Latest news with #life sciences
Yahoo
3 days ago
- Business
- Yahoo
Danaher Corporation (DHR)'s Been A Disaster, Says Jim Cramer
We recently published . Danaher Corporation (NYSE:DHR) is one of the stocks Jim Cramer recently discussed. Danaher Corporation (NYSE:DHR) is an American life sciences, diagnostics, and biotechnology equipment provider. Its shares have lost 11% year-to-date, and Cramer isn't a fan of the stock either. He has criticized Danaher Corporation (NYSE:DHR) multiple times in his morning show. Yet, despite the criticism, the CNBC TV host continues to hold the stock for his charitable trust as he has known Danaher Corporation (NYSE:DHR) for three decades. He reiterated the sentiment this time as well: 'And Danaher's up again. . .my charitable trust owns Danaher, it's been a disaster.' Source:pexels Previously, Cramer explained why his trust continues to hold Danaher Corporation (NYSE:DHR): 'Okay, well, let me tell you, we never left it for the Charitable Trust because I have faith, ultimately, that this company will come through. Why? I've known it for 30 years. I have felt that it always does things right in the end. I am sticking by that, and I truly believe that Danaher can make a comeback. This is healthcare, a lot of IPOs are coming. They have China business. The China business isn't that bad. I am not abandoning Danaher right here.' While we acknowledge the potential of DHR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Biotech Is Booming, and This Undervalued REIT Stands to Gain
While most commercial office landlords are still hunting for post‑pandemic tenants, there's a sector of the real estate industry that's breeding breakout growth: life sciences. Global biotech spending is projected to triple from roughly $1.7 trillion in 2025 to more than $5 trillion by 2034. All that R&D cash needs purpose‑built laboratory space. That's what makes Alexandria Real Estate Equities (NYSE: ARE) such a standout real estate investment trust (REIT). It owns the largest portfolio of labs and life-science properties in the United States and has a client base of approximately 750 high-quality tenants, including Eli Lilly, Moderna, and Bristol-Myers Squibb. With this strong tenant base, Alexandria is poised to generate returns that could replicate like stem cells. Tenants engineered for long-term occupancy With occupancy rates of 92% and the majority of their space leased to biotech, pharmaceutical, and agricultural technology (AgTech), Alexandria is in a league of its own in comparison to other REITs. Given the highly specialized nature of their business, laboratory tenants require customized spaces, so they sign longer leases and rarely move. Thanks to this, last quarter, ARE locked in rent increases of 18.5% on average when tenants renewed and 7.5% when new ones signed, a strong sign of pricing power even during a period of lower leasing demand. The company also has a weighted-average remaining lease term of 7.6 years, indicating strong tenant commitment and predictable long-term cash flow, boosting the company's overall income stability. With a lease portfolio this stable, you could call it genetically engineered for sizable returns. Rebuilding the balance sheet with surgical precision Instead of chasing growth for growth's sake, management has been smartly recycling capital. During 2024, it focused on selling noncore assets to free up cash, reduce debt exposure, and reinvest funds into higher-yielding developments, an approach that improves returns while lowering long-term risk. For 2025, it plans another $2 billion of dispositions and minority‑interest sales, roughly one third of which is already closed or under contract. Proceeds are being funneled into its high‑margin mega‑campus developments that have consistently proven profitable for ARE, further strengthening the company's financial position. Only 13 % of outstanding debt matures before 2028, and the average term is now over 12 years, which is longer than any other REIT in the S&P 500 (SNPINDEX: ^GSPC). Incubating tomorrow's rent roll Even with occupancy not at full capacity, Alexandria has roughly 4 million square feet of Class A lab projects under construction in Boston, San Diego, and the Bay Area. Much of that space is pre‑leased, and the rest should command premium rents once biotech funding rebounds. Combined with contractually built-in rent escalators that will boost revenue annually even without new leases, that pipeline points to rising cash flow in the near future. After paying dividends, the company still expects to retain roughly $475 million of operating cash this year, enough to self‑fund a good chunk of its expansion. Potential side effects to monitor Investors should keep in mind that, while the long-term outlook for the life sciences industry is favorable, demand can be cyclical. If the biotech funding window slams shut due to larger macroeconomic trends, leasing of ARE's new projects could slow. Rising interest rates are another wild card. Alexandria's current interest‑rate swaps shield it for now, but costs will climb when that protection rolls off. Additionally, biotech companies operate on long R&D cycles. If a wave of Alexandria's tenants hit clinical trial setbacks or fail to bring products to market, they may downsize or go out of business, reducing demand for space. Management already trimmed its 2025 adjusted funds from operations (AFFO) guidance after a small dip in occupancy and higher interest expense. As AFFO is a key metric used to assess a REIT's true operating performance and its ability to support dividends, any downward revision can signal slower growth or pressure on dividend safety if trends persist. The company also missed its Q1 2025 earnings per share (EPS) forecast, reporting a $0.07 loss per share versus the $0.76 expected. While EPS isn't as relevant as FFO for REITs, the miss still raised questions about timing of asset sales, operating expenses, and lease activity. Investors should watch closely to make sure management follows through on its efficiency and disposition goals in upcoming quarters. A prescription for income and upside Alexandria currently trades around $71 a share and yields a 7.27% dividend, far above the 4% average REIT payout. More importantly, last quarter's dividend used just 57% of FFO. That's considered a conservative payout ratio for a REIT, suggesting that the company isn't stretching itself to pay investors. ARE also appears to be extremely undervalued right now. It trades approximately 7x forward FFO, lower than many other high-quality REITs, especially those with stable tenants and strong growth prospects. Shares still trade more than 65% below their 2021 peak, meaning ARE offers both attractive yield today and potential upside tomorrow. For income seekers willing to stomach a bit of volatility, Alexandria Real Estate Equities looks like a REIT worth implanting into a diversified portfolio. Should you buy stock in Alexandria Real Estate Equities right now? Before you buy stock in Alexandria Real Estate Equities, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Alexandria Real Estate Equities wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $636,774!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,064,942!* Now, it's worth noting Stock Advisor's total average return is 1,040% — a market-crushing outperformance compared to 182% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 The Motley Fool has positions in and recommends Alexandria Real Estate Equities and Bristol Myers Squibb. The Motley Fool recommends Moderna. The Motley Fool has a disclosure policy. Biotech Is Booming, and This Undervalued REIT Stands to Gain was originally published by The Motley Fool
Yahoo
6 days ago
- Business
- Yahoo
Australian Life Sciences Venture Capital firm Brandon Capital announces Fund Six final close totalling over A$439m
MELBOURNE, Australia, July 24, 2025 (GLOBE NEWSWIRE) -- Brandon Capital, Australasia's leading life sciences venture capital firm, today announced the final close of its sixth fund at A$439 million. Joining existing investors Hesta, Host Plus, CSL and QIC are the WA Government and Australia's sovereign investor in manufacturing capability, the National Reconstruction Fund Corporation (NRFC). This final close of Brandon BioCatalyst Fund Six (BB6) will see Brandon Capital continue to invest in emerging biomedical technologies with strong commercial potential, translating these exciting discoveries into high-growth firms that positively impact human health. To date, Brandon Capital has raised over A$1 billion across previous funds with notable Fund Six investments to date including AdvanCell (radiopharma), PolyActiva (glaucoma implant), Myricx Bio (ADC) and CatalYm (oncology). Dr Chris Nave, Co-Founder and Managing Partner at Brandon Capital, 'We're excited to welcome the National Reconstruction Fund Corporation to our sixth fund, joining HESTA, Hostplus, CSL, QIC and the WA Government. Closing at $439 million, BB6 is our largest fund to date, and we remain committed to advancing breakthrough biomedical innovations through our unwavering scientific rigour and disciplined capital allocation, in pursuit of exceeding our investors' expectations.' The firm has a track record of advancing its portfolio companies to commercialisation. Recent Brandon Capital portfolio company announcements include FDA approvals for a hypertension therapy from George Medicines and a left ventricular cardiac resynchronisation device developed by EBR Systems, with Q-Sera's blood collection tubes that produce high-quality serum faster and more reliably, recently approved in Japan. Brandon Capital has an active portfolio of over 30 companies with 17 in clinical trials, four advancing or in-market, a promising preclinical pipeline and several actively contributing to Australia's high-skilled manufacturing sector growth. Collectively supporting over 270 high-skilled Australian jobs are: surgical imaging innovator, OncoRes Medical, which has developed the first 'real-time' in cavity probe to improve cancer surgery outcomes; late-stage biotech PolyActiva, which is developing a long-term treatment for glaucoma, the second leading cause of blindness; needle-free patch for vaccine delivery Vaxxas, and radiopharmaceutical company AdvanCell, which is developing novel therapies for the treatment of a range of cancers. NRFC CEO David Gall said, "Medical science has long development timelines, and it is important for the NRFC to make early and considered investments in the sector to attract the talent and capital that we will need to build our local commercialisation capabilities. If we want medical science jobs and industries to exist in Australia in ten years, we need to invest in them today." Brandon Capital, headquartered in Australia with offices in the UK and US, has established a transcontinental presence that strengthens collaboration across regions. Australian portfolio companies gain access to UK/EU/US capital, expertise, and pharma networks, while international companies benefit from Australia's world-class clinical trial and research capabilities. About Brandon Capital – Brandon Capital is Australasia's leading life sciences venture capital firm, with offices in Australia, New Zealand, the US and the UK. Its unique model includes proprietary deal flow through Brandon BioCatalyst, a collaboration of over 50 of ANZ's leading medical research institutions, and its immersive corporate services structure enables portfolio companies to focus on research commercialisation. With more than 30 active companies in its portfolio, Brandon Capital has been sourcing and supporting the transition of world-leading science into world-leading businesses for nearly two decades. For further information please contact Media – AustraliaKirrily Davis, E: kdavis@ M: +61 (0)401 220228 Media - InternationalSue Charles, Charles Consultants E: M: +44 (0)7968 726585 Chris Gardner, E: Chris@ M: +44 (0)7956 031077 About the National Reconstruction Fund Corporation (NRFC) The NRFC invests to diversify and transform Australia's industry and economy. It has $15 billion to invest using direct loans, equity investments and loan guarantees. The NRFC investment mandate covers seven priority areas including value-add in resources; transport; medical science; defence capability; renewables and low emission technologies; value-add in agriculture, forestry and fisheries; and enabling capabilities. The NRFC's role is to invest in Australian businesses and projects that design, refine and make in order to transform capability, grow jobs and a skilled workforce, and diversify our economy. NRFC is a corporate Commonwealth entity, established by the National Reconstruction Fund Corporation Act 2023 (NRFC Act) in September 2023. For more information, visit
Associated Press
6 days ago
- Business
- Associated Press
Cleantech Innovator BioLargo's Hard Work Is Coming To Fruition
By Meg Flippin DETROIT, MICHIGAN - July 23, 2025 ( NEWMEDIAWIRE ) - Dennis Calvert, president and CEO of BioLargo Inc. (OTC: BLGO), was recently a guest on Benzinga's All-Access. BioLargo is a cleantech and life sciences company that invents, develops and commercializes innovative platform technologies to solve challenging environmental problems. The company creates subsidiaries and is currently focused on four areas: odor and VOC controls, PFAS groundwater remediation and treatment, battery storage technology and medical devices. 'All of these have had long development cycles, lots of R&D, big vision, huge competition and barriers to entry,' Calvert told Benzinga during the interview. 'Now we're at that point that it's all starting to pay off, find the channel, make the deal, reap the harvest. We've been planting seeds for a long time.' Among the businesses BioLargo is focused on, Calvert said he is excited about the company's battery storage unit Cellinity, which recently received third-party validation. Cellinity is used in grid-scale battery energy storage applications. Calvert said battery storage is a hot market right now as it supports AI expansion, given that the energy available today is inefficient to meet the growing demand. As for the company's future growth, Calvert says Biolargo is one of those companies that takes patience, but that long view is now starting to pay off. Watch the full interview here: Featured image fromShutterstock. This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice. This content was originallypublished on Benzinga. Read further disclosureshere.
Globe and Mail
22-07-2025
- Business
- Globe and Mail
IQVIA Reports Second-Quarter 2025 Results
IQVIA Holdings Inc. ('IQVIA') (NYSE:IQV), a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries, today reported financial results for the quarter ended June 30, 2025. Second-Quarter 2025 Operating Results Revenue for the second quarter of $4,017 million increased 5.3 percent on a reported basis and 3.6 percent at constant currency, compared to the second quarter of 2024. Technology & Analytics Solutions (TAS) revenue of $1,628 million increased 8.9 percent on a reported basis and 6.8 percent at constant currency. Research & Development Solutions (R&DS) revenue of $2,201 million increased 2.5 percent on a reported basis and 1.3 percent at constant currency. Excluding reimbursed expenses, R&DS revenue grew 1.8 percent on a reported basis. Contract Sales & Medical Solutions (CSMS) revenue of $188 million increased 9.3 percent on a reported basis and 6.4 percent at constant currency. As of June 30, 2025, R&DS contracted backlog was $32.1 billion, growing 5.1 percent year-over-year and 3.2 percent at constant currency. The company expects approximately $8.1 billion of this backlog to convert to revenue in the next twelve months, representing growth of 4.8 percent year-over-year. Second quarter net new bookings were $2.5 billion, representing a book-to-bill ratio of 1.12x, and resulting in a trailing-twelve-month book-to-bill ratio of 1.10x. Second-quarter GAAP Net Income was $266 million and GAAP Diluted Earnings per Share was $1.54. Adjusted EBITDA was $910 million, up 2.6 percent year-over-year. Adjusted Net Income was $486 million and Adjusted Diluted Earnings per Share was $2.81. "IQVIA delivered strong financial results, with revenue above target and profit towards the high-end of expectations,' said Ari Bousbib, chairman and CEO of IQVIA. 'Our TAS segment performed well with high single digits year-over-year revenue growth. In the clinical development business, forward-looking demand indicators improved, with net bookings up 15 percent quarter-over-quarter, and RFP flow growing high single digits sequentially and low teens year-over-year. These results underscore the resilience of our global diversified portfolio and the team's ability to execute consistently against our strategic and financial objectives." First-Half 2025 Operating Results Revenue for the first six months of 2025 was $7,846 million, up 3.9 percent on a reported basis and 3.5 percent at constant currency, compared to the first six months of 2024. TAS revenue was $3,174 million, representing growth of 7.7 percent on a reported basis and 7.2 percent at constant currency. R&DS revenue was $4,303 million, up 1.4 percent on a reported basis and 1.2 percent at constant currency. CSMS revenue was $369 million, up 2.2 percent on a reported basis and 1.9 percent at constant currency. GAAP Net Income was $515 million and GAAP Diluted Earnings per Share was $2.94. Adjusted Net Income was $965 million and Adjusted Diluted Earnings per Share was $5.50. Adjusted EBITDA was $1,793 million. Financial Position As of June 30, 2025, cash and cash equivalents were $2,039 million and debt was $15,490 million, resulting in net debt of $13,451 million. IQVIA's Net Leverage Ratio was 3.61x trailing twelve-month Adjusted EBITDA. For the second quarter, Operating Cash Flow was $443 million and Free Cash Flow was $292 million. Share Repurchase During the second quarter of 2025, the company repurchased $607 million of its common stock, resulting in first-half share repurchases of $1,032 million. IQVIA had $1,981 million of share repurchase authorization remaining as of June 30, 2025. Full-Year 2025 Guidance The company is updating its full-year 2025 guidance as follows: revenue between $16,100 million and $16,300 million, Adjusted EBITDA between $3,750 million and $3,825 million, and Adjusted Diluted Earnings per Share between $11.75 and $12.05. This revenue guidance assumes approximately $100 million of COVID-related revenue step-down, entirely in R&DS, approximately 100 basis points of tailwind from foreign exchange, and approximately 150 basis points of contribution from acquisitions. All financial guidance assumes foreign currency exchange rates as of July 21, 2025 remain in effect for the forecast period. Webcast & Conference Call Details IQVIA will host a conference call at 9:00 a.m. Eastern Time today to discuss its second-quarter 2025 results and its third-quarter and full-year 2025 guidance. To listen to the event and view the presentation slides via webcast, join from the IQVIA Investor Relations website at To participate in the conference call, interested parties must register in advance by clicking on this link. Following registration, participants will receive a confirmation email containing details on how to join the conference call, including the dial-in and a unique passcode and registrant ID. At the time of the live event, registered participants connect to the call using the information provided in the confirmation email and will be placed directly into the call. About IQVIA IQVIA (NYSE:IQV) is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries. IQVIA's portfolio of solutions are powered by IQVIA Connected Intelligence™ to deliver actionable insights and services built on high-quality health data, Healthcare-grade AI ®, advanced analytics, the latest technologies and extensive domain expertise. IQVIA is committed to using artificial intelligence ("AI") responsibly, with AI-powered capabilities built on best-in-class approaches to privacy, regulatory compliance and patient safety, and delivering AI to the high standards of trust, scalability and precision demanded by the industry. With approximately 90,000 employees in over 100 countries, including experts in healthcare, life sciences, data science, technology and operational excellence, IQVIA is dedicated to accelerating the development and commercialization of innovative medical treatments to help improve patient outcomes and population health worldwide. IQVIA is a global leader in protecting individual patient privacy. The company uses a wide variety of privacy-enhancing technologies and safeguards to protect individual privacy while generating and analyzing information on a scale that helps healthcare stakeholders identify disease patterns and correlate with the precise treatment path and therapy needed for better outcomes. IQVIA's insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviors and scientific advances, in an effort to advance their path toward cures. To learn more, visit Cautionary Statements Regarding Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, our full-year 2025 guidance. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as 'expect,' 'assume,' 'anticipate,' 'intend,' 'plan,' 'forecast,' 'believe,' 'seek,' 'see,' 'will,' 'would,' 'target,' similar expressions, and variations or negatives of these words that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from our expectations due to a number of factors, including, but not limited to, the following: business disruptions caused by natural disasters, pandemics such as the COVID-19 (coronavirus) outbreak, including any variants, and the public health policy responses to the outbreak, and international conflicts or other disruptions outside of our control; most of our contracts may be terminated on short notice, and we may lose or experience delays with large client contracts or be unable to enter into new contracts; the market for our services may not grow as we expect; we may be unable to successfully develop and market new services or enter new markets; imposition of restrictions on our use of data by data suppliers or their refusal to license data to us; any failure by us to comply with contractual, regulatory or ethical requirements under our contracts, including current or future changes to data protection and privacy laws; breaches or misuse of our or our outsourcing partners' security or communications systems; failure to meet our productivity or business transformation objectives; failure to successfully invest in growth opportunities; our ability to protect our intellectual property rights and our susceptibility to claims by others that we are infringing on their intellectual property rights; the expiration or inability to acquire third party licenses for technology or intellectual property; any failure by us to accurately and timely price and formulate cost estimates for contracts, or to document change orders; hardware and software failures, delays in the operation of our computer and communications systems or the failure to implement system enhancements; the rate at which our backlog converts to revenue; our ability to acquire, develop and implement technology necessary for our business; consolidation in the industries in which our clients operate; risks related to client or therapeutic concentration; government regulators or our customers may limit the number or scope of indications for medicines and treatments or withdraw products from the market, and government regulators may impose new regulatory requirements or may adopt new regulations affecting the biopharmaceutical industry; the risks associated with operating on a global basis, including currency or exchange rate fluctuations and legal compliance, including anti-corruption laws; risks related to the enactment of legislation or the imposition of regulations or other restrictions or actions by governments that create business uncertainty and have the potential to limit trade; risks related to changes in accounting standards; general economic conditions in the markets in which we operate, including financial market conditions, inflation, and risks related to sales to government entities; the impact of changes in tax laws and regulations; and our ability to successfully integrate, and achieve expected benefits from, our acquired businesses. For a further discussion of the risks relating to our business, see the 'Risk Factors' in our annual report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (the "SEC"), as such factors may be amended or updated from time to time in our subsequent periodic and other filings with the SEC, which are accessible on the SEC's website at These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We assume no obligation to update any such forward-looking statement after the date of this release, whether as a result of new information, future developments or otherwise. Note on Non-GAAP Financial Measures This release includes information based on financial measures that are not recognized under generally accepted accounting principles in the United States ("GAAP"), such as Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted Earnings per Share, Gross Leverage Ratio, Net Leverage Ratio and Free Cash Flow. Non-GAAP financial measures are presented only as a supplement to the company's financial statements based on GAAP. Non-GAAP financial information is provided to enhance understanding of the company's financial performance, but none of these non-GAAP financial measures are recognized terms under GAAP, and non-GAAP measures should not be considered in isolation from, or as a substitute analysis for, the company's results of operations as determined in accordance with GAAP. The company uses non-GAAP measures in its operational and financial decision making, and believes that it is useful to exclude certain items in order to focus on what it regards to be a more meaningful indicator of the underlying operating performance of the business. For example, the company excludes all the amortization of intangible assets associated with acquired customer relationships and backlog, databases, non-compete agreements, trademarks and trade names from non-GAAP expense and income measures as such amounts can be significantly impacted by the timing and size of acquisitions. Although we exclude amortization of acquired intangible assets from our non-GAAP expenses, we believe that it is important for investors to understand that revenue generated from such intangibles is included within revenue in determining net income. As a result, internal management reports feature non-GAAP measures which are also used to prepare strategic plans and annual budgets and review management compensation. The company also believes that investors may find non-GAAP financial measures useful for the same reasons, although investors are cautioned that non-GAAP financial measures are not a substitute for GAAP disclosures. The non-GAAP financial measures are not presented in accordance with GAAP. Please refer to the schedules attached to this release for reconciliations of non-GAAP financial measures contained herein to the most directly comparable GAAP measures. Our full-year 2025 guidance measures (other than revenue) are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure because the company is unable to predict with a reasonable degree of certainty certain items contained in the GAAP measures without unreasonable efforts. For the same reasons, the company is unable to address the probable significance of the unavailable information. Such items include, but are not limited to, acquisition related expenses, restructuring and related expenses, stock-based compensation and other items not reflective of the company's ongoing operations. Non-GAAP measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to the company, many of which present non-GAAP measures when reporting their results. Non-GAAP measures have limitations as an analytical tool. They are not presentations made in accordance with GAAP, are not measures of financial condition or liquidity and should not be considered as an alternative to profit or loss for the period determined in accordance with GAAP or operating cash flows determined in accordance with GAAP. Non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider such performance measures in isolation from, or as a substitute analysis for, the company's results of operations as determined in accordance with GAAP. IQVIAFIN # # # Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share data) 2025 2024 2025 2024 Revenues $ 4,017 $ 3,814 $ 7,846 $ 7,551 Cost of revenues, exclusive of depreciation and amortization 2,694 2,488 5,225 4,932 Selling, general and administrative expenses 509 509 1,017 1,017 Depreciation and amortization 276 269 541 533 Restructuring costs 32 28 61 43 Income from operations 506 520 1,002 1,026 Interest income (10 ) (12 ) (21 ) (23 ) Interest expense 182 163 347 329 Loss on extinguishment of debt — — 4 — Other expense (income), net 11 (67 ) 26 (56 ) Income before income taxes and equity in (losses) earnings of unconsolidated affiliates 323 436 646 776 Income tax expense 56 75 117 124 Income before equity in (losses) earnings of unconsolidated affiliates 267 361 529 652 Equity in (losses) earnings of unconsolidated affiliates (1 ) 2 (14 ) (1 ) Net income $ 266 $ 363 $ 515 $ 651 Earnings per share attributable to common stockholders: Basic $ 1.55 $ 1.99 $ 2.96 $ 3.58 Diluted $ 1.54 $ 1.97 $ 2.94 $ 3.53 Weighted average common shares outstanding: Basic 171.8 182.2 173.7 182.0 Diluted 173.2 184.3 175.3 184.3 Table 2 IQVIA HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (preliminary and unaudited) (in millions, except per share data) June 30, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 2,039 $ 1,702 Trade accounts receivable and unbilled services, net 3,344 3,204 Prepaid expenses 200 154 Income taxes receivable 62 36 Investments in debt, equity and other securities 149 141 Other current assets and receivables 551 592 Total current assets 6,345 5,829 Property and equipment, net 536 535 Operating lease right-of-use assets 280 238 Investments in debt, equity and other securities 134 108 Investments in unconsolidated affiliates 272 266 Goodwill 15,611 14,710 Other identifiable intangibles, net 4,596 4,499 Deferred income taxes 345 194 Deposits and other assets, net 513 520 Total assets $ 28,632 $ 26,899 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 3,399 $ 3,684 Unearned income 2,123 1,779 Income taxes payable 124 156 Current portion of long-term debt 1,313 1,145 Other current liabilities 613 193 Total current liabilities 7,572 6,957 Long-term debt, less current portion 14,177 12,838 Deferred income taxes 216 196 Operating lease liabilities 210 173 Other liabilities 671 668 Total liabilities 22,846 20,832 Commitments and contingencies Stockholders' equity: Common stock and additional paid-in capital, 400.0 shares authorized as of June 30, 2025 and December 31, 2024, $0.01 par value, 258.5 shares issued and 170.0 shares outstanding as of June 30, 2025; 258.2 shares issued and 176.1 shares outstanding as of December 31, 2024 11,225 11,143 Retained earnings 6,580 6,065 Treasury stock, at cost, 88.5 and 82.1 shares as of June 30, 2025 and December 31, 2024, respectively (11,145 ) (10,103 ) Accumulated other comprehensive loss (882 ) (1,038 ) Equity attributable to IQVIA Holdings Inc.'s stockholders 5,778 6,067 Noncontrolling interests 8 — Total stockholders' equity 5,786 6,067 Total liabilities and stockholders' equity $ 28,632 $ 26,899 Table 3 IQVIA HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (preliminary and unaudited) Six Months Ended June 30, (in millions) 2025 2024 Operating activities: Net income $ 515 $ 651 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 541 533 Amortization of debt issuance costs and discount 11 11 Stock-based compensation 132 104 Losses from unconsolidated affiliates 14 1 Gain on investments, net (16 ) (12 ) Benefit from deferred income taxes (86 ) (80 ) Changes in operating assets and liabilities: Change in accounts receivable, unbilled services and unearned income 269 187 Change in other operating assets and liabilities (369 ) (285 ) Net cash provided by operating activities 1,011 1,110 Investing activities: Acquisition of property, equipment and software (293 ) (288 ) Acquisition of businesses, net of cash acquired (315 ) (221 ) Sales of marketable securities, net 2 — Investments in unconsolidated affiliates, net of payments received (27 ) (49 ) Investments in debt and equity securities (19 ) (2 ) Proceeds from sale of property, equipment and software — 25 Other 1 — Net cash used in investing activities (651 ) (535 ) Financing activities: Proceeds from issuance of debt 3,985 — Payment of debt issuance costs (35 ) — Repayment of debt and principal payments on finance leases (2,140 ) (86 ) Proceeds from revolving credit facility 875 375 Repayment of revolving credit facility (1,700 ) (585 ) Payments related to employee stock incentive plans (35 ) (60 ) Repurchase of common stock (1,032 ) — Contingent consideration and deferred purchase price payments (20 ) (10 ) Other (11 ) — Net cash used in financing activities (113 ) (366 ) Effect of foreign currency exchange rate changes on cash 90 (40 ) Increase in cash and cash equivalents 337 169 Cash and cash equivalents at beginning of period 1,702 1,376 Cash and cash equivalents at end of period $ 2,039 $ 1,545 Table 4 IQVIA HOLDINGS INC. AND SUBSIDIARIES NET INCOME TO ADJUSTED EBITDA RECONCILIATION (preliminary and unaudited) Three Months Ended June 30, Six Months Ended June 30, (in millions) 2025 2024 2025 2024 Net Income $ 266 $ 363 $ 515 $ 651 Provision for income taxes 56 75 117 124 Depreciation and amortization 276 269 541 533 Interest expense, net 172 151 326 306 Loss (income) in unconsolidated affiliates 1 (2 ) 14 1 Stock-based compensation 60 48 132 104 Other expense (income), net (1) 29 (66 ) 44 (45 ) Loss on extinguishment of debt — — 4 — Restructuring and related expenses (2) 42 39 84 61 Acquisition related expenses 8 10 16 14 Adjusted EBITDA $ 910 $ 887 $ 1,793 $ 1,749 (1) Reflects certain non-operating income items, revaluations of contingent consideration and certain non-recurring expenses. (2) Reflects restructuring costs as well as accelerated expenses related to lease exits. Table 5 IQVIA HOLDINGS INC. AND SUBSIDIARIES NET INCOME TO ADJUSTED NET INCOME RECONCILIATION (preliminary and unaudited) Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share data) 2025 2024 2025 2024 Net Income $ 266 $ 363 $ 515 $ 651 Provision for income taxes 56 75 117 124 Purchase accounting amortization (1) 131 133 256 262 Loss (income) in unconsolidated affiliates 1 (2 ) 14 1 Stock-based compensation 60 48 132 104 Other expense (income), net (2) 29 (66 ) 44 (45 ) Loss on extinguishment of debt — — 4 — Restructuring and related expenses (3) 42 39 84 61 Acquisition related expenses 8 10 16 14 Adjusted Pre Tax Income $ 593 $ 600 $ 1,182 $ 1,172 Adjusted tax expense (107 ) (113 ) (217 ) (217 ) Adjusted Net Income $ 486 $ 487 $ 965 $ 955 Adjusted earnings per share attributable to common stockholders: Basic $ 2.83 $ 2.67 $ 5.56 $ 5.25 Diluted $ 2.81 $ 2.64 $ 5.50 $ 5.18 Weighted average common shares outstanding: Basic 171.8 182.2 173.7 182.0 Diluted 173.2 184.3 175.3 184.3 (1) Reflects all the amortization of acquired intangible assets. (2) Reflects certain non-operating income items, revaluations of contingent consideration and certain non-recurring expenses. Table 6 IQVIA HOLDINGS INC. AND SUBSIDIARIES NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW RECONCILIATION (preliminary and unaudited) Three Months Ended June 30, Six Months Ended June 30, (in millions) 2025 2024 2025 2024 Net Cash provided by Operating Activities $ 443 $ 588 $ 1,011 $ 1,110 Acquisition of property, equipment and software (151 ) (143 ) (293 ) (288 ) Free Cash Flow $ 292 $ 445 $ 718 $ 822 Table 7 IQVIA HOLDINGS INC. AND SUBSIDIARIES CALCULATION OF GROSS AND NET LEVERAGE RATIOS AS OF JUNE 30, 2025 (preliminary and unaudited)
