IQVIA Holdings Inc

Q2 performance beat (strong execution + improving organic growth): - IQVIA reported Q2 revenue $4.368B (+8.7% YoY reported; +8.5% constant currency)—above the high end of guidance. - Adjusted EBITDA $994M (+9.2% YoY)—also above the high end of guidance; management noted EBITDA margin began improving earlier than expected. - Adjusted diluted EPS $3.15 (+12.1% YoY)—above the high end; the EPS beat was attributed entirely to operational performance. - Organic growth accelerated to 6% YoY (called out as ~3x faster than a year ago).

Segment momentum + demand signals (bookings strength is a key “surprise” positive): - R&D Solutions: ~9% revenue growth, ~7% organic; net new bookings $3.15B (+19% YoY; +27% sequential); book-to-bill 1.22 (noted as especially strong because revenue was already up). - Long-cycle validation: “Last 12-month” net new bookings $11.3B (+13% YoY) and up in each of the past 4 quarters—management views this as evidence of a consistently improving demand/win-rate environment. - Commercial Solutions: ~5% organic (up from >4 points higher than last year); analytics & consulting high-single digits (highest since 2022); engagement + patient solutions double-digit growth; AI offerings gaining traction. - Market/demand indicators: strong RFP flow growth (double-digit YoY and sequential), shorter decision timelines, and EBP funding $35B (BioWorld) in Q2 2026—more than double Q2 2025.

Updated customer segment definitions + strategic implications (opportunity clearer): - To better benchmark peers, IQVIA updated classification: Large pharma = top 20 by Rx sales; Midsize = next 60; EBPs = everyone else. - Mix in R&D revenue: Large pharma ~50%, Midsize ~15%, EBPs ~35%—management emphasized EBPs are where much innovation is concentrated. - Structural tailwind: EBPs now ~70% of global clinical trial starts (vs ~45% a decade ago); EBP spend expected to grow 2–3x large pharma. - Management claims improving win rates with large pharma (via expanded preferred partnerships) is helping replace incumbents and increase share of wallet.