IQV - Demand Stable, Outsourcing Tailwinds Intact; Catch-Up with the Company

研报英文原文证据摘录

IQV - Demand Stable, Outsourcing Tailwinds Intact; Catch-Up with the Company

Truist Securities

Equity Research Report June 26, 2026

HEALTHCARE: Contract Research IQVIA Holdings Inc. (IQV)

Organizations

IQV - Demand Stable, Outsourcing Tailwinds Intact; Catch-Up with

Jailendra Singh the Company

212-401-4406

Jailendra.Singh@truist.com

We recently caught up with IQVIA (IQV, Buy) to discuss demand trends, pharma insourcing/

Eduardo Ron outsourcing dynamics, AI impact, pricing environment, among other topics. We offer our

212-326-3152 takeaways from the call below.

Eduardo.Ron@truist.com

Discussion on Demand Environment: IQVIA reiterated that its biotech segment continues Payton Engdahl to perform exceptionally well, with strength driven in part by its “see more, win more” 212-319-5476

Payton.Engdahl@truist.com campaign. The company noted that this initiative extends beyond biotech but has been

particularly successful in expanding its reach within biotech, especially further down market.

Importantly, the company emphasized that current performance is being driven

primarily by operational execution rather than improved funding conditions, as any

Stock Rating BUY benefit from stronger biotech funding has not yet flowed through, given the typical lag

Unchanged between funding and contract activity. This implies that funding could provide an additional

tailwind going forward. More broadly, IQVIA characterized demand trends across both

Price Target $245.00 biotech and large pharma as stable, with no meaningful change in trends and no signs

Unchanged of disruption observed in the current environment.

Large Pharma Insourcing Debate: With respect to the narrative that sponsors could

start insourcing work, IQV noted that its large pharma clients continue to face capacity