into new contracts;

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the risks associated with operating on a global basis, including currency or exchange rate fluctuations and legal compliance, including anti-corruption laws;

r isks related to the enactment of legislation or the imposition of regulations or other restrictions or actions by governments that create business uncertainty and have the potential to limit trade;

risks related to changes in accounting standards;

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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.

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

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

With approximately 89,000 employees in over 100 countries, including experts in healthcare, life sciences, data science, technology and operational excellence, we are dedicated to accelerating the development and commercialization of innovative medical treatments to help improve patient outcomes and population health worldwide.

We are a global leader in protecting individual patient privacy.

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Foreign Currency Translation

In the first nine months of 2024, approximately 30% of our revenues were denominated in currencies other than the United States dollar, which represents approximately 60 currencies.

In the first three months of 2025, approximately 30% of our revenues were denominated in currencies other than the United States dollar, which represents approximately 60 currencies.

Because a large portion of our revenues and expenses are denominated in foreign currencies and our financial statements are reported in United States dollars, changes in foreign currency exchange rates can significantly affect our results of operations.

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For information regarding our results of operations for Technology & Analytics Solutions, Research & Development Solutions and Contract Sales & Medical Solutions, refer to “Segment Results of Operations” later in this section.

Three Months Ended September 30, Change

Three Months Ended March 31, Change

(in millions)

Revenues $ 3,829 $ 3,737 $ 92 2.5 %

For the third quarter of 2024, our revenues increased $160 million, or 4.3%, as compared to the same period in 2023.

For the first quarter of 2025, our revenues increased $92 million, or 2.5%, as compared to the same period in 2024.

This increase was comprised of constant currency revenue growth of approximately $129 million, or 3.5%, reflecting a $110 million increase in Technology & Analytics Solutions, a $23 million increase in Research & Development Solutions, and a $4 million decrease in Contract Sales & Medical Solutions.

Nine Months Ended September 30, Change

(in millions)

Revenues $ 11,447 $ 11,116 $ 331 3.0 %

For the first nine months of 2024, our revenues increased $331 million, or 3.0%, as compared to the same period in 2023.

This increase was comprised of constant currency revenue growth of approximately $393 million, or 3.5%, reflecting a $188 million increase in Technology & Analytics Solutions, a $189 million increase in Research & Development Solutions, and a $16 million increase in Contract Sales & Medical Solutions.

Cost of Revenues, exclusive of Depreciation and Amortization

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2025 2024

1 unchanged sentence

% of revenues 66.1 % 65.4 %

The $92 million increase in cost of revenues, exclusive of depreciation and amortization, for the three months ended September 30, 2024 as compared to the same period in 2023 included a constant currency increase of approximately $156 million, or 6.4%, reflecting a $70 million increase in Technology & Analytics Solutions, a $88 million increase in Research & Development Solutions, and a $2 million decrease in Contract Sales & Medical Solutions.

The $183 million increase in cost of revenues, exclusive of depreciation and amortization, for the nine months ended September 30, 2024 as compared to the same period in 2023 included a constant currency increase of approximately $480 million, or 6.6%, reflecting a $154 million increase in Technology & Analytics Solutions, a $311 million increase in Research & Development Solutions, and a $15 million increase in Contract Sales & Medical Solutions.

The $87 million increase in cost of revenues, exclusive of depreciation and amortization, for the three months ended March 31, 2025 as compared to the same period in 2024 included a constant currency increase of approximately $137 million, or 5.6%, reflecting a $75 million increase in Technology & Analytics Solutions, a $63 million increase in Research & Development Solutions, and a $1 million decrease in Contract Sales & Medical Solutions.

Selling, General and Administrative Expenses

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(in millions)

2024 2023 2024 2023

Selling, general and administrative expenses $ 508 $ 508

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13.3 % 13.6 %

The $20 million increase in selling, general and administrative expenses for the three months ended September 30, 2024 as compared to the same period in 2023 included a constant currency increase of approximately $19 million, or 3.8%, reflecting a $8 million increase in Technology & Analytics Solutions, a $7 million increase in Research & Development Solutions, and a $4 million increase in general corporate and unallocated expenses.

The $42 million increase in selling, general and administrative expenses for the nine months ended September 30, 2024 as compared to the same period in 2023 included a constant currency increase of approximately $64 million, or 4.3%, reflecting a $37 million increase in Technology & Analytics Solutions, a $35 million increase in Research & Development Solutions, and a $2 million increase in Contract Sales & Medical Solutions, offset by a $10 million decrease in general corporate and unallocated expenses.

Selling, general and administrative expenses for the three months ended March 31, 2025 were consistent with the same period in 2024.

At constant currency, selling, general and administrative expenses increased approximately $8 million, or 1.6%, reflecting a $12 million increase in Technology & Analytics Solutions, a $3 million decrease in Research & Development Solutions, a $2 million decrease in Contract Sales & Medical Solutions, and a $1 million increase in general corporate and unallocated expenses.

Depreciation and Amortization

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2025 2024

1 unchanged sentence

% of revenues

7.1 % 7.9 % 7.1 % 7.3 %

The $19 million decrease in depreciation and amortization for the three months ended September 30, 2024 compared to the same period in 2023 was primarily the result of less amortization of intangible assets from acquisitions.

The $2 million increase in depreciation and amortization for the nine months ended September 30, 2024 compared to the same period in 2023 was primarily the result of an increase in amortization of capitalized software.

Depreciation and amortization was relatively consistent for the three months ended March 31, 2025 compared to the same period in 2024.

Restructuring Costs

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2025 2024

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Interest Income and Interest Expense

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2025 2024

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Interest income includes interest received primarily from bank balances and investments.

The decrease for the three months ended September 30, 2024 as compared to the same period in 2023 is primarily a result of lower global deposit rates.

The increase for the nine months ended September 30, 2024 as compared to the same period in 2023 is primarily a result of higher deposit rates.

Interest expense during the three months ended September 30, 2024 decreased compared to the same period in 2023 primarily due to lower debt balances.

For the nine months ended September 30, 2024, interest expense increased as a result of higher base rate interest costs across the floating rate debt portfolio.

Other Expense (Income), Net

Three Months Ended September 30, Nine Months Ended September 30,

Interest expense during the three months ended March 31, 2025, decreased compared to the same period in 2024 as a result of lower base rate interest costs across the floating rate debt portfolio.

Other Expense, Net

Three Months Ended March 31,

(in millions) 2025 2024

Other expense (income), net $ 44 $ (35) $ (12) $ (77)

Other expense (income), net for the three months ended September 30, 2024 increased compared to the same period in 2023 primarily due to foreign currency loss on transactions and to a lesser extent from revaluations of contingent consideration arrangements.

Other expense (income), net for the nine months ended September 30, 2024 decreased compared to the same period in 2023 primarily due to foreign currency loss on transactions.

Other expense, net $ 15 $ 11

Other expense, net for the three months ended March 31, 2025 was relatively consistent compared to the same period in 2024.

Income Tax Expense

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2025 2024

Income tax expense $ 61 $ 49

Our effective income tax rate was 18.6% and 14.6% in the third quarter of 2024 and 2023, and 16.8% and 18.7% in the first nine months of 2024 and 2023, respectively.

Our effective income tax rate in the third quarter and in the first nine months of 2024 was favorably impacted due to changes in the geographical mix of earnings amongst the United States and foreign tax jurisdictions.

Our effective income tax rate in the third quarter and first nine months of 2023 was favorably impacted by a reversal of uncertain tax positions relating to tax credit carryforwards in the amount of $21 million.

Our effective income tax rate in the third quarter and in the first nine months of 2024 and 2023 was also favorably impacted as a result of excess tax benefits recognized upon settlement of share-based compensation awards.

For both the third quarter of 2024 and 2023 this impact was $2 million, and for the first nine months of 2024 and 2023 this impact was $14 million and $12 million, respectively.

Numerous foreign jurisdictions have agreed to implement the OECD's Pillar 2 global corporate minimum tax rate of 15% on companies with revenues of at least €750 million, which went into effect in 2024.

We have continued to evaluate the effect of this through the end of the third quarter of 2024 and do not expect any material impacts for 2024.

We will continue to monitor in future periods as additional jurisdictions enact Pillar 2 legislation.

Our effective income tax rate was 18.9% and 14.4% in the first quarter of 2025 and 2024, respectively.

Our 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.

Our 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.

Our 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.

We have 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.

We 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.

Equity in Losses of Unconsolidated Affiliates

Three Months Ended March 31,

(in millions) 2025 2024

Equity in losses of unconsolidated affiliates $ (13) $ (3)

Equity in losses of unconsolidated affiliates increased in 2025 compared to 2024 due to the results in the operations of our unconsolidated affiliates.

Segment Results of Operations

Revenues and profit by segment are as follows:

Three Months Ended September 30, 2024 and 2023

Segment Revenues Segment Profit

(in millions) 2024 2023 2024 2023

Technology & Analytics Solutions $ 1,554 $ 1,431 $ 405 $ 355

Research & Development Solutions 2,162 2,122 498 495

Contract Sales & Medical Solutions 180 183 12 12

Total 3,896 3,736 915 862

General corporate and unallocated (59) (54)

Depreciation and amortization (278) (297)

Restructuring costs (28) (30)

Consolidated $ 3,896 $ 3,736 $ 550 $ 481

Nine Months Ended September 30, 2024 and 2023

Three Months Ended March 31, 2025 and 2024

Segment Revenues Segment Profit

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Total 3,829 3,737 831 827

General corporate and unallocated (147) (162)

General corporate and unallocated expenses (41) (42)

Depreciation and amortization (265) (264)

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Certain costs are not allocated to our 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.

We also do not allocate restructuring costs, depreciation and amortization, or impairment charges, if any, to our segments.

Technology & Analytics Solutions

Three Months Ended September 30, Change

(in millions) 2024 2023 $ %

Revenues $ 1,554 $ 1,431 $ 123 8.6 %

Cost of revenues, exclusive of depreciation and amortization 922 859 63 7.3

Selling, general and administrative expenses 227 217 10 4.6

Segment profit $ 405 $ 355 $ 50 14.1 %

Nine Months Ended September 30, Change

Three Months Ended March 31, Change

(in millions) 2025 2024 $ %

3 unchanged sentences

Segment profit $ 360 $ 335 $ 25 7.5 %

Technology & Analytics Solutions’ revenues were $1,554 million for the third quarter of 2024, an increase of $123 million, or 8.6%, over the same period in 2023.

This increase was comprised of constant currency revenue growth of approximately $118 million, or 8.2%, reflecting revenue growth primarily in the Europe and Africa region and to a lesser extent in the Americas region.

Technology & Analytics Solutions’ revenues were $4,502 million for the first nine months of 2024, an increase of $171 million, or 3.9%, over the same period in 2023.

Technology & Analytics Solutions’ revenues were $1,546 million for the first quarter of 2025, an increase of $93 million, or 6.4%, over the same period in 2024.

This increase was comprised of constant currency revenue growth of approximately $110 million, or 7.6%, reflecting revenue growth primarily in the Europe and Africa region and to a lesser extent in the Americas region.

The constant currency revenue growth for the three and nine months ended September 30, 2024 was primarily driven by an increase in information and technology services and to a lesser extent by real world services.

The constant currency revenue growth for the nine months ended September 30, 2024 was impacted by a decrease in COVID-19 related work.

The constant currency revenue growth for the three months ended March 31, 2025 was primarily driven by an increase in information and technology services and to a lesser extent by real world services.

Cost of Revenues, exclusive of Depreciation and Amortization

Technology & Analytics Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $63 million, or 7.3%, in the third quarter of 2024 over the same period in 2023.

This increase included a constant currency increase of approximately $70 million, or 8.1%.

Technology & Analytics Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $127 million, or 4.9%, in the first nine months of 2024 over the same period in 2023.

Technology & Analytics Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $60 million, or 6.7%, in the first quarter of 2025 over the same period in 2024.

This increase included a constant currency increase of approximately $75 million, or 8.4%.

The constant currency increase for the three and nine months ended September 30, 2024 was mainly related to an increase in compensation and related expenses, and to a lesser extent from increases in reimbursed expenses and costs of acquiring and processing data to support revenue growth.

The constant currency increase for the three months ended March 31, 2025 was primarily related to an increase in compensation and related expenses, and in reimbursed expenses to support revenue growth.

Selling, General and Administrative Expenses

Technology & Analytics Solutions’ selling, general and administrative expenses increased $10 million, or 4.6%, in the third quarter of 2024 as compared to the same period in 2023, which included a constant currency increase of approximately $8 million, or 3.7%.

Technology & Analytics Solutions’ selling, general and administrative expenses increased $29 million, or 4.4%, in the first nine months of 2024 as compared to the same period in 2023, which included a constant currency increase of approximately $37 million, or 5.7%.

The constant currency increase for the three and nine months ended September 30, 2024 was primarily related to an increase in compensation and related expenses.

Technology & Analytics Solutions’ selling, general and administrative expenses increased $8 million, or 3.5%, in the first quarter of 2025 as compared to the same period in 2024, which included a constant currency increase of approximately $12 million, or 5.2%.

The constant currency increase for the three months ended March 31, 2025 was primarily related to an increase in compensation and related expenses.

Research & Development Solutions

Three Months Ended September 30, Change

(in millions)

Revenues $ 2,162 $ 2,122 $ 40 1.9 %

Cost of revenues, exclusive of depreciation and amortization 1,442 1,410 32 2.3

Selling, general and administrative expenses 222 217 5 2.3

Segment profit $ 498 $ 495 $ 3 0.6 %

Nine Months Ended September 30, Change

Three Months Ended March 31, Change

(in millions)

3 unchanged sentences

Segment profit $ 460 $ 479 $ (19) (4.0) %

Research & Development Solutions’ contracted backlog increased from $29.7 billion as of December 31, 2023 to $31.1 billion as of September 30, 2024, and we expect approximately $7.8 billion of this backlog to convert to revenues in the next twelve months.

Research & Development Solutions’ revenues were $2,162 million for the third quarter of 2024, an increase of $40 million, or 1.9%, over the same period in 2023.

This increase was comprised of constant currency revenue growth of approximately $42 million, or 2.0%, reflecting revenue growth primarily in the Europe and Africa region.

Research & Development Solutions’ revenues were $6,404 million in the first nine months of 2024, an increase of $160 million, or 2.6%, over the same period in 2023.

This increase was comprised of constant currency revenue growth of approximately $189 million, or 3.0%, reflecting revenue growth primarily in the Europe and Africa region and to a lesser extent in the Asia-Pacific region.

The constant currency revenue growth for the three and nine months ended September 30, 2024 was primarily the result of volume-related increases in clinical services and to a lesser extent from volume-related increases in lab testing.

Research & Development Solutions’ contracted backlog increased from $31.1 billion as of December 31, 2024 to $31.5 billion as of March 31, 2025, and we expect approximately $7.9 billion of this backlog to convert to revenues in the next twelve months.

Research & Development Solutions’ revenues were $2,102 million for the first quarter of 2025, an increase of $7 million, or 0.3%, over the same period in 2024.

This increase was comprised of constant currency revenue growth of approximately $23 million, or 1.1%, reflecting revenue growth in the Asia-Pacific and Europe and Africa regions.

The constant currency revenue growth for the three months ended March 31, 2025 was primarily the result of volume-related increases in clinical services.

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

Cost of Revenues, exclusive of Depreciation and Amortization

Research & Development Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $32 million, or 2.3%, in the third quarter of 2024 over the same period in 2023.

This increase included a constant currency increase of approximately $88 million, or 6.2%.

Research & Development Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $55 million, or 1.3%, in the first nine months of 2024 over the same period in 2023.

Research & Development Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $31 million, or 2.2%, in the first quarter of 2025 over the same period in 2024.

This increase included a constant currency increase of approximately $63 million, or 4.5%.

The constant currency increase for the three and nine months ended September 30, 2024 was primarily related to an increase in compensation and related expenses as a result of volume-related increases in clinical services and lab testing.

The constant currency increase for the three months ended March 31, 2025 was primarily related to an increase in compensation and related expenses as a result of volume-related increases in clinical services.

Selling, General and Administrative Expenses

Research & Development Solutions’ selling, general and administrative expenses increased $5 million, or 2.3%, in the third quarter of 2024 as compared to the same period in 2023, which included a constant currency increase of approximately $7 million, or 3.2%.

Research & Development Solutions’ selling, general and administrative expenses increased $26 million, or 4.1%, in the first nine months of 2024 as compared to the same period in 2023, which included a constant currency increase of approximately $35 million, or 5.5%.

The constant currency increase for the three and nine months ended September 30, 2024 was primarily related to an increase in compensation and related expenses.

Research & Development Solutions’ selling, general and administrative expenses decreased $5 million, or 2.3%, in the first quarter of 2025 as compared to the same period in 2024, which included a constant currency decrease of approximately $3 million, or 1.4%.

The constant currency decrease for the three months ended March 31, 2025 was primarily related to a decrease in compensation and related expenses.

Contract Sales & Medical Solutions

Three Months Ended September 30, Change

(in millions)

Revenues $ 180 $ 183 $ (3) (1.6) %

Cost of revenues, exclusive of depreciation and amortization 154 157 (3) (1.9)

Selling, general and administrative expenses 14 14 — —

Segment profit $ 12 $ 12 $ — — %

Nine Months Ended September 30, Change

Three Months Ended March 31, Change

(in millions)

3 unchanged sentences

Segment profit $ 11 $ 13 $ (2) (15.4) %

Contract Sales & Medical Solutions’ revenues were $180 million for the third quarter of 2024, a decrease of $3 million, or 1.6%, over the same period in 2023.

Contract Sales & Medical Solutions’ revenues were $181 million for the first quarter of 2025, a decrease of $8 million, or 4.2%, over the same period in 2024.

This decrease was comprised of constant currency revenue decrease of approximately $4 million, or 2.1%.

Contract Sales & Medical Solutions’ revenues were $541 million in the first nine months of 2024, which is consistent with the same period in 2023.

The comparison to the same period in 2023 includes constant currency revenue growth of approximately $16 million, or 3.0%, reflecting revenue growth in the Europe and Africa region and to a lesser extent the Asia-Pacific region.

The constant currency revenue growth for the nine months ended September 30, 2024 was primarily due to volume-related increases in services performed.

The constant currency revenue decrease for the three months ended March 31, 2025 was primarily due to volume-related decreases in services performed.

Cost of Revenues, exclusive of Depreciation and Amortization

Contract Sales & Medical Solutions’ cost of revenues, exclusive of depreciation and amortization, decreased $3 million, or 1.9%, in the third quarter of 2024 as compared to the same period in 2023.

Contract Sales & Medical Solutions’ cost of revenues, exclusive of depreciation and amortization, decreased $4 million, or 2.5%, in the first quarter of 2025 as compared to the same period in 2024.

This decrease included a constant currency decrease of approximately $1 million, or 0.6%.

Contract Sales & Medical Solutions’ cost of revenues, exclusive of depreciation and amortization, increased $1 million, or 0.2%, in the first nine months of 2024 as compared to the same period in 2023.

This increase included a constant currency increase of approximately $15 million, or 3.3%.

The constant currency increase for the nine months ended September 30, 2024 was primarily related to an increase in costs associated with supporting revenue growth.

The constant currency decrease for the three months ended March 31, 2025 was primarily related to a decrease in compensation and related expenses.

Selling, General and Administrative Expenses

Contract Sales & Medical Solutions’ selling, general and administrative expenses in the third quarter of 2024 were consistent with the same period in 2023.

Contract Sales & Medical Solutions’ selling, general and administrative expenses increased $2 million, or 4.7%, in the first nine months of 2024 as compared to the same period in 2023, which included a constant currency increase of approximately $2 million, or 4.7%.

Contract Sales & Medical Solutions’ selling, general and administrative expenses decreased $2 million, or 12.5% in the first quarter of 2025 as compared to the same period in 2024.

This decrease included a constant currency decrease of $2 million, or 12.5%.

The constant currency decrease for the three months ended March 31, 2025 was primarily related to a decrease in compensation and related expenses.

Liquidity and Capital Resources

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We have and expect to transfer cash from those subsidiaries to the United States and to other international subsidiaries when it is cost effective to do so.

We had a cash balance of $1,572 million as of September 30, 2024 ($538 million of which was in the United States), an increase from $1,376 million as of December 31, 2023.

We had a cash balance of $1,740 million as of March 31, 2025 ($617 million of which was in the United States), an increase from $1,702 million as of December 31, 2024.

Based on our current operating plan, we believe that our available cash and cash equivalents, future cash flows from operations and our ability to access funds under our revolving credit and receivables financing facilities will enable us to fund our operating requirements, capital expenditures, contractual obligations, and meet debt obligations for at least the next 12 months.

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Equity Repurchase Program

As of September 30, 2024, the total stock repurchase authorization under our equity repurchase program (the “Repurchase Program”) was $11,725 million.

On February 5, 2025, our Board of Directors increased the stock repurchase authorization under our equity repurchase program (the "Repurchase Program") with respect to the repurchase of our 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 us to repurchase any particular amount of common stock, and it may be modified, extended, suspended or discontinued at any time.

During the nine months ended September 30, 2024, we repurchased 0.8 million shares of our common stock for $200 million under the Repurchase Program.

As of September 30, 2024, we had remaining authorization to repurchase up to $2,163 million of our common stock under the Repurchase Program.

During the three months ended March 31, 2025, we repurchased 2.3 million shares of our 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, we had remaining authorization to repurchase up to $2,588 million of our common stock under the Repurchase Program.

In addition, from time to time, we have repurchased and may continue to repurchase common stock through private or other transactions outside of the Repurchase Program.

As of September 30, 2024, we had $13,578 million of total indebtedness, excluding $1,995 million of additional available borrowings under our revolving credit facility.

Our long-term debt arrangements contain customary restrictive covenants and, as of September 30, 2024, we believe we were in compliance with our restrictive covenants in all material respects.

As of March 31, 2025, we had $14,389 million of total indebtedness, excluding $895 million of additional available borrowings under our revolving credit facility.

Our long-term debt arrangements contain customary restrictive covenants and, as of March 31, 2025, we believe we were in compliance with our restrictive covenants in all material respects.

Senior Secured Credit Facilities

As of September 30, 2024, our Fifth Amended and Restated Credit Agreement provided financing through the senior secured credit facilities of up to $6,688 million, which consisted of $4,693 million principal amounts of debt outstanding, and $1,995 million of available borrowing capacity on the revolving credit facility and standby letters of credit.

On March 10, 2025, we entered into an amendment (the “Amendment”) to our Fifth Amended and Restated Credit Agreement.

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 refinance our existing Term B-4 dollar loans and repay in full our existing Term B-2 Euro loans.

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, our Fifth Amended and Restated Credit Agreement provided financing through the senior secured credit facilities of up to $6,511 million, which consisted of $5,616 million principal amounts of debt outstanding, and $895 million of available borrowing capacity on the revolving credit facility and standby letters of credit.

See Note 7 to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional details regarding our credit arrangements.

Receivables Financing Facility

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

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

The SPE obtained a term loan and revolving loan commitment from third-party lenders, secured by liens on the assets of the SPE, to finance the purchase of the accounts receivable, which includes a $440 million term loan and a $110 million revolving loan commitment.

As of September 30, 2024, no additional amounts of revolving loans were available under the receivables financing facility.

Nine months ended September 30, 2024 and 2023

As of March 31, 2025, no additional amounts of revolving loans were available under the receivables financing facility.

Three months ended March 31, 2025 and 2024

Cash Flow from Operating Activities

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2025 2024

Net cash provided by operating activities $ 568 $ 522

Cash provided by operating activities increased $429 million during the first nine months of 2024 as compared to the same period in 2023.

The increase was due to an increase in cash from accounts receivable and unbilled services ($557 million) and from cash-related net income ($23 million), offset by a decrease in cash from other operating assets and liabilities ($94 million) and unearned income ($57 million).

Cash provided by operating activities increased $46 million during the first three months of 2025 as compared to the same period in 2024.

The increase was due to an increase in cash from accounts receivable and unbilled services ($73 million) and from cash-related net income ($26 million), offset by a decrease in cash from other operating assets and liabilities ($43 million), which includes $42 million in cash received related to the termination of our previous cross-currency swaps during the first three months of 2025, and unearned income ($10 million).

Cash Flow from Investing Activities

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2025 2024

Net cash used in investing activities $ (305) $ (314)

Cash used in investing activities decreased $257 million during the first nine months of 2024 as compared to the same period in 2023, primarily driven by less cash used for acquisitions of businesses ($220 million), investments in debt and equity securities ($34 million), acquisitions of property, equipment and software ($32 million), purchases of marketable securities, net ($4 million) and cash received from sale of property, equipment and software ($25 million), offset by more cash used in investments in unconsolidated affiliates, net ($52 million) and less cash from other ($6 million).

Cash used in investing activities decreased $9 million during the first three months of 2025 as compared to the same period in 2024, primarily driven by less cash used for investments in unconsolidated affiliates, net ($11 million), acquisitions of businesses ($8 million), acquisitions of property, equipment and software ($3 million), sales (purchases) of marketable securities, net ($3 million), and cash from other ($1 million), offset by more cash used in investments in debt and equity securities ($17 million).

Cash Flow from Financing Activities

Nine Months Ended September 30,

Three Months Ended March 31,

(in millions) 2025 2024

Net cash (used in) provided by financing activities $ (503) $ 38

Cash used in financing activities increased $541 million during the first nine months of 2024 as compared to the same period in 2023, primarily due to less cash from debt issuance, net ($1,231 million), more cash payments on debt and principal payments on finance leases ($12 million) and cash payments related to employee stock incentive plans ($3 million), offset by less cash used for repurchase of common stock ($563 million), for revolving credit facilities, net of repayments ($75 million) and payments for contingent consideration and deferred purchase price accruals ($67 million).

Net cash used in financing activities $ (258) $ (106)

Cash used in financing activities increased $152 million during the first three months of 2025 as compared to the same period in 2024, primarily due to more cash payments on debt and principal payments on finance leases ($2,053 million), repurchase of common stock ($375 million), and payments for contingent consideration and deferred purchase price accruals ($3 million), offset by more proceeds from issuance of debt, net ($1,979 million), revolving credit facilities, net of repayments ($275 million), and less cash used for payments related to employee stock incentive plans ($25 million).

Information about our Guarantors and the Issuer of our Guaranteed Securities

7 unchanged sentences

Each Guarantor subsidiary is consolidated by IQVIA Holdings Inc.

as of September 30, 2024 and December 31, 2023.

Refer to Exhibit 22.1 to this Quarterly Report on Form 10-Q for the detailed list of entities included within the obligated group as of September 30, 2024.

as of March 31, 2025 and December 31, 2024.

Refer to Exhibit 22.1 to this Quarterly Report on Form 10-Q for the detailed list of entities included within the obligated group as of March 31, 2025.

The guarantee of a Guarantor subsidiary with respect to the Notes will be automatically and unconditionally released and discharged and shall terminate and be of no further force and effect, and no further action by such Guarantor subsidiary, the Issuer, or U.S.

14 unchanged sentences

The following table contains summarized combined financial information from the Statements of Unaudited Condensed Consolidated Financial Position of the obligated group as of:

(in millions) September 30, 2024 December 31, 2023

(in millions) March 31, 2025 December 31, 2024

Total current assets (excluding amounts due from subsidiaries that are non-Guarantors) $ 629 $ 935

5 unchanged sentences

The following table contains summarized combined financial information from the Statements of Unaudited Condensed Consolidated Operations of the obligated group:

Nine months ended Twelve months ended

(in millions) September 30, 2024 December 31, 2023

Three months ended Twelve months ended

(in millions) March 31, 2025 December 31, 2024

Net revenues $ 1,832 $ 6,661

12 unchanged sentences

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-Q

Item 2. Management’s Discussion and Analysis