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IQV · IQVIA Holdings

14 filings

10-K

IQV 10-K Annual Reports

IQVIA Holdings - 14 annual reports

Filing record · 2016–202610-K1110-Q338-K130

2025
IQVIA Holdings Annual Report, Year Ended Dec 31, 2025
IQVIA Holdings Inc. (IQV) reported 2025 revenues of $16.31 billion, up 5.9% from $15.41 billion in 2024, with income from operations of $2.18 billion and diluted EPS of $7.84 compared with $7.49 in 2024. Technology & Analytics Solutions revenue rose 7.6% to $6.63 billion, and Research & Development Solutions revenue rose 4.3% to $8.90 billion, while its segment profit fell 3.9% to $1.87 billion. Management described 2025 as a year in which macroeconomic uncertainty slowed client decision-making. Contracted R&D backlog grew to $32.7 billion, and total remaining performance obligations were approximately $34.2 billion. Cash flow from operations was $2.65 billion, and the company spent $1.71 billion, net of cash, on acquisitions across all three segments. Total indebtedness was $15.80 billion at year end, including the $2.0 billion 6.250% senior notes due 2032 issued in June 2025. The company repurchased 7.4 million shares for $1.24 billion during the year, and $1.77 billion remained under its repurchase authorization at December 31, 2025. Starting January 1, 2026, IQVIA will report two segments, Commercial Solutions and Research & Development Solutions, with Contract Sales & Medical Solutions folded into Commercial Solutions and certain Real-World offerings moved to R&D Solutions. Restructuring costs rose to $105 million in 2025, and the company expects restructuring actions to continue through 2026.
Feb 17, 2026
2024
IQVIA Holdings Annual Report, Year Ended Dec 31, 2024
IQVIA Holdings Inc. reported 2024 revenues of $15.41 billion, up $421 million, or 2.8%, from $14.98 billion in 2023, with constant currency revenue growth of approximately $510 million, or 3.4%. Income from operations rose to $2,202 million from $1,977 million, and net income increased to $1,373 million from $1,358 million. Diluted EPS was $7.49, compared with $7.29 in 2023. Cash provided by operating activities increased to $2,716 million from $2,149 million, which the filing attributes primarily to higher cash from accounts receivable and unbilled services. The company ended the year with its highest-ever total remaining performance obligations of approximately $33.5 billion. By segment, Technology & Analytics Solutions revenue grew 5.1% to $6,160 million and Research & Development Solutions grew 1.6% to $8,527 million, while Contract Sales & Medical Solutions declined 1.2% to $718 million. Research & Development Solutions contracted backlog rose to $31.1 billion from $29.7 billion, with approximately $7.9 billion expected to convert to revenue in the next 12 months. Management noted challenges in Research & Development Solutions in the latter half of 2024 that it expects may persist into 2025, which it considers more short-term in nature. Balance sheet and capital allocation: cash and cash equivalents were $1,702 million at year-end, against total indebtedness of $14,045 million and $825 million drawn under a $2,000 million revolving credit facility. The company repurchased 6.4 million shares for $1,350 million in 2024, and on February 5, 2025 the Board added $2,000 million to the repurchase authorization, bringing the total authorized to $13,725 million. Remaining authorization as of December 31, 2024 was $1,013 million. The company paid no dividends in 2024 or 2023.
Feb 13, 2025
2023
IQVIA Holdings Annual Report, Year Ended Dec 31, 2023
IQVIA Holdings Inc. reported 2023 revenues of $14.98 billion, up $574 million, or 4.0%, from $14.41 billion in 2022, with income from operations of $1.98 billion and net income of $1.36 billion, or $7.29 diluted EPS, compared with $1.09 billion and $5.72 in 2022. Research & Development Solutions drove growth, with revenues of $8.40 billion (up 6.0%) and segment profit of $1.92 billion, while Technology & Analytics Solutions revenues rose 2.0% to $5.86 billion and Contract Sales & Medical Solutions declined 2.2% to $727 million. Management highlighted record remaining performance obligations of approximately $31.7 billion and R&D contracted backlog of $29.7 billion, though it noted a more cautious spending environment for Technology & Analytics Solutions clients. The company's effective tax rate fell to 6.9% from 19.1%, largely due to a $125 million benefit from an internal legal entity restructuring, which contributed meaningfully to the earnings increase. Operating cash flow declined to $2.15 billion from $2.26 billion. Total debt was $13.75 billion at year-end, and the company ended the year with $1.38 billion in cash, after issuing $1.5 billion of incremental Term B-4 loans and $1.25 billion of 6.250% senior secured notes due 2029 in November 2023, along with $750 million of 5.700% senior secured notes due 2028 and $500 million of 6.500% senior notes due 2030 in May 2023. IQVIA repurchased $992 million of common stock in 2023 and had $2.36 billion remaining under its repurchase authorization. Risk factors highlighted client contract cancellations and delays, data-supplier dependence, data privacy regulation, and the pending Veeva litigation, in which the company is the plaintiff and Veeva has counterclaimed for damages in excess of $200 million.
Feb 15, 2024
2022
IQVIA Holdings Annual Report, Year Ended Dec 31, 2022
IQVIA Holdings Inc. reported 2022 revenues of $14.41 billion, up 3.9% from $13.87 billion in 2021, with constant currency revenue growth of approximately $1,084 million, or 7.8%. Income from operations rose to $1.80 billion from $1.39 billion, and net income attributable to IQVIA Holdings Inc. was $1.09 billion, or $5.72 per diluted share, compared with $4.95 in 2021. Research & Development Solutions was the largest growth driver, with segment revenue of $7.92 billion and segment profit of $1.70 billion, and its contracted backlog grew to $27.2 billion from $24.8 billion. Technology & Analytics Solutions generated $5.75 billion in revenue and $1.55 billion in segment profit, while Contract Sales & Medical Solutions revenue declined 5.2% to $743 million. The balance sheet carried $12.8 billion of total indebtedness at December 31, 2022, against cash and cash equivalents of $1.22 billion. Operating cash flow fell to $2.26 billion from $2.94 billion, mainly due to lower unearned income inflows. The company repurchased 5.5 million shares for approximately $1.17 billion in 2022, and about $1.36 billion remained under the Repurchase Program. Management noted continued COVID-19-related revenue declines expected in 2023, wage inflation and staffing pressures, and accelerated productivity initiatives aimed at mitigating these effects in 2023. The company disclosed remaining performance obligations of approximately $29.2 billion at year-end, with about 30% expected to be recognized over the next twelve months. Interest expense rose to $416 million from $375 million on higher floating-rate borrowing costs, and the company entered into new interest rate swaps with a combined notional value of $1 billion on January 3, 2023.
Feb 15, 2023
2021
IQVIA Holdings Annual Report, Year Ended Dec 31, 2021
IQVIA Holdings Inc. reported 2021 revenues of $13.87 billion, up $2,515 million (22.1%) from $11,359 million in 2020, driven by Research & Development Solutions revenue growth of $1,796 million (31.2%) and Technology & Analytics Solutions growth of $676 million (13.9%). Income from operations rose to $1,393 million from $731 million, and net income attributable to IQVIA Holdings Inc. was $966 million, or $4.95 per diluted share, versus $279 million, or $1.43, in 2020. Operating cash flow was $2,942 million, compared with $1,959 million a year earlier, while cash and cash equivalents ended the year at $1,366 million. Management attributed much of the R&D growth to large COVID-19 vaccine clinical trials and the delayed trial activity that restarted in 2021. Balance sheet and capital allocation: total debt was $12.2 billion at year-end, with $1.4 billion of available revolver capacity. IQVIA acquired the 40% non-controlling interest in Q2 Solutions from Quest for about $758 million in April 2021 and spent $395 million repurchasing 1.7 million shares. On February 10, 2022, the Board added $2.0 billion to the repurchase authorization, bringing the total to $9.725 billion, with about $2.5 billion remaining. Research & Development Solutions backlog grew to $24.8 billion, of which about $7.0 billion is expected to convert to revenue within 12 months. Key risks include client contract terminations (most R&D clients can terminate on 30 to 90 days' notice), data protection and privacy regulation, dependence on third-party data suppliers, cybersecurity exposure, and the Veeva litigation, in which the court issued an order in May 2021 finding evidence of misappropriation that Veeva is appealing.
Feb 16, 2022
2020
IQVIA Holdings Annual Report, Year Ended Dec 31, 2020
IQVIA Holdings Inc. (NYSE: IQV) reported 2020 revenues of $11.36 billion, up 2.4% from $11.09 billion in 2019, with constant currency revenue growth of approximately 2.3%. Growth was driven by Technology & Analytics Solutions, whose revenues rose 8.3% to $4.86 billion, while Research & Development Solutions was roughly flat at $5.76 billion (down 0.5%) and Contract Sales & Medical Solutions fell 9.0% to $741 million. The filing states that COVID-19 disrupted on-site clinical monitoring and face-to-face offerings, though the company said its Real-World business had strong growth and that R&D backlog rose to $22.6 billion from $19.0 billion. Net income attributable to IQVIA Holdings Inc. was $279 million, or $1.43 per diluted share, compared with $191 million, or $0.96 per diluted share, in 2019. Income from operations was $731 million versus $777 million, and operating cash flow increased to $1.96 billion from $1.42 billion. Cash and cash equivalents ended the year at $1.81 billion, against total debt of $12.6 billion, and the $1.5 billion revolving credit facility was undrawn. Capital allocation was modest in 2020: the company repurchased $423.1 million of common stock, leaving $0.9 billion of authorization under the Repurchase Program, and it paid no dividends. The filing also describes ongoing litigation, including a Veeva Systems dispute and Korean privacy matters, that management does not expect to be materially adverse.
Feb 12, 2021
2019
IQVIA Holdings Annual Report, Year Ended Dec 31, 2019
IQVIA Holdings Inc. reported 2019 revenues of $11.09 billion, up 6.5% from $10.41 billion in 2018, with constant currency revenue growth of approximately $835 million, or 8.0%. Net income attributable to IQVIA Holdings Inc. fell to $191 million from $259 million, and diluted EPS was $0.96 versus $1.24. Income from operations rose to $777 million from $741 million. Research & Development Solutions was the largest segment at $5.79 billion of revenue and $1.14 billion of segment profit, and contracted R&D backlog grew to $19.0 billion from $17.1 billion. Technology & Analytics Solutions generated $4.49 billion of revenue and $1.10 billion of segment profit. Cash generation and capital allocation were central to the year. Cash from operating activities was $1.42 billion, up from $1.25 billion, and capital expenditures were $582 million. The company repurchased 6,605,804 shares for approximately $944.8 million under its Repurchase Program, leaving $1.3 billion of remaining authorization, and total debt stood at $11.7 billion at year-end. Cash and cash equivalents were $837 million. The company issued $1.1 billion of 5.00% senior notes due 2027 and €720 million of 2.25% senior notes due 2028, and used proceeds to redeem its 4.875% senior notes due 2023. The filing highlights several risks for investors: most R&D Solutions contracts can be terminated on 30 to 90 days notice, the company has significant leverage, and it faces ongoing litigation, including a lawsuit from Veeva Systems Inc. claiming damages in excess of $200 million. The company does not plan to pay regular dividends. Its auditor, PricewaterhouseCoopers LLP, issued an unqualified opinion on the financial statements and on internal control over financial reporting as of December 31, 2019.
Feb 18, 2020
2018
IQVIA Holdings Annual Report, Year Ended Dec 31, 2018
IQVIA Holdings Inc. (NYSE: IQV) reported 2018 revenues of $10.41 billion, up $710 million or 7.3% from $9.70 billion in 2017, with constant currency growth of approximately $664 million (6.8%). Net income attributable to IQVIA Holdings was $1.28 billion in 2018 (diluted EPS $1.24), compared with $1.28 billion in 2017 and diluted EPS of $5.74 that year, a figure inflated by a $966 million deferred tax benefit from the Tax Act. Income from operations is not stated as a single figure in the extracted text, but segment profit totaled $2.21 billion, with Technology & Analytics Solutions at $1.02 billion and Research & Development Solutions at $1.13 billion. Research & Development Solutions backlog reached $17.13 billion at December 31, 2018, with about $4.8 billion expected to convert to revenue in the next 12 months. The balance sheet carried $11.06 billion of total debt against $891 million of cash and cash equivalents at year end. The company repurchased $1.40 billion of common stock in 2018 under its $5.725 billion Repurchase Program, and the Board authorized an additional $2.0 billion on February 13, 2019, leaving approximately $2.3 billion of remaining authorization. Operating cash flow was $1.25 billion. Key risks disclosed include client contract termination on 30 to 90 days notice, data protection and privacy regulation (including the pending Korean privacy litigation and indictments), a $200 million-plus counterclaim by Veeva Systems, and a GSA contract noncompliance matter whose outcome the company cannot yet determine.
Feb 19, 2019
2017
IQVIA Holdings Annual Report, Year Ended Dec 31, 2017
IQVIA Holdings Inc. (filed as Quintiles IMS Holdings, Inc. at the time of filing; renamed IQVIA Holdings Inc. effective November 6, 2017, with ticker IQV from November 15, 2017) reports fiscal 2017 results following its October 3, 2016 merger of equals with IMS Health. Total revenues were $9.74 billion in 2017, up from $6.88 billion in 2016, and revenues excluding reimbursed expenses were $8.06 billion, up $2.70 billion, or 50.3%, with the Merger contributing $2,557 million of the increase. Income from operations was not reported as a standalone figure in the extracted text, but net income attributable to IQVIA Holdings Inc. was $1,309 million, or $5.88 diluted EPS, compared with $0.76 in 2016; the result was boosted by a $977 million provisional tax benefit from the Tax Cuts and Jobs Act, which produced an effective tax rate of (298.2)%. The company's three segments were Commercial Solutions ($3,630 million revenue), Research & Development Solutions ($3,647 million) and Integrated Engagement Services ($783 million). Ending backlog in R&D Solutions was $10.54 billion, and net new business for the twelve months was $4.54 billion. Total debt was $10.3 billion at year-end, and the company repurchased 30.9 million shares for approximately $2.6 billion during 2017. On February 14, 2018, the board raised the post-merger repurchase authorization by $1.5 billion to $5.0 billion, with $1.7 billion remaining. The filing also details ongoing legal matters, including a Veeva Systems lawsuit in which Veeva counterclaimed for damages in excess of $200 million, Korean privacy litigation and indictments, and a U.S. government contract compliance review whose outcome the company cannot yet determine. Management states that none of these matters is expected to have a material adverse effect, though unfavorable outcomes could be material in the period resolved.
Feb 16, 2018
2016
IQVIA Holdings Annual Report, Year Ended Dec 31, 2016
Quintiles IMS Holdings, Inc. reported full-year 2016 results that reflect the October 3, 2016 merger of equals with IMS Health. Revenues rose to $5,364 million in 2016 from $4,326 million in 2015, and total revenues including reimbursed expenses were $6,878 million. Growth was driven largely by the Merger, which contributed $806 million of revenue in Commercial Solutions. Income from operations was $642 million versus $646 million in 2015, and net income attributable to the company was $115 million, or $0.76 per diluted share, compared with $387 million in 2015. The drop in net income reflects a $252 million income tax charge tied to a change in the company's indefinite reinvestment assertion on foreign earnings, along with $87 million of merger-related costs and $28 million of impairment charges. The effective tax rate rose to 72.0% from 29.5%. Balance sheet and cash flow changed sharply with the Merger. Total assets were $21,208 million at year-end 2016, up from $3,926 million, and goodwill rose to $10,727 million. Total debt was $7.2 billion, and stockholders' equity was $8,860 million, compared with a deficit of $336 million a year earlier. Operating cash flow was $860 million, and the company repurchased $1,098 million of common stock under its repurchase program during 2016. On February 12, 2017, the board increased the repurchase authorization by $1.0 billion, leaving approximately $1.5 billion available. The Research & Development Solutions segment, the largest at $3,472 million of revenue, ended 2016 with a backlog of $9.5 billion, of which $2.9 billion is expected to convert to revenue in the next 12 months. Management noted that the Shareholders Agreement parties own about 41.4% of common stock, which gives them significant influence over stockholder votes. Investors should weigh the post-Merger leverage, goodwill and intangible concentration, and governance influence alongside the higher reported revenue base.
Feb 16, 2017
2015
IQVIA Holdings Annual Report, Year Ended Dec 31, 2015
Quintiles Transnational Holdings Inc. (now IQVIA Holdings Inc.) reported 2015 service revenues of $4.33 billion, up $160.6 million, or 3.9%, from 2014 at actual exchange rates, and net income attributable to the company of $387.2 million, or diluted EPS of $3.08. Constant-currency service revenue growth was 9.0%, and foreign currency fluctuations reduced reported growth by approximately $212.3 million. Product Development generated about 74% of service revenues and Integrated Healthcare Services about 26%. Income from operations rose to $646.6 million from $590.4 million. Net new business was $5.32 billion, down 5.1% from $5.60 billion in 2014, while backlog grew to $12.04 billion from $11.24 billion. Management estimates that about $8.19 billion of year-end backlog will not convert to revenue in 2016. The company had $2.5 billion of total indebtedness at year-end and $977.2 million of cash. In May 2015 it refinanced with $1.95 billion of new senior secured facilities and $800 million of 4.875% senior notes due 2023. The joint venture Q2 Solutions with Quest Diagnostics, in which the company holds 60%, was formed in July 2015. Share repurchases were significant: $515.0 million of common stock was bought back in 2015, leaving $144.5 million of authorization. The company paid no dividends in 2015 or 2014. A February 2016 restructuring plan of approximately $22 million is expected to reduce 2016 service revenues by roughly $18 million to $20 million.
Feb 11, 2016
2014
IQVIA Holdings Annual Report, Year Ended Dec 31, 2014
Quintiles Transnational Holdings Inc. reported service revenues of $4.17 billion for 2014, up from $3.81 billion in 2013, with income from operations of $590.4 million and net income attributable to the company of $356.4 million (diluted EPS of $2.72). Product Development generated 74.4% of service revenues and Integrated Healthcare Services 25.6%. The company ended 2014 with backlog of $11.24 billion, up from $9.86 billion, and net new business of $5.60 billion, up 14% from $4.90 billion in 2013. The balance sheet carries significant leverage. At December 31, 2014 the company had total assets of $3.31 billion, total liabilities of $4.01 billion and a shareholders' deficit of $704 million, with $2.29 billion of total indebtedness. Operating cash flow was $431.8 million, and cash and equivalents were $867.4 million. During 2014 the company repurchased roughly $415 million of common stock, including a $250.0 million secondary-related repurchase and a $165.1 million private repurchase from TPG Quintiles Holdco, and it acquired Encore Health Resources for about $91.5 million in cash. The filing also flags governance and structural considerations. The company is transitioning away from controlled-company status under NYSE rules, parties to the Shareholders Agreement own about 41.5% of outstanding shares, and the company does not currently plan regular dividends. In February 2015 the Board approved a restructuring plan of approximately $30.0 million to be executed through 2015 and 2016.
Feb 12, 2015
2013-A
IQVIA Holdings Annual Report (Amendment), Year Ended Dec 31, 2013
This Amendment No. 1 to the Form 10-K of Quintiles Transnational Holdings Inc. (for the year ended December 31, 2013, originally filed February 13, 2014) was filed to present the Part III information required by the Form 10-K: directors and executive officers, executive compensation, security ownership, related person transactions, and principal accountant fees. The amendment also restates the signature page, Section 302 certifications, and Item 15 with the Exhibit Index. It states that no financial statements are contained in the amendment and that the financial statements were included in the original Form 10-K. The compensation disclosures show that 2013 was the company's IPO year, completed in May 2013 with the stock listed on the NYSE under the symbol "Q." The filing reports service revenues of $3.8 billion, revenue growth of $116.0 million year over year, and diluted earnings per share of $1.77 compared with $1.51 in 2012. The management incentive plan bonus pool was $171.6 million, funded from an operating surplus of $742.9 million at a fixed exchange rate, which was 113.1% of a $656.9 million target. Ownership is concentrated: parties to the Shareholders Agreement (Dr. Gillings, Bain Capital, the TPG Funds, and 3i) collectively beneficially owned 64.9% of the 129,922,407 shares outstanding as of February 18, 2014. The company also reports that PricewaterhouseCoopers LLP billed total fees of $5,157 thousand for 2013, of which $4,990 thousand was audit fees.
Feb 21, 2014
2013
IQVIA Holdings Annual Report, Year Ended Dec 31, 2013
Quintiles Transnational Holdings Inc. (now IQVIA Holdings Inc.) reported in its annual report for fiscal 2013 that it is the world's largest provider of biopharmaceutical development and commercial outsourcing services, with $3.8 billion of service revenues, operations in approximately 100 countries and about 28,200 employees. Service revenues rose $116.0 million, or 3.1%, from 2012, and net income attributable to shareholders was $226.6 million, versus $177.5 million in 2012. Product Development generated $2.9 billion of service revenues and $562.3 million of segment income from operations, while Integrated Healthcare Services declined to $888.6 million in service revenues, with segment income falling to $42.1 million from $60.5 million. Net new business grew 9% to $4.9 billion and backlog reached $9.9 billion at December 31, 2013, up from $8.7 billion a year earlier, though the filing notes that approximately $6.3 billion of backlog is not expected to generate revenue in the next 12 months. The company completed its IPO on the NYSE in May 2013 at $40.00 per share, raising about $489.6 million in net proceeds, which were used to repay debt, pay a $25.0 million management agreement termination fee, and partly fund the $146.6 million acquisition of Novella Clinical. No dividends were declared or paid in 2013, and the company states it does not currently intend to pay dividends. Leverage remains significant: total debt and capital leases were $2.06 billion and the shareholders' deficit was $667.5 million at year-end. Cash rose to $778.1 million, and the company refinanced its senior secured debt into a $2.061 billion Term Loan B-3 due 2018. The filing also notes that shareholders party to the Shareholders Agreement hold about 65% of common stock, making the company a controlled company under NYSE rules.
Feb 13, 2014