What did we learn today?

研报英文原文证据摘录

What did we learn today?

Idea

July 28, 2026 06:27 PM GMT

Morgan Stanley & Co. LLCMIqvia Holdings Inc | North America Kallum L Titchmarsh

Equity Analyst

What did we learn today? Kallum.Titchmarsh@morganstanley.comJason Lai +1 212 761-2351

Research Associate

What’s Changed Jason.Lai@morganstanley.com +1 212 761-4848

Jakob Dodd

Iqvia Holdings Inc (IQV.N) From To Research Associate

Price Target $200.00 $240.00 Jakob.Dodd@morganstanley.com +1 212 761-0797

Iqvia Holdings Inc (IQV.N, IQV UN)

AlphaSignals Earnings Reaction

Life Science Tools & Diagnostics | United States of

AmericaUnchanged Modest upside Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month Stock Rating Equal-weight

consensus EPS Industry View In-Line

Source: Company data, Morgan Stanley Research Price target $240.00

Shr price, close (Jul 27, 2026) $213.22

Mkt cap, curr (mm) $35,882

Encouraging demand backdrop across all customer groups reads 52-Week Range $246.66-154.50

positively throughout the sector, while IQV has spoken to share Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

gains within R&DS. Increasing our IQV PT to $240 on the EPS ($)** 11.92 12.92 14.31 16.06

Prior EPS ($)** - 12.84 14.19 15.81

broader CRO re-rate, with good visibility through the remainder EPS ($)§ 11.89 12.81 14.17 15.73

Div yld (%) 0.0 0.0 0.0 0.0

of the year. P/E** 18.9 16.5 14.9 13.3

ModelWare EPS ($) 8.87 9.17 10.20 11.78

Key Takeaways Unlessframeworkotherwise noted, all metrics are based on Morgan Stanley ModelWare

** = Based on consensus methodology

Demand for IQV's clinical trial services sits in an improving spot today, supported § = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

by more proactive spending from pharma and biopharma.