IQVIA Holdings Inc: 2Q26 Recap: Positive Demand Trends in Both Pharma and Biotech Drive Growth Across the Portfolio

研报英文原文证据摘录

IQVIA Holdings Inc: 2Q26 Recap: Positive Demand Trends in Both Pharma and Biotech Drive Growth Across the Portfolio

J P M O R G A N North America Equity Research

28 July 2026

IQVIA Holdings Inc Overweight

IQV, IQV US

2Q26 Recap: Positive Demand Trends in Both Pharma Price (28 Jul 26):$242.94

and Biotech Drive Growth Across the Portfolio ▲Price Target (Dec-27):$285.00 Prior (Dec-26):$225.00

IQVIA (IQV) delivered a beat and raise on both the top and bottom lines in the

quarter, driven by both Commercial Solutions and R&DS, with the latter seeing Life Science Tools & Diagnostics

bookings growth to the tune of 1.22x B2B (ahead of where we believe buy-side was Casey Woodring AC

at 1.15x per our preview note and 1.04x in 1Q). Management referred to the 2Q (1-212) 622-9074

print as one of the cleanest quarters in recent memory with broad-based strength casey.woodring@jpmchase.com

across the portfolio and customer groups, with sustainable momentum expected to Marta Nazarovets Zaremba

continue on the back of +DD RFP growth in the quarter (vs. +HSD in 1Q). Notably, (1-212) 622-6046

marta.zaremba@jpmchase.com

IQV indicated that it saw a normal level of pass-throughs in the bookings (pass-

Jaden Rismay

throughs were a -80bps drag on margins, offset by productivity to drive +10bps of

(1-212) 622-8479

total co. expansion) while FX is assumed to be less of a headwind to margins this jaden.rismay@jpmchase.com

year. Additionally, as it relates to AI, IQV stated that it continues to see the J.P. Morgan Securities LLC

company as an AI beneficiary, indicating that it is contracted to co-develop AI

solutions with 4 of the top 10 pharma companies. Stepping back, the quarter beat

expectations on virtually every metric and as IQV continues to gain share in what Quarterly Forecasts (FYE Dec)