What changed in this filing

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Item 1. Business

2026-02-17 compared with 2025-02-13 · 62 added, 90 removed, 321 unchanged (32% of the section changed)

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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.

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

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 93,000 employees in over 100 countries, including experts in healthcare, life sciences, data science, technology and operational excellence, we are dedicated to accelerating the development and commercialization of innovative medical treatments to help improve patient outcomes and population health worldwide.

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Our insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviors and scientific advances, in an effort to advance their path toward cures.

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

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

Our scaled and growing information set contains approximately 68 petabytes of unique proprietary data sourced from approximately 150,000 data suppliers and covering over one million data feeds globally.

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We standardize, curate, structure and integrate this information by applying our sophisticated analytics and leveraging our global technology infrastructure.

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

This helps our clients run their organizations more efficiently and make better decisions to improve their clinical, commercial and financial performance.

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Project Management and Clinical Monitoring.

Drawing upon our years of experience, our site databases, our site relationships and our highly trained staff, our solutions and services enables the efficient conduct and coordination of multi-site clinical trials (generally Phase II-IV).

Our service offerings include protocol design, feasibility and operational planning, site start up, patient recruitment and clinical site monitoring.

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Beginning in the clinical trial stage, our services can deploy educators to clinical trial sites to accelerate patient recruitment and improve retention, assist in translation of complex clinical trial data into a compelling scientific platform and publication strategy, and, provide field medical teams to facilitate scientific engagement with key opinion leaders and healthcare decision makers, before and after product approval.

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

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

Sales to companies in life sciences, including pharmaceutical companies, biotechnology companies, device and diagnostic companies, and consumer health companies, account for the majority of our revenues.

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In addition to country-by-country competition, we have a number of regional and global competitors in the marketplace as well.

Our offerings compete with various firms, including Accenture, Aetion, Panalgo (a Norstella company), Cognizant Technology Solutions, Deloitte, Pharmaceutical Product Development, Inc.

Our offerings compete with various firms, including Accenture, Aetion (a Datavant company), Panalgo (a Norstella company), Cognizant Technology Solutions, Deloitte, Pharmaceutical Product Development, Inc.

(part of Thermo Fisher Scientific Inc.), Relx, IBM, Infosys, Oracle Health, McKinsey, NielsenIQ, Optum Insight (part of UnitedHealth Group), Parexel International Corporation, Press Ganey, RTI Health Solutions, ICON plc, Definitive Healthcare, Cegedim, Tempus, Merative, CompuGroup Medical, Medidata (Part of Dassault Systèmes), Clarivate, Veeva, and ZS Associates.

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

Some of our larger competitors include ICON plc, Parexel International Corporation, Pharmaceutical Product Development, Inc., and Syneos Health, among others.

Some of our larger competitors include ICON plc, Parexel International Corporation, Pharmaceutical Product Development, Inc.

(part of Thermo Fisher Scientific Inc.), and Syneos Health, among others.

Our Contract Sales & Medical Solutions business competes against the in-house sales and marketing departments of biopharmaceutical companies, other contract pharmaceutical sales and service organizations and consulting firms.

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To facilitate the disclosure of comparable, consistent, and reliable sustainability information, the 2025 Sustainability Report will be aligned with the Sustainability Accounting Standards Board ("SASB") and the Global Reporting Initiative ("GRI") reporting frameworks by including therein and reporting against their respective reporting standards indexes.

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

Government Regulation

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• work with leading researchers, policy makers, thought leaders and others in a variety of fields relevant to the application of effective privacy and security practices, including statistical, epidemiological and cryptographic sciences, legal, information security and compliance, and privacy.

We are an industry leader in de-identifying data.

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

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

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

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

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

We operate in more than 100 countries around the world, many of which have data protection and privacy laws and regulations based on similar core principles (e.g., openness, accountability, security safeguards, etc.).

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

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

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

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

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

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

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

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

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

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

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

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

This helps us to maintain high standards across the business, and supports our compliance with existing laws (e.g., clinical, employment, intellectual property, consumer protection, competition) and emerging AI regulation such as the European Union’s Artificial Intelligence Act (the "EU AI Act") and the Colorado AI Act.

Given the sensitive and complex nature of health-related information, developing and implementing AI for healthcare requires additional safeguards to address information governance requirements, including privacy and security, and clinical regulatory requirements, including good clinical practice, pharmacovigilance and the integrity and reliability of systems.

IQVIA Healthcare-grade AI ® supports our AI-powered offerings, engineered to meet the level of precision, speed, and trust needed by the industry.

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

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

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

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

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

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

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

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

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

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

• IQVIA employs an information security framework based on National Institute of Standards and Technology ("NIST"), Health Information Trust Alliance ("HITRUST") and other common standards to define the minimum level of security controls and safeguards for each type of content (see Item 1C Cybersecurity in this Annual Report on Form 10-K).

Human Capital

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

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

This commitment fosters their professional development and, in a competitive industry, contributes to our favorable attrition.

Board Oversight of Human Capital Management.

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

We seek to develop a working environment where employees feel engaged and supported, wanting to stay and grow with us.

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

We develop a working environment where employees feel engaged and supported, wanting to stay and grow with us.

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

Employee Engagement.

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

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

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

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

89% of employees who responded feel they are acquiring the knowledge and skills necessary to be effective in their roles, 7 points above the Fortune 500 Benchmark, with 9,700 employees participating in IQVIA’s Generative AI Masterclass Series.

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

We heard from 74,000 employees on average across our two surveys in 2025, equivalent to an average 84% response rate and maintained employee engagement across the organization.

91% of employees who responded feel they are acquiring the knowledge and skills necessary to be effective in their roles, 8 points above the Fortune 500 Benchmark.

85% of employees who responded see a clear link between their work and IQVIA’s vision, 6 points above the Fortune 500 Benchmark.

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

Building Community.

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

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

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

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

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

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

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

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

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

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

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

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

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

According to respondents, the most important elements of belonging include opportunities to learn and grow;

working in a supportive team environment;

and being involved in meaningful work.

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

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

Employee Health & Well-being.

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

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

Plans may include medical, dental, and vision coverage;

telemedicine and on-site medical care;

Our vision for a healthier world begins with our employees.

“Healthy You” is our global program focusing on building a healthy work environment where employees thrive and can maximize their potential, improving health outcomes for all.

The program focuses on five pillars:

work, finances, connections, minds and bodies.

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

In 2025, we strengthened this commitment by introducing programs that support employees at every stage of life, including resources for those managing chronic illness or cancer, and by expanding Hinge Health, our U.S.

digital physical therapy program, with specialized guidance for women’s health.

Complementing these initiatives is a comprehensive portfolio of benefits for employees and their families, tailored to location and country regulations, which may include medical, dental, and vision coverage;

telemedicine;

critical illness coverage;

disability, accidental death and dismemberment, pet and life insurance;

tuition reimbursement;

identity theft protection;

commuter benefits;

matching gift programs;

and locally relevant savings and retirement plans such as pensions.

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

We also provide paid leave for other life matters including sick time, bereavement, jury duty, military service, and time off for voting, depending on country specific policies.

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

“Healthy You” is our global program focusing on building a healthy work environment where employees thrive and can maximize their potential, improving health outcomes for all.

The program focuses on five pillars:

work, finances, connections, minds and bodies.

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

In addition, we provide parental leave for all full-time employees for the birth or adoption of a child, with leave duration varying by location, as well as paid time off for other life matters, including sick time, bereavement, jury duty, military service, and voting, subject to country-specific policies.

Our local Employee Assistance Programs ("EAPs") are available to our workforce worldwide.

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Talent & Learning.

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

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

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

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

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

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

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

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

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

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

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

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

Learning at IQVIA is not a one-size-fits-all approach.

Our offerings span business simulations, peer coaching, skills assessments, business projects, on-demand courses, short videos, live trainings, and quick reads.

We also continually explore how technology can enhance our training offerings, making AI-based training another key focus area.

For example, we used AI to develop a simulation of a fictional Alzheimer’s disease clinical trial where learners can practice the key skills needed to be a Clinical Research Associate.

In the Asia Pacific region, our 2024 AI employee program included training, a hackathon, and use-case-sharing — enabling participants to build confidence in using AI tools in their work.

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

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

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

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

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

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

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

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

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

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

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

The series offers differentiated learning tracks:

one for those eager to build a foundational understanding of AI and technology, and another for employees ready to deepen their expertise in advanced concepts.

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

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

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

We maintain a focus on building the strong leadership pipeline we need to ensure our long-term success, offering differentiated programs tailored to different levels and goals.

In 2024, over 1,099 employees from 48 countries participated in our enterprise leadership programs for key talent.

In 2025, over 2,000 employees from 71 countries participated in our enterprise leadership programs.

Several examples include:

• Global Leadership Development Program:

Designed to build the next generation of global leaders by developing their business acumen, strategy, and people leadership skills.

• Leader of the Future Portal (LOFT):

Continues to help our managers shift their mindsets to successfully lead high-performing teams in a hybrid work environment.

• Emerging Leader and Future Programs:

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

• General Management Acceleration Program:

Piloted in 2024 in the U.S.

and EMEA region, we created a program for future leaders within the Research and Development Solutions (R&DS) business to build our pipeline of individuals ready to fill a range of senior R&DS leadership roles.

Expansion to the Asia Pacific region is planned for 2025.

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

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

Health and Safety.

We are committed to maintaining a safe workplace that supports and promotes our employees’ health.

We adopt a safety-first mindset and continually look for ways to strengthen our procedures and practice, striving for safety excellence.

We incorporate environmental laws and regulations into our policies and procedures throughout our organization.

At the corporate level, we have group certifications to ISO 14001:2015 and ISO 45001:2018.

In accordance with both certifications, we have a robust, integrated Environmental, Health and Safety Management System ("EHSMS") with supporting standard operating procedures in place, which demonstrates our commitment to continuous improvement.

Under our EHSMS, all employees must actively participate in helping to maintain a safe, healthy, and secure work environment.

Our Code of Conduct describes the obligations of employees to maintain such an environment, follow all applicable safety and security rules and complete required training.

We are committed to maintaining a workplace that supports and promotes our employees’ health.

We adopt a safety-first mindset and continually look for ways to strengthen our procedures and practices, striving for excellence in safety and service delivery.

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

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

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

IQVIA operates laboratories in the Americas, Asia, Europe, South Africa, and the United Kingdom.

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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 1. Business