IQVIA raises 2026 outlook after record third-quarter bookings

IQVIA Holdings Inc. reported financial results for the quarter ended September 30, 2026, on October 27, 2026. Chairman and CEO Ari Bousbib said IQVIA delivered another record quarter, with revenue, Adjusted EBITDA and Adjusted Diluted EPS all exceeding the high end of the company's expectations.¹ He added that demand indicators including EBP funding, RFP flow, clinical trial starts, FDA approvals, outsourcing trends and pipeline growth were favorable, and that execution drove margin expansion, strong free cash flow, and the company's strongest clinical quarterly bookings since 2022, along with deployment of over 400 AI agents to date.¹

Research & Development Solutions revenue grew 8.7% on a reported basis, and third-quarter net new bookings were $3.2 billion, up 15% year-over-year, representing a book-to-bill ratio of 1.2x, with last-twelve-month net new bookings of $11.7 billion, up 14% year-over-year.¹

On backlog, the company said it had conducted a detailed review of inactive trials in its backlog estimates, resulting in an adjustment of approximately $2.1 billion.¹ It said the change had no impact on historical results, 2026 guidance, book-to-bill, or next-twelve-month revenue from backlog, with R&DS contracted backlog standing at $32.6 billion as of September 30, 2026, of which about $9.4 billion is expected to convert to revenue over the next twelve months, representing 10% year-over-year growth.¹

On cash position, cash and cash equivalents were $2,249 million and debt was $16,067 million as of September 30, 2026, for net debt of $13,818 million and a Net Leverage Ratio of 3.45x trailing twelve-month Adjusted EBITDA.¹

The company is raising full-year 2026 guidance to revenue between $17,350 million and $17,500 million, Adjusted EBITDA between $4,025 million and $4,055 million, and Adjusted Diluted EPS between $12.90 and $13.00.¹ It will hold an Investor Day on Tuesday, December 1, 2026.¹