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IQVIA Holdings Inc. (IQV-1.28%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $15.4 billion for 2024, an increase of 2.8% from the previous year. This growth was driven by increases in the Technology & Analytics Solutions and Research & Development Solutions segments.
Technology & Analytics Solutions reported revenues of $6.2 billion, up 5.1% from 2023, primarily due to growth in real-world services and technology services.
Research & Development Solutions generated $8.5 billion in revenues, a 1.6% increase, with growth in clinical services and lab testing offset by a decline in COVID-19 related work.
Contract Sales & Medical Solutions saw a slight decrease in revenues to $718 million, down 1.2% from the prior year.
The company reported a net income of $1.4 billion, with an effective income tax rate of 18.0%, compared to 6.9% in 2023, which was impacted by a one-time benefit from an internal restructuring.
IQVIA ended the year with $1.7 billion in cash and cash equivalents, and total debt of $14.0 billion. The company maintains a revolving credit facility with $1.2 billion available.
During 2024, IQVIA repurchased 6.4 million shares of its common stock for $1.35 billion under its ongoing repurchase program.
The company's backlog for Research & Development Solutions increased to $31.1 billion, with approximately $7.9 billion expected to convert to revenue over the next 12 months.
IQVIA continues to focus on strategic acquisitions, having completed several in 2024, which contributed to the increase in goodwill and other intangible assets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the IQVIA Holdings Inc. annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.