IQVIA Backlog Reaches $34.2 Billion Ahead of October Results
Key Facts
IQVIA's Research & Development Solutions backlog stood at $34.2 billion at the end of June 2026, according to results released by the company on July 28, ahead of its next quarterly earnings release in October. The company expects to convert $9.2 billion of that backlog into revenue over the twelve months following the end of June. Second-quarter Research & Development Solutions revenue totaled $2,575 million, according to the company's official statement. The segment's book-to-bill ratio was 1.22 times during the same period, with bookings exceeding quarterly revenue. These figures formed part of the results on which the company based its increase in full-year revenue and adjusted earnings per share forecasts.
IQVIA had reported net new Research & Development Solutions bookings of $2.5 billion in the first quarter of 2026, according to its earnings statement for that period. That figure represents new bookings for the period immediately preceding the quarter ended in June. The company reports its results under two segments, Commercial Solutions and Research & Development Solutions. It recast prior-period segment figures under this structure, as outlined in its first-quarter earnings statement. The company's segment comparisons therefore include recast prior periods alongside results for both its Commercial Solutions and Research & Development Solutions businesses.
In Commercial Solutions, the chief executive identified increased adoption of artificial intelligence solutions as a driver of accelerating business growth, according to the second-quarter earnings statement. In his comments on performance, he cited "increased adoption of our AI solutions." His remarks on the use of these solutions came in the context of growth in the Commercial Solutions segment, which the company reports separately from Research & Development Solutions. Across the company, reported net income attributable to IQVIA totaled $256 million in the second quarter. Reported operating income was flat despite revenue growth, while management raised its full-year adjusted earnings per share estimates.
On liquidity, IQVIA generated operating cash flow of $558 million in the second quarter, according to its earnings statement. Free cash flow during the same period totaled $360 million, the other cash flow measure the company included in its quarterly results. The company repurchased $398 million of shares during the quarter ended in June. On debt, the ratio of net debt to adjusted earnings before interest, taxes, depreciation and amortization stood at 3.59 times at the end of June. The ratio was calculated using adjusted earnings over the preceding twelve months and net debt measured at the end of the period.
The company's updated full-year guidance included revenue of between $17,275 million and $17,475 million for 2026, according to its second-quarter earnings statement. Management also raised its adjusted earnings per share forecast to a range of $12.80 to $13.00 for the same year. Previous guidance, issued with first-quarter results in May, ranged from $12.65 to $12.95 per share. The revision raised both the lower and upper ends of the full-year adjusted earnings range from previous estimates. The earnings range updated by management refers to adjusted earnings per share, while the quarterly net income figure was part of the company's reported results.
The company's next scheduled event is its third-quarter earnings release, due before the market opens on October 27, 2026, according to IQVIA's announcement of its reporting schedule. The release will be followed by a management call to discuss the results on the same day. The company scheduled the call for 09:00 a.m. U.S. Eastern Time. These results follow the quarter ended in June, for which the company released figures in July, and the update to its full-year revenue and adjusted earnings estimates. The reporting schedule places the earnings release first, before trading begins, followed by a discussion with management at the specified morning time.