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Jun 30, 2025
IQVIA Q2 2025 Earnings Report
IQVIA reported solid Q2 2025 results with revenue growth and strong TAS performance.
Key Takeaways
IQVIA delivered revenue above target and net income at the high end of expectations, driven by strong TAS growth and improved R&D demand indicators.
Revenue reached $4.02 billion, up 5.3% year-over-year.
Net income was $266 million with EPS of $1.54.
TAS segment showed 8.9% year-over-year growth.
R&D bookings rose with a 1.12x book-to-bill ratio.
Revenue by Segment
Forward Guidance
IQVIA updated its 2025 guidance, projecting revenue between $16.1B and $16.3B and Adjusted EPS of $11.75-$12.05.
Positive Outlook
- Revenue guidance raised to $16.1B–$16.3B.
- Adjusted EBITDA expected at $3.75B–$3.83B.
- Positive foreign exchange tailwinds of ~100 basis points.
- Acquisitions expected to contribute ~150 basis points.
- Improved forward-looking demand indicators in R&D bookings.
Challenges Ahead
- Approximately $100M revenue step-down from COVID-related work.
- High net leverage ratio at 3.61x trailing twelve-month Adjusted EBITDA.
- Continued high debt level of $15.49B.
- R&D revenue growth remains modest compared to TAS segment.
- Macroeconomic uncertainties and regulatory risks noted in forward-looking statements.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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