IQVIA Holdings, Inc.

to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press the pound key. As a reminder, this call is being recorded. Thank you. I would now like to turn the call over to Kerry Joseph, Senior Vice President, Investor Relations and Treasury. Mr. Joseph, please begin your conference.

Thank you, operator. Good morning, everyone. Thank you for joining our second quarter's Today, we will be representing a presentation that will be visible during this call for those of you on our webcast. This presentation will also be available following us on the events and presentations section of our IQVIA Investor Relations website at ir.iqvia.com. Before we begin, I would like to caution listeners that certain information companies' filings with the Securities and Exchange Commission, including our annual report on Form 10-K and subsequent SEC filings. In addition, we will discuss certain non-GAAP financial measures on this call, which should be considered a supplement to and not a substitute for financial measures prepared in accordance with GAAP. A reconciliation of these non-GAAP measures I would now like to turn the call over to our chairman and CEO, Ari Busey. Thank you, Gary, and good morning, everyone.

Thank you for joining us today to discuss our second quarter results. As you have delivered another strong quarter, revenue exceeded the high end of our guidance range as we reported over $4 billion in quarterly revenue for the first time in our history. Adjusted EBITDA and adjusted EBITDA came in towards the high end of our guidance range. As expected, TAS continued to perform well in the second quarter, supported by clients' commercial roadmap strategies and new drug launches. TAS reported revenue growth above our expectations at 8.9%, led by double-digit growth in real-world evidence. On the clinical side, our net bookings in the quarter were approximately $2.5 billion, translating to a net book-to-bill of 1.12. Our booking performance improved in the quarter, even as the overall market environment remains essentially unsettled and there is still uncertainty persisting regarding future administration policies affecting the biopharmaceutical industry. Of course, this continues to cause some delays in decision making on new programs, but the R&DS team has reacted to this new environment by intensifying our see more, win more, go to market strategy aimed at expanding market gains. This strategy is helping the business navigate this period, and in fact, the R&DS team is seeing good traction from these efforts. Our qualified pipeline was up high single digits sequentially and year over year, driven mostly by the EBP segment. Importantly, we saw a meaningful uptick in RRSP flow. Second quarter RRSP flow grew low teams year-over-year and high single-digit sequences with growth in all customer segments. Our win rate improved significantly, most notably in the EBP segment. As a result, our backlog reached a new record of over $32 billion at the end of the quarter, growing over 5% compared to the prior year. Let's look at the results of the poll. We delivered strong revenue and profit results. Total revenue for the second quarter came in above the high end of our guidance range, representing year-over-year growth of 5.3% on a reported basis and 6.3% if you exclude the COVID-related work from both periods. At constant currency, revenue grew 3.6% and 4.6% excluding COVID. Second quarter adjusted EBITDA increased 2.6%. Second quarter adjusted derogatory BPS of $2.81 increased 6.4% year over year. Now, let's review a few highlights of business activities. As you know, AI is a big deal for us. We are all in in this transformation. And as we've discussed before, a lot of work here is done with NVIDIA support. IQVIA is developing AI agents that simplify operations across life sciences. In fact, NVIDIA showcased these agents in June at their flagship conference in Europe, where our platform was highlighted as a leading example of smart AI agentification. This collaboration develops custom-built AI agents using NVIDIA technology designed to streamline processes enhance workflows, and accelerate insights across the life sciences ecosystem. Use cases for these agentic offerings include target identification, clinical data review, literature review, market assessment, and HCP engagement. This format has not gone unnoticed. Reflecting the strength of our AI strategy and execution, Everest Group recently named IQVIA a front-runner generative AI leader for the life sciences industry in its recent report, AI Ideas to Action, Operationalizing Generative AI in Life Sciences. IHUDIA was the only CRO to receive the highest ranking of front runner in this report, which measures the value impact of end-to-end generative AI capabilities for 15 carefully selected broad-based AI companies CROs, and life sciences specialists and niche firms. Let me now give you some color on TAP's business activity. A top 10 pharma client selected IQVL to advance their market access strategy for a breakthrough type 1 diabetes therapy entering Europe. By leveraging AI-driven insights and pricing expertise, IQVL will help shape this value proposition, pricing, and contracting approach to support successful adoption. A European biotech client selected IQVIA to support the global launch of a novel oncology therapy. IQVIA is delivering a GenAI-powered assistant and HCP for Sona Insights. This solution will enable simulation of HCP behavior and precise targeting, showcasing IQVIA's unique blend of data, AI-enabled technology, as well as our expertise in product launch and the specific oncology therapeutic areas. A top 10 pharma client awarded IQDIA a strategic engagement to support the launch of a novel oncology therapy in the U.S., delivering insights and technology infrastructure to ensure commercial success. A top 10 pharma client selected IQDIA to lead a global real-world safety and effectiveness study for a new dermatology treatment, spanning eight countries and 3,000 patients, which will support product adoption and long-term evidence generation. The European Biotech Company awarded IQVIA a global observational study to assess the real-world safety and effectiveness of a rare disease therapy in kidney disorders. The win highlights IQVIA's rare disease expertise, strong client partnership, and use of AI-enabled tools to optimize study design and delivery. Moving now to RMDF. We continue to win a significant portion of oncology-related trials. Our leadership in oncology research is exemplified by our recently announced strategic collaboration with Sarah Cannon Research Institute, one of the nation's leading oncology research hospital network. This strategic collaboration aims to transform oncology trials globally. By uniting a QVS global scale and connected intelligence with SCRI deep community oncology expertise, we are aiming to accelerate trial activation, boost recruitment, and streamline data capture of electronic health records, ultimately removing operational barriers and speeding the delivery of breakthrough therapies to part two patients. A few examples of significant wins the RNDS team had in the oncology space. A biotech client selected IQVIA to lead the complex global phase 3 colorectal cancer program. IQVIA was selected due to our oncology therapeutic expertise, proven track records, knowledge of the regulatory landscape, and our analytics capabilities. A rapidly scaling biotech selected IQVIA to lead two phase three global pancreatic oncology trials, continuing a high-performing partnership with this client. A large pharma client selected IQVIA to lead a global phase 3 MTS oncology trial, continuing our successful collaboration with this client on this asset. Obesity is another therapeutic area where our performance has been particularly strong. The biotech clients selected IQVIA to lead two global phase three obesity trials, leveraging our vast footprint and deep expertise in chronic weight management. The top 10 pharma clients selected IQVIA laboratories to support expansion of their next generation GMP1 development program, building on an existing partnership to investigate the drug's efficacy in treating obesity and type 2 diabetes. I also want to highlight our growing strength. in cell and gene therapy trials. Akilia was selected to manage a significant gene editing program for Wilson disease spanning both observational and interventional studies. The project deploys AI-enabled solutions that drive speed and precision in rare disease research. Finally, we were honored to be recently recognized for our innovation in facilitating decentralized trials. IQVIA was named winner of the Best Mobile App for Patient Engagement at the 2025 MedTech Breakthrough Awards. IQVIA's app empowers patients and caregivers to participate in decentralized trials from anywhere while ensuring strong privacy and security. The app has multilingual support and is available across many geographic regions, increasing patient access, engagements, and retention, and outrun world sales on our financial performance.