AddedRisk Factors
The confidentiality, collection, use, retention, security, transfer and disclosure of personal information is subject to governmental regulation in the countries where the personal information was collected or processed.
IQVIQVIA
IQVIA is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries. 10-K, Item 1
- Headquarters
- Durham, NC
- CEO
- Ari Bousbib
- Next results
- around Feb 4, 2027
10-K 0001628280-26-008322 (2026-02-17) vs 10-K 0001478242-25-000045 (2025-02-13)
| Section | Compared text | Words now | Changed |
|---|---|---|---|
| Risk Factors | Item 1A | 18,396 | 6.8% |
| MD&A | Item 7 | 7,769 | 14.3% |
| Legal Proceedings | Item 3, via Note 12 – Contingencies | 334 | 34.2% |
| Accounting Policies | Item 8, Note 1 – Summary of Significant Accounting Policies | 5,295 | 5.5% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 244 words changed in this paragraph; it is 62% similar to last year's version.
We operate in businesses that require sophisticated computer systems and software for data collection, data processing, cloud-based platforms, analytics, cryptography, statistical projections and forecasting, mobile computing, social media analytics and other applications and technologies, particularly in our Technology & Analytics Solutions and Research & Development Solutions businesses. technologies. We are building artificial intelligence (AI) AI technologies into internal applications and solutions we use with others, including clients; we expect the use of AI to continue to grow. The development, deployment, and commercialization of certain AI‑enabled offerings and services involve significant uncertainty, including risks that models may not perform as intended, may produce incomplete, misleading, or biased outputs, or may not be adopted by customers at the pace or scale we expect. We seek to address some of our technology risks by increasing our reliance on the use of innovations by cross-industry technology leaders and adapt these for our biopharmaceutical and healthcare industry clients. Some of these technologies supporting the industries we serve are changing rapidly and we must continue to adapt to these changes in a timely and effective manner at an acceptable cost. We also must continue to deliver data to our clients in forms that are easy to use while simultaneously providing clear answers to complex questions. There can be no guarantee that we will be able to develop, acquire or integrate new technologies, that these new technologies will meet our needs or those of our clients’ needs or achieve expected investment goals, or that we will be able to do so as quickly or cost-effectively as our competitors. Significant technological change could render certain of our services obsolete. Moreover, the introduction of new services embodying new technologies could render certain of our existing services obsolete. Our continued success will depend on our ability to adapt to changing technologies, manage and process ever-increasing amounts of data and information and improve the performance, features and reliability of our services in response to changing client and industry demands. We may experience difficulties that could delay or prevent the successful design, development, testing, introduction or marketing of our services. New services, or enhancements to existing services, may not adequately meet our own requirements or those of current and prospective clients or achieve any degree of significant market acceptance. Regulations relating to the use of AI and the interpretation of those regulations by regulators, courts and others are in the early stages of development and evolving, which may make it difficult to identify adequate compliance requirements or suitable governance practices to meet those requirements. These types of failures could have a material adverse effect on our operating results, financial condition and reputation.
Source: Item 1A, 10-K 0001628280-26-008322 vs Item 1A, 10-K 0001478242-25-000045
MD&A 109 words changed in this paragraph; it is 42% similar to last year's version.
Cash used in financing activities increased $496 decreased $728 million in 2024 2025 as compared to 2023, 2024, primarily due to less cash provided by proceeds from more debt issuances, net of payment of debt issuance costs ($3,951 payments ($5,021 million), more cash used to repurchase common stock ($358 in repayments of revolving credit facilities, net of proceeds ($750 million), more cash payments on contingent consideration and deferred purchase price accruals ($17 million), more cash used for other financing activities ($11 million), and more cash payments related to employee stock option plans ($3 million), offset by less more cash provided by proceeds from debt payments ($2,701 million), less cash used in repayments of revolving credit facilities, issuances, net of proceeds ($1,050 payment of debt issuance costs ($6,424 million), and less cash payments on contingent consideration and deferred purchase price accruals ($65 used to repurchase common stock ($106 million).
Source: Item 7, 10-K 0001628280-26-008322 vs Item 7, 10-K 0001478242-25-000045
Accounting Policies 59 words changed in this paragraph; it is 67% similar to last year's version.
In December 2023, the FASB Financial Accounting Standards Board ("FASB") issued ASU Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this ASU require additional disclosures about income taxes, primarily focused on the disclosure of income taxes paid and the rate reconciliation table. The Company adopted this new accounting guidance will be effective for the Company in the annual period beginning on January 1, 2025. The Company is assessing See Note 16 for the impacts of this ASU on its Company's income tax disclosures within which have been expanded to comply with the consolidated financial statements. new guidance.
Source: Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0001628280-26-008322 vs Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0001478242-25-000045
Legal Proceedings 12 words changed in this paragraph; it is 93% similar to last year's version.
Based on its review of the latest information available, management does not expect the impact of pending legal and tax proceedings, claims and litigation, either individually or in the aggregate, to have a material adverse effect on the Company’s results of operations, cash flows or financial position. However, one or more unfavorable outcomes in any claim or litigation against the Company could have a material adverse effect for the period in which it is resolved. The following is a summary of certain legal matters involving the Company.
Source: Item 3, via Note 12 – Contingencies, 10-K 0001628280-26-008322 vs Item 3, via Note 12 – Contingencies, 10-K 0001478242-25-000045
Every change, by type
Sentences and paragraphs of IQV's Risk Factors and MD&A, 10-K 2026-02-17 against 10-K 2025-02-13. Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
Under most laws and regulations around the world, any information that relates to an identifiable natural person is considered “personal information”. In general, health information related to an identifiable person is considered “sensitive personal information” and is highly regulated. Processing health information carries additional obligations under these laws and regulations, often including the need to obtain the explicit consent of the individual for collection, use or disclosure of the information.
AddedRisk Factors
In many countries, there are restrictions related to the cross-border transfer of personal information to other countries, including the need to put measures in place to allow the data transfer to occur. For example, registration with the EU-US Data Protection Framework (DPF) allows the transfer of data from the EU to US. For companies not registering with the DPF, another means of legalizing the transfer is the use of standard contractual clauses. In addition, in several countries around the world there are requirements to maintain personal information or sensitive personal information within that particular country under their data localization laws.
AddedRisk Factors
We are subject to rapidly changing and varied expectations and requirements on sustainability-related issues, from a wide range of stakeholders, such as governmental and self-regulatory organizations, including the Securities and Exchange Commission, U.S. federal and state governments, New York Stock Exchange, and the European Union, as well as our investors, customers and suppliers. In addition, many of our stakeholders have diverging demands, perspectives and preferences on a variety of sustainability topics. We may not be able to meet the diverging expectations and demands of all of our stakeholders, which could result in an adverse impact on our business, financial results, stock price or reputation, and subject us to legal, reputational and operational risks.
AddedRisk Factors
For example, U.S. federal, state and local governmental authorities, as well as governmental authorities in various jurisdictions, have proposed or implemented and are likely to continue to propose or implement, legislative and regulatory initiatives around corporate governance and environmental and social practices and disclosures. Compliance with such evolving expectations, rules and regulations, including any that may emerge in the future as well as customer expectations and requirements, could increase the cost and complexity of operating our business, and could adversely impact us. In addition, various jurisdictions have adopted or proposed laws, regulations and policies that diverge from, or potentially conflict with, those adopted or proposed in other jurisdictions, making compliance more difficult and uncertain. Failure to comply with any law, regulation or policy, including as a result of making good faith interpretations that may differ from those taken by authorities in relevant jurisdictions, could potentially result in legal, reputational and operational risks. In addition, compliance with new laws, regulations, and reporting requirements may increase our costs, result in disclosures of potentially competitively sensitive information, or may cause us to be targeted by activists, regulators, or others who want us to take a different approach to such matters or increase our disclosures or commitments.
AddedRisk Factors
•changes in investor perception regarding the role, effectiveness, risks or regulatory implications of artificial intelligence in our business or in the healthcare and life sciences industries more broadly;
AddedRisk Factors
•concerns, whether or not substantiated, regarding the accuracy, reliability, ethical use, governance, or regulatory compliance of AI-enabled solutions;
RemovedRisk Factors
RemovedRisk Factors
RemovedRisk Factors
RewordedRisk Factors
RewordedRisk Factors
In addition, the emergence of the use of Real World Evidence and the advancements in new approaches such as machine learning and artificial intelligence (AI), including generative, agentic and foundation models that are increasingly accessible through third‑party or open‑source platforms, that capitalize on the availability of large data sets may reduce the time and costs of the discovery and development process, may allow our clients to more readily perform for themselves clinical development tasks and services that we have typically provided, may cause even greater price competition or may render and/or reduce the perceived differentiation of certain data offerings less valuable or relevant. of our information, analytics and insight‑based offerings.
RewordedRisk Factors
RewordedRisk Factors
These provisions apply to both “covered entities” (primarily (health care providers, health care providers plans, and health insurers) clearinghouses) and their “business associates” or service providers. (service providers who process PHI on behalf of the covered entity).
RewordedRisk Factors
Under HIPAA’s enforcement scheme, we can overseen by the US Department of Health and Human Services, covered entities and business associates may be subject to significant penalties and fines in connection with HIPAA violations, along with the potential for significant other expenditures related to these activities.
RewordedRisk Factors
Our preventive and remedial actions actions, including the activities described in Item 1C Cybersecurity in this Annual Report on Form 10-K, may not be successful.
RewordedRisk Factors
Further, if we are unable to develop new technologies and services, services or keep up with the rapid pace of change in technological development and innovation, clients do not purchase our new technologies and services, our new technologies and services do not work as intended or there are delays in the availability or adoption of our new technologies and services, then we may not be able to grow our business or growth may occur slower than anticipated.
RewordedRisk Factors
Privacy Laws laws and regulations in the United States and around all regions of the world are designed to ensure that information about an individual’s healthcare individual is properly protected from inappropriate access, use and disclosure.
RewordedRisk Factors
We operate in businesses that require sophisticated computer systems and software for data collection, data processing, cloud-based platforms, analytics, cryptography, statistical projections and forecasting, mobile computing, social media analytics and other applications and technologies, particularly in our Technology & Analytics Solutions and Research & Development Solutions businesses. technologies.
RewordedRisk Factors
Federal, state and foreign governments are contemplating or have proposed or adopted new Privacy Laws privacy laws and regulations or modifications to existing Privacy Laws, privacy laws and regulations, including by amendment, replacement or interpretation through judicial or administrative decisions.
RewordedRisk Factors
New or modified Privacy Laws privacy laws or regulations might, among other things, require us to implement new security measures and processes or bring within the scope of the Privacy Law privacy law or regulation other data not currently regulated, each of which may require substantial expenditures or limit our ability to offer some of our services.
RewordedRisk Factors
We have established frameworks, models, processes and technologies to manage privacy privacy, data protection and security for many data types, from a variety of sources, and under a myriad of Privacy Laws. privacy and data protection laws.
AddedMD&A
Effective January 1, 2026, we will be updating our segment reporting to align with industry evolution, our updated operating model, and how internal reporting will be provided to the chief operating decision maker. As a result, the Contract Sales & Medical Solutions segment, which has become more closely related operationally to the Technology & Analytics Solutions segment commercial offerings, will be incorporated into the Technology & Analytics Solutions segment, which is renamed Commercial Solutions. Additionally, Real-World Late Phase and certain other Real-World offerings that have become more closely related operationally to the clinical research business, will be moved from the Technology & Analytics Solutions segment to the Research & Development Solutions segment. We will reflect the recast of segment information on this basis beginning with our Form 10-Q for the three months ended March 31, 2026.
AddedMD&A
We delivered solid results in 2025, navigating a year of industry uncertainty resulting from a variety of macroeconomic factors that together slowed customer decision-making. Our Technology & Analytics Solutions business continued its growth trajectory, with revenue increasing 7.6% over 2024. While our Research & Development Solutions segment has been impacted by client cautiousness, we grew full-year revenue 4.3% over 2024, driven by improved growth rates in the second half of the year. We achieved $2,654 million of cash flows from operating activities, and invested $1,714 million, net of cash, to acquire businesses that will strengthen and expand our offerings moving forward, including acquisitions in all three reportable segments.
AddedMD&A
Interest expense during 2025 increased compared to 2024 as a result of higher outstanding debt balances.
AddedMD&A
Our effective income tax rate for 2025 was favorably impacted due to changes in the geographic mix of earnings amongst the United States and foreign tax jurisdictions, compared to our effective income tax rate for 2024.
AddedMD&A
On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act ("OBBBA"), which includes several changes to U.S. federal income tax law, including the temporary and permanent extension, of expiring provisions of the Tax Cuts and Jobs Act of 2017. The impacts of the OBBBA did not have a material impact on the 2025 consolidated financial statements, however we will continue to evaluate impacts to future periods.
AddedMD&A
On December 12, 2022, the European Union member states agreed to implement the Organization for Economic Co-operation and Development’s (“OECD”) Pillar Two global corporate minimum tax, which establishes a 15% minimum effective tax rate for multinational enterprises with consolidated revenues of at least €750 million. Certain components of Pillar Two became effective in various jurisdictions beginning in 2024. We have continued to evaluate the effects of Pillar Two through the end of 2025 and concluded that its adoption did not have a material impact on our consolidated financial statements for the periods presented. On January 5, 2026, the OECD Inclusive Framework released Administrative Guidance introducing a "side-by-side" safe harbor regime, under which U.S. parented multinational groups may be excluded from Pillar Two's Income Inclusion Rule ("IIR") and Undertaxed Profits Rule ("UTPR"), in recognition of the U.S. tax system's existing minimum tax framework. We will continue to monitor and evaluate this administrative guidance in the context of jurisdictions that adopt it. Based on our current analysis, this guidance does not change our conclusion regarding the absence of a material impact for the current year.
AddedMD&A
On December 9, 2025, we entered into an amendment to our Fifth Amended and Restated Credit Agreement (the “Credit Agreement”) to (i) refinance (x) our Term A-1 Dollar Loans (as defined in the Credit Agreement) and our Term A-2 Dollar Loans (as defined in the Credit Agreement) into a new class of term A dollar loans, (y) our Term A Euro Loans (as defined in the Credit Agreement) into a new class of term A euro loans and (z) all current U.S. Revolving Credit Commitments, Japanese Revolving Credit Commitments and Swiss/Multicurrency Revolving Credit Commitments (each as defined in the Credit Agreement) into a new class of revolving credit commitments available in U.S. dollars, (ii) to reduce the interest rate applicable to term A loans denominated in U.S. dollars and revolving credit loans denominated in U.S. dollars by eliminating the term Secured Overnight Financing Rate ("SOFR") credit spread adjustment, and (iii) to release the Swiss Subsidiary Borrower and the Japanese Subsidiary Borrower (each as defined in the Credit Agreement) from all obligations as borrowers under and party to the Credit Agreement. In connection with this amendment, we recognized a $2 million loss on extinguishment of debt, which includes fees and related expenses.
AddedMD&A
On March 10, 2025, we entered into an amendment to our Credit Agreement to, among other changes, establish a new incremental Term B-5 dollar loan facility in an aggregate principal amount equal to $1,985 million (the “Incremental Term B-5 Dollar Facility”). Proceeds of the Incremental Term B-5 Dollar Facility were applied to (a) refinance the existing Term B-4 dollar loans and (b) repay in full the existing Term B-2 Euro loans. The interest rates for borrowings under the Incremental Term B-5 Dollar Facility are based on the SOFR plus an applicable margin of 1.75% per annum. In connection with this amendment, we recognized a $4 million loss on extinguishment of debt, which includes fees and related expenses..
AddedMD&A
On June 4, 2025, IQVIA Inc. (the “Issuer”), a wholly owned subsidiary of the Company, completed the issuance and sale of $2,000 million in gross proceeds of 6.250% senior notes due 2032 (the “Senior Notes”). The Senior Notes were issued pursuant to an Indenture, dated June 4, 2025, among the Issuer, U.S. Bank Trust Company, National Association, as trustee of the Senior Notes, and certain subsidiaries of the Issuer as guarantors. The net proceeds from the notes offering were used to repay existing borrowings under our revolving credit facility and to pay fees and expenses related to the Senior Notes offering, with any excess proceeds used for general corporate purposes.
AddedMD&A
During the twelve months ended December 31, 2025, our Euro denominated 2.875% Senior Notes due 2025 matured and were repaid.
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RewordedMD&A
Cash used in investing activities decreased $159 increased $861 million in 2024 2025 as compared to 2023, 2024, primarily due to less more cash used for the acquisition of businesses, net of cash acquired ($141 ($979 million), less more cash used for investments in debt and equity securities ($18 million), more cash used for other investing activities ($3 million), and more cash used for the acquisition of property, equipment, and software ($47 ($1 million), offset by less cash used for investments in debt and equity securities ($36 unconsolidated affiliates, net ($88 million), less cash used for purchases of marketable securities ($6 million), and more cash received from sale of property, equipment and software ($25 million), offset by more cash used for investments in unconsolidated affiliates, net ($93 ($50 million), and less cash from other sources ($3 marketable securities ($2 million).
RewordedMD&A
The $11 $30 million decrease increase in depreciation and amortization in 2024 2025 as compared to 2023 2024 was primarily the result of less amortization of certain intangible assets from the merger between Quintiles and IMS Health, offset by an increase in amortization of capitalized software and of intangible assets from acquisitions occurring in 2023 2024 and 2024. 2025, offset by less amortization of certain intangible assets from the merger between Quintiles and IMS Health.
RewordedMD&A
We are committed to using AI artificial intelligence ("AI") responsibly, ensuring that our with AI-powered capabilities are grounded in built on best-in-class approaches to privacy, regulatory compliance, compliance and patient safety. safety, and delivering AI to the high standards of trust, scalability and precision demanded by the industry.
RewordedMD&A
The revolving credit facility is comprised of a $1,175 $2,000 million senior secured revolving facility available in U.S. dollars, a $600 million senior secured revolving facility available in U.S. dollars, Euros, Swiss Francs and other foreign currencies, and a $225 million senior secured revolving facility available in U.S. dollars and Yen. dollars.
RewordedMD&A
This increase included a constant currency increase of approximately $374 $416 million, or 6.6%, 7.3%, reflecting primarily an increase increases in reimbursed expenses, as well as compensation and related expenses and to expenses, as a lesser extent an increase in other direct costs because result of volume-related increases in clinical services and lab testing. services.
RewordedMD&A
The $61 $7 million decrease increase in selling, general and administrative expenses in 2024 2025 as compared to 2023 2024 included a constant currency decrease of approximately $33 $7 million, or 1.6%, 0.4%, comprised of a $52 $26 million increase in Technology & Analytics Solutions, a $42 an $18 million increase in Research & Development Solutions, and a $2 million increase no constant currency change in Contract Sales & Medical Solutions, offset by a $129 $51 million decrease in general corporate and unallocated expenses.
RewordedMD&A
Other (income) expense, income, net for 2024 decreased 2025 increased compared to 2023 2024 primarily due to less fair value related adjustments on investments offset by losses on foreign currency gain on transactions.
RewordedMD&A
This increase included a constant currency increase of approximately $261 $59 million, or 7.5%, 9.7%, reflecting primarily an increase in compensation and related expenses, expenses and to a lesser extent increases in reimbursed expenses and costs of acquiring and processing data, all to support revenue growth. expenses.
RewordedMD&A
Contract Sales & Medical Solutions’ selling, general and administrative expenses increased $2 million, or 3.4%, in 2024 as compared to 2023. 2025 remained consistent with 2024.
RewordedMD&A
As of December 31, 2024, 2025, the Fifth Amended and Restated Credit Agreement (the "Credit Agreement") provided financing through several senior secured credit facilities (collectively, the “senior secured credit facilities”) of up to approximately $6,585 $6,412 million, which consisted of $5,415 $5,217 million principal amounts of debt outstanding and $1,170 $1,195 million of available borrowing capacity on the revolving credit facility and standby letters of credit, with a total capacity of $2,000 million.
RewordedMD&A
The constant currency revenue growth was primarily driven by an increase in real world services and to a lesser extent by Real-World services, as well as information and technology services.
RewordedMD&A
Contract Sales & Medical Solutions’ revenues were $718 $788 million in 2024, a decrease 2025, an increase of $9 $70 million, or 1.2%, 9.7%, over 2023. 2024.
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