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Back of Napkin

IQVIA Holdings Inc. IQV

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IQVIA's contracted backlog reached $34.2B and its book-to-bill ratio hit 1.22, meaning it signed $1.22 of new work for every dollar it delivered.

Its restructuring charges have more than doubled over the same period, from $29M a quarter to $63M.

IQV · price with moving averages

Daily · 6MWeekly · 3Y
$127$163$199$236$272 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

IQVIA does two things for drug companies. It runs their clinical trials, which is the Research and Development Solutions segment at $2.58B a quarter. And it sells them data and analytics about what doctors prescribe and how markets behave, which is Technology and Analytics Solutions at $1.79B.

The data business is the more valuable one because it owns prescription and claims information nobody can easily replicate, assembled over decades from pharmacies, hospitals and insurers. The trials business is larger and more competitive, since running a study is a service any large contract research organisation can bid for, and margins reflect that.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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