IQVIA Holdings Inc

Strong Q1 Financial Performance: IQVIA reported Q1 2025 revenue of $3,829 million, growing 2.5% year-over-year on a reported basis, and 3.5% at constant currency. Excluding COVID-related work, revenue growth was approximately 4.5%. Adjusted EBITDA increased 2.4%, while adjusted diluted EPS grew 6.3% to $2.70, indicating solid profitability amidst challenges.

Market Dynamics and Demand: The Technology & Analytics Solutions (TAS) segment showed robust performance, with revenue up 7.6% at constant currency driven by strong demand in real-world evidence (RWE) services. By contrast, the Research & Development Solutions (R&DS) segment experienced delays in decision-making due to macroeconomic uncertainty, leading to a more cautious funding environment, particularly for early-stage projects.

Record Backlog and Continued Opportunities: The R&DS backlog reached a record $31.5 billion, increasing 4.8% year-over-year. Qualified pipeline growth remains positive, driven primarily by large pharmaceutical clients. This suggests continued demand for services despite current uncertainties.