Table of Contents :
• Stock Rating & Target Price
• Investment Thesis
• Fundamental Models Used
• Company Description
• Corporate Timeline
• Key Metrics (KPI ) and Recently Reported Earnings Review
• Business Highlights, Strategic Announcements & Outlook
• Quarter-over-Quarter (Q-o-Q) and Year-over-Year (Y-o-Y) Growth Analysis
• Key Catalysts Driving Growth
• Historical Financial Statement Analysis & CAGR Trends
• Quarterly Key Financial Ratios and Performance Metrics
• Annual Financial Performance Analysis: Horizontal and Vertical Financial Analysis, Trends
• Financial Forecasts
• Annual Forecasts: Income Statement
• Annual Forecasts: Cash Flow Statements
• Net Debt Levels
• A Closer Look at DCF: Our Assumptions and Methodology
• Terminal Value Calculation
• Target Price Analysis
• Valuation Multiples
• Supplementary Valuation Analysis: Multiples Approach
• Scenario/Sensitivity Analysis – Base Case , Bull Case ,Bear Case
• Holistic Peer Review & Trading Comps: Financial Data, Operational Metrics, and Valuation Multiples
• Implied Price Per Share
• Ownership Activity/ Insider Trades
• Ownership Summary
• An analysis of ESG Risk Rating
• Key Professionals
• Key Board Members
• Key Risks Considerations
• Analyst Ratings
• Analyst Industry Views
• Disclosures
Iqvia’s (IQV) Record Backlog Impresses, But Will Logistical Challenges Weigh on The Growth Narrative?
Iqvia delivered strong Q3 2024 results, with revenue rising 4.2% YoY to $3.90 billion, surpassing guidance and driven by an 8.2% rebound in Technology & Analytics Solutions (TAS) revenue, reflecting easing macro pressures and accelerating adoption of AI-driven tools like IQVIA AI Assistant. Adjusted EPS grew 14% YoY to $2.84, beating expectations, while adjusted EBITDA margin expanded 30 bps to 24.1%, highlighting operational efficiencies. However, delays in two mega trials shifted approximately $250M in revenue to FY25, contributing to revised FY24 guidance of $15.35B–$15.4B (+5% YoY ex-COVID) and adjusted EPS of $11.10–$11.20 (+12% YoY). Despite these short-term disruptions, IQVIA’s record $31.1B backlog (+8% YoY) and robust book-to-bill ratio (1.06, or 1.22 excluding cancellations) underscore long-term growth potential. Biotech funding recovery (+50% YTD) and deepened large pharma partnerships provide structural tailwinds, though trial cancellations and R&DS pricing pressure persist as near-term headwinds. With TAS leading the recovery, operational agility, and an expanding pipeline supporting multiyear contracts, IQVIA is well-positioned for a constructive FY25 growth trajectory. Can IQVIA effectively convert its record backlog into accelerated revenue growth while overcoming ongoing trial delays and R&DS pricing headwinds to sustain its leadership in the CRO market?
