IQVIQVIA

Health care · Research Services · NYSE

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

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IQV and 9 peers, year by year

The 9 Health care companies closest to IQV in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
IQV IQVIA	FY2025	$16.3B	+5.9%	-	13.4%	8.3%	12.6%	20.9%	2.42
REGN Regeneron Pharmaceuticals	FY2025	$14.3B	+1.0%	-	24.9%	31.4%	28.4%	14.4%	0.06
UHS Universal Health Services	FY2025	$17.4B	+9.7%	-	11.5%	8.6%	4.9%	20.5%	0.66
VTRS Viatris	FY2025	$14.3B	−3.0%	35.1%	−18.6%	−24.6%	13.5%	−23.9%	0.98
LH Labcorp	FY2025	$14.0B	+7.2%	28.8%	9.9%	6.3%	8.6%	10.2%	0.65
DVA DaVita	FY2025	$13.6B	+6.5%	-	15.0%	5.5%	9.6%	n/m	n/m
HSIC Henry Schein	FY2025	$13.2B	+4.0%	31.1%	5.0%	3.0%	4.3%	12.3%	0.96
BSX Boston Scientific	FY2025	$20.1B	+19.9%	69.0%	18.0%	14.4%	18.2%	12.0%	0.47
GEHC GE HealthCare	FY2025	$20.6B	+4.8%	40.0%	13.4%	10.1%	7.3%	20.1%	1.01
VRTX Vertex Pharmaceuticals	FY2025	$12.0B	+8.9%	-	34.8%	32.9%	26.6%	21.2%	0.00

Revenuepeer median $14.3B

Sales growthpeer median +6.5%

Gross marginpeer median 35.1%

BSX 69.0%
GEHC 40.0%
VTRS 35.1%
HSIC 31.1%
LH 28.8%
IQV -
REGN -
UHS -
DVA -
VRTX -

Operating marginpeer median 13.4%

Net marginpeer median 8.6%

FCF marginpeer median 9.6%

Return on equitypeer median 13.3%

Debt / equitypeer median 0.65

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
IQV Dec	$6.9B	$9.7B	$10.4B	$11.1B	$11.4B	$13.9B	$14.4B	$15.0B	$15.4B	$16.3B
REGN Dec	$4.9B	$5.9B	$5.1B	$6.6B	$8.5B	$16.1B	$12.2B	$13.1B	$14.2B	$14.3B
UHS Dec	$9.8B	$10.4B	$10.8B	$11.4B	$11.6B	$12.6B	$13.4B	$14.3B	$15.8B	$17.4B
VTRS Dec	-	-	$11.4B	$11.5B	$11.9B	$17.9B	$16.3B	$15.4B	$14.7B	$14.3B
LH Dec	$9.6B	$10.3B	$11.3B	$11.6B	$14.0B	$11.9B	-	$12.2B	$13.0B	$14.0B
DVA Dec	$10.7B	$10.9B	$11.4B	$11.4B	$11.6B	$11.6B	$11.6B	$12.1B	$12.8B	$13.6B
HSIC Dec	$11.6B	$12.5B	$13.2B	$10.0B	$10.1B	$12.4B	$12.6B	$12.3B	$12.7B	$13.2B
BSX Dec	$9.1B	$9.0B	$9.8B	$10.7B	$9.9B	$11.9B	$12.7B	$14.2B	$16.7B	$20.1B
GEHC Dec	-	-	-	-	-	$17.6B	$18.3B	$19.6B	$19.7B	$20.6B
VRTX Dec	$1.7B	$2.5B	$3.0B	$4.2B	$6.2B	$7.6B	$8.9B	$9.9B	$11.0B	$12.0B
Peer median	$9.6B	$10.3B	$11.1B	$11.1B	$10.8B	$12.4B	$12.7B	$13.1B	$14.2B	$14.3B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
IQV Dec	+19.9%	+42.4%	+7.3%	+6.5%	+2.4%	+22.1%	+3.9%	+4.0%	+2.8%	+5.9%
REGN Dec	+18.4%	+20.8%	+14.3%	+27.4%	+29.6%	+89.1%	−24.3%	+7.8%	+8.3%	+1.0%
UHS Dec	+8.0%	+6.6%	+3.5%	+5.6%	+1.6%	+9.4%	+6.0%	+6.6%	+10.8%	+9.7%
VTRS Dec	-	-	-	+0.9%	+4.0%	+50.7%	−9.0%	−5.1%	−4.5%	−3.0%
LH Dec	+11.1%	+7.9%	+9.9%	+2.0%	+21.0%	−9.7%	-	+2.5%	+7.0%	+7.2%
DVA Dec	+7.3%	+1.6%	+4.9%	−0.1%	+1.4%	+0.6%	−0.1%	+4.6%	+5.6%	+6.5%
HSIC Dec	+8.9%	+7.7%	+6.0%	+6.0%	+1.3%	+22.6%	+2.0%	−2.4%	+2.7%	+4.0%
BSX Dec	+12.2%	+7.9%	+8.6%	+9.3%	−7.7%	+19.9%	+6.7%	+12.3%	+17.6%	+19.9%
GEHC Dec	-	-	-	-	-	-	+4.3%	+6.6%	+0.6%	+4.8%
VRTX Dec	+64.9%	+46.2%	+22.5%	+36.6%	+49.1%	+22.1%	+17.9%	+10.5%	+11.7%	+8.9%
Peer median	+11.1%	+7.9%	+8.6%	+5.8%	+2.8%	+21.0%	+3.1%	+6.6%	+7.0%	+6.5%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
IQV Dec	-	-	-	-	-	-	-	-	-	-
REGN Dec	-	-	-	-	-	-	-	-	-	-
UHS Dec	-	-	-	-	-	-	-	-	-	-
VTRS Dec	-	-	35.0%	33.9%	31.8%	31.2%	40.0%	41.7%	38.2%	35.1%
LH Dec	29.9%	30.0%	28.0%	28.1%	35.4%	31.3%	-	27.7%	27.9%	28.8%
DVA Dec	-	-	-	-	-	-	-	-	-	-
HSIC Dec	27.9%	22.0%	22.0%	31.0%	27.8%	29.6%	30.3%	31.3%	31.7%	31.1%
BSX Dec	65.7%	71.3%	71.4%	71.0%	65.0%	68.8%	68.8%	69.5%	68.6%	69.0%
GEHC Dec	-	-	-	-	-	40.8%	39.1%	40.5%	41.7%	40.0%
VRTX Dec	-	-	-	-	-	-	-	-	-	-
Peer median	29.9%	30.0%	31.5%	32.4%	33.6%	31.3%	39.5%	40.5%	38.2%	35.1%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
IQV Dec	8.4%	6.8%	7.1%	7.0%	6.4%	10.0%	12.5%	13.2%	14.3%	13.4%
REGN Dec	27.4%	35.4%	49.3%	33.7%	42.1%	55.7%	38.9%	30.9%	28.1%	24.9%
UHS Dec	13.1%	12.3%	10.9%	10.7%	11.8%	10.8%	7.5%	8.2%	10.6%	11.5%
VTRS Dec	-	-	7.9%	6.2%	−1.8%	−0.2%	9.9%	5.0%	0.1%	−18.6%
LH Dec	13.3%	12.7%	11.7%	11.5%	17.5%	12.1%	-	6.0%	8.4%	9.9%
DVA Dec	19.0%	16.7%	13.4%	14.4%	14.7%	15.5%	11.5%	13.2%	16.3%	15.0%
HSIC Dec	6.7%	5.4%	4.5%	7.2%	5.3%	6.9%	5.9%	5.0%	4.9%	5.0%
BSX Dec	4.9%	14.2%	15.3%	14.1%	−0.8%	10.1%	13.0%	16.5%	15.5%	18.0%
GEHC Dec	-	-	-	-	-	15.9%	13.8%	12.5%	13.3%	13.4%
VRTX Dec	0.6%	5.0%	20.8%	28.8%	46.0%	36.7%	48.2%	38.8%	−2.1%	34.8%
Peer median	13.1%	12.7%	12.5%	12.8%	13.2%	12.1%	12.3%	12.5%	10.6%	13.4%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
IQV Dec	1.0%	13.1%	2.5%	1.7%	2.5%	7.0%	7.6%	9.1%	8.9%	8.3%
REGN Dec	18.4%	20.4%	47.5%	32.3%	41.3%	50.2%	35.6%	30.1%	31.1%	31.4%
UHS Dec	7.2%	7.2%	7.2%	7.2%	8.2%	7.8%	5.0%	5.0%	7.2%	8.6%
VTRS Dec	-	-	3.1%	0.1%	−5.6%	−7.1%	12.8%	0.4%	−4.3%	−24.6%
LH Dec	7.5%	11.9%	7.8%	7.1%	11.1%	10.8%	-	3.4%	5.7%	6.3%
DVA Dec	8.2%	6.1%	1.4%	7.1%	6.7%	8.4%	4.8%	5.7%	7.3%	5.5%
HSIC Dec	4.4%	3.3%	4.1%	7.0%	4.0%	5.1%	4.3%	3.4%	3.1%	3.0%
BSX Dec	3.8%	1.1%	17.0%	43.8%	−1.2%	8.3%	5.1%	11.0%	11.1%	14.4%
GEHC Dec	-	-	-	-	-	12.8%	10.4%	8.0%	10.1%	10.1%
VRTX Dec	−6.6%	10.6%	68.8%	28.3%	43.7%	30.9%	37.2%	36.7%	−4.9%	32.9%
Peer median	7.2%	7.2%	7.5%	7.1%	7.4%	8.4%	7.8%	5.7%	7.2%	8.6%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
IQV Dec	$696.0M	$601.0M	$795.0M	$835.0M	$1.3B	$2.3B	$1.6B	$1.5B	$2.1B	$2.1B
REGN Dec	$974.0M	$1.0B	$1.8B	$2.0B	$2.0B	$6.5B	$4.4B	$3.9B	$3.7B	$4.1B
UHS Dec	$813.9M	$690.1M	$609.8M	$804.4M	$1.6B	$28.0M	$262.0M	$524.7M	$1.1B	$849.2M
VTRS Dec	-	-	$2.1B	$1.6B	$988.8M	$2.6B	$2.6B	$2.5B	$2.0B	$1.9B
LH Dec	$918.2M	$1.2B	$925.6M	$1.0B	$1.8B	$1.5B	-	$874.1M	$1.1B	$1.2B
DVA Dec	$1.1B	$1.0B	$784.5M	$1.3B	$1.3B	$1.3B	$961.1M	$1.5B	$1.5B	$1.3B
HSIC Dec	$572.4M	$483.1M	$613.4M	$577.9M	$550.0M	$631.0M	$506.0M	$353.0M	$700.0M	$573.0M
BSX Dec	$806.0M	$1.1B	−$6.0M	$1.4B	$1.1B	$1.3B	$938.0M	$1.8B	$2.6B	$3.7B
GEHC Dec	-	-	-	-	-	$1.4B	$1.8B	$1.7B	$1.6B	$1.5B
VRTX Dec	$179.5M	$745.5M	$1.2B	$1.5B	$3.0B	$2.4B	$3.9B	$3.3B	−$790.3M	$3.2B
Peer median	$813.9M	$1.0B	$855.1M	$1.3B	$1.5B	$1.4B	$1.4B	$1.7B	$1.5B	$1.5B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
IQV Dec	10.1%	6.2%	7.6%	7.5%	11.8%	16.6%	11.0%	10.0%	13.7%	12.6%
REGN Dec	20.0%	17.6%	35.2%	30.5%	23.6%	40.6%	36.3%	29.5%	25.8%	28.4%
UHS Dec	8.3%	6.6%	5.7%	7.1%	14.1%	0.2%	2.0%	3.7%	7.1%	4.9%
VTRS Dec	-	-	18.3%	13.8%	8.3%	14.3%	15.9%	16.4%	13.4%	13.5%
LH Dec	9.6%	11.5%	8.2%	9.0%	12.5%	12.9%	-	7.2%	8.4%	8.6%
DVA Dec	10.7%	9.3%	6.9%	11.5%	11.3%	11.1%	8.3%	12.3%	11.4%	9.6%
HSIC Dec	4.9%	3.9%	4.6%	5.8%	5.4%	5.1%	4.0%	2.9%	5.5%	4.3%
BSX Dec	8.9%	12.2%	−0.1%	12.8%	11.4%	11.1%	7.4%	12.6%	15.8%	18.2%
GEHC Dec	-	-	-	-	-	7.7%	9.9%	8.8%	7.9%	7.3%
VRTX Dec	10.5%	30.0%	38.5%	35.9%	48.2%	31.8%	44.0%	33.8%	−7.2%	26.6%
Peer median	9.6%	11.5%	7.5%	12.1%	12.0%	11.1%	9.1%	12.3%	8.4%	9.6%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
IQV Dec	0.8%	16.0%	3.9%	3.2%	4.6%	16.0%	18.9%	22.2%	22.6%	20.9%
REGN Dec	20.1%	19.5%	27.9%	19.1%	31.9%	43.0%	19.1%	15.2%	15.0%	14.4%
UHS Dec	15.5%	15.1%	14.5%	14.8%	14.9%	16.3%	11.4%	11.7%	17.1%	20.5%
VTRS Dec	-	-	2.9%	n/m	−2.9%	−6.2%	9.9%	0.3%	−3.4%	−23.9%
LH Dec	12.9%	18.0%	12.5%	10.8%	16.5%	12.7%	-	5.3%	9.3%	10.2%
DVA Dec	18.9%	14.1%	4.3%	38.0%	55.9%	129.5%	78.7%	65.5%	n/m	n/m
HSIC Dec	18.1%	14.5%	18.1%	23.2%	12.1%	18.4%	15.6%	11.4%	11.5%	12.3%
BSX Dec	5.2%	1.5%	19.1%	33.9%	−0.8%	5.9%	3.7%	8.1%	8.5%	12.0%
GEHC Dec	-	-	-	-	-	13.5%	20.5%	22.0%	23.6%	20.1%
VRTX Dec	−9.7%	13.0%	47.3%	19.3%	31.2%	23.2%	23.9%	20.6%	−3.3%	21.2%
Peer median	15.5%	14.5%	16.3%	19.3%	15.7%	16.3%	17.4%	11.7%	10.4%	13.3%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
IQV Dec	0.84	1.28	1.64	1.94	2.09	2.01	2.21	2.24	2.30	2.42
REGN Dec	-	-	-	0.00	0.18	0.11	0.09	0.08	0.07	0.06
UHS Dec	0.91	0.81	0.74	0.72	0.61	0.69	0.81	0.80	0.68	0.66
VTRS Dec	-	-	-	n/m	1.13	1.13	0.91	0.89	0.75	0.98
LH Dec	1.05	0.99	0.85	0.87	0.61	0.53	-	0.64	0.79	0.65
DVA Dec	1.96	1.99	2.73	3.80	5.84	11.79	12.53	7.95	n/m	n/m
HSIC Dec	0.28	0.33	0.66	0.25	0.21	0.25	0.33	0.64	0.75	0.96
BSX Dec	0.80	0.80	0.81	0.72	0.60	0.55	0.51	0.47	0.49	0.47
GEHC Dec	-	-	-	-	-	-	0.88	1.46	1.24	1.01
VRTX Dec	-	-	-	-	-	-	-	-	-	0.00
Peer median	0.91	0.81	0.81	0.72	0.61	0.55	0.81	0.72	0.75	0.65

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
IQV Dec	$0.47	$5.74	$1.24	$0.96	$1.43	$4.95	$5.72	$7.29	$7.49	$7.84
REGN Dec	$7.70	$10.34	$21.29	$18.46	$30.52	$71.97	$38.22	$34.77	$38.34	$41.48
UHS Dec	$7.14	$7.81	$8.31	$9.13	$10.99	$11.82	$9.14	$10.23	$16.82	$23.10
VTRS Dec	-	-	$0.68	$0.03	−$1.11	−$1.05	$1.71	$0.05	−$0.53	−$3.00
LH Dec	$6.82	$11.81	$8.61	$8.35	$15.88	$13.97	-	$4.77	$8.84	$10.46
DVA Dec	$4.29	$3.47	$0.92	$5.27	$6.31	$8.90	$5.85	$7.42	$10.73	$9.84
HSIC Dec	$3.10	$2.57	$3.49	$4.65	$2.82	$4.45	$3.91	$3.16	$3.05	$3.27
BSX Dec	$0.25	$0.08	$1.19	$3.33	−$0.08	$0.69	$0.45	$1.07	$1.25	$1.94
GEHC Dec	-	-	-	-	-	$4.95	$4.22	$3.03	$4.34	$4.55
VRTX Dec	−$0.46	$1.04	$8.09	$4.51	$10.29	$9.01	$12.82	$13.89	−$2.08	$15.32
Peer median	$4.29	$3.47	$5.79	$4.96	$8.30	$8.90	$5.04	$4.77	$4.34	$9.84

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out IQV and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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