昆泰 (IQV) 2025 Q1 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the IQVIA first quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.

感謝您的支持。現在，我歡迎大家參加 IQVIA 2025 年第一季財報電話會議。（操作員指示）提醒一下，此通話正在被錄音。

I would now like to turn the call over to Kerri Joseph, Senior Vice President of Investor Relations and Treasury. Mr. Joseph, please begin your conference.

現在我想將電話轉給投資者關係和財務高級副總裁 Kerri Joseph。約瑟夫先生，請開始您的會議。

Thank you, operator. Good morning, everyone. Thank you for joining our first quarter of 2025 earnings call. With me today are Ari Bousbib, Chairman and Chief Executive Officer; Ron Bruehlman, Executive Vice President and Chief Financial Officer; Eric Sherbet, Executive Vice President and General Counsel; Mike Fedock, Senior Vice President, Financial Planning and Analysis; and Gustavo Perrone, Senior Director, Investor Relations.

謝謝您，接線生。大家早安。感謝您參加我們的 2025 年第一季財報電話會議。今天與我一起的還有董事長兼執行長 Ari Bousbib； Ron Bruehlman，執行副總裁兼財務長； Eric Sherbet，執行副總裁兼總法律顧問； Mike Fedock，財務規劃和分析高級副總裁；以及投資者關係高級總監 Gustavo Perrone。

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

今天，我們將參考一份演示文稿，供參加我們網路直播的各位在本次電話會議期間觀看。本次電話會議結束後，您也可以在 IQVIA 投資者關係網站 ir.iqvia.com 的活動和簡報部分查看此簡報。

Before we begin, I'd like to caution listeners that certain information discussed by management during this conference call will include forward-looking statements. After results could differ materially from those stated or implied by forward-looking statements risk and uncertainties associated with the company's business, which are discussed in the company's filings with the Securities and Exchange Commission, including our annual report on Form 10-K and subsequent SEC filings.

在我們開始之前，我想提醒聽眾，管理層在本次電話會議中討論的某些資訊將包括前瞻性陳述。實際結果可能與前瞻性陳述中明示或暗示的結果有重大差異，這些風險和不確定性與公司業務有關，這些風險和不確定性在公司向美國證券交易委員會提交的文件中進行了討論，包括我們 10-K 表格年度報告和隨後向美國證券交易委員會提交的文件。

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.

此外，我們將在本次電話會議上討論某些非 GAAP 財務指標，這些指標應被視為依照 GAAP 編制的財務指標的補充，而不是替代方案。

A reconciliation of these non-GAAP measures to the comparable GAAP measures is included in the press release and conference call presentation. I would now like to turn the call over to our Chairman and CEO, Ari Bousbib.

新聞稿和電話會議介紹中包含了這些非 GAAP 指標與可比較 GAAP 指標的對帳。現在我想將電話轉給我們的董事長兼執行長阿里·布斯比布 (Ari Bousbib)。

Thank you, Ari. And good morning, everyone. Thank you for joining us today to discuss our first quarter results. I'm going to start with the usual update on financial performance for the quarter. I then provide perspectives on the market, including our understanding of the possible effects of recent US government initiatives.

謝謝你，阿里。大家早安。感謝您今天加入我們討論我們的第一季業績。我首先將對本季的財務業績進行常規更新。然後，我會提供一些市場觀點，包括我們對美國政府近期措施可能產生的影響的理解。

How we are well positioned to navigate these near-term challenges, and finally, why we remain confident about the industry's resilience and prospects. I'll close by highlighting a few important wins in the first quarter. So let's get started.

我們如何做好準備應對這些近期挑戰，以及最後，為什麼我們對產業的韌性和前景充滿信心。最後，我想強調第一季的一些重要勝利。那麼就讓我們開始吧。

We delivered strong revenue and profit results at the high end of our expectations, despite a continued challenging environment in R&DS.

儘管研發環境持續充滿挑戰，我們仍實現了強勁的營收和利潤，超出了我們的預期。

Total revenue for the first quarter came in above the high end of our guidance range, representing year on year growth of 2.5% on a reported basis and 3.5% at constant currency. And compared to last year and excluding COVID-related work from both periods, we grew the top line about 4.5% on a constant currency basis, including about a couple of points of contribution from acquisitions.

第一季的總營收高於我們預期範圍的高端，按報告基礎計算年增 2.5%，以固定匯率計算年增 3.5%。與去年相比，如果排除這兩個時期與 COVID 相關的工作，以固定匯率計算，我們的營收成長了約 4.5%，其中包括來自收購的幾個點的貢獻。

First quarter adjusted EBITDA increased 2.4%. First quarter adjusted diluted EPS of $2.70 increased 6.3% year over year. Let me share some details on the market landscape and the demand metrics we're seeing for each segment.

第一季調整後EBITDA成長2.4%。第一季調整後稀釋每股收益為 2.70 美元，年增 6.3%。讓我分享一些有關市場格局和我們看到的每個細分市場的需求指標的細節。

Starting with us, the business continued the strong recovery trend we saw exiting last year, as our clients are launching new drugs and are executing on their commercial road maps. It is in times like these, where there is some uncertainty in the biopharmaceutical sector that we clearly see the value of the scale, diversification, and differentiation of IQVS portfolio of offerings. It's great that TAS is contributing over 40% of our revenue.

從我們開始，業務延續了我們去年看到的強勁復甦趨勢，因為我們的客戶正在推出新藥並執行其商業路線圖。正是在這樣的時期，生物製藥產業存在一些不確定性，我們清楚地看到了 IQVS 產品組合的規模、多樣化和差異化的價值。TAS 為我們貢獻了超過 40% 的收入，這真是太棒了。

TAS revenue growth actually can be above our expectations at 6.4% reported and 7.6% at constant currency, led by double digit growth in real-world evidence. On the critical side, as we expected, the near-term market environment continues to be bumpy. We experience delayed decision making by customers on new programs, reflecting the heightened macroeconomic and industry sector caution.

TAS 收入成長實際上可能高於我們的預期，報告成長率為 6.4%，以固定匯率計算為 7.6%，這主要得益於現實世界證據的兩位數成長。關鍵方面，正如我們預期的那樣，短期市場環境依然坎坷。我們發現客戶對新專案的決策有所延遲，這反映出宏觀經濟和產業部門的謹慎程度有所提升。

In fact, our average time from RSP issuance to award in the quarter increased by approximately 10% both year over year and sequentially. We believe that this is the result of the sector uncertainty caused by the pronouncements of the new administration, the precise effects of which are unknowable at this point.

事實上，本季我們從發行 RSP 到授予的平均時間同比和環比增加了約 10%。我們認為，這是新政府聲明導致產業不確定性的結果，其確切影響目前尚不可知。

Several of our clients are slowing or re-evaluating programmatic decisions until there is better visibility. Also reflecting the same concerns, the funding environment for EVPs, especially for early stage, has deteriorated. While the R&DS business is experiencing some turbulence, our demand metrics remained positive. Our backlog reached a new record of $31.5 billion at the end of the quarter, growing 4.8% compared to the prior year.

我們的一些客戶正在放慢或重新評估程序化決策，直到有更好的可見度。同樣的擔憂也反映在EVP的融資環境，尤其是早期階段的融資環境已經惡化。儘管研發業務正在經歷一些動盪，但我們的需求指標仍然保持積極。本季末，我們的積壓訂單創下了 315 億美元的新紀錄，比去年增加了 4.8%。

Our first quarter RSP flow improved mid-single digits year over year and high-single digits sequential. A qualified pipeline is that low-single digits year over year, driven mostly by good growth in large farmers. Now, obviously the demand environment is impacted by the proposed changes that have been signaled by the new US administration. The White House's initiatives relative to our industry sector can be grouped into three categories tariffs, agency actions, particularly HHS and FDA related, and drug pricing.

我們第一季的 RSP 流量年增了中等個位數，環比成長了高個位數。合格的管道是每年以低個位數成長，主要受大型農場主良好成長的推動。現在，需求環境顯然受到了美國新政府所暗示的改革提案的影響。白宮針對我們產業部門的措施可分為三類：關稅、機構行動（特別是與衛生和公共服務部和 FDA 相關的行動）以及藥品定價。

Starting with tariffs, when the President announced plans to initiate the reciprocal tariff program, the pharmaceutical industry received certain exemptions. However, following the announcement, the Department of Commerce began a national security investigation of the life sciences industry, which may result in tariffs specific to the pharma sector. Now IQVIA direct exposure to tariffs is limited primarily to certain supplies in our laboratory business and is immaterial financially.

從關稅開始，當總統宣布啟動互惠關稅計畫時，製藥業獲得了一定的豁免。然而，在公告發布後，美國商務部開始對生命科學產業進行國家安全調查，這可能會導致製藥業的關稅。目前，IQVIA 直接受到的關稅影響主要限於我們實驗室業務中的某些供應品，且在財務上並不重要。

We understand that industry specific tariffs, if implemented, may have a more direct impact on our customers. However, it is too early to assess what that impact may be. With respect to agency actions, HHS announced a number of initiatives, including NIH delays and cancellations of government contracts, along with establishing a 15% cap on indirect costs. Now, to be clear, IQVIA has no clinical trial contracts with BARDA and no COVID-19 contract sponsored by the government.

我們了解，如果實施特定行業關稅，可能會對我們的客戶產生更直接的影響。然而，現在評估其影響還為時過早。關於機構行動，衛生與公眾服務部宣布了一系列舉措，包括 NIH 推遲和取消政府合同，以及對間接成本設定 15% 的上限。現在需要明確的是，IQVIA 沒有與 BARDA 簽訂臨床試驗合同，也沒有與政府簽訂 COVID-19 合約。

So our exposure there is zero. That said, we have excellent relationships with these agencies, including BARDA, TAS does have a minimal amount of business with the government, and we do not expect any of this to have any impact at all.

所以我們在那裡的曝光度是零。話雖如此，我們與這些機構保持著良好的關係，包括 BARDA，但 TAS 與政府的業務往來很少，我們預計這不會產生任何影響。

The NIH funding cap relates to indirect administrative and overhead costs. It aims at aligning those indirect costs to the same levels as private foundations. This has no impact on direct costs for research funding and therefore zero impact on us.

NIH 資金上限與間接行政和管理費用有關。其目的是使這些間接成本與私人基金會的水平保持一致。這對研究資金的直接成本沒有影響，因此對我們沒有任何影響。

Regarding the FDA, there have been numerous restructuring actions announced which have impacted a significant portion of the workforce. These reductions in force primarily targeted overhead and support functions such as planning, training, travel, communications, and records management. Importantly, core product review teams responsible for evaluating new drugs, vaccines and medical devices, which are primarily funded by the industry, were largely preserved to maintain the FDA's essential regulatory functions. Today, we have no evidence of any trial or approval delays. Whatever anecdotal disruptions there may be in non-approval related interactions with FDA staff, we expect this to normalize.

關於 FDA，已經宣布了許多重組行動，這些行動影響了相當一部分員工。此次裁員主要針對的是管理費用和支援職能，例如規劃、培訓、旅行、通訊和記錄管理。重要的是，負責評估新藥、疫苗和醫療器材的核心產品審查團隊（主要由產業資助）基本上得以保留，以維持 FDA 的基本監管職能。今天，我們沒有任何證據表明審判或批准有任何延遲。無論與 FDA 工作人員的非批准相關互動中可能存在什麼樣的傳聞幹擾，我們都希望這種情況正常化。

FDA Commissioner, Makari has announced his intention to reduce animal testing in favor of AI-based models and enhanced usage of real-world evidence in the approval process. We applaud this and we see these actions proposed by Commissioner Makary as benefiting our industry. They will enable clients to move prospects faster into clinical trials. The increased use of real-world evidence not only in pre-clinical work but also in Phase 2 and Phase 3 trials plays to IQVIA strength. Ultimately, this is positive news for EVP companies which develop over 50% of the drugs in clinical trials.

FDA 局長 Makari 宣布，他打算減少動物試驗，轉而採用基於 AI 的模型，並在審批過程中加強真實世界證據的使用。我們對此表示讚賞，我們認為馬卡里委員提出的這些行動有利於我們的產業。它們將使客戶能夠更快地將潛在客戶推入臨床試驗。不僅在臨床前工作中，而且在第 2 階段和第 3 階段試驗中，真實世界證據的使用也越來越多，這充分發揮了 IQVIA 的優勢。最終，這對於開發了超過 50% 臨床試驗藥物的 EVP 公司來說是一個好消息。

Finally, on drug pricing, the US administration recently issued an executive order regarding the role of PBMs, pricing transparency, and Medicare costs. These initiatives are still in their early stages, and some provisions may require congressional approval. The impact of these potential actions is difficult to ascertain at this point because the specifics have not been determined.

最後，關於藥品定價，美國政府最近發布了一項關於藥品福利管理（PBM）的角色、定價透明度和醫療保險費用的行政命令。這些舉措仍處於早期階段，一些條款可能需要國會批准。由於具體細節尚未確定，目前很難確定這些潛在行動的影響。

But there are two aspects that could actually be very positive for the industry. First, the proposed the proposal to do away with the so-called Pill Penalty provision in the IRA which subject small molecule drugs to CMS pricing review after only 9 years versus 13 years for large molecule drugs. This is key for pharma clients as 50%, 50% of the drug's value is realized in years 9 to 13.

但實際上有兩個方面可能對該行業非常有利。首先，他們提出了廢除《愛爾蘭共和軍法案》中所謂的「藥丸懲罰」條款的提案，該條款規定小分子藥物僅需 9 年後就接受 CMS 定價審查，而大分子藥物則需要 13 年。這對製藥客戶來說至關重要，因為 50% 的藥品價值是在第 9 至 13 年內實現的。

Second, the focus on drug pricing, treatment value, and comparative effectiveness drives the need for earlier clinical results and more real-world evidence. So in summary, some of our customers have slowed down their decision-making processes, as you would expect. And we experienced delays in RSPs moving to contracts in the first quarter.

其次，對藥品定價、治療價值和比較有效性的關注推動了對更早的臨床結果和更多真實世界證據的需求。總而言之，正如您所預料的那樣，我們的一些客戶已經放慢了他們的決策過程。我們在第一季經歷了 RSP 轉為合約的延遲。

An unusually high number of EDP awards that were contracted in the quarter were not included in our bookings because funding had not been secured yet. Now we are confident that our industry will successfully manage this period of uncertainty and will find ways to adapt. The life sciences industry has consistently demonstrated its resilience, overcoming macroeconomic obstacles, and thriving in changing environments, and IQVIA is particularly well positioned to navigate this marketplace.

由於資金尚未到位，本季簽訂的 EDP 合約數量異常高，但並未計入我們的預訂中。現在我們有信心，我們的行業將成功度過這段不確定時期，並找到適應的方法。生命科學產業一直展現出其韌性，克服宏觀經濟障礙，在不斷變化的環境中蓬勃發展，而 IQVIA 尤其適合駕馭這個市場。

We believe when everything is said and done, key decision makers will recognize the industry is a strategic sector for the US that deserves to be strongly supported. US companies in the biopharmaceutical sector have maintained strong global leadership in biomedical discovery and clinical research.

我們相信，當一切都塵埃落定，主要決策者將會意識到該產業是美國的一個戰略部門，值得大力支持。美國生物製藥公司在生物醫學發現和臨床研究領域一直保持著強大的全球領先地位。

Our sector serves as an extraordinary engine of innovation. It was responsible for 46% of the 634 novel drugs approved globally over the past decade, confirming strong US leadership.

我們的產業是卓越的創新引擎。過去十年全球批准的634種新藥中，有46%來自美國，證明了美國的強大領導地位。

The US is responsible for 61% of global pharmaceutical sales of branded drugs, which is up from 56% a decade ago. The sector invests almost $200 billion annually in research and development and drives economic growth, contributing $1.65 trillion of economic outputs annually.

美國佔全球品牌藥品銷售額的 61%，高於十年前的 56%。該產業每年在研發方面投資近 2,000 億美元，推動經濟成長，每年貢獻 1.65 兆美元的經濟產出。

It supports direct and indirect employment of highly skilled, highly educated workers, and growing nearly 5 million people at an average of $157,000 annually, which is double the national average. In fact, many non-US large pharma companies have moved their primary R&D centers to the US to take advantage of the talent pool.

它支持高技能、高學歷工人的直接和間接就業，每年平均增加近 500 萬人，年均收入 157,000 美元，是全國平均水平的兩倍。事實上，許多非美國大型製藥公司已將其主要研發中心遷至美國，以利用其人才資源。

And of course, the biopharmaceutical industry provides substantial societal benefits by improving health outcomes and extending life expectancy. Now, before I turn it over to run, let me give you a little bit of color on business activity in the porter, and I'll be brief here and just mention a few salient examples.

當然，生物製藥行業透過改善健康狀況和延長預期壽命提供了巨大的社會效益。現在，在我將其轉交給運行之前，請允許我向您介紹搬運工的商業活動，在這裡我將簡短地介紹一下，只提及幾個突出的例子。

As the revenue numbers show, TAS did quite well in the court. We won a number of partnerships with clients that are launching new products. For example, the last project for an important EDP client that's launching their first product and the first ever treatment for low grade serous ovarian carcinoma.

從收入數字可以看出，TAS 在法庭上表現相當出色。我們與許多推出新產品的客戶建立了合作關係。例如，我們為一個重要的 EDP 客戶完成了最後一個項目，他們即將推出第一款產品和首個針對低度漿液性卵巢癌的治療方法。

We also want a launch partnership with another EDP leveraging our AI-powered patient relationship manager platform for a groundbreaking treatment for a rare condition in an underserved patient community. We were selected to support a mid-sized pharma client with an omni-channel campaign that includes KPIs designed to improve patient engagement.

我們還希望與另一家 EDP 建立合作夥伴關係，利用我們基於人工智慧的患者關係管理平台，為服務不足的患者群體中的罕見疾病提供突破性的治療。我們被選中為一家中型製藥客戶提供全通路活動支持，其中包括旨在提高患者參與度的 KPI。

Our commercial technology suite continues to be successful in the marketplace. Our award winning SmartSolve offering, which is a proprietary quality management system, displays the incumbent at an EDP client. In the Medtech space, we secured a significant contract to deploy an integrated information solution to help our clients stream our operations and decision making.

我們的商業技術套件在市場上繼續取得成功。我們屢獲殊榮的 SmartSolve 產品是一種專有的品質管理系統，可向 EDP 客戶展示現任者。在醫療技術領域，我們獲得了一份重要合同，部署一套綜合資訊解決方案來幫助我們的客戶簡化我們的營運和決策。

Let me skip a few more of these and move to R&DS. We achieved notable wins across customer segments. As you recall, last year we renewed all 22 of our strategic partnerships with large pharma clients, and we expanded the scope in half a dozen of them.

讓我跳過這些內容並轉到研發部分。我們在各個客戶領域都取得了顯著的勝利。大家還記得，去年我們與所有 22 家大型製藥客戶續簽了策略合作夥伴關係，並擴大了其中 6 家客戶的合作範圍。

We are being awarded significant contracts from these partnerships. For example, in the quarter, a top five pharma clients that have selected IQVIA as a preferred partner awarded us four early-stage studies under the new model.

我們從這些合作夥伴那裡獲得了重要的合約。例如，在本季度，選擇 IQVIA 作為首選合作夥伴的五大製藥客戶根據新模式授予我們四項早期研究。

I was selected by a top 20 pharma client to support a Phase 3 obesity program across eight studies. Our best-in-class clinical trial technology solutions and industry leading expertise were key factors in securing this deal. The top 10 pharma clients said that pharmacovigilance offerings to achieve a significant reduction in case processing time, enable efficiency, and manage the increasing volume.

我被一家排名前 20 的製藥客戶選中，為一項涵蓋八項研究的第三階段肥胖症計劃提供支援。我們一流的臨床試驗技術解決方案和領先業界的專業知識是達成這筆交易的關鍵因素。十大製藥客戶表示，藥物警戒服務可顯著縮短案件處理時間、提高效率並管理不斷增加的案件數量。

We secured a contract with an EDP client to run a Phase 2 trial for an innovative treatment for patients with pulmonary hypertension associated with interstitial lung disease. The customers selected IQVIA due to our deep technology expertise delivery model and partnership focused approach.

我們與 EDP 客戶簽訂了合同，對與間質性肺病相關的肺動脈高壓患者進行創新治療的 2 期試驗。客戶選擇 IQVIA 是因為我們擁有深厚的技術專業知識交付模式和以合作夥伴關係為中心的方法。

Lastly, Mike mentioned our progress with AI. You may recall we announced a collaboration with Nvidia earlier in the call. We are progressing as planned to deploy highly specialized industry AI agents. So far, we moved over 20 agents into production covering three use cases in each of the commercial, real world, and R&DS, tends we are seeing positive results and productivity gains in areas where these AI agents have been deployed. For example, one agentic system in commercial allows us to reduce delivery time by two-thirds from 12 weeks to 4 weeks with a net 30% cost reduction.

最後，Mike 提到了我們在人工智慧方面的進展。您可能還記得，我們​​早些時候在電話會議上宣布了與 Nvidia 的合作。我們正在按計劃部署高度專業化的行業人工智慧代理。到目前為止，我們已經將 20 多個代理商投入生產，涵蓋商業、現實世界和研發領域中的三個用例，我們在部署這些 AI 代理程式的領域看到了積極的成果和生產力的提高。例如，商業中的一個代理系統使我們能夠將交貨時間縮短三分之二，從 12 週縮短到 4 週，同時淨成本降低 30%。

We plan to scale up from these three use cases to 12 by the end of the second quarter and 40 use cases by the end of the year. And now to Ron for more details on our financial performance.

我們計劃在第二季末將這 3 個用例擴大到 12 個，並在年底擴大到 40 個用例。現在請羅恩詳細介紹我們的財務表現。

Thanks, Ari, and good morning, everyone. Let's start by revealing revenue. First quarter revenue of $3,829 million grew 2.5% on a reported basis and 3.5% at constant currency. In the quarter, we had virtually no COVID-related revenue versus over $40 million in last year's first quarter.

謝謝，阿里，大家早安。我們先來透露一下收入。第一季營收為 38.29 億美元，按報告基礎計算成長 2.5%，以固定匯率計算成長 3.5%。本季度，我們幾乎沒有與 COVID 相關的收入，而去年第一季則有超過 4000 萬美元。

Adjusting for this COVID step-down, constant currency growth was about 4.5%. As already mentioned, acquisitions contributed approximately 2 points of this growth, the majority of this in the TAS segment. Technology and analytics solutions revenue for the first quarter was $1,546 million, that was up 6.4% reported and 7.6% constant currency.

考慮到此次 COVID 疫情的影響，固定匯率成長率約為 4.5%。如前所述，收購貢獻了約 2 個百分點的成長，其中大部分來自 TAS 領域。第一季技術和分析解決方案收入為 15.46 億美元，報告成長 6.4%，以固定匯率計算成長 7.6%。

R&D Solutions first quarter revenue was $2,102 million up 0.3% reported and 1.1% constant currency. Excluding COVID-related work, R&DS revenue grew approximately 3% of constant currency. Finally, contract sales and medical solutions first quarter revenue of $181 million declined 4.2% reported and 2.1% in constant currency.

研發解決方案第一季營收為 21.02 億美元，按報告數字計算成長 0.3%，以固定匯率計算成長 1.1%。不包括與 COVID 相關的工作，研發收入以固定匯率計算成長了約 3%。最後，第一季合約銷售和醫療解決方案收入為 1.81 億美元，按報告數字下降 4.2%，以固定匯率計算下降 2.1%。

Moving down the P&L, adjusted EBITDA was $883 million for the quarter. That was growth at 2.4% year over year. First quarter of GAAP net income was $249 million and GAAP diluted earnings per share was $1.40. Adjusted net income was $479 million for the first quarter, up 2.4% year every year, and adjusted diluted earnings per share grew 6.3% to $2.70.

以損益表計算，本季調整後的 EBITDA 為 8.83 億美元。較去年同期成長 2.4%。第一季 GAAP 淨收入為 2.49 億美元，GAAP 稀釋每股收益為 1.40 美元。第一季調整後淨收入為 4.79 億美元，年增 2.4%，調整後每股攤薄收益成長 6.3% 至 2.70 美元。

R&DF backlog at March 31, was $31.5 billion, an increase of 4.8% year over year and 4.6% constant currency. Next 12 months revenue from this backlog is $7.9 billion.

截至 3 月 31 日，研發積壓訂單為 315 億美元，年增 4.8%，以固定匯率計算成長 4.6%。未來 12 個月，這些積壓訂單的收入將達到 79 億美元。

Reviewing the balance sheet, as of March 31, cash in cash equivalent total $1,740 million in gross debt was $14,330 million resulting in net debt of $12,590 million. Our net leverage ratio ended the quarter at 3.40 times crown 12 month adjusted EBITDA.

審查資產負債表，截至 3 月 31 日，現金等價物總額為 17.4 億美元，總債務為 143.3 億美元，淨負債為 125.9 億美元。本季末，我們的淨槓桿率為克朗 12 個月調整後 EBITDA 的 3.40 倍。

First quarter cash flow from operations was $568 million in CapEx was $142 million resulting in strong free cash flow of $426 million. In the quarter, we repurchased $425 million of our shares. This leaves us with approximately $2.6 billion remaining under the current program.

第一季經營活動產生的現金流為 5.68 億美元，資本支出為 1.42 億美元，產生了 4.26 億美元的強勁自由現金流。本季度，我們回購了價值 4.25 億美元的股票。這使得我們目前的計畫還剩下約 26 億美元。

Okay, let's turn to guidance now. You saw we're raising our full year revenue guidance by $275 million. This to reflect more favorable foreign currency exchange rates since we last guided. We now expect revenue to be between $16 billion and $16,400 million which represents year after year growth to 3.9% to 6.5% on a reported basis or 5.2% growth at the mid-point.

好的，現在讓我們轉向指導。大家可以看到，我們將全年營收預期提高了 2.75 億美元。這反映了我們上次指導以來更有利的外幣匯率。我們現在預計收入將在 160 億美元至 164 億美元之間，這意味著年增長率為 3.9% 至 6.5%，或中間值增長 5.2%。

This guidance now includes a year over year FS tailwind of approximately 50 basis points compared to about 150 basis points of headwind in our previous guidance. We continue to assume approximately $100 million of step down in COVID-related work, and about 150 basis points of contribution from M&A activity for the full year.

該指引目前包括同比約 50 個基點的財務順風，而我們先前指引中的逆風約為 150 個基點。我們繼續假設全年與 COVID 相關的工作將減少約 1 億美元，併購活動的貢獻將減少約 150 個基點。

We were -- we are reaffirming our adjusted EBITDA guidance of $3,765 million to $3,885 million as FX changes had a negligible impact on EBITDA. This represents year over year growth of 2.2% to 5.5%. We're also reaffirming our adjusted diluted EPS guidance, which continues to be $11.70 to $12.10, that's up 5.1% to 8.7% versus the prior year or 6.9% growth at the midpoint.

我們－我們重申調整後的 EBITDA 指引，即 37.65 億美元至 38.85 億美元，因為外匯變動對 EBITDA 的影響微乎其微。這意味著同比增長 2.2% 至 5.5%。我們也重申調整後的稀釋每股收益指引，繼續維持在 11.70 美元至 12.10 美元之間，較上年增長 5.1% 至 8.7%，或以中間值計算增長 6.9%。

Now, let's go through the 2nd quarter. For the second quarter, we expect revenue to be between $3,925 million and $4,000 billion. Adjusting EBITDA is expected to be between $895 million and $915 million and adjusted diluted EPS to be between $2.72 and $2.83. Both this guidance for the 2nd quarter and our four-year guidance assumed that foreign currency rates as of May 5, continue for the balance of the year.

現在，讓我們回顧一下第二季。對於第二季度，我們預計營收將在 39.25 億美元至 4000 億美元之間。調整後 EBITDA 預計在 8.95 億美元至 9.15 億美元之間，調整後稀釋每股盈餘預計在 2.72 美元至 2.83 美元之間。針對第二季的指引和我們的四年指引均假設，截至 5 月 5 日的外匯匯率將在今年剩餘時間內持續不變。

So to summarize, in Q1, we delivered strong revenue and profit results at the high end of our expectations. We had a very solid free cash flow of 89% of adjusted net income. The cash business continued to achieve above target performance with revenue growth at 7.6% in constant currency, and R&DS of bookings were affected by delayed decision making by customers on new programs and lower EDP funding, reflecting incremental macroeconomic and industry sector uncertainty.

總而言之，在第一季度，我們實現了強勁的營收和利潤業績，超越了我們的預期。我們的自由現金流非常穩健，佔調整後淨收入的 89%。現金業務繼續實現高於目標的業績，按固定匯率計算，收入增長 7.6%，而訂單的研發受到客戶對新項目決策延遲和 EDP 資金減少的影響，反映出宏觀經濟和行業部門的不確定性增加。

That set forward-looking indicators for R&DS offerings such as qualified pipeline RFP flow and backlog continue to grow. We're progressing as planned to deploy new highly specialized industry AI agents, and we've identified over 40 use cases and scaled up deployment across our portfolio in 2025.

這為研發產品設定了前瞻性指標，例如合格的管道 RFP 流和積壓訂單將繼續成長。我們正在按計劃部署新的高度專業化的行業 AI 代理，並且我們已經確定了 40 多個用例，並在 2025 年擴大了我們產品組合中的部署規模。

In the quarter, we repurchased $425 million of our shares, and lastly, we raised our full-year revenue guidance by $275 million to reflect changes in FX and of course, we reaffirmed our product guidance. For that, let me hand it back over to the operator to open the session for questions and answers. Operator?

在本季度，我們回購了價值 4.25 億美元的股票，最後，我們將全年收入預期提高了 2.75 億美元，以反映外匯的變化，當然，我們重申了我們的產品預期。為此，請允許我將會議交還給操作員，開始問答環節。操作員？

I apologize. I was muted. (Operator Instructions) Justin Bowers at Deutsche Bank.

我很抱歉。我啞口無言。（操作員指示）德意志銀行的賈斯汀·鮑爾斯。

Thank you and good morning, everyone. Ari, could you discuss some of the drivers behind the strength in RWE in the quarter, how the order book looks for the balance of the year and whether or not this outperformance is durable?

謝謝大家，早安。Ari，您能否討論一下本季 RWE 表現強勁的一些驅動因素、全年訂單情況如何以及這種優異表現是否持久？

Thank you, Justin. Look, it has delivered better than expected revenue growth, which is what helped the company deliver above the high end of our guidance, with 7.6% of constant currency. And as I mentioned, this was driven largely by the strong growth in real world, which was strong double digits.

謝謝你，賈斯汀。你看，它實現了好於預期的收入成長，這有助於公司實現高於我們預期的高端水平，達到 7.6% 的固定匯率成長率。正如我所提到的，這主要是由現實世界的強勁成長所推動的，即強勁的兩位數成長。

This basically, you will recall that real world had declined. The part of the real world that's discretionary had essentially shut down, and in the end of 2023, beginning of 2024 time frame, and the rest of the real-world business, which is more mission critical, had been, delayed and pushed to the right in terms of when to do it and so on.

基本上，你會記得現實世界已經衰退了。現實世界中可自由支配的部分基本上已經關閉，並且在 2023 年底、2024 年初的時間範圍內，其餘的現實世界業務（更為關鍵）已被推遲，並在何時執行等方面被推後。

So both the discretionary piece and the required work that's necessary to support safety or pricing, demonstrating the effectiveness of treatments, etc. of both have returned. This pent-up demand and we expect this based on the book of business to continue. The rest of was also good, basically, low to meet the single digits for the different, other aspects of the business.

因此，自由裁量部分和支持安全或定價、證明治療有效性等所需的工作都已恢復。我們根據業務記錄預計這種被壓抑的需求將會持續下去。其餘部分也很好，基本上，低於其他業務方面的個位數。

Thank you, Justin.

謝謝你，賈斯汀。

Thank you. Matt Sykes at Goldman Sachs.

謝謝。高盛的馬特·賽克斯 (Matt Sykes)。

Thanks for taking my question, Ron. Just maybe on the margin side, I know you guys have called out in 420 basis point potential margin expansion. Looks like as you kind of rearrange the guide, maybe not expecting that. Could you just maybe talk about the opportunities for any potential margin expansion and kind of what you could do on the cost side to help achieve that?

謝謝你回答我的問題，羅恩。也許只是在利潤方面，我知道你們已經呼籲 420 個基點的潛在利潤擴張。看起來您重新安排了指南，也許沒想到這一點。您能否談談潛在的利潤率擴大的機會，以及您可以在成本方面採取哪些措施來幫助實現這一目標？

Yeah, well, one thing I would point out, Matt, when you're looking at the margin for our previous guide is obviously the impact of FX because FX effects are top line but doesn't have much impact on the bottom line. And if you're looking at gross margins or these are top margins as the dollar is weak and revenue has gone up, profit hasn't followed. So that really explains all the change in our implied margins versus what we guided to previously.

是的，好吧，我想指出的一點是，馬特，當你查看我們之前指南的利潤時，顯然是外匯的影響，因為外匯效應是頂線，但對底線沒有太大影響。如果你看一下毛利率或最高利潤率，你會發現因為美元疲軟，收入上升，但利潤卻沒有隨之上升。這確實解釋了我們的隱含利潤與先前指導利潤之間的所有變化。

Now, if you're looking towards what can help drive margins going forward, it's only cost reduction where AI would be one example that we're looking at. We're always looking at taking cost out across the organization that's an ongoing effort. You'll see that in our restructuring expense, of course, against that, we do have pressures on things like not just AX, but mix has gone against us to a certain extent. You'll see that in the gross margin. And that mix includes, for instance, the shift towards FSP which hurts margins a little bit. But net-net, the margin picture really hasn't changed that much. What you're seeing is mostly just the impact of FX almost entirely.

現在，如果你正在尋找可以幫助推動未來利潤率的因素，那麼降低成本就是其中之一，而人工智慧就是我們正在研究的一個例子。我們始終致力於降低整個組織的成本，這是一項持續不斷的努力。當然，您會看到，在我們的重組費用中，我們確實面臨壓力，不僅僅是 AX，而且混合在某種程度上對我們不利。您會在毛利率中看到這一點。例如，這種組合包括向 FSP 的轉變，這會稍微損害利潤率。但總體而言，利潤情況實際上並沒有太大變化。您所看到的幾乎完全是 FX 的影響。

Got it. Thank you. And just for a follow up, Ari, could you just maybe talk a little bit about on a longer-term basis you made a comment in Q3 regarding sort of the competitiveness of RFPs going from sort of 1 of 13 to 1 of 4 if I've got the numbers correctly. And just in this environment, given sort of lower levels of demand, how do you feel about your position and do you think that vendor consolidation trend, which has already been in place will accelerate in this environment?

知道了。謝謝。阿里，為了跟進一下，您能否從長期角度談談您在第三季度發表的評論，關於 RFP 的競爭力從 13 個中的 1 個變為 4 個中的 1 個，如果我沒記錯的話。在這種環境下，考慮到需求程度較低，您對自己的處境有何看法？您是否認為已經出現的供應商整合趨勢將在這種環境下加速？

Are you talking about the RDS business and RSP flow?

您說的是RDS業務和RSP流程嗎？

RDS specifically, yes, and vendor consolidation.

是的，特別是 RDS，以及供應商整合。

Yeah, look, the RSP flow is actually pretty good given the environment. So the underlying demand is still there. We're not seeing customers decide to no longer do certain programs. We went through a period of reviews and reprioritization of pipelines, which led to very elevated cancellations during the course of 2024. Maybe 50% higher, cancellation levels in 2024 than the historic norm.

是的，考慮到環境，RSP 流量實際上相當不錯。因此潛在需求仍然存在。我們並沒有看到客戶決定不再參加某些項目。我們經歷了一段時間的審查和重新調整管道優先順序，這導致 2024 年期間取消的數量非常高。2024 年的取消率可能比歷史平均值高出 50%。

In the order I just might have mentioned, we had cancellations that were just in a normal historic range. So what happened in the course of sector is mostly again programs that clients decided to pause and wait to see what the actual consequences are of some of the administration's pronouncements before they decide to go ahead. And separately, as you might have noted, there was a deterioration in the funding for EVPs. So we had an unusually high number of EVP awards in the first quarter that were actually now was but they were also contrasted, but our policy is not to include those in bookings. If we're not confident in the fund, as long as we're not 100% sure that the funding has been secured.

按照我剛才提到的順序，我們的取消次數處於正常的歷史範圍。因此，在該行業過程中發生的事情大多是客戶決定暫停一些項目，等待看看政府某些聲明的實際後果，然後再決定繼續執行。另外，您可能已經注意到，EVP 的資金狀況有所惡化。因此，我們在第一季獲得了異常多的 EVP 獎項，這些獎項實際上是現在頒發的，但它們也進行了對比，但我們的政策是不將這些獎項納入預訂。如果我們對該基金沒有信心，只要我們不能 100% 確定資金已經到位。

Despite the RFP though, it's still very good. I mean, whether in -- we've seen consistent numbers in terms of whether it's dollar value or volume when our rates and heat rates are stable. So we're not seeing any changes really in the flow of RSPs whether, the large pharma RFPs are up, stronger than EVPs at this point, but it's good. It's pretty good actually and sequentially it's high single digits are higher. So from that standpoint, I feel better at this point in the quarter than I did at the same point last month.

儘管有 RFP，但它仍然非常好。我的意思是，當我們的費率和熱率穩定時，無論是美元價值還是數量，我們都看到了一致的數字。因此，我們實際上並沒有看到 RSP 流量發生任何變化，大型製藥公司的 RFP 是否上漲，目前是否比 EVP 更強，但這是好事。實際上，這非常好，而且其高個位數連續較高。因此從這個角度來看，我在本季此時感覺比上個月同期要好。

Yeah, and as we've mentioned previously, we did very well last year with renewing and expanding all the large pharma providerships that they went through, and we're starting to see the benefits of those new RFPs from those relationships coming through.

是的，正如我們之前提到的，去年我們在更新和擴展所有大型製藥供應商的合作關係方面做得非常出色，而且我們開始看到這些關係帶來的新 RFP 的好處。

Shlomo Rosenbaum at Stifel.

Stifel 的 Shlomo Rosenbaum。

Hi, thank you for taking my question. Yeah, Ari. I want to ask a little bit more just probing on the operating environment. Given the uncertainty of what you saw in R&DS, I'm just surprised that you didn't see that in more of the short cycle business, in TAS like you kept the guidance and I guess, the assumption that things are going to continue. But do you think that there's a risk that that could spill over into some of the uncertainty into some of those areas in TAS like consulting or some of the analytics or some of the areas like that? And could it potentially result in further reprioritizations even in the R&DS business if you give us your thoughts on those things?

你好，謝謝你回答我的問題。是的，阿里。我想再多問一點操作環境的問題。鑑於您在研發部門看到的不確定性，我很驚訝您沒有在更多的短週期業務中看到這一點，在 TAS 中，您保留了指導，我想，您假設事情會繼續下去。但是，您是否認為，這種不確定性可能會蔓延到 TAS 的某些領域，例如諮詢、分析或類似的領域？如果您就這些事情發表一下看法，這是否可能會導致研發業務的進一步重新排序？

Yeah, I mean, you got to understand what you're asking the question. There's considerable uncertainty out there, and whenever you have uncertainty, then obviously, people are hesitant to spend money. That's just, that's a general rule, and that's the concern out there. But so far, we haven't seen that in past. All of our, indicators, leading indicators, pipeline, decision timelines, and so on, continue to be strong. I believe that the reason we haven't seen that is because there were pent up demands. We had already gone through a period of holding back on spend into, starting from the middle of 2023 through the middle of 2024.

是的，我的意思是，你必須明白你在問什麼問題。外面存在著相當大的不確定性，每當有不確定性時，顯然人們就會不願意花錢。這只是一條普遍規則，也是人們所關心的問題。但到目前為止，我們還沒有見過這種情況。我們的所有指標、領先指標、管道、決策時間表等等都持續保持強勁。我認為我們之所以沒有看到這種情況是因為有被壓抑的需求。從 2023 年中期到 2024 年中期，我們已經經歷了一段控制支出的時期。

And so at that point, drugs that had been approved needed to be launched. And that's what's happening now. So what we're doing does is support the launch of the drugs, market access, pricing of drugs, supporting commercial, commercialization efforts, etc.

因此，此時，已獲批准的藥物需要上市。這就是現在正在發生的事情。因此，我們所做的是支持藥品的推出、市場准入、藥品定價、支持商業、商業化努力等。

And that's the day in and day out day to day business of our clients and then I stop doing that. So we haven't seen that. I understand the question, but in the business, we are seeing continued good growth as expected.

這就是我們客戶日復一日的日常業務，然後我就不再這樣做了。所以我們還沒有看到這一點。我理解這個問題，但在業務方面，我們看到了預期的持續良好成長。

And again I believe that the pan had been held back. For a while, and there is pent up demand and necessary things to do. Now the discretionary stuff, the absolute discretionary stuff, consulting and so on, yeah, I mean, it's not spectacular. It's just like, flat to bit single digit kind of level. So it's not that we are looking at the spectacular things. So what is being done now is the stuff that was necessary.

我再次相信，鍋子已經被扣住了。有一段時間，存在著被壓抑的需求和必要的事情要做。現在，自由裁量權、絕對自由裁量權、諮詢等等，是的，我的意思是，這並不引人注目。就像是，平坦到有點個位數的水平。所以，我們並不是看壯觀的事物。所以現在所做的事情是必要的。

To operate, I mentioned the real world before, as well as the fact that demand on other things, and then that's what's driving that. So I don't see the environment influencing this much on the R&DS side, yeah.

為了操作，我之前提到了現實世界，以及對其他事物的需求，這就是推動這一點的因素。是的，我認為環境不會對研發方面產生這麼大的影響。

Again, because of uncertainty, so you hold back on decisions. The type of reparations we saw before, were due to the IRA and I think as we mentioned, prior calls, we see that to be largely over. The reprioritization of pipelines, which led to elevated levels of cancellations that were triggered by certain provisions of the IRA and I remind you, the IRA was, I guess, at late 22, and this process started in 2023. So we are now a couple of good two years after that process started and we believe that, that reprioritization process of R&D pipelines at large pharma due to the IRA is largely complete. Now, could there be other cancellations? We haven't seen that yet.

再一次，由於不確定性，所以你不願意做出決定。我們之前看到的賠償類型是由於愛爾蘭共和軍，我認為，正如我們之前提到的，我們認為這種情況基本上已經結束了。管道優先次序的重新調整，導致取消數量上升，這是由《愛爾蘭共和軍法案》的某些條款引發的，我提醒你，《愛爾蘭共和軍法案》是在 22 年底制定的，而這個過程是在 2023 年開始的。因此，距離流程啟動已經過去了兩年，我們相信，由於 IRA 而進行的大型製藥公司研發管道重新排序流程已基本完成。現在，還會有其他取消嗎？我們還沒有看到這一點。

Due to new developments, we don't know. Again, no one really knows the exact impact of what has been signaled by the new administration the uncertainty has caused. Delays in decision making. I mentioned in my introductory remarks that the time from receiving the RFP to the actual reward has expanded by about 10%, some cases more than that, both year over year and sequential.

由於新的發展，我們不知道。再者，沒有人真正知道新政府所暗示的不確定性會造成什麼影響。決策延遲。我在開場白中提到，從收到 RFP 到獲得實際獎勵的時間延長了約 10%，有些情況下甚至更長，無論是同比還是環比。

So that's an indication if you with a high level meaning, but we know this directly from clients who told as well, we were planning on making a decision this quarter, but we just going to wait a little bit to understand the implications. No one has signaled that they are not going to do the program, but it's just natural that in an environment of uncertainty, you hold off on making a decision on large capital investments.

因此，如果您具有高層次的含義，這是一個跡象，但我們直接從客戶那裡了解這一點，他們也告訴我們，我們計劃在本季度做出決定，但我們只需要等待一段時間來了解其影響。沒有人表示他們不會實施該計劃，但在充滿不確定性的環境中，推遲對大規模資本投資做出決定是很自然的。

Thank you.

謝謝。

Michael Ryskin at Bank of America.

美國銀行的麥可‧里斯金 (Michael Ryskin)。

Great, thanks for taking the question, guys. Just going to follow up on, I think Matt Syke's earlier question talked about cancellations in the quarter are being kind of normal. Maybe I could H1 in on book to build trends, I know you don't like talking about this number quarterly, but just 1.02 in the quarter last year you called out a few major cancellations that cost 3Q to be lower, this year that the score doesn't seem to be the case. It's really -- so what do you attribute that number to? Is it really the emerging bio that you talked about how some of the RFPs aren't quite in bookings yet because the funding's not there? Is that the major swing in there? And so do you expect to be closer to that, 1.15, 1.2 number for the rest of the year?

太好了，謝謝大家回答這個問題。只是想跟進一下，我認為 Matt Syke 之前的問題談到本季的取消情況是正常的。也許我可以透過上半年的業績來建立趨勢，我知道您不喜歡每季談論這個數字，但去年同期僅為 1.02，您指出一些重大取消訂單導致第三季成本較低，而今年的得分似乎並非如此。確實如此——那麼您認為這個數字是因為什麼造成的呢？您說的新興生物技術真的是這樣嗎？因為資金不足，一些 RFP 尚未完成預訂？這是那裡的重大轉變嗎？那麼，您是否預計今年剩餘時間的數字會更接近 1.15 或 1.2 呢？

Okay, so I love this question on the quarter on IQVIA. We -- I mentioned before that, awards that should have been contracted in the quarter, the contract wasn't signed and was delayed. So that happened at last pharma a number of times in the world and that's due to this uncertainty. General uncertainty in the biochemical sector. That's one reason for softwares. The second reason, as you mentioned, is the EDP funding. I think you notice that, there are many sources for what was the EDP funding, in a given quarter, but we follow consistently by world stats, and I think the funding in the first quarter went down to $13 billion.

好的，我很喜歡這個關於 IQVIA 季度的問題。我們——我之前提到過，本季應該簽訂的合約沒有簽署，而且被推遲了。因此，由於這種不確定性，全球製藥業已經多次出現這種情況。生化領域普遍存在不確定性。這是軟體的一個原因。第二個原因，正如您所說，是 EDP 資金。我想你會注意到，對於某個季度的 EDP 資金，有很多來源，但我們持續關注世界統計數據，我認為第一季的資金下降到了 130 億美元。

Now, $30 million is fine, but it's way lower than what we had seen before. And that's an indication, I think whatever source you look at, you'll see that even once again, it's due to the same reasons people are hesitant to commit the funds. It does happen, that the EVP signs a contract with us and we decide not to include it in the bookings. Because we're not sure about the funding.

現在，3000 萬美元還可以，但比我們之前看到的要低得多。這表明，無論你查看什麼來源，你都會再次發現，人們猶豫是否投入資金是出於同樣的原因。確實會發生這樣的情況，EVP 與我們簽訂了合同，但我們決定不將其納入預訂中。因為我們不確定資金狀況。

But that happens like once or twice in a given quarter. Here we had much larger number of such cases in the court. So again, the two reasons all deriving from the same underlying factor, which is the macro uncertainty, large from up taking down the signature of the contract to a later period.

但這種情況在一個季度內大概會發生一兩次。我們法院審理的此類案件數量要多得多。因此，這兩個原因都源於同一個潛在因素，即宏觀不確定性，很大程度上是由於合約的簽署推遲到了後期。

And EVPs, not confirming that the funding is secure for a contract they've already signed, and as a result, we do not include that in our booking. That's what caused the stop the bookings in this particular order, not the cancellations.

而 EVP 並未確認他們已經簽署的合約的資金是否安全，因此，我們不會將其納入我們的預訂中。這就是導致此特定訂單的預訂停止而不是取消的原因。

Now again, I mean, I want to, if you break it up and it's my kind of it's like agitating the red flag in front of a ball. I typically react to mention of holy bookmobiles. Look, we are projecting for our company 5% growth, so there are about 5.2% for this year. If you focus on the CRO business, we -- our guide for the year was 4% to 6% for the year, but we see that we have softer bookings.

現在，我的意思是，我想，如果你把它分開，這是我的一種，就像在球前攪拌紅旗一樣。我通常會對聖書流動站作出反應。你看，我們預計公司將成長 5%，所以今年的成長幅度約為 5.2%。如果您關注 CRO 業務，我們 - 我們今年的指導價格是 4％ 至 6％，但我們發現我們的預訂量有所下降。

Even if it's in at the lower end of that range, the 4% kind of range for R&DS, and that's excluding the step-down of COVID business, which is about $100 million year over year. And effects, it's still somewhere around 4%.

即使處於該範圍的低端，研發支出也只有 4% 左右，而且這還不包括 COVID 業務的下降，該業務的同比下降約為 1 億美元。而效果仍然在 4% 左右。

Now, you look at our sector, there aren't that many benchmarks out there, but we do have a large competitor that's publicly traded and published numbers, and I looked at the numbers this morning. And it happens to be coincidentally to the exact same book to be ratios quarterly or trading 12 months.

現在，看看我們的行業，那裡沒有那麼多的基準，但我們確實有一個大型競爭對手，它公開交易並公佈了數據，我今天早上查看了這些數據。巧合的是，這本書的季度或交易年比率都是同一本書。

And yet they are projecting negative growth. On a comparable basis, I think that negative growth is 5%. So you've got the same exact book to be ratio. The same exact and we're projecting about mid-single digit growth, positive growth for that segment, and they're projecting mid-single digit decline.

然而他們卻預測會出現負成長。按可比口徑，我認為負成長是5%。因此，您得到的是完全相同的書的比例。完全相同，我們預測該部分將實現中等個位數成長、正成長，而他們預測將出現中等個位數下降。

It's an 8 or 94 swing in revenue growth. So if there ever was a proof point that this quarterly book to be ratio doesn't mean anything with respect to predicting. Growth and performance, I think that's a very strong one. This it's an interesting snapshot picture of what's going on at one given point in time, given circumstances in the world. It's like, you're taking a picture of a particular horse in the Kentucky Derby in the mud running and you look at the picture and it looks like all its muscles extended and doing extremely well. But then when you see the full movie, you see that the horse lost the race.

收入成長幅度達 8% 或 94%。因此，如果有任何證據證明該季度帳面價值比率對於預測而言毫無意義的話。成長和表現，我認為這是非常強勁的。這是一幅有趣的快照，記錄了在特定時間點、特定世界環境下發生的事情。就像，你在拍攝肯塔基賽馬會上一匹在泥地中奔跑的馬的照片，你看著這張照片，發現它的所有肌肉都伸展開來，表現得非常好。但當你看完整部電影時，你會發現那匹馬輸掉了比賽。

So it really doesn't mean very much. It's a snapshot. It's interesting, but it doesn't take go.

所以這其實並沒有太大意義。這是一張快照。這很有趣，但是不太容易接受。

Not at all. Very fair point, Ari. Thank you. Thank you for that color. I appreciate the context. If I could squeeze in a quick follow up, just any commentary on pricing environment, just wondering if there's any change in the quarter given all the macro uncertainty? And again this is more specific to R&DS.

一點也不。非常公平的觀點，阿里。謝謝。謝謝你的那個顏色。我很欣賞這個背景。如果我可以快速跟進一下，只是對定價環境的任何評論，只是想知道考慮到所有宏觀不確定性，本季是否會有任何變化？這對於研發來說更為具體。

No change. Look, I mean, pricing is not enough lever, has not been a lever for some time. So we are the pricing negotiations always are tough.

沒有變化。你看，我的意思是，定價並不足以起到槓桿作用，一段時間以來它已經不再起到槓桿作用了。因此我們的定價談判總是很艱難。

But again, as Mike mentioned earlier, we've secured the strategic partnerships with our large pharma clients last year. That was the time at which all the rates were negotiated and so on. And so I think we are comfortable operating in the current environment, no changes.

但正如麥克之前提到的，我們去年已經與大型製藥客戶建立了策略合作夥伴關係。那是所有費率等等都經過協商的時間。所以我認為我們在當前環境下運作很舒服，沒有任何變化。

Thank you so much.

太感謝了。

Jailendra Singh at Truist Securities.

Truist Securities 的 Jailendra Singh。

Yeah, thank you and thanks for taking my question. So just given all the recent macro development and uncertainty you flagged, and thanks for all the color you gave, are you guys seeing any change in the RSP or new bookings make in terms of FSO versus FSB? And one another follow up quickly if I can ask, what's the latest on two mega trials that were delayed? Are they expected to resume in the second half? Sorry for the part. Those three questions, it's all.

是的，謝謝你，也謝謝你回答我的問題。因此，考慮到您所標記的所有最近的宏觀發展和不確定性，並感謝您提供的所有細節，您是否看到 RSP 或新預訂在 FSO 與 FSB 方面有任何變化？如果我可以問的話，請盡快跟進，兩次被推遲的大型試驗的最新消息是什麼？預計下半年會恢復嗎？抱歉。就這三個問題。

Thank you very much for the questions. Number one, I think you're talking about the mixed, food service versus FSE. And look, we had signaled over the course of the prior year that large pharma was sort of do doing a little bit more FSE. And I think we saw this reflected in the RSP flow and in the awards and in the bookings, okay, where RSP as a percentage of total was increasing. Okay. We said that in our bookings in the year, it was reaching in 24%, close to 20%.

非常感謝您的提問。首先，我認為您談論的是混合食品服務與 FSE。你看，我們在前一年就已經發出訊號，大型製藥公司會做更多的 FSE。我認為我們在 RSP 流量、獎項和預訂中看到了這一點，其中 RSP 佔總數的百分比正在增加。好的。我們說，在今年的預訂量中，這一比例達到了 24%，接近 20%。

Whereas in our revenue, of course, it's lower than that since we're burning revenue related to prior period bookings, in our revenue, SSP represented in 24% more, about 15% to 16%. So obviously, we'll try and do the 20%. However, again, I said before many times that these are Canallo suits.

當然，在我們的收入中，這個數字要低一些，因為我們正在消耗與前期預訂相關的收入，在我們的收入中，SSP 佔了 24% 以上，大約 15% 到 16%。所以顯然，我們會盡力達到 20%。但是，我之前已經多次說過，這些是 Canallo 套裝。

We've seen it before in this industry where large pharma reverts to FSP, decides to insource more of the activity. But then they swing back. And I might, you might find it interesting to know that in the core, we actually started seeing some signs of this reversal.

我們之前在這個行業中看到過這種情況，大型製藥公司恢復到 FSP，決定將更多的活動外包。但隨後他們又反擊了。你可能會覺得有趣，從本質上講，我們實際上開始看到這種逆轉的一些跡象。

Okay, actually, in the quarter, FSP bookings represented less than 10% and we look at our qualified pipeline. It's in the mid-single digits, low-single digits, and in the RFP flow, it's about 5%. We actually have a very, very strong and exciting pipeline and RFP flow in full-service work for (inaudible). And the reason is, the reasons are the same. As the reasons that have always led our clients to do more outsourcing, which are basically that they cannot possibly have all the expertise in-house. Sometimes they buy an asset in a different therapeutic indication.

好的，實際上，在本季度，FSP 預訂量不到 10%，我們就來看看我們的合格管道。它處於中等個位數或低個位數之間，而在 RFP 流程中，它大約為 5%。實際上，我們在全方位服務方面擁有非常強大和令人興奮的管道和 RFP 流程（聽不清楚）。原因是一樣的。我們的客戶之所以更多地進行外包，根本原因在於他們不可能在內部擁有所有的專業知識。有時他們會購買不同治療適應症的資產。

And they need resources that they don't have in-house. And thirdly, after they've been doing the SSP work and taking more oversight in-house, they realized that it can become prohibitively, costly to do so over a large number of students and invariably, they revert back for any of these reasons to full service, and we're starting to see some signals of that. It's not just a snapshot in this case, it was through in the bookings. It's through in the RSP flow, and it's through in the qualified pipeline where we see FSC as a percentage of total decline.

他們需要的是內部所沒有的資源。第三，在他們進行 SSP 工作並加強內部監督之後，他們意識到，如果學生人數眾多，這樣做可能會變得成本過高，而且不可避免地，他們會因為上述任何原因而恢復全面服務，我們開始看到一些這方面的跡象。在這種情況下，這不僅僅是一張快照，而是透過預訂實現的。它通過 RSP 流，並通過合格管道，我們將 FSC 視為總下降的百分比。

I think you have another question. Oh, the two Vegas trials, yes. So the two Vegas trials, we said, had been postponed and taken out of the end of last year and pushed back to the back of this year. We received confirmation from one of them, that's the good news that it's expected to get started in the towards the second half, towards the end of the year as planned. So that's confirmed plan.

我想你還有另一個問題。哦，是的，兩次拉斯維加斯審判。因此，我們說，兩項拉斯維加斯試驗已被推遲，從去年年底開始，並推遲到今年年底。我們從其中一位那裡得到了確認，這是好消息，預計將按計劃在下半年、年底開始。這就是確認的計劃。

The second one though, for reasons that are inherent to the client itself, the same logistics reasons they were facing before was pushed out of the period and won't start this year. And again, all of that was contemplated in our guidance and so nothing's changed with respect to our numbers. Mike? Any color on that?

然而，由於客戶本身的原因，第二個項目與先前面臨的物流問題相同，因此被推遲，今年不會啟動。再說一次，所有這些都已在我們的指導中考慮到，因此我們的數字沒有任何改變。麥克風？有顏色嗎？

Yeah, just add a little bit more color on that. So you know we are reaffirming our range, with that mega trial put pushed out of the period as already said, plus let's see what happens with the booking requirement for the balancing here you can conceivably see sort of RDS probably shading more towards the lower end of our guidance range, but we'll have to see our BD teams are out there actively working to secure new business and but that's kind of the current year.

是的，只需添加一點點顏色即可。因此，您知道我們正在重申我們的範圍，正如已經說過的，大型試驗被推遲到了期間之外，另外，讓我們看看平衡的預訂要求會發生什麼情況，您可以想像看到 RDS 可能會更接近我們指導範圍的低端，但我們必須看到我們的 BD 團隊正在積極努力地爭取新業務，但這就是今年的情況。

Got it. Thanks, guys.

知道了。謝謝大家。

Eric Coldwell at Baird.

貝爾德的 Eric Coldwell。

Thanks. You, I have two if you don't mind. You might have just partially answered the first one. So I was going to ask about the impact on guidance from FX, and the question was there any other change to the guidance or directionality of the guidance excluding FX? What I'm getting to is during the prepared remarks or maybe the Q&A Ron said that the year-over-year gross margin reduction in Q1 was primarily FX, but FX has now turned from a big headwind to a moderate tailwind.

謝謝。你，如果你不介意的話，我有兩個。您可能只是部分回答了第一個問題。所以我想問外匯對指導的影響，問題是除了外匯之外，指導或指導方向還有其他變化嗎？我的意思是，在準備好的發言或問答環節中，羅恩說第一季毛利率同比下降主要是外匯影響，但現在外匯已經從巨大的逆風變成了適度的順風。

So I'm questioning how much IQVIA EPS were protected by the FX shift, i.e., would you have needed to maybe reduce the range on IQVIA EPS if it weren't for FX and then you have no?

因此，我質疑 IQVIA EPS 受到 FX 轉變的多少保護，也就是說，如果沒有 FX，您是否需要減少 IQVIA EPS 的範圍，而您沒有？

No, I mean is, you can think of it as being largely independent from the FX ranges. The impact of FX on either is very muted. The impact on revenue obviously isn't. You saw a big increase in our guidance for the year on revenue and the combination of those two reduce our margins, our implied margin guidance, but yeah, that --

不，我的意思是，你可以認為它很大程度上獨立於 FX 範圍。FX 對兩者的影響都很小。對收入的影響顯然不是。您會看到，我們今年的收入預期大幅增加，而這兩者結合起來會降低我們的利潤率，也就是我們的隱含利潤率預期，但是，是的，--

So no notable impact on EPS then for year from back? Good. And then my -- if I can have one more quickly and apologize toggling like everyone, I toggling multiple calls today so I might have missed.

那麼從去年開始對 EPS 沒有明顯影響嗎？好的。然後我的——如果我可以再快一點，並像大家一樣道歉，我今天切換了多個電話，所以我可能錯過了。

I have received a couple of inbound questions from investors during the call about a M&A and the M&A impact overall from the firm. So if you address this, I'm sorry, but I am getting some questions on it. I thought I'd throw it out there.

在電話會議中，我收到了投資者提出的幾個問題，關於併購以及併購對公司的整體影響。所以如果你解決這個問題，我很抱歉，但我對此有一些疑問。我想把它扔到那裡。

There's about 200 basis points for the quarter, Eric, and about 150 basis points for the year, the majority, but not entirely in.

艾瑞克，本季大約有 200 個基點，全年大約有 150 個基點，佔了大多數，但還不是全部。

So if TAS -- so the question, Ron was if TAS was the majority, and I don't know if that's, 60% or 90%, but if it was the majority, then mathematically I believe you could have picked up as much as 5 basis points of growth in TAS.

所以如果 TAS——所以問題是，羅恩，如果 TAS 佔多數，我不知道那是 60% 還是 90%，但如果是多數，那麼從數學上講，我相信你可以在 TAS 中獲得多達 5 個基點的增長。

No wasn't that much organic growth in single digits.

不，有機成長率並沒有達到個位數。

Okay, perfect. Thanks very much.

好的，完美。非常感謝。

David Windley at Jefferies.

傑富瑞 (Jefferies) 的戴維溫德利 (David Windley)。

Hi, good morning. Thanks for taking my question. I wanted to focus on margin and ask if you could talk about, margin performance by segment and then on the restructuring activities, the expense that you took in the quarter, the ad back was a little bigger. I wondered if you could comment, related to cost takeout, what some of the targets are, is it still kind of right sizing headcount or facility consolidation, or is it something else? And how we should think about those cost takeouts again going back to the margin by segment?

嗨，早安。感謝您回答我的問題。我想重點討論利潤率，並詢問您是否可以談談各部門的利潤率表現，然後談談重組活動，您在本季度承擔的費用，廣告支出稍微大一些。我想知道您是否可以評論一下與成本削減相關的一些目標是什麼，這是否仍然是適當的員工人數或設施整合，或者是其他什麼？我們該如何看待這些成本削減再次回到分部利潤率？

Thanks. Yeah. Well, look, what we're doing in terms of margins and is essentially to work on our cost structure the same way we've been working on it forever that is, address overhead structure as we continue to scale up our business. Address, labor arbitrage, we offshore, we have offshore centers all over the world for different, centers of excellence for different types of activities, both on the commercial and the RNGS side, and we continue to shift, work, different places where it's optimal. And finally, we use technology, automation, and our AI agents to bring more efficiencies to our processes. Those activities result in the restructuring of headcounts literally all over the world and both in all segments.

謝謝。是的。好吧，你看，我們在利潤率方面所做的工作本質上是以我們一直以來的方式處理我們的成本結構，也就是說，在我們繼續擴大業務規模的同時解決間接費用結構問題。解決勞動力套利問題，我們離岸運營，我們在世界各地設有離岸中心，為不同類型的活動提供卓越中心，包括商業和 RNGS 方面，並且我們繼續在不同的地方進行轉移和工作，以達到最佳效果。最後，我們利用技術、自動化和人工智慧代理來提高流程效率。這些活動導致了全球範圍內各部門的員工隊伍的重組。

So that's what you see reflected in the order and the structural numbers, but that's the -- do we talk about margins by segments? I mean, we do, we have a disclosure of disclosure.

這就是您在訂單和結構數字中看到的反映，但這就是—我們是否談論分部的利潤率？我的意思是，我們確實有披露資訊。

We have a disclosure, segment disclosure on a GAAP basis. There's a -- look, there's a little bit more pressure on overall margins in the R&DF segment than there is in the AS segment. Both had good SGNA performance, a little bit more gross margin pressure in the R&DS segment. Some of that related, relating to FSP and also increases higher growth in the lab business that tends to be a little bit lower.

我們有一個基於 GAAP 的揭露和分部揭露。看起來，R&DF 部門的整體利潤率壓力比 AS 部門大一些。兩家公司的 SGNA 表現都很好，但研發部門的毛利率壓力略大。其中一些與 FSP 有關，同時也增加了實驗室業務的更高成長，而實驗室業務的成長往往較低。

The mix influences margins in the segments, right? So real world, for example, is somewhat lower margin than the rest of the business, than the analytics or the data or the technology. And so as a result, when real world grows faster.

這種組合會影響各部分的利潤率，對嗎？因此，現實世界的利潤率比其他業務、分析、數據或技術低一些。因此，現實世界發展得更快。

You do have a mixed impact on margins. That's on the commercial side. And then on the R&DS as Ron mentioned, FSP and lab do have lower margin profile and full service, and as I mentioned, in our revenues FSP is a little bit higher, maybe the point in the revenue side, I mentioned earlier that in my commentary on bookings and pipeline, and RFPs that it seems to be going the other way now, but on the revenue side, FSP was a little larger in the quarter, and lab was also a little bit larger, and those two have somewhat lower margin profiles than for service. So yes, we did have the quarter adverse mixed impact on margins, but again that can fluctuate quarter to quarter.

你確實對利潤率產生了混合影響。這是商業方面的事情。然後，正如 Ron 所提到的那樣，在研發方面，FSP 和實驗室的利潤率確實較低，而且提供全方位服務，正如我所提到的，在我們的收入中，FSP 稍微高一點，也許收入方面的重點是，我之前在關於預訂和渠道以及 RFP 的評論中提到過，現在似乎正朝著實驗室方向發展，但在收入方面，本季度稍大的 FSP 規模。所以是的，我們確實對本季的利潤率產生了不利的混合影響，但這也可能會出現季度波動。

Yes, I was going to say any pass through movement as part of that conversation that we should be aware of pass through change in the revenue composition.

是的，作為談話的一部分，我要說的是，我們都應該意識到收入組成的傳遞變化。

Okay, great, thank you.

好的，太好了，謝謝。

All right, we have time for one more operator.

好的，我們還有時間再接一名操作員。

And we'll go to Tejas Savant at Morgan Stanley.

我們將前往摩根士丹利的 Tejas Savant。

Hey guys, thank you for the time here. So I'll ask a quick two parter. Ron, any comments on the stranded cost associated with the mega trial that you said is now pushed to 2026, and is there any risk that that the second trial. Which you just got confirmation on could slip again in that sort of four time frame into 2026 as well?

嘿夥計們，感謝你們在這裡抽出時間。因此我將快速問兩個問題。羅恩，您說大型試驗現在被推遲到 2026 年，對於相關的擱淺成本您有何評論？第二次試驗是否有風險？您剛剛確認，這四個時間段內是否還會再次延後到 2026 年？

And then one for you on real-world evidence, you called out some of the unique sort of policy driven opportunities for that business over the medium term. Is there anything you're doing either organically or perhaps from an M&A standpoint that could position you to fully capitalize on some of these opportunities that are coming up?

然後，根據現實世界的證據，您指出了中期內該業務的一些獨特的政策驅動機會。您是否正在採取一些內部行動或從併購的角度來充分利用即將出現的一些機會？

I'll start taking this with the stranded cost a little bit of impact, but not a huge impact. Obviously, on the trial that got further delayed, we're going to free up those resources and use them for other purposes. We're not going to keep them there indefinitely, but there is for the one that's going forward, there is a little bit of impact, not terribly significant, and well, we can only react to what our customer tells us on the trial that was further. And we're assuming that it will go forward the customer still wants to do it and we'll fit. Yeah.

我會開始考慮這個問題，這對擱淺成本有一點影響，但影響不大。顯然，對於進一步推遲的審判，我們將釋放這些資源並將其用於其他目的。我們不會無限期地將它們保留在那裡，但是對於正在進行的操作，會有一點影響，但不是特別重要，而且，我們只能根據客戶在進一步的試用中告訴我們的情況做出反應。我們假設它會繼續進行，客戶仍然想這樣做，我們也會適應。是的。

And the one that's starting as planned, we got recent confirmation that, that's the plan. So there's no further news on that or notification of any changes, as of today. So that's for that. What was the other question, real world, yeah. Well, no, look, real world, I think we are the industry will tell you that we are recognized as the leader in the area.

該項目已按計劃啟動，我們最近已確認，這是計劃。因此，截至今天，還沒有關於此事的進一步消息或任何變更的通知。就是這樣。另一個問題是什麼，現實世界，是的。嗯，不，看看現實世界，我想我們是業界會告訴你，我們是該領域公認的領導者。

In this segments, and we intend to fully capitalize on the opportunities that may emerge from any new initiatives from the administration, as I mentioned in my remarks. So I think again we are very well positioned here to navigate this sort of turbulent times. I'm very confident based on our conversations with clients that the world is not coming to an end. And the industry will find ways to adapt. In fact, there are many reasons to feel very optimistic.

在這一領域，正如我在演講中提到的那樣，我們打算充分利用政府任何新措施可能帶來的機會。因此，我認為我們已做好準備，可以度過這種動盪時期。根據我們與客戶的對話，我非常有信心世界不會走向末日。而該行業也會找到適應的方法。事實上，有很多理由讓我們感到非常樂觀。

As I said before, and I repeat again, I feel better at this point in order than I did at the same point last quarter when I look at the metrics, whether it's on the commercial side or on the R&DS side and based on our conversation with clients. So with that, and yeah. Okay.

正如我之前所說，我再次重複一遍，當我查看指標時，我現在感覺比上個季度的同一時間更好，無論是在商業方面還是在研發方面，並且基於我們與客戶的對話。就這樣，是的。好的。

Thank you everyone for taking the time to join us today and our second quarter of 2025 earnings call. The team will be available the rest of it to take any follow-up questions that you might have. Thank you very much. Have a good day.

感謝大家今天抽空參加我們 2025 年的第二季財報電話會議。團隊將在接下來的時間內解答您可能遇到的任何後續問題。非常感謝。祝你有美好的一天。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。