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Arphra AIPlain-English read on IQVIA Holdings Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $13.87B | $14.41B | $14.98B | $15.41B | $16.31B | $17.28B | $18.26B | $19.27B | $20.39B |
| Cost of revenue | $9.23B | $9.38B | $9.75B | $10.03B | $12.02B | $11.43B | $12.19B | $12.95B | $13.67B |
| Gross profit | $4.64B | $5.03B | $5.24B | $5.38B | $4.29B | $5.43B | $5.73B | $6.16B | $6.71B |
| Gross margin | +33.45% | +34.89% | +34.96% | +34.89% | +26.28% | +31.42% | +31.39% | +31.96% | +32.92% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $1.96B | $2.07B | $2.05B | $1.99B | $2B | $2.21B | $2.4B | $2.55B | $2.64B |
| Total operating expenses | $3.25B | $3.23B | $3.26B | $3.17B | $2B | $3.14B | $3.37B | $3.46B | $3.67B |
| Operating income | $1.39B | $1.8B | $1.98B | $2.2B | $2.29B | $2.38B | $2.47B | $2.69B | $2.76B |
| Operating margin | +10.04% | +12.48% | +13.19% | +14.29% | +14.02% | +13.75% | +13.54% | +13.93% | +13.54% |
| EBITDA | $2.77B | $2.91B | $3.26B | $3.45B | $3.46B | $3.83B | $4.07B | $4.29B | $4.31B |
| EBIT | $1.5B | $1.78B | $2.13B | $2.34B | $2.32B | $2.55B | $2.58B | $2.76B | $3.03B |
| Below the line | |||||||||
| Interest expense | $375M | $416M | $672M | $670M | $729M | $759.45M | $827.6M | $860.55M | $914.56M |
| Interest income | $6M | $13M | $36M | $47M | $45M | $47.56M | $51.05M | $53.2M | $56.42M |
| Other income / expense | -$259M | -$448M | -$518M | -$533M | -$674M | — | — | — | — |
| Pre-tax income | $1.13B | $1.35B | $1.46B | $1.67B | $1.61B | $1.71B | $1.81B | $1.91B | $2.03B |
| Income tax expense | $163M | $260M | $101M | $296M | $252M | $240.15M | $247.65M | $269.18M | $281.24M |
| Earnings | |||||||||
| Net income | $966M | $1.09B | $1.36B | $1.37B | $1.36B | $1.48B | $1.6B | $1.68B | $1.84B |
| Net income · continuing ops | $971M | $1.09B | $1.36B | $1.37B | $1.36B | $1.54B | $1.56B | $1.68B | $1.78B |
| Net margin | +6.96% | +7.57% | +9.06% | +8.91% | +8.34% | +8.57% | +8.76% | +8.70% | +9.01% |
| EPS · basic | $5.05 | $5.82 | $7.39 | $7.57 | $7.91 | $13.09 | $14.26 | $15.76 | $17.60 |
| EPS · diluted | $4.95 | $5.72 | $7.29 | $7.49 | $7.84 | $12.80 | $14.15 | $15.76 | $17.66 |
| EPS · low estimate | — | — | — | — | — | $12.65 | $13.65 | $13.75 | $17.47 |
| EPS · high estimate | — | — | — | — | — | $12.87 | $14.76 | $18.64 | $18.11 |
| Shares · basic | 191.4M | 187.6M | 183.8M | 181.3M | 171.9M | 172.91M | 171.97M | 171.37M | 171.54M |
| Shares · diluted | 195M | 190.6M | 186.3M | 183.4M | 173.5M | 172.21M | 172.03M | 174.51M | 171.98M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 16 | 16 | 14 | 9 |
| Analysts (EPS) | — | — | — | — | — | 14 | 15 | 8 | 6 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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