IQVIA Holdings Inc

Solid Full-Year Results: IQVIA achieved a 5.5% revenue growth at constant currency, excluding the COVID-related revenue decline, with adjusted diluted EPS growing over 9% year-over-year. Free cash flow reached a record $2.1 billion, up 41% compared to the previous year, representing 104% of adjusted net income.

Challenges in the R&D Solutions Segment: R&D Solutions (RDS) revenue for the fourth quarter decreased by 1% at constant currency, and while new bookings surpassed $2.5 billion, cancellations nearly 50% higher than the previous average created volatility. The impact of the Inflation Reduction Act caused delays in customer decision-making, contributing to higher cancellations.

Mixed ATS Performance: The Technology & Analytics Solutions (TAS) segment performed well, with revenue up 9.5% at constant currency in the fourth quarter. Real world evidence (RWE) growth returned to double digits, and continued demand for integrated solutions offers an optimistic outlook for the TAS business into 2025.