IQVIA (IQV) Citi’s 2026 Unplugged MedTech and Life Sciences Access Day summary

Business performance and segment updates

• Achieved strong Q4 growth: nearly 10% actual currency, 7% constant currency, with robust organic growth in TAS despite tough prior-year comparisons.

• Real-world business in TAS grew double digits; consulting, analytics, info, and tech grew low- to mid-single digits.

• Legacy TAS breakdown: ~1/3 real-world, 1/4 info, 20% consulting, low 20s tech.

• Commercial Solutions segment guided for 8% growth, R&DS for 4%; momentum supported by strong pipelines and improved client decision-making.

• Cedar Gate acquisition enhances U.S. payer and provider segment within real-world patient solutions.

M&A, margins, and capital allocation

• M&A expected to contribute 150 basis points at enterprise level, with two-thirds toward Commercial Solutions.

• Margin profiles for Commercial Solutions and R&DS remain stable after segment shifts; no significant changes expected.

• Leverage target remains 3–4x; capital deployment between share repurchase and acquisitions depends on pipeline strength and stock valuation.

• No major changes in financial discipline or capital strategy anticipated with CFO transition; focus remains on continuity and execution.

AI strategy and impact

• AI seen as a significant opportunity, not a threat, due to proprietary, complex, and dynamic data assets and deep domain expertise.

• Over 150 AI agents developed for 30+ use cases; clients increasingly seek AI-driven solutions for efficiency and launch planning.

• Data moat reinforced by unique global data feeds, strict privacy/compliance, and ability to link data longitudinally.

• Small pockets of consulting business (e.g., primary market research) may be eroded by AI, but overall opportunities outweigh risks.

• AI expected to accelerate drug discovery, increasing viable programs and benefiting both clinical and commercial segments.