2Q26 Job Listings: Positive Hiring Trends Persist

Research evidence excerpt

2Q26 Job Listings: Positive Hiring Trends Persist

USA | Pharmaceutical Svcs. EquityJulyResearch8, 2026

Exhibit 1 - Broad-Based Improvement in 2Q262Q26 Job Listings: Positive Hiring Trends Persist

Job Listings

Average Job Listings

As of June, 2026 Q/Q Y/Y YTD (Y/Y) TTM (Y/Y)2Q26 CRO job listings remained strong, with all six companies posting seq IQV 27.4% 184.3% 137.4% 64.9%

growth and 4/5 delivering positive Y/Y growth. SYNH led with +210% Y/Y ICLRMEDP 25.7%7.1% -17.2%16.7% -17.9%13.7% -27.4%10.3%

FTRE 36.0% nm nm nm

PPD 21.8% 115.8% 85.7% 8.3%growth, followed by IQV (+184%) and PPD (+115%), while MEDP posted steadier

Source: LinkUp & Jefferiesgains (+16.7% Y/Y). ICLR improved +25% Q/Q despite remaining down Y/Y. . SYNH 85.0% 210.1% 117.1% 93.5% FTRE "not meaningful" given new data configuration in May

The broad-based strength supports our view that CRO demand conditions are '25

improving through mid-2026.

2Q26 CRO Job Listings Strength Continues. Job listings increased sequentially across all six

CROs in 2Q26, marking a broad-based improvement across the group (Exhibit 3). SYNH led with

+85% Q/Q growth, followed by FTRE (+36% Q/Q), while MEDP continued to post more measured

growth (+7.1% Q/Q). ICLR and IQV also recorded solid sequential increases (+25.7% and +27.4%,

respectively) despite already strong 1Q26 posting levels. Broad-based improvement across the

group supports our view that CRO demand conditions are continuing to improve. PPD job listings

once again saw healthy double-digit Q/Q growth (1Q: 41% / 2Q: +22%), while recent B2B trends have

been encouraging (firmly >1x), putting +HSD growth on the table by 2H26 (+MSD in 1Q26).

Monthly Job Listings Remain Constructive Despite June Softness. Monthly job listings suggest