IQVIA Reports Strong Third-Quarter 2025 Results

For the quarter ending September 30, 2025, IQVIA reported total revenue of $4,100 million, marking a 5.2% increase on a reported basis and a 3.9% increase at constant currency compared to Q3 2024. This growth was driven by strong performances in key segments:

Additionally, the R&DS contracted backlog stood at $32.4 billion, a 4.1% year-over-year growth, with expectations of approximately $8.1 billion converting to revenue in the next twelve months.

IQVIA reported net new bookings of $2.6 billion for the third quarter, delivering a book-to-bill ratio of 1.15x. This success contributed to a trailing twelve-month book-to-bill ratio of 1.12x, indicating a healthy demand for IQVIA's services and a positive outlook for future revenue growth.

The company reported a GAAP net income of $331 million for the third quarter, translating to a GAAP diluted earnings per share (EPS) of $1.93. Adjusted figures showed an Adjusted EBITDA of $949 million, representing a 1.1% year-over-year increase. The Adjusted Net Income was reported at $515 million, with an Adjusted Diluted EPS of $3.00.

Ari Bousbib, chairman and CEO of IQVIA, expressed confidence in the company's performance, stating, “IQVIA delivered a strong quarter with revenue and profit towards the high-end of our guide, and record free cash flow generation.” He highlighted the robust demand across customer segments and noted a 20% year-over-year growth in Requests for Proposals (RFPs), reinforcing the company’s optimistic growth trajectory.

For the first nine months of 2025, IQVIA reported total revenue of $11,946 million, a 4.4% increase on a reported basis and 3.7% at constant currency. Key highlights include:

The year-to-date GAAP net income stood at $846 million, with a GAAP diluted EPS of $4.86. Adjusted net income for the period was $1,480 million, supporting an Adjusted Diluted EPS of $8.50.

As of September 30, 2025, IQVIA's cash and cash equivalents totaled $1,814 million, while total debt was reported at $14,957 million, resulting in a net debt of $13,143 million. The company's Net Leverage Ratio was 3.52x trailing twelve-month Adjusted EBITDA. Notably, for the third quarter, IQVIA reported Operating Cash Flow of $908 million and Free Cash Flow of $772 million.

Looking ahead, IQVIA reaffirmed its full-year 2025 guidance, narrowing revenue expectations to between $16,150 million and $16,250 million. The company anticipates an Adjusted EBITDA range of $3,775 million to $3,800 million, and an Adjusted Diluted EPS between $11.85 and $11.95. This guidance includes approximately $100 million of COVID-related revenue step-down in R&DS, along with positive contributions from acquisitions and favorable foreign exchange rates.

IQVIA's third-quarter results reflect a resilient business model and a strong market position within the life sciences and healthcare sectors. With sustained growth in revenue, profitability, and a solid backlog, the company is well-positioned to navigate future challenges and capitalize on emerging opportunities in the clinical research landscape. Investors and stakeholders will be keenly watching how IQVIA continues to leverage its capabilities in delivering innovative solutions and driving growth.