IQVIA Raises 2026 Revenue Forecast to $17.5 Billion After 8% Quarterly Growth
Key Facts
IQVIA raised its 2026 revenue forecast to a range of $17.350 billion to $17.500 billion and increased its estimate for adjusted diluted earnings per share to $12.90–$13.00, according to its third-quarter results filing with the U.S. Securities and Exchange Commission. The company set its adjusted earnings before interest, taxes, depreciation and amortization range at $4.025–$4.055 billion. Its July guidance had put revenue at $17.275 billion to $17.475 billion and adjusted earnings per share at $12.80 to $13.00. The lower ends of the revenue and earnings-per-share forecasts therefore rose, while the upper end of the earnings-per-share range was unchanged. The update came as the company reported quarterly revenue of $4.428 billion, indicating continued business growth during the quarter.
Third-quarter revenue rose 8.0% from the same period in 2025, or 8.6% excluding the impact of foreign-exchange movements, while net income under generally accepted accounting principles was $350 million. Revenue from Research & Development Solutions grew to $2.639 billion, up 8.7% year over year. The company's Commercial Solutions generated revenue of $1.789 billion, an increase of 6.9%. The results show growth in both businesses, with Research & Development Solutions expanding faster during the quarter. The company also reported adjusted diluted earnings per share of $3.34, up 11.3% from the year-earlier quarter.
Net new bookings were $3.2 billion in the quarter, up 15% from the year-earlier period, and the book-to-bill ratio was 1.2 times. For the twelve months ended with the third quarter, net new bookings reached $11.7 billion, an annual increase of 14%. These figures indicate the volume of new business the company secured over the two periods. In Research & Development Solutions, contracted backlog was $32.6 billion as of September 30. IQVIA expects to convert about $9.4 billion of that backlog into revenue over the next twelve months, which it said represents growth of 10% from the year-earlier period.
Chief Executive Ari Bousbib said the demand indicators the company tracks are favorable, pointing to biotech funding, RFP flow, clinical trial starts and U.S. Food and Drug Administration approvals, as well as outsourcing trends and growth in clinical and commercial product pipelines. He added that the company has deployed more than 400 artificial intelligence agents to date. Bousbib linked operational execution to margin performance, saying the team's excellent execution drove the results announced in the release. Adjusted earnings before interest, taxes, depreciation and amortization were $1.032 billion, up 8.7% year over year. Adjusted earnings per share were also $3.34, reflecting annual growth of 11.3%.
The company reported operating cash flow of $825 million and free cash flow of $667 million, equivalent to 120% of adjusted net income. Free cash flow was $772 million in the third quarter of 2025, making the current period's reported figure lower than a year earlier. In its revenue forecast assumptions, the company includes a contribution of 250 basis points from acquisitions, including deals it expects to complete before year-end. The forecast also includes a positive foreign-exchange impact of about 20 basis points. All financial guidance is based on exchange rates recorded on October 26, 2026.
IQV closed at $273.6 on October 26, 2026. The results release did not include another share price in the trading data provided in the available evidence. IQVIA is scheduled to host its Investor Day on December 1, 2026, when management will provide an update on the company's business. Presentations begin at 9:00 a.m. Eastern Time and are expected to end at about 12:30 p.m. The event follows the company's announcement that it had raised its full-year revenue and adjusted earnings forecast ranges.