IQVIA (IQV) 1 Aug 232023 Q2 Earnings call transcript

Ladies and gentlemen, thanks for standing by. At this time, I would like to welcome everyone to the IQVIA Second Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] And just as a reminder, this call is being recorded.

to call like to now would turn over the Mr. I Relations Senior Vice Childs, and President, Nick Investor Treasury. Mr. begin. please Childs,

Relations. Good Senior morning, Vice President, Bousbib, Analysis; everyone. XXXX Thank Officer; Senior Executive you for joining Vice Chief and General Director, With Executive Ron Gustavo Financial today and Counsel; Vice Chief Fedock, President earnings Sherbet, our and me are and and Financial Ari Executive Investor Planning Chairman Eric Officer; Perrone, Bruehlman, President call. second quarter Mike

we a those visible you presentation Today, referencing Events during section our this following on This and be be that will the of available IQVIA will presentation webcast. call be call of will ir.iqvia.com. Investor in Presentations at this Relations for also our website

I business, certain results Actual uncertainties Commission, implied statements stated would listeners discussed including due Exchange this by caution during management XX-K and forward-looking begin, report those information company's risks by differ our call to and in and will forward-looking to that conference or the annual materially associated from like we filings. include on which with Securities discussed SEC the could Form statements. are Before filings the subsequent company's with

GAAP which considered reconciliation of non-GAAP these certain measures addition, will is accordance A conference GAAP. for in in measures we comparable call with included release a In and discuss financial non-GAAP a and substitute to on should this not financial the to call, presentation. be supplement measures the press prepared measures

Chairman the over our CEO. like and turn now to call would I to

for IQVIA results X% exchange for industry supports excluding impact our continues in discuss be today which our you Thank of organic revenue environment confidence for work. strong our to long-term the foreign operational morning, us with you, Thank businesses. good the quarter Nick, of COVID-related second demand results. outlook quarter another and The healthy, to growth, and the delivered everyone. joining

quarter its prior EBP BioWorld, continued up QX. up trend. funding was According and healthy billion, second XX% versus to $XX.X versus year biotech Emerging funding sequentially XX%

sequentially approvals up QX our were XX positive up and of the prior strong starts forward. FDA indicator to five first compared momentum, over XX% XXXX. going the versus trial year, in businesses half their were Clinical There commercial XX% that's the average the approvals which is for a years. continued of

in M&A value in biopharma that and is a years high is activity pace strong in one the interest half. remains be over the and in decade XXXX spent billion of with with deals, last of $XX to first the sector rate both of environment. number transactions on largest the

demand QX represented our growth. last about quarter Net Our services implied our metrics X.XX. which I you By was move quarterly and our largest that book-to-bill and are showed just of continued of before what new think performance. some on, billion, inquired $X.X a of quarter second some healthy the know book-to-bill, way, were bookings may you under have about about I concerned I that ever

Nick, quarter concern, So remove our services to any was, this just book-to-bill X.XX?

Correct.

asked, who you book-to-bill roughly the and on are book-to-bill our forward, overall. book-to-bill, Once going can the total it's the And a we services between any deviation again, will then is those Otherwise, they And same. ratio there again, trailing XX-month basis. X.XX for services meaningful X.XX. assume you let our is same if know.

prior constant backlog and both our Now as year XX% reported currency billion, a result reached of versus basis. on $XX.X growing these bookings,

It was and sequentially. our track And X% Another quarterly largest quarter, past X% year-over-year ever. up metric was the we this RFP flow. is it

the longer-term the fundamentals For positive. industry are of certainly very

CSMS. macroeconomic segments, due only conditions cautious would reflected be subsegments business in TAS our to uncertain short have the clients in with say, of the some and primarily, term, commercial our spending Now that's to and continued their that I is

in second the consistent stable as in with had these the first the the a anticipated at quarter, guidance. quarter were rate we segment with second TAS businesses our quarter growing In

acceleration last to we course, of businesses time now. Of we spoke, by expected these in spending signs show client commercial

they decisions. have continued to unfortunately, But delay

still is there. pipeline Our

keep as a businesses these half. for year to And result, the decisions the balance in similarly what commercial the moved we being right. expect to saw However, we of the perform now to first

excluding in environment. organically X% For the represents FX approximately for X% actually growth And the TAS and strong the of that year segment, that the organically, growth current the step-down. COVID is impact very

year. basis. COVID-related constant grew let's last second grew on the that, results. quarter both organic a currency line second at and an again, compared the X.X% review quarter currency at from X% Revenue excluding top work the With for basis X.X% we And to on reported constant periods,

EBITDA adjusted quarter management growth the and discipline. cost by increased ongoing revenue X%, Second driven

Second tax EPS interest of expected, change. diluted quarter the in and $X.XX, UK corporate rate of as adjusted the step-up headwind faced expense the

Excluding the adjusted been impact of EPS these items, have growth XX%. non-operational diluted would our

IQVIA our such our engagements top are business of a a utilizing insights initiative XX client analytics suite. our with as solutions. activity. data offerings as significant efficiency solution a by benefit pharma IQVIA implement leveraging clients by pharma including highlights and analytics multichannel capabilities, cost digital; generating with contract AI-powered top strategic XX and precise to resources HCPs; with and commercial targeting; this powered suite of by This manually reducing sales data number will partner that for full been awarded the few has geographical personalized of This A positions better large AI, insights.

teams seven project brand cancer performance, extended result, in indications as Europe. pharma track across execution countries. the allows analytics insights drug a XX top to XX commercial Another sales over project top-selling AI-generated and their improve, track factoring broadened an continuously of in performance oncology to and The immunotherapy

another Optimizer to application real-time. that another in In was management win, awarded multichannel significant sales OCE client pharma an application optimizes contract This HCP from IQVIA a deploy our globally. is top AI-powered engagement XX

our the OCE that client's with successful global system the with ecosystem, previous IQVIA integration was implementations. history in solutions the these clients and competitor other offers seamless current selected over capability AI two of because superior

In in together by case, in each health was local clients the data multiple quarter, over Also, Europe was providers harmonized a in sourcing expertise from the selected systems to plus ability to bring multiple studies IQVIA and for deliver deep databases IQVIA regulatory-mandated due in Europe. post-approval selected our to in our preferred safety research. manner

results medicines five-year We safety an rich experience in in were and exposure this EBP women study awarded health experience analyze to studies vaccines pregnancy from and a have deep and who won pregnancy information not them. epidemiology. during take or of women taken pregnancy compare collect who our from post-approval We with customer because award prescription in

and has natural In for by Best its Artificial recognized language Healthcare analyzes processing the is which proprietary states. and large identify Breakthrough helping Intelligence was disease with clinicians software, patient including the quarter, been enabling This IQVIA to and IQVIA prestigious at-risk AI technology, models targeted and language for data unstructured the to complex award. recognized care Awards AI-Based Solution need. intervention patients technology unique patients, patient provide into screen insights in

the continues the AI use to two in of of pharma of designating innovation differentiate their XX IQVIA application IQVIA the of year. companies AI as with top their analytics

Partner separately named of Life IQVIA their addition, and both Snowflake XXXX Databricks In Sciences the and Year. Health

will collaboration. a accomplishments for time and the These likely going with discussing at exceptional meeting. awards joint a on recognize appropriate lot at and AI their be There's tech and investor future IQVIA generative at partners this we AI,

to now had R&DS me including Let another which key several move wins. quarter, segment, strong

and In data our Our cancer, IQVIA trials selected large complex about be The which III as assets. differentiator expertise a company global us. Phase a therapeutic global to years. awarded client prostate as to to in two midsized gastric for and oncology continues for expected the pharma last are our studies to expertise infrastructure due quarter, oncology run well IQVIA six

lockout quarter, Quintiles this IQVIA with We here company. account without and client provider client partnership was to competing delivery scale This FSP FSP preferred a a large Also for soliciting historical the our won expertise, a bids. capabilities. as legacy this due their time renewed historical

and a autoimmune XX provider for disease out serious largest people patients laboratory improves is the business, one top quarter a impacts a life suffering as clients' lab our that This has study IQVIA R&D quality XX client. in this service that it worldwide. of of study pharma program, the of awarded the our us positioned for from the novel large drug In top

proud to XXXX increasing the Sheetal with that Telang, Star the in by honored inclusion award Rising innovative and industry patients diversity of enrolled been including has Lastly, IQVIA, trials. Vice by Healthcare share initiatives, I'm at Business President and levels for the leadership Therapeutic Sheetal critical Award earned clinical Strategy of among strong Association. Women's

Ron it turn now on performance. will financial I over for our more details to

good and everyone. Ari, Thanks, morning,

revenue. reviewing by start Let's

million, $XXX constant versus quarter at revenue reported which quarter the $XXX basis quarter, about COVID-rebated of a down XXXX. $X.XXX Second were grew the X.X% revenues approximately X.X% billion currency. In is second of million on and

all organic work year X%. and growth constant both was from COVID-rebated Excluding this last, currency at

was revenue was Solutions and That Analytics & reported $X.XXX both on basis. constant Technology currency a up billion. X.X%

constant TAS Excluding organic work, all growth in was X%. currency COVID-related at

R&D Solutions currency. reported X.X% constant revenue billion $X.XXX up of at X.X% and was

constant work, was at organic COVID-related all growth Excluding R&DS in currency XX%.

billion, Solutions, $XXX reported half constant Total was basis million on flat company and at up which currency. and Sales Lastly, X.X% first constant at CSMS, $X.XXX declined or Contract Medical revenue revenue reported currency. a was of and was X.X% X.X%

work, currency first half was all for XX%. constant the organic Excluding growth at COVID-related

all reported first That's at half Technology and currency X.X% billion. currency. constant half. revenue growth first excluding TAS the for COVID-related the work, & for X% organic Analytics was Solutions was constant at and $X.XXX And X.X% up

half at billion was and constant first Solutions X.X% rates FX revenue $X.XXX of actual R&D currency. X.X% up at

XX% X.X% work, half or $XXX Medical COVID-related million currency. organic Excluding of half. and in in X.X% reported CSMS, Contract all at first constant and was declined in currency constant revenue the R&DS growth Sales first Solutions,

$XXX now. million $X.XXX X% growth EBITDA EBITDA the P&L the adjusted X.X% while quarter, Adjusted down year-over-year. represented billion, first move of half which which was was up was second Let's for

$XXX GAAP share quarter GAAP was $X.XX. million, was net income diluted per earnings Second and

GAAP earnings half, million we of $XXX For the of per net $X.XX income share. had diluted or first

per Adjusted $X.XX. for net diluted share million second income adjusted the and was earnings quarter, $XXX was

adjusted million $X.XX was the For net half, $XXX income share. or first per

step-up increase rates the and UK the year-over-year impact in grew Now, tax the second rate, adjusted and the XX% the first for share diluted excluding in of the earnings corporate half. XX% interest per quarter in

approximately which Solutions at at XX% in Backlog year-over-year three and R&D XX of a years. quarter delivered up excellent another bookings. reviewed, already XX% last billion, up June As record the $XX.X is stood

Reviewing the sheet. balance

As billion, resulted equivalents debt in billion. billion, of of cash $X.XXX debt and $XX.XXX totaled and net was gross June XX, cash which $XX.XXX

quarter EBITDA. at leverage the net trailing ended XX-month adjusted Our X.XX ratio times

resulting Second quarter million. cash $XXX $XXX were and million, cash flow from free in flow million operations capital of was $XXX expenditures

senior pay to down notes used As notes. our May, proceeds The $X.XXX were credit we issued these and secured unsecured of revolving in we previously billion announced, facility. from

and deployed X.X levels quarter million average We share In advantage the of at per an price repurchases of totaled multiples to shares price took repurchase falling $XXX $XXX $XXX half, XXXX during stock also million. first our to share. the million

the of to $X.XXX as billion ended But of authorized program. share million quarter which today. remaining a the authorization to our we the authorization share repurchase under Directors Now $XXX brings plan, $X our just repurchase with Board billion of increase

Let's We persisting now anticipate address guidance. we've impact turn the the of cautiousness our We're balance the been guidance experiencing this client cautiousness the the to business. updating continued for in the to year. of commercial

growth billion reduced to reflecting represents we CSMS, between X.X%. revenue $XX.XXX year-over-year which X.X% TAS the $XX.XXX expectations and billion, and to currently for And both be expect of

guidance for expected the $XXX versus excluding X% step and revenue organic basis about company X% COVID-related XXX points contribution to at a year. growth continues acquisitions now between of million XXXX. work, COVID-related down in from is constant to Total revenue and approximately currency, This be of assume

we half. in expect we what By saw grow X%, approximately first now to TAS the consistent segment, with

growth Our now X%. for unchanged previous of consistent finally, segment at COVID-related expectations all expect R&DS rates work. CSMS organic to the currency, And And decline excluding constant these with are we our revenue and are guidance. approximately

X.X%. to EBITDA year-over-year year Now, guidance X.X% revenue, in these billion, full represents changes also growth reflect to to $X.XXX for updating of which our $X.XXX adjusted we're to billion

tax adjusted of X.X% rates And guidance for our to year-over-year rate. representing the X.X%. $XX.XX This year-over-year and $XX.XX, in corporate diluted includes impact EPS guidance to the we're the earnings growth diluted in the per share increase lastly, step-up adjusted to of updating UK interest

together, reduced year-over-year these rate items by non-operational percentage XX growth the And points. approximately

share XX% to diluted So XX%. items, earnings to adjusted expected per is these grow excluding

of guidance. QX, Now quarter basis be billion reported a revenue let's or third currency In to growth $X.XXX to move $X.XXX X.X% X% we and on between our X.X% and on to to expect a constant billion X.X% basis.

between adjusted is expected million X.X% EBITDA to XX%. be Adjusted $X.XX to up is growing year-over-year. million, be And expected to to $XXX $X.XX, and X.X% diluted X.X% and between EPS $XXX declining

increase translates rate, Excluding growth EPS UK the third the tax interest between XX%. of adjusted this the and in diluted into XX% quarter step-up and in expense

currency for of Now, year. all of as guidance I rates note the July should that foreign the balance of that this assumes XX continue

So, delivered and We of COVID-related let of me including quarter impact performance, excluding the another organic X%, growth foreign financial summarize. exchange work. strong revenue of

Our backlog billion, quarterly were reached highest of under bookings industry-leading up $X.X XX% at the our net year-over-year. record ever and $XX.X billion, new second a new just

average back industry Underlying quarter, per demand falling $XXX to took and up XXXX. during bought with a $X.X almost XXXX QX RFP We an billion record of high of in in price versus advantage the business shares levels stock the worth flow share. healthy of our the remains multiples reaching X% at and the our sequentially quarter new

that our commercial company. of Board clinical and our the discretionary our our the a both And in cautiousness and while confidence reduced, slightly is authorization. continue spending to and of and authorized on markets of support finally, outlook repurchase outlook the of side the business, this, increase CSMS, On share for Directors TAS $X is be healthy longer-term their the short-term our to billion commercial client fundamentals top

to And the the Q&A. let hand with for over me that, to back it operator phones open

[Operator Instructions]

morning We'll David at this to first go Jefferies. Windley

also my morning. encouraging, as Thanks start highlighted, substantial for question. bookings, And taking you certainly. the strong. activity, a which good talked about you increase Hi, trial in Ari, pretty is pretty are

of points, environment, side? would and help maybe some site wondering after labor if any pipelines; that improvement kind evaluation getting -- companies throughput period if reflective is of business I'm thinking of the on operational operational and two, things kind two of pharma pharma if like on that companies biotech about about Thanks. -- of staffing, in that, turnover, there's the then

have to been changed. the EBP past about one I Dave. environment able the hand of have funding on about from Thank two hand. on the Look, been IRA over the see know Yes. years, you, what the X.X we there not has years concerns and rumblings impact other

true the of large their look of another in-flight context, the evaluating is IRA to both in it's And that at impact studies, taking pharma portfolio and and longer-term come.

them reprioritized has the sequentially of of studies. business some fundamentally, And some every growing sound, But been strong, our quarter.

Our bookings have after record been record. beating

market is of any experience was tremor just side. at site to R&DS not on to And your second in experienced. back did pre-pandemic XX% respect really start-up, all to XX%. the quarter had about With staffing the we question are we So levels, continuation what about this which and a attrition rates

So, from -- good. end, our our on are things

people We execute because actively need organically high growing rate. we we're work. therefore, and continue recruit a at And hire the to to very the

targeted meeting recruiting at is the that demand. incremental So

a and we Obviously, have recruit there's talent. right always for now, employees, to competition XX,XXX of about we thousands people And continue year.

but at three staffing reduced. So issues, frankly, the year that's some some half site than it's issues already respect see sites, quarters, staffing a lesser end. say, probably degree on to in a they let's to really, it's continue or prior, and dramatically we -- our With saw to

So back. months experienced really, to XXX% months it's again, -- nine there's say are at getting still, we or sporadic staffing levels going issues not issues we ago. here severe there, site the essentially correct, perhaps and I'm are but to the not you're not six it's because

David. you, Thank improved. much it's So

you. Thank

We'll you. at Ann Thank go to next Mizuho. Hynes now

dig sub-segments technology into or I Can within a are us Hi. TAS and growth Good give just I more. declines sub-segments. just Within real-world morning. want like to there several know consulting TAS, you the evidence? bit little rates

from is tell So negative segment. that? of the it the That'd Thank think great. revenue, you Can maybe most drop-through? if is, I is us of pressure think XX% like is -- drop-through margin you. what I consultant also, margin consultant the just what's debt coming the And be margin

Okay. the good It's lot disclosed margin, consulting I delivered in we I work margins. the generate is is put in very Bangalore, we lot good The Manila. our good and also And think work. strong by A but it's of don't it very standardized way. offshore of margins, a is centers margin. analytics margin, this of out think, analytics sub-segment,

use We study, we again, over is when a years, access market Consulting that work we've pricing workflows McKenzie-type really, processes that a we sales say consulting. in launch that -- the consulting, don't have And study, a think force study. optimization refined.

are these restructuring sales specific geographic markets clients So, operationally of projects. often utilize or reprioritization certain geographies the their new of the types in organization geared services therapies, our that drugs of to consulting those in of support certain or or launch

projects. must not on the like on kind climate, you Those And a has -- sort them. interest of not if the to pattern, going rates higher must-do are will. people they do hold But environment, the put it's are of

am well, No project. lower. is. not I The doing pipeline is the one we spending are therefore, And is the there. say, just would prospects

the have -- there, projects we the Now, still the decision-making are to to be right. pushed seems but

recover two, decision-making that We TAS hoping get we terms we, and for were were would single-digit why year. we by now X%-or-so higher to frankly, the for growth that's up segment three months ago things growth, And frankly, that to in back would of the the hoping, the accelerate.

a expecting second we seen quarter. materialize strong it acceleration, in We were the but haven't

and -- whole, -- the segment as prudent on think of now, we've the rates COVID year. the the it to be should of what type I seen, should Thank based seen the impacts, And that as not we've currency at of organically so is X% including it's growth this which rest you. say continue a for constant

Great. Thanks.

now go Baird. at excuse Baird, Eric you. We'll Thank Coldwell to next me.

and Anne, evidence consulting, is way for and defined I the Thank we think The I broadly follow same on data, technology. wanted us up you just real-world TAS sub-segments, that. analytics, as much. to about question very had

cautiousness of did sluggishness, did And I it beyond trends or real-world growth then the have tech data, nuances this changes any or any expand are if follow-up, and I consulting analytics Thank in there? side? you. What I'm might. quick curious, the evidence, one

All right. Sure.

Eric. Of you. course, Thank

core I year just of say right the would the following with business XX-plus So is the year. That month changed. let's business. the start in for locked by side of of data, the has not data on the December percent our for

So there's there. change no

much and not less of for we in and analytics recurring discretion data The the just level has clients revenue, happened were That's here there. than of discussing. terms by segment consulting is that much the

commercial now not to take revenue suites. let's is technology For the years. technology real periods, year. the and reflection longer prior prior corresponds from awards the world cycle, a tech, businesses, in the -- the is the in faster-growing It's technology revenue generated It's like sales from of

So nothing on revenue side. has the there changed

the to competitor cautiousness, is of transitions. in consulting now, on side going terms on by clinical similar both buys number new technology new the side, commercial There's on main right technology on decided platform. a their dislocation There way, change the and to in the and side the of and analytics, CRM

as We've clients got We've technology kind Oracle, their main the and on new are there, got technology a reviewing innovations. Medidata launching are result, suite. competitors decisions the a So side. new others and

is there dislocation. So,

revenue that, kind time are to but So, impacting not our review decisions, of taking in clients that's because their year. of

a on the year some little that and There that our bit revenue of don't I longer-term of we've studies real-world think seen. the perhaps that but late-phase bit again, real-world is much. a we've of cautiousness A side, it little again, affect seen bit, these delay On studies. are little

Again, year-over-year a commentary consulting that's of piece if TAS here I'm X%, down I it is that's -- really on a about and the to think, segment, by, XX% I fundamentally, recall. the But you business. scratch really just essentially just analytics, high-level giving

as everything else stable much And is expected. so pretty

you. Thank

follow-up? your What's

on get details Yeah, you $XXX was directionally I in I to have notice on with of Mike. for companies, into might sometimes some Thank quarter. higher these what I that But follow-up. million, hoping the don't know M& been. acquisitions A are this typically, I smaller multiples. sense did the revenue to get believe, quarter you spent tend --

a quarter. which mean, we Yeah. the towards tell company end was million, I And for network. the site I so I can $XXX called you, Cognitive paid think of so it clinical it's done almost

certain therapies. know, As -- have we've patient that part strong been in specific strategy as you we of enrollment are acquiring assets our capability overall,

medicine, So Cognitive is some strong and CNS, as has pharma in internal in in is, well in particular large customers. vaccines

is a have over We acquired headquartered stuff company Arizona. the it's in multiple end that of but have a we a have the of in smaller $XX bunch significant the else But investment revenue. do we that's all -- -- what -- we -- It's And small-- quarter. obviously, So, here, million of towards here? a and the we

we've had We one acquired. site other network

That right. was It in cessation. smoking psychiatry right, management and Right, yes. organization,

site done past quarter. specialized again, So couple highly benefit a organization we've this

path PPD of SMO, So probably what you small but to for prior up are in moving being scale, would starting ICON and with assume. the the hybrid opening years follow have still the actually very into done marketplace I a a at

-- yes no. Yes,

we we we had -- already mean a So ourselves. do quarter. the we Again, that And see I one you're bulk started year, -- this, of we if we -- have you're like we the be bought in last are that's that one dozens that network of coincidentally, we maybe you buying remember But these I think had other happens basically two there. I -- don't -- had the but correct. there we -- bought correct. it's not to spend are

you so Thank Perfect. much. Thank you.

Tejas at go Morgan next Savant to We'll Stanley. now

thanks side Ron, follow-up this and for on time if for a the for well, quick Hi, Ari morning as may. guys. you one Good maybe M&A and I morning. the

your third year-end? the that expansion margin for fourth sort us of you, sort nicely as just drives what into implied you guide. mean, I margins So confidence quarter your Can through expanding Ron, look in midpoint the walk here to into quarter of by be first in

M&A guidelines, had by acquisition the Ari, then some from on you put here being weeks draft admittedly, rejig that review these blocked Propel as guidelines developments? concern that of we is recent of the light side, merger FTC the Media couple strategy the it M&A Does ago earlier We your need in to moment. noticed new in of like you well. of a sort year And some at the out

the year. take had Number one, we've of expansion Tejas. there couple first, question Look, market I'll margin a things were here. all

to really it of back it's year. good that to the So in credible have half the going indicator we're it's say

We have productivity of back-end a be, number those to cost. underway initiatives And more loaded. course, of reduce to tend

You benefit you the go get more as year. through

certainly that's So the back margins half to support the going year. of in

you have is think thing over basis. some happening that's -- that I another a of been we've year-over-year the on labor pressure feeling cost time

to of more kind and benefit as that pricing starting You're in lap well. get

factors. combination a it's So of

Now all those factors of from overcome bit a drag little mix.

info fast -- tends the as never to the of business. instance, profitable be a For business, grows rest business, the which as is

So confident the outlook in are the we're half those year, back the and the very of margin for reasons.

the the And that I we question acquisition to a think, on we're year. do -- that trying Yes. is, about really

digital space. we in the You grow continue strategy a to that to know have

the litigation guidelines. We've Our I'm merger intact. the strategy planning FTC pending comment those litigation. on seen not remains with Look, to going because

transaction. small few there still to this we aware are administrations we continue there being to promotional theories of this that and believe We But not our is listen, blocking are in that are a digital we player hugely are change massive market. go. come M&A administration And a We very zero And promoted FTC. strategy. going to by believe logic the that absolutely novel that are strongly a

a that to have in you've market. participate we participate the right And this world, also this market. Googles mean got I in of giants this

life and to needs. the We our are and offer development welcome customers sciences their serving And ability those our industry services. that

the in We of dominate behemoths believe participants allows the other market space actually digital this that counter essential degree that all intensity acquisition competition increases strong of and today. actually the to this

we understand not simply arguments, it the FTC's that. do So I'll just leave and at

Thanks, color. guys. the Appreciate

You’re welcome.

next at now Luke Barclays. to go Sergott We'll

questions. Thanks again Good for guys. morning, the

So a has know a decision-making and TAS that, you you gotten? longer that's of say, us to you much that you bit or for takes It now was a business. can about little let's give two talk can how -- months. like, and getting three that deal close that of about sense typically six months were months the I guys, talking certain on But parts elongated

us give that gotten. of Just long on some type how has framework

And delayed also things then guys on that side. recovering, big decision-making about assume think the some R&DS I -- you as there's the

back on when So safe to -- start that the this assume TAS comes RDS to is before it decision-making process? when things side side the turn around,

the I'm Nothing's not what is by not mean strong. Thanks another R&DS frankly. there. any back. sure segment in you for quarter bookings. question, can record Again, The R&DS Luke. that it's see, coming of mean delays had we I we very decision-making experiencing changed

making side, And our I on RFP R&DS qualified stats on a to on again, pipeline and that. sign the of no you metrics spend decision clear the I a want flow, so our overall again, be R&DS indicator on are before, nothing at side. is giving as a could time the record high, at record on and delaying and level. -- activities leading pipeline recontinue our on -- very sales

segment. that last of it's month. segment had I And year. quantify and end largely the almost in the On analytics that's would CSMS issue I in say stuff we've pipe the our exclusively, the affecting the again, and TAS consulting can't and mean is since I

clients And here they are, but they and that we they could negotiated, decided year. next have everything hasn't August study, X, and on specific to the -- the do do to the still study know is opportunity

keep pipeline signed haven't us that yet. So. can that another this few on want themselves, are I well, do this we just stuff haven't can do the taken to to months, -- months? the need has of the they saying to still our is Or and do clients six been whatever it. telling business, now? I it basically client So. out clients because They side

months month So, about. frame and would six taking taken it's in a two, a or bit or more. yes, that talking the I you're time It mean have it's

is comment. that I And overall seeing for there an pharma on more more guess Okay. that that It's delays due the -- decision-making implying you decision-making. going or in on TAS, And sorry just weakness of I the guys to were them, on you or to a focusing offer? that deploy of their bets where that secondary going stuff the the trials knock-on your for customers, benefit and secondary and they're more then capital like is kind RDS like guys clinical place TAS

delay It's it should has be to launch Is there everyone. sales weighs a really we Maybe all on recession? Every it's recession? Is be now. hard Maybe at a -- we in client our over. to there Portugal. force should going going look not to -- the

that adjust that we next this year, were to back. we the evaluate do we pricing and push whether market, we therapy, should that in on, project drug, that in consideration implications so it maybe IRA If this in on to -- of planning do

So you I blanket answer. can give not a it's like

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Luke. you, Thank

go we'll Shlomo now next Rosenbaum at to And Stifel.

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yes. Yes,

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you. Thank

now go next to at We Truist. Singh Jailendra

offerings for guys. Thank taking you I information and thanks business for about ask want you, questions. my data and to actually

competitive and about of entry barriers with a about positioning sticky solutions high what your pharma for you for is that that coming stable up companies. But understand high-margin, remind space this in and I there makes guys. us business One the to business. just your recently talked more competitors very in

You the are about business? asking data

Yes, yes.

Okay.

made has of data. in terms Dave that Comments

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want. as data you you mean is have It's data -- I as health at look care, much chaos. can

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on data billion... X.X about We have

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a Got it. lot. Thanks

you. Thank

Okay. the available speaking earnings of other our The the rest be you have. questions on I joining joining. today. will of call. We for forward Thanks any again look Well, you and may us to third team quarter to everyone, for follow-up thanks, all take day to

much and Conference Good so bye. a But Thank gentlemen. for Earnings day. joining you XXXX you you thank and great wish conclude us, again, We'll IQVIA all Quarter the all Second Call. ladies