IQVIA Revenue Rises 8% to $4.428 Billion in Third Quarter

Key Facts

IQVIA reported results on October 27 for the third quarter ended September 30, posting revenue of $4.428 billion, up 8.0% year over year, or 8.6% at constant currency. The announcement came before the market opened, according to the company’s statement. IQVIA said quarterly revenue was “$4,428 million,” with constant-currency growth exceeding reported growth after accounting for the effect of exchange rates. Alongside the results, the company raised its full-year outlook ranges for revenue and adjusted diluted earnings per share. The statement did not include a comparison with analyst estimates, so the results it announced focused on revenue growth and updated financial guidance.

Quarterly growth came from both of the company’s businesses, with Research & Development Solutions advancing faster than Commercial Solutions. Commercial Solutions revenue was about $1.789 billion, up 6.9% year over year. Research & Development Solutions revenue was $2.639 billion, up 8.7%. That means the research and development segment posted a higher growth rate than the commercial segment, while accounting for the larger share of quarterly revenue between the two businesses. The company said revenue at Commercial Solutions increased “6.9%” and revenue at Research & Development Solutions “grew 8.7%” year over year.

In the second quarter, IQVIA revenue was $4.368 billion, up 8.7% year over year, according to investor relations data. By comparison, reported revenue rose to $4.428 billion in the third quarter, but the reported annual growth rate slowed to 8.0% from 8.7% in the previous quarter. Third-quarter growth at constant currency was 8.6%, a measure that excludes the effect of exchange-rate movements. Adjusted diluted earnings per share in the second quarter were also $3.15, up 12.1% year over year, while earnings per share under accounting standards were $1.53. This comparison places the third-quarter results within a continuing revenue growth trajectory, with the annual growth rate varying between the two periods.

On future business activity, Research & Development Solutions recorded net new bookings of $3.15 billion in the second quarter, up 19% year over year, with a book-to-bill ratio of 1.22 times. As of June 30, the segment’s contracted backlog reached $34.2 billion, and the company estimated that about $9.2 billion of it would convert to revenue over the following twelve months. These figures indicate the volume of contracted work entering the future revenue pipeline, with conversion dependent on contract execution schedules. In July, the 2026 revenue outlook range was $17.275 billion to $17.475 billion, and the adjusted diluted earnings per share range was $12.80 to $13.00. The company had raised those full-year outlook ranges after its second-quarter results.

IQVIA said operating cash flow was $825 million in the third quarter, while free cash flow reached $667 million, equivalent to 120% of adjusted net income. Free cash flow is the cash remaining after capital expenditures, and the company included its conversion rate to adjusted net income in its results statement. For fiscal 2026, the company raised its revenue range to between $17.350 billion and $17.500 billion, and its adjusted earnings before interest, taxes, depreciation and amortization range to between $4.025 billion and $4.055 billion. The adjusted diluted earnings per share range is now between $12.90 and $13.00. The new revenue floor is higher than the floor the company announced in July, while the ceiling also rose.

IQVIA shares closed at $273.6 on October 26, the eve of the results announcement, according to EL7 data. The available data did not include a share price after the announcement. The company had listed its third-quarter results call among its events on October 27, giving investors an opportunity to follow management’s presentation of the results and outlook. The next announced event on the company’s calendar is its investor day in December. This places the corporate strategy update after the results announcement and annual guidance revision.