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    IQVIA Reports First-Quarter 2025 Results

    5/6/25 7:00:00 AM ET
    $IQV
    Biotechnology: Commercial Physical & Biological Resarch
    Health Care
    Get the next $IQV alert in real time by email
    • Revenue of $3,829 million
    • GAAP Net Income of $249 million, Adjusted EBITDA of $883 million
    • GAAP Diluted Earnings per Share of $1.40, Adjusted Diluted Earnings per Share of $2.70
    • R&D Solutions quarterly bookings of $2.1 billion, resulting in trailing-twelve-month bookings of $9.7 billion and a trailing-twelve-month book-to-bill ratio of 1.14x
    • R&D Solutions contracted backlog of $31.5 billion, up 4.8 percent year-over-year
    • TAS Revenue of $1,546 million, up 6.4 percent reported year-over-year and 7.6 percent at constant currency
    • Operating Cash Flow of $568 million and Free Cash Flow of $426 million, up 13 percent year-over-year, representing 89 percent of Adjusted Net Income
    • Repurchased $425 million of common stock
    • Raised full-year revenue guidance by $275 million to reflect more favorable foreign currency exchange rates; reaffirmed profit guidance

    IQVIA Holdings Inc. ("IQVIA") (NYSE:IQV), a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries, today reported financial results for the quarter ended March 31, 2025.

    First-Quarter 2025 Operating Results

    Revenue for the first quarter of $3,829 million increased 2.5 percent on a reported basis and 3.5 percent at constant currency, compared to the first quarter of 2024. Technology & Analytics Solutions (TAS) revenue of $1,546 million increased 6.4 percent on a reported basis and 7.6 percent at constant currency. Research & Development Solutions (R&DS) revenue of $2,102 million increased 0.3 percent on a reported basis and 1.1 percent at constant currency. Excluding reimbursed expenses, R&DS revenue grew 1.2 percent on a reported basis. Contract Sales & Medical Solutions (CSMS) revenue of $181 million decreased 4.2 percent on a reported basis and 2.1 percent at constant currency.

    As of March 31, 2025, R&DS contracted backlog, including reimbursed expenses, was $31.5 billion, growing 4.8 percent year-over-year and 4.6 percent at constant currency. The company expects approximately $7.9 billion of this backlog to convert to revenue in the next twelve months. First quarter net new bookings were $2.1 billion, representing a book-to-bill ratio of 1.02x, and resulting in a trailing-twelve-month book-to-bill ratio of 1.14x.

    First-quarter GAAP Net Income was $249 million and GAAP Diluted Earnings per Share was $1.40. Adjusted EBITDA was $883 million, up 2.4 percent year-over-year. Adjusted Net Income was $479 million and Adjusted Diluted Earnings per Share was $2.70, up 2.4 percent and 6.3 percent, respectively.

    "IQVIA delivered strong revenue and profit performance, at the high-end of our expectations," said Ari Bousbib, chairman and CEO of IQVIA. "In the clinical trial business, we experienced delayed decision-making by customers on new programs, reflecting incremental macroeconomic and industry sector uncertainty. Despite the environment, our R&DS forward-looking indicators such as qualified pipeline, RFP flow, and backlog continued to grow. On the commercial side, the TAS business delivered above target performance, with revenue growth of 7.6 percent at constant currency. Our strong financial results demonstrate that we are navigating the current market conditions more effectively than our sector, reflecting the scale and strength of our differentiated portfolio and the resilience of our operational execution."

    Financial Position

    As of March 31, 2025, cash and cash equivalents were $1,740 million and debt was $14,330 million, resulting in net debt of $12,590 million. IQVIA's Net Leverage Ratio was 3.40x trailing twelve-month Adjusted EBITDA. For the first quarter, Operating Cash Flow was $568 million and Free Cash Flow was $426 million.

    Share Repurchase

    During the first quarter of 2025, the company repurchased $425 million of its common stock. IQVIA had $2,588 million of share repurchase authorization remaining as of March 31, 2025.

    Full-Year 2025 Guidance

    To reflect the favorable change in foreign currency exchange rates since the company released its prior guidance, the company is raising its full-year 2025 revenue guidance to be between $16,000 million and $16,400 million. The company reaffirms its profit guidance of Adjusted EBITDA between $3,765 million and $3,885 million, and Adjusted Diluted Earnings per Share between $11.70 and $12.10.

    All financial guidance assumes foreign currency exchange rates as of May 5, 2025 remain in effect for the forecast period.

    Webcast & Conference Call Details

    IQVIA will host a conference call at 9:00 a.m. Eastern Time today to discuss its first-quarter 2025 results and its second-quarter and full-year 2025 guidance. To listen to the event and view the presentation slides via webcast, join from the IQVIA Investor Relations website at http://ir.iqvia.com. To participate in the conference call, interested parties must register in advance by clicking on this link. Following registration, participants will receive a confirmation email containing details on how to join the conference call, including the dial-in and a unique passcode and registrant ID. At the time of the live event, registered participants connect to the call using the information provided in the confirmation email and will be placed directly into the call.

    About IQVIA

    IQVIA (NYSE:IQV) is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries. IQVIA's portfolio of solutions are powered by IQVIA Connected Intelligence™ to deliver actionable insights and services built on high-quality health data, Healthcare-grade AI™, advanced analytics, the latest technologies and extensive domain expertise. IQVIA is committed to using artificial intelligence ("AI") responsibly, with AI-powered capabilities built on best-in-class approaches to privacy, regulatory compliance and patient safety, and delivering AI to the high standards of trust, scalability and precision demanded by the industry. With approximately 89,000 employees in over 100 countries, including experts in healthcare, life sciences, data science, technology and operational excellence, IQVIA is dedicated to accelerating the development and commercialization of innovative medical treatments to help improve patient outcomes and population health worldwide.

    IQVIA is a global leader in protecting individual patient privacy. The company uses a wide variety of privacy-enhancing technologies and safeguards to protect individual privacy while generating and analyzing information on a scale that helps healthcare stakeholders identify disease patterns and correlate with the precise treatment path and therapy needed for better outcomes. IQVIA's insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviors and scientific advances, in an effort to advance their path toward cures. To learn more, visit www.iqvia.com.

    Cautionary Statements Regarding Forward-Looking Statements

    This press release contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, our full-year 2025 guidance. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "assume," "anticipate," "intend," "plan," "forecast," "believe," "seek," "see," "will," "would," "target," similar expressions, and variations or negatives of these words that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from our expectations due to a number of factors, including, but not limited to, the following: business disruptions caused by natural disasters, pandemics such as the COVID-19 (coronavirus) outbreak, including any variants, and the public health policy responses to the outbreak, and international conflicts or other disruptions outside of our control; most of our contracts may be terminated on short notice, and we may lose or experience delays with large client contracts or be unable to enter into new contracts; the market for our services may not grow as we expect; we may be unable to successfully develop and market new services or enter new markets; imposition of restrictions on our use of data by data suppliers or their refusal to license data to us; any failure by us to comply with contractual, regulatory or ethical requirements under our contracts, including current or future changes to data protection and privacy laws; breaches or misuse of our or our outsourcing partners' security or communications systems; failure to meet our productivity or business transformation objectives; failure to successfully invest in growth opportunities; our ability to protect our intellectual property rights and our susceptibility to claims by others that we are infringing on their intellectual property rights; the expiration or inability to acquire third party licenses for technology or intellectual property; any failure by us to accurately and timely price and formulate cost estimates for contracts, or to document change orders; hardware and software failures, delays in the operation of our computer and communications systems or the failure to implement system enhancements; the rate at which our backlog converts to revenue; our ability to acquire, develop and implement technology necessary for our business; consolidation in the industries in which our clients operate; risks related to client or therapeutic concentration; government regulators or our customers may limit the number or scope of indications for medicines and treatments or withdraw products from the market, and government regulators may impose new regulatory requirements or may adopt new regulations affecting the biopharmaceutical industry; the risks associated with operating on a global basis, including currency or exchange rate fluctuations and legal compliance, including anti-corruption laws; risks related to the enactment of legislation or the imposition of regulations or other restrictions or actions by governments that create business uncertainty and have the potential to limit trade; risks related to changes in accounting standards; general economic conditions in the markets in which we operate, including financial market conditions, inflation, and risks related to sales to government entities; the impact of changes in tax laws and regulations; and our ability to successfully integrate, and achieve expected benefits from, our acquired businesses. For a further discussion of the risks relating to our business, see the "Risk Factors" in our annual report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (the "SEC"), as such factors may be amended or updated from time to time in our subsequent periodic and other filings with the SEC, which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We assume no obligation to update any such forward-looking statement after the date of this release, whether as a result of new information, future developments or otherwise.

    Note on Non-GAAP Financial Measures

    This release includes information based on financial measures that are not recognized under generally accepted accounting principles in the United States ("GAAP"), such as Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted Earnings per Share, Gross Leverage Ratio, Net Leverage Ratio and Free Cash Flow. Non-GAAP financial measures are presented only as a supplement to the company's financial statements based on GAAP. Non-GAAP financial information is provided to enhance understanding of the company's financial performance, but none of these non-GAAP financial measures are recognized terms under GAAP, and non-GAAP measures should not be considered in isolation from, or as a substitute analysis for, the company's results of operations as determined in accordance with GAAP. The company uses non-GAAP measures in its operational and financial decision making, and believes that it is useful to exclude certain items in order to focus on what it regards to be a more meaningful indicator of the underlying operating performance of the business. For example, the company excludes all the amortization of intangible assets associated with acquired customer relationships and backlog, databases, non-compete agreements, trademarks and trade names from non-GAAP expense and income measures as such amounts can be significantly impacted by the timing and size of acquisitions. Although we exclude amortization of acquired intangible assets from our non-GAAP expenses, we believe that it is important for investors to understand that revenue generated from such intangibles is included within revenue in determining net income. As a result, internal management reports feature non-GAAP measures which are also used to prepare strategic plans and annual budgets and review management compensation. The company also believes that investors may find non-GAAP financial measures useful for the same reasons, although investors are cautioned that non-GAAP financial measures are not a substitute for GAAP disclosures.

    The non-GAAP financial measures are not presented in accordance with GAAP. Please refer to the schedules attached to this release for reconciliations of non-GAAP financial measures contained herein to the most directly comparable GAAP measures. Our full-year 2025 guidance measures (other than revenue) are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure because the company is unable to predict with a reasonable degree of certainty certain items contained in the GAAP measures without unreasonable efforts. For the same reasons, the company is unable to address the probable significance of the unavailable information. Such items include, but are not limited to, acquisition related expenses, restructuring and related expenses, stock-based compensation and other items not reflective of the company's ongoing operations.

    Non-GAAP measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to the company, many of which present non-GAAP measures when reporting their results. Non-GAAP measures have limitations as an analytical tool. They are not presentations made in accordance with GAAP, are not measures of financial condition or liquidity and should not be considered as an alternative to profit or loss for the period determined in accordance with GAAP or operating cash flows determined in accordance with GAAP. Non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider such performance measures in isolation from, or as a substitute analysis for, the company's results of operations as determined in accordance with GAAP.

    IQVIAFIN

     

    Table 1

    IQVIA HOLDINGS INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (preliminary and unaudited)

     

     

     

    Three Months Ended March 31,

    (in millions, except per share data)

     

     

    2025

     

     

     

    2024

     

    Revenues

     

    $

    3,829

     

     

    $

    3,737

     

    Cost of revenues, exclusive of depreciation and amortization

     

     

    2,531

     

     

     

    2,444

     

    Selling, general and administrative expenses

     

     

    508

     

     

     

    508

     

    Depreciation and amortization

     

     

    265

     

     

     

    264

     

    Restructuring costs

     

     

    29

     

     

     

    15

     

    Income from operations

     

     

    496

     

     

     

    506

     

    Interest income

     

     

    (11

    )

     

     

    (11

    )

    Interest expense

     

     

    165

     

     

     

    166

     

    Loss on extinguishment of debt

     

     

    4

     

     

     

    —

     

    Other expense, net

     

     

    15

     

     

     

    11

     

    Income before income taxes and equity in losses of unconsolidated affiliates

     

     

    323

     

     

     

    340

     

    Income tax expense

     

     

    61

     

     

     

    49

     

    Income before equity in losses of unconsolidated affiliates

     

     

    262

     

     

     

    291

     

    Equity in losses of unconsolidated affiliates

     

     

    (13

    )

     

     

    (3

    )

    Net income

     

    $

    249

     

     

    $

    288

     

    Earnings per share attributable to common stockholders:

     

     

     

     

    Basic

     

    $

    1.42

     

     

    $

    1.58

     

    Diluted

     

    $

    1.40

     

     

    $

    1.56

     

    Weighted average common shares outstanding:

     

     

     

     

    Basic

     

     

    175.7

     

     

     

    181.9

     

    Diluted

     

     

    177.4

     

     

     

    184.3

     

     

    Table 2

    IQVIA HOLDINGS INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (preliminary and unaudited)

     

    (in millions, except per share data)

     

    March 31, 2025

     

    December 31, 2024

    ASSETS

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    1,740

     

     

    $

    1,702

     

    Trade accounts receivable and unbilled services, net

     

     

    3,268

     

     

     

    3,204

     

    Prepaid expenses

     

     

    166

     

     

     

    154

     

    Income taxes receivable

     

     

    43

     

     

     

    36

     

    Investments in debt, equity and other securities

     

     

    136

     

     

     

    141

     

    Other current assets and receivables

     

     

    558

     

     

     

    592

     

    Total current assets

     

     

    5,911

     

     

     

    5,829

     

    Property and equipment, net

     

     

    533

     

     

     

    535

     

    Operating lease right-of-use assets

     

     

    235

     

     

     

    238

     

    Investments in debt, equity and other securities

     

     

    130

     

     

     

    108

     

    Investments in unconsolidated affiliates

     

     

    253

     

     

     

    266

     

    Goodwill

     

     

    15,027

     

     

     

    14,710

     

    Other identifiable intangibles, net

     

     

    4,503

     

     

     

    4,499

     

    Deferred income taxes

     

     

    245

     

     

     

    194

     

    Deposits and other assets, net

     

     

    485

     

     

     

    520

     

    Total assets

     

    $

    27,322

     

     

    $

    26,899

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

    Current liabilities:

     

     

     

     

    Accounts payable and accrued expenses

     

    $

    3,559

     

     

    $

    3,684

     

    Unearned income

     

     

    1,940

     

     

     

    1,779

     

    Income taxes payable

     

     

    139

     

     

     

    156

     

    Current portion of long-term debt

     

     

    1,222

     

     

     

    1,145

     

    Other current liabilities

     

     

    319

     

     

     

    193

     

    Total current liabilities

     

     

    7,179

     

     

     

    6,957

     

    Long-term debt, less current portion

     

     

    13,108

     

     

     

    12,838

     

    Deferred income taxes

     

     

    197

     

     

     

    196

     

    Operating lease liabilities

     

     

    177

     

     

     

    173

     

    Other liabilities

     

     

    676

     

     

     

    668

     

    Total liabilities

     

     

    21,337

     

     

     

    20,832

     

    Commitments and contingencies

     

     

     

     

    Stockholders' equity:

     

     

     

     

    Common stock and additional paid-in capital, 400.0 shares authorized as of March 31, 2025 and December 31, 2024, $0.01 par value, 258.5 shares issued and 174.1 shares outstanding as of March 31, 2025; 258.2 shares issued and 176.1 shares outstanding as of December 31, 2024

     

     

    11,173

     

     

     

    11,143

     

    Retained earnings

     

     

    6,314

     

     

     

    6,065

     

    Treasury stock, at cost, 84.4 and 82.1 shares as of March 31, 2025 and December 31, 2024, respectively

     

     

    (10,532

    )

     

     

    (10,103

    )

    Accumulated other comprehensive loss

     

     

    (978

    )

     

     

    (1,038

    )

    Equity attributable to IQVIA Holdings Inc.'s stockholders

     

     

    5,977

     

     

     

    6,067

     

    Noncontrolling interests

     

     

    8

     

     

     

    —

     

    Total stockholders' equity

     

     

    5,985

     

     

     

    6,067

     

    Total liabilities and stockholders' equity

     

    $

    27,322

     

     

    $

    26,899

     

     

    Table 3

    IQVIA HOLDINGS INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (preliminary and unaudited)

     

     

     

    Three Months Ended March 31,

    (in millions)

     

     

    2025

     

     

     

    2024

     

    Operating activities:

     

     

     

     

    Net income

     

    $

    249

     

     

    $

    288

     

    Adjustments to reconcile net income to cash provided by operating activities:

     

     

     

     

    Depreciation and amortization

     

     

    265

     

     

     

    264

     

    Amortization of debt issuance costs and discount

     

     

    5

     

     

     

    5

     

    Stock-based compensation

     

     

    72

     

     

     

    56

     

    Losses from unconsolidated affiliates

     

     

    13

     

     

     

    3

     

    Loss (gain) on investments, net

     

     

    1

     

     

     

    (12

    )

    Benefit from deferred income taxes

     

     

    (41

    )

     

     

    (66

    )

    Changes in operating assets and liabilities:

     

     

     

     

    Change in accounts receivable, unbilled services and unearned income

     

     

    128

     

     

     

    65

     

    Change in other operating assets and liabilities

     

     

    (124

    )

     

     

    (81

    )

    Net cash provided by operating activities

     

     

    568

     

     

     

    522

     

    Investing activities:

     

     

     

     

    Acquisition of property, equipment and software

     

     

    (142

    )

     

     

    (145

    )

    Acquisition of businesses, net of cash acquired

     

     

    (134

    )

     

     

    (142

    )

    Sales (purchases) of marketable securities, net

     

     

    2

     

     

     

    (1

    )

    Investments in unconsolidated affiliates, net of payments received

     

     

    (13

    )

     

     

    (24

    )

    Investments in debt and equity securities

     

     

    (19

    )

     

     

    (2

    )

    Other

     

     

    1

     

     

     

    —

     

    Net cash used in investing activities

     

     

    (305

    )

     

     

    (314

    )

    Financing activities:

     

     

     

     

    Proceeds from issuance of debt

     

     

    1,985

     

     

     

    —

     

    Payment of debt issuance costs

     

     

    (6

    )

     

     

    —

     

    Repayment of debt and principal payments on finance leases

     

     

    (2,096

    )

     

     

    (43

    )

    Proceeds from revolving credit facility

     

     

    275

     

     

     

    275

     

    Repayment of revolving credit facility

     

     

    —

     

     

     

    (275

    )

    Payments related to employee stock incentive plans

     

     

    (35

    )

     

     

    (60

    )

    Repurchase of common stock

     

     

    (375

    )

     

     

    —

     

    Contingent consideration and deferred purchase price payments

     

     

    (6

    )

     

     

    (3

    )

    Net cash used in financing activities

     

     

    (258

    )

     

     

    (106

    )

    Effect of foreign currency exchange rate changes on cash

     

     

    33

     

     

     

    (34

    )

    Increase in cash and cash equivalents

     

     

    38

     

     

     

    68

     

    Cash and cash equivalents at beginning of period

     

     

    1,702

     

     

     

    1,376

     

    Cash and cash equivalents at end of period

     

    $

    1,740

     

     

    $

    1,444

     

     

    Table 4

    IQVIA HOLDINGS INC. AND SUBSIDIARIES

    NET INCOME TO ADJUSTED EBITDA RECONCILIATION

    (preliminary and unaudited)

     

     

     

    Three Months Ended March 31,

    (in millions)

     

     

    2025

     

     

     

    2024

     

    Net Income

     

    $

    249

     

    $

    288

    Provision for income taxes

     

     

    61

     

     

     

    49

     

    Depreciation and amortization

     

     

    265

     

     

     

    264

     

    Interest expense, net

     

     

    154

     

     

     

    155

     

    Loss in unconsolidated affiliates

     

     

    13

     

     

     

    3

     

    Stock-based compensation

     

     

    72

     

     

     

    56

     

    Other expense, net (1)

     

     

    15

     

     

     

    21

     

    Loss on extinguishment of debt

     

     

    4

     

     

     

    —

     

    Restructuring and related expenses (2)

     

     

    42

     

     

     

    22

     

    Acquisition related expenses

     

     

    8

     

     

     

    4

     

    Adjusted EBITDA

     

    $

    883

     

     

    $

    862

     

    (1)

    Reflects certain non-operating income items, revaluations of contingent consideration and certain non-recurring expenses.

    (2)

    Reflects restructuring costs as well as accelerated expenses related to lease exits.

     

    Table 5

    IQVIA HOLDINGS INC. AND SUBSIDIARIES

    NET INCOME TO ADJUSTED NET INCOME RECONCILIATION

    (preliminary and unaudited)

     

     

     

    Three Months Ended March 31,

    (in millions, except per share data)

     

     

    2025

     

     

     

    2024

     

    Net Income

     

    $

    249

     

     

    $

    288

     

    Provision for income taxes

     

     

    61

     

     

     

    49

     

    Purchase accounting amortization (1)

     

     

    125

     

     

     

    129

     

    Loss in unconsolidated affiliates

     

     

    13

     

     

     

    3

     

    Stock-based compensation

     

     

    72

     

     

     

    56

     

    Other expense, net (2)

     

     

    15

     

     

     

    21

     

    Loss on extinguishment of debt

     

     

    4

     

     

     

    —

     

    Restructuring and related expenses (3)

     

     

    42

     

     

     

    22

     

    Acquisition related expenses

     

     

    8

     

     

     

    4

     

    Adjusted Pre Tax Income

     

    $

    589

     

     

    $

    572

     

    Adjusted tax expense

     

     

    (110

    )

     

     

    (104

    )

    Adjusted Net Income

     

    $

    479

     

     

    $

    468

     

     

     

     

     

     

    Adjusted earnings per share attributable to common stockholders:

     

     

     

     

    Basic

     

    $

    2.73

     

     

    $

    2.57

     

    Diluted

     

    $

    2.70

     

     

    $

    2.54

     

    Weighted average common shares outstanding:

     

     

     

     

    Basic

     

     

    175.7

     

     

     

    181.9

     

    Diluted

     

     

    177.4

     

     

     

    184.3

     

    (1)

    Reflects all the amortization of acquired intangible assets.

    (2)

    Reflects certain non-operating income items, revaluations of contingent consideration and certain non-recurring expenses.

    (3)

    Reflects restructuring costs as well as accelerated expenses related to lease exits.

     

    Table 6

    IQVIA HOLDINGS INC. AND SUBSIDIARIES

    NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW RECONCILIATION

    (preliminary and unaudited)

     

    (in millions)

     

    Three Months Ended

    March 31, 2025

     

    Three Months Ended

    March 31, 2024

    Net Cash provided by Operating Activities

     

    $

    568

     

     

    $

    522

     

    Acquisition of property, equipment and software

     

     

    (142

    )

     

     

    (145

    )

    Free Cash Flow

     

    $

    426

     

     

    $

    377

     

     

    Table 7

    IQVIA HOLDINGS INC. AND SUBSIDIARIES

    CALCULATION OF GROSS AND NET LEVERAGE RATIOS

    AS OF MARCH 31, 2025

    (preliminary and unaudited)

     

    (in millions)

     

     

    Gross Debt, net of Unamortized Discount and Debt Issuance Costs, as of March 31, 2025

     

    $

    14,330

    Net Debt as of March 31, 2025

     

    $

    12,590

     

    Adjusted EBITDA for the twelve months ended March 31, 2025

     

    $

    3,705

     

    Gross Leverage Ratio (Gross Debt/LTM Adjusted EBITDA)

     

    3.87x

    Net Leverage Ratio (Net Debt/LTM Adjusted EBITDA)

     

    3.40x

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250506058543/en/

    Kerri Joseph, IQVIA Investor Relations ([email protected])

    +1.973.541.3558

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