昆泰 (IQV) 2025 Q2 法說會逐字稿

Well ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the IQVIA second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.

女士們、先生們，感謝你們的支持。現在，我歡迎大家參加 IQVIA 2025 年第二季財報電話會議。（操作員指示）提醒一下，此通話正在被錄音。

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

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

Thank you, all. Good morning, everyone. Thank you for joining our second 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 of Financial Planning Analysisl; and Gustavo Perrone, Senior Director of Investor Relations.

謝謝大家。大家早安。感謝您參加我們的 2025 年第二季財報電話會議。今天與我一起出席的有董事長兼執行長 Ari Bousbib、執行副總裁兼財務長 Ron Bruehlman、執行副總裁兼總法律顧問 Eric Sherbet、財務規劃分析高級副總裁 Mike Fedock 和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 will also be available following us on 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。該演示文稿也將在我們之後的 IQVIA 投資者關係網站 ir.iqvia.com 的活動和演示部分中提供。

Before we begin, I'd like to caution listeners that certain information discussed by management during this conference call will include forward-looking savings. Actual results could differ materially from those stated or implied by forward looking statements, risk and uncertainty 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 filing.

在我們開始之前，我想提醒聽眾，管理層在這次電話會議中討論的某些資訊將包括前瞻性的節省。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，這些前瞻性陳述、風險和與公司業務相關的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，包括我們的 10-K 表格年度報告和隨後的美國證券交易委員會文件。

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 to GAAP. A reconciliation of these non-GAAP measures to the comparable GAAP measures is included in the press release and conference call presentation.

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。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。

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

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, Kerri, and good morning, everyone. Thank you for joining us today to discuss our second quarter results. IQVIA 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.

謝謝你，Kerri，大家早安。感謝您今天加入我們討論我們的第二季業績。IQVIA 又一個季度表現強勁，收入超過了我們預期範圍的高端，我們歷史上首次報告季度收入超過 40 億美元。

Adjusted EBITDA and adjusted diluted EPS 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.

調整後的 EBITDA 和調整後的稀釋每股盈餘已達到我們預期範圍的高端。如預期，在客戶商業路線圖策略和新藥發布的支持下，TAS 在第二季繼續表現良好。

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.

TAS 報告稱，其收入成長率超出我們的預期，達到 8.9%，這主要得益於現實世界證據的兩位數成長。在臨床方面，本季我們的淨預訂金額約為 25 億美元，相當於淨預訂與出貨比為 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.

儘管整體市場環境仍然不穩定，影響生物製藥行業的未來管理政策仍然存在不確定性，但我們本季的預訂業績仍有改善。

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. These strategy is helping the business navigate this period and in fact, the R&DS team is seeing good traction from these efforts.

當然，這仍然會導致新專案決策的一些延遲，但研發團隊已經對這種新環境做出了反應，強化了我們的「看得更多，贏得更多」的市場策略，旨在擴大市場收益。這些策略正在幫助企業度過這段時期，事實上，研發團隊也從這些努力中看到了良好的進展。

Our qualified pipeline was up high single digits sequentially and year over year, driven mostly by the EDP segment. Importantly, we saw a meaningful uptick in RSP flow. Second quarter RSP flow grew low-teens year over year and high single digit sequentially with growth in all customer segments. Our win rate improved significantly, most notably in the EDP 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.

我們的合格管道比上一季和去年同期均成長了高個位數，這主要得益於 EDP 部門的推動。重要的是，我們看到 RSP 流量顯著上升。第二季 RSP 流量年增率低十幾個百分點，季增高個位數，所有客戶群均成長。我們的勝率顯著提高，尤其是在 EDP 領域。因此，我們的積壓訂單在本季末創下了超過 320 億美元的新紀錄，比前一年增長了 5% 以上。

Now, let's look at the results of the quarter. 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.

現在，讓我們來看看本季的結果。我們實現了強勁的營收和利潤業績。第二季的總收入高於我們預期範圍的高端，按報告計算同比增長 5.3%，如果排除兩個時期的 COVID 相關工作，則同比增長 6.3%。

At constant currency, revenue grew 3.6% and 4.6%, excluding COVID. Second quarter adjusted EBITDA increased 2.6%. second quarter adjusted diluted EPS of $2.81 increased 6.4% year over year.

以固定匯率計算，收入增長了 3.6%，不包括 COVID，收入增長了 4.6%。第二季調整後 EBITDA 成長 2.6%。第二季調整後稀釋每股收益為 2.81 美元，年增 6.4%。

Now, let's review a few highlights of business activities. As you know, AI is a big deal for us. We're 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.

現在，我們來回顧一下商務活動的幾個亮點。如您所知，人工智慧對我們來說意義重大。我們都參與了這項轉型，正如我們之前討論過的，這裡的許多工作都是在 NVIDIA 的支持下完成的。IQVIA 正在開發簡化生命科學領域操作的人工智慧代理。

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 platform technology designed to streamline processes, enhance workflows and accelerate insights across the life sciences ecosystem.

事實上，NVIDIA 於 6 月在歐洲的旗艦會議上展示了這些代理，我們的平台被重點介紹為智慧 AI 代理化的領先範例。此次合作利用平台技術開發客製化的人工智慧代理，旨在簡化流程、增強工作流程並加速整個生命科學生態系統的洞察。

Use cases for these agentic offerings include target identification, clinical data review, literature review, market assessment and HCP engagements. This moment 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 reports, AI ideas to action operationalizing generative AI in life sciences.

這些代理產品的用例包括目標識別、臨床數據審查、文獻審查、市場評估和 HCP 參與。這一刻並沒有被忽視，反映了我們人工智慧策略和執行的實力，Everest Group 最近在其最近的報告《從人工智慧理念到行動，在生命科學中實現生成人工智慧》中將 IQVIA 評為生命科學行業的領跑者生成人工智慧領導者。

IQVIA 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.

IQVIA 是本報告中唯一獲得最高排名的 CRO，該報告衡量了 15 家精心挑選的廣泛 AI 公司、CRO 和生命科學專家以及利基公司的端到端生成 AI 功能的價值影響。

Let me now give you some color on TAS business activity. A top 10 pharma clients selected IQVIA to advance their market access strategy for a breakthrough Type 1 diabetes therapy entering Europe. By leveraging AI-driven insights and pricing expertise, IQVIA will help shape this value for position, pricing and contracting approach to support successful adoption.

現在讓我向你介紹一下 TAS 的商業活動。十大製藥客戶選擇 IQVIA 來推動其市場准入策略，以便突破性的 1 型糖尿病療法進入歐洲。透過利用人工智慧驅動的洞察力和定價專業知識，IQVIA 將幫助塑造這種定位、定價和承包方法的價值，以支援成功採用。

The European biotech client selected IQVIA to support the global launch of the novel oncology therapy. IQVIA is delivering a Gen-AI powered assistance and [HTP] persona insights. This solution will enable simulation of HTP 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 area.

這家歐洲生物技術客戶選擇 IQVIA 來支持新型腫瘤療法的全球推出。IQVIA 正在提供由 Gen-AI 提供支援的援助和 [HTP] 人物洞察。該解決方案將實現 HTP 行為的模擬和精確定位，展示 IQVIA 獨特的數據融合、人工智慧技術以及我們在產品發布和特定腫瘤治療領域的專業知識。

The top 10 pharma client awarded IQVIA as strategic engagement to support the launch of a novel oncology therapy in the US, delivering insights and technology infrastructure to ensure commercial success. The top 10 pharma clients selected IQVIA to be 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.

十大製藥客戶授予 IQVIA 策略合作協議，以支持其在美國推出新型腫瘤療法，提供見解和技術基礎設施，確保商業成功。十大製藥客戶選擇 IQVIA 作為一項新的皮膚病治療的全球真實世界安全性和有效性研究，該研究涵蓋 8 個國家和 3,000 名患者，這將支持產品採用和長期證據生成。

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 a IQVIA's rare disease expertise, strong client partnership and use of AI enabled tools to optimize study design and delivery.

這家歐洲生技公司授予 IQVIA 一項全球觀察性研究，以評估腎臟疾病罕見疾病療法在現實世界中的安全性和有效性。此次獲獎凸顯了 IQVIA 在罕見疾病領域的專業知識、強大的客戶合作夥伴關係以及使用人工智慧工具優化研究設計和交付的能力。

Moving now to R&DS. 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.

現在轉向研發部。我們持續贏得大量腫瘤相關試驗。我們最近宣布與美國領先的腫瘤學研究醫院網絡之一莎拉坎農研究所建立戰略合作關係，這反映了我們在腫瘤學研究領域的領導地位。

This strategic collaboration aims to transform oncology trials globally. By uniting a global scale and connected intelligence with SCRI, deep community oncology expertise were 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 (inaudible) patients.

此次策略合作旨在改變全球腫瘤學試驗。透過將全球規模和互聯情報與 SCRI 結合起來，深厚的社區腫瘤學專業知識旨在加速試驗激活、促進招募和簡化電子健康記錄的數據捕獲，最終消除運營障礙並加快向（聽不清楚）患者提供突破性療法。

A few examples of significant wins the R&DS 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.

以下是研發團隊在腫瘤學領域中取得的幾個重大勝利的例子。一位生技客戶選擇 IQVIA 來領導複雜的全球 3 期結直腸癌專案。IQVIA 之所以被選中，是因為我們在腫瘤治療方面擁有專業知識、良好的業績記錄、對監管環境的了解以及我們的分析能力。

A rapidly scaling biotech selected IQVIA to lead two Phase 3 global pancreatic oncology trials, continuing a high performing partnership with his client. A large pharma client selected IQVIA to lead the global Phase 3 MDS oncology trial, continuing a successful collaboration with these clients on this asset.

一家快速擴張的生物技術公司選擇 IQVIA 領導兩項 3 期全球胰臟腫瘤學試驗，繼續與其客戶保持高效的合作關係。一家大型製藥客戶選擇 IQVIA 領導全球 3 期 MDS 腫瘤學試驗，繼續與這些客戶在這項資產上進行成功合作。

Obesity is another therapeutic area where our performance has been particularly strong. The biotech clients selected IQVIA to lead two global Phase 3 obesity trials, leveraging our vast footprint and deep expertise in chronic weight management.

肥胖症是我們表現特別優異的另一個治療領域。生物技術客戶選擇 IQVIA 來領導兩項全球 3 期肥胖症試驗，利用我們在慢性體重管理方面的廣泛影響力和深厚專業知識。

The top 10 far more clients selected IQVIA Laboratories to support expansion of their next generation GMP-1 development programs, building on an existing partnership to investigate the drug's efficacy in treating obesity and Type 2 diabetes.

排名前十的客戶選擇 IQVIA 實驗室來支持其下一代 GMP-1 開發項目的擴展，並在現有合作關係的基礎上研究該藥物在治療肥胖症和 2 型糖尿病方面的療效。

I also want to highlight a growing strength in cell and gene therapy trials. IQVIA was selected to manage a significant gene editing program for Wilson's disease, spanning both observational and interventional studies. The project deploys AI enabled solutions that drive speed and precision in rare disease research.

我還想強調細胞和基因治療試驗日益增強的實力。IQVIA 被選中管理威爾遜氏症的重要基因編輯項目，涵蓋觀察性研究和介入性研究。該專案部署了人工智慧解決方案，以提高罕見疾病研究的速度和精確度。

Finally, we were honored to be recently recognized for our innovation in facilitating decentralized tribes. IQVIA was named winner of the best mobile app for patient engagement as 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 it's available across many geographic regions, increasing patient access, engagement and retention.

最後，我們很榮幸最近因促進分散部落的創新而獲得認可。IQVIA 被評為 2025 年醫療技術突破獎中最佳患者參與行動應用程式的得主。IQVIA 的應用程式使患者和照護者能夠從任何地方參與分散試驗，同時確保強大的隱私和安全。該應用程式支援多種語言，並可在多個地理區域使用，從而增加了患者的訪問、參與和保留率。

And now to Ron for more details on our financial performance.

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 reviewing revenue. Second quarter revenue of [$4.017 billion] was up 5.3% on a reported basis and 3.6% of constant currency. Now excluding COVID-related work from this year and last, revenue grew 6.3% at actual currency and 4.6% constant currency.

謝謝，阿里，大家早安。我們先來回顧一下收入。第二季營收為 [40.17 億美元]，以報告基礎計算成長 5.3%，以固定匯率計算成長 3.6%。現在，如果排除今年和去年與 COVID 相關的工作，收入按實際貨幣計算增長了 6.3%，按固定貨幣計算增長了 4.6%。

Technology & Analytic Solutions revenue for the second quarter was $1.628 billion, that's up 8.9% on a reported basis is 6.8% of constant currency. R&D Solutions second quarter revenue was $2.201 billion, up 2.5% reported and 1.3% constant currency. Excluding the step down in COVID-related revenues, R&DS revenue growth was 4.2% of actual currency and 3% at constant currency.

第二季技術與分析解決方案營收為 16.28 億美元，以報告基礎計算成長 8.9%，以固定匯率計算成長 6.8%。研發解決方案第二季營收為 22.01 億美元，報告成長 2.5%，以固定匯率計算成長 1.3%。不計入與 COVID 相關收入的下降，研發收入成長率為實際貨幣的 4.2% 和固定貨幣的 3%。

Lastly, contact sales and medical solutions second quarter revenue was $188 million and that was about 9.3% reported and 6.4% of constant currency. For the first half, total company revenue was $7,846 billion, up 3.9% reported and 3.5% of constant currency. And excluding COVID-related work, revenue grew 4.8% in actual currency and approximately 4.5% in constant currency.

最後，接觸銷售和醫療解決方案第二季營收為 1.88 億美元，約佔報告收入的 9.3% 和固定匯率收入的 6.4%。上半年，公司總營收為 7,8,460 億美元，報告成長 3.9%，以固定匯率計算成長 3.5%。不包括與 COVID 相關的工作，收入以實際貨幣計算增長了 4.8%，以固定貨幣計算增長了約 4.5%。

Technology & Analytic Solutions revenue for the first half was $3.174 billion, up 7.7% reported and 7.2% in constant currency. R&D Solutions first half revenue of $4.303 billion was up 1.4% reported and 1.2% of constant currency, and excluding COVID-related work from both periods, revenue and R&DS of 3.1% in actual currency and approximately 3% at constant currency for the half. Lastly, at CSMS in the first half had revenue of $369 million, up 2.2% reported and 1.9% of constant currency.

上半年技術與分析解決方案營收為 31.74 億美元，報告成長 7.7%，以固定匯率計算成長 7.2%。研發解決方案上半年營收為 43.03 億美元，按報告匯率計算成長 1.4%，以固定匯率計算成長 1.2%，若不包括兩個期間的 COVID 相關工作，則上半年營收和研發解決方案以實際匯率計算成長 3.1%，以固定匯率計算成長約 3%。最後，CSMS 上半年的營收為 3.69 億美元，年增 2.2%，以固定匯率計算成長 1.9%。

Okay. Moving down to P&L, adjusted EBITDA was $910 million for the second quarter. Well, first half adjusted EBITDA was $1.793 billion. Second quarter GAAP net income was $266 million and GAAP diluted earnings per share was $1.54. For the first half, GAAP net income was $515 million or $2.94 of earnings for diluted share.

好的。轉到損益表，第二季調整後的 EBITDA 為 9.1 億美元。嗯，上半年調整後的 EBITDA 為 17.93 億美元。第二季 GAAP 淨利為 2.66 億美元，GAAP 稀釋每股收益為 1.54 美元。上半年 GAAP 淨利為 5.15 億美元，稀釋每股收益為 2.94 美元。

Adjusted net income was $486 million for the second quarter and adjusted diluted earnings per share was $2.81, up 6.4%. For the first half, adjusted net income was $965 million or $5.50 per diluted shares, that being up 6.2% year after year.

第二季調整後淨收入為 4.86 億美元，調整後每股攤薄收益為 2.81 美元，成長 6.4%。上半年調整後淨利為9.65億美元，即每股收益5.50美元，年增6.2%。

R&DS backlog at June 30 was $32.1 billion, an increase of 5.1% year over year. Next 12 months revenue from backlog was $8.1 billion, growing 4.8% year over year.

截至 6 月 30 日，研發積壓訂單為 321 億美元，年增 5.1%。未來 12 個月的積壓訂單收入為 81 億美元，年增 4.8%。

Let's review balance sheet metrics now. As of June 30, cash and cash equivalent totaled of $2.039 billion in gross debt was $15.490 billion and that resulted in net debt of $13.451 billion. Our net leverage ratio ended the quarter at 3.61 times trailing 12 months adjusted EBITDA.

現在讓我們回顧一下資產負債表指標。截至 6 月 30 日，現金和現金等價物總額為 20.39 億美元，總債務為 154.90 億美元，淨債務為 134.51 億美元。本季末，我們的淨槓桿比率為過去 12 個月調整後 EBITDA 的 3.61 倍。

Second quarter cash flow from operations was $443 million and capital expenditure of $151 million, resulting in free cash flow of $292 million. And you saw in the quarter that we repurchased $607 million of our shares, which brought a first half share repurchase activity to above $1 billion.

第二季經營活動產生的現金流為 4.43 億美元，資本支出為 1.51 億美元，自由現金流為 2.92 億美元。您在本季看到我們回購了價值 6.07 億美元的股票，這使得上半年的股票回購活動超過 10 億美元。

This leaves us with approximately $2 billion of repurchased authorization remaining under our current program. Also in the quarter, we issued $2 billion of senior notes maturing in 2032.

這使得我們目前的計劃下還剩下約 20 億美元的回購授權。本季我們也發行了 20 億美元的優先票據，到期日為 2032 年。

Now let's turn to the guidance. We're narrowing our guidance ranges for revenue, adjusted EBITDA and adjusted diluted earnings per share as follows. We expect revenue to be between $16.100 billion and $16.300 billion, representing year over year growth of 4.5% to 5.8%. We're just over 5% at the midpoint.

現在讓我們轉向指導。我們正在縮小收入、調整後 EBITDA 和調整後每股攤薄收益的指導範圍，如下所示。我們預計營收將在 161 億美元至 163 億美元之間，年增 4.5% 至 5.8%。我們的中間值剛好超過 5%。

This guidance includes year over year FX tailwind of approximately 100 basis points. We continue to assume about $100 million step down in COVID-related work and approximately 150 basis points of contribution from M&A activity for a full year.

該指引包括同比約 100 個基點的外匯順風。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 expect adjusted EBITDA between $3.750 billion dollars and $3.825 billion. We expected adjusted diluted EPS to be between $11.75 and $12.05. That's up 5.6% to 8.3% versus prior year or about 7% at the midpoint.

我們預計調整後的 EBITDA 在 37.50 億美元至 38.25 億美元之間。我們預計調整後稀釋每股盈餘將在11.75美元至12.05美元之間。較上年同期成長5.6%至8.3%，中間值成長約7%。

Okay. For the third quarter, we expect revenue to be between $4.025 billion and $4.100 billion. Adjusted EBITDA is expected to be between $935 million and $955 million and adjusted diluted EPS is expected to be between [$2.92 and $3.02]. Both this quarterly guidance and a full year of guidance assume that foreign currency rates as of yesterday, July 21, continue for the balance of the year.

好的。我們預計第三季營收將在 40.25 億美元至 41.00 億美元之間。調整後的 EBITDA 預計在 9.35 億美元至 9.55 億美元之間，調整後的稀釋每股盈餘預計在[2.92 美元和 3.02 美元]。本季指引和全年指引均假設，截至昨天（7 月 21 日）的外匯匯率將在今年剩餘時間內保持不變。

So to summarize, in Q2, we delivered strong revenue and profit results towards or above the high end of our expectations. The TAS business unit, in particular reported revenue about positive and R&DS, despite the effects of continued uncertainty on the industry, the team there has responded well, improving win rates and expanding share, which together contributed to stronger bookings and a record backlog in the quarter.

總而言之，在第二季度，我們實現了強勁的營收和利潤業績，達到或超越了我們的預期高端。TAS 業務部門尤其報告了積極的收入和研發收入，儘管行業持續存在不確定性，但該部門的團隊做出了良好的反應，提高了中標率並擴大了份額，這共同促成了本季度更強勁的預訂量和創紀錄的積壓訂單。

Forward booking metrics for R&DS offerings remain positive, including a significant uptick that we saw in RFP flow. We saw strong demand in the quarter for our senior notes issuance. And finally, we ramped up our share repurchase activity in the quarter, which brought our first half repurchases to above $1 billion.

研發產品的遠期預訂指標仍保持積極態勢，包括我們在 RFP 流量中看到的顯著上升。本季度，我們發現優先票據發行的需求強勁。最後，我們在本季加強了股票回購力度，使得上半年的回購額超過 10 億美元。

And with that, let me hand it back the operator, [Pina] for Q&A.

說完這些，請容許我將時間交還給接線生 [Pina]，請她進行問答。

(Operator Instructions) Luke Sergott, Barclays.

（操作員指示）巴克萊銀行的 Luke Sergott。

This is [Sim] on for luke. Thanks for taking our questions here. Just first one on TAS, that's continued to kind of defy the overall environment of MFN fears, tariff fears. And that seems to be hitting R&DS a little bit along with your peers on the clinical research side being that at least a portion of it is short cycle, how does TAS continue to earn through this environment.

這是 [Sim] 為盧克 (Luke) 所做的。感謝您在這裡回答我們的問題。首先是關於 TAS 的問題，這在某種程度上繼續違背最惠國待遇擔憂和關稅擔憂的整體環境。這似乎對研發部門以及臨床研究方面的同行造成了一定衝擊，因為至少有一部分是短週期的，TAS 如何在這種環境下繼續獲利。

Is the real-world evidence strength and other areas of strength within TAS offsetting any weakness in any of the other subsegments. And how does the current environment differ from a year or two ago where TAS was seeing headwinds and the R&DS side of the business was kind of humming along. So it seems that the diversification story is shining through here.

現實世界的證據強度和 TAS 內的其他優勢領域是否能夠抵消任何其他子部分中的任何弱點。目前的環境與一兩年前有何不同？當時 TAS 面臨阻力，但業務的研發方面卻進展順利。由此看來，多元化的故事在這裡熠熠生輝。

Yeah. Good morning, Luke and thanks for your question. Not sure. I guess you're more of a general overall environment and what happened in each of the segments. Again, I can say that in TAS, we delivered better than expected revenue growth in the quarter, above the high end of our expectation range, just under [9%], 7% of constant currency. We've been on a strong recovery in that since the first quarter of last year. We expected that. It's really better than expected.

是的。早安，盧克，謝謝你的提問。沒有把握。我想你更關注的是整體環境以及每個部分發生的事情。我再次強調，在 TAS 方面，我們本季的營收成長優於預期，高於我們預期範圍的高端，略低於 [9%]，即 7% 的固定匯率成長率。自去年第一季以來，我們的經濟一直處於強勁復甦狀態。我們預料到了這一點。確實比想像中好。

Again, we've said this many times, our clients continued launching new drugs despite the uncertainty or short term uncertainty over the environment, the molecules that were approved need to be launched, and you can only delay so much. And so, at some point in time, we knew this was going to happen and this is happening.

再說一次，我們已經說過很多次了，儘管環境存在不確定性或短期不確定性，但我們的客戶仍繼續推出新藥，已獲批准的分子需要推出，而你只能拖延這麼多。所以，在某個時間點，我們知道這將會發生，而且它正在發生。

Clients are continued to execute the regular way, they have commercial road maps. And those require services. We really saw an improvement in the general environment when things slowed down and there was lot of things put on hold and TAS growth deteriorated to low single digits end of end of '23 and this part of the '24.

客戶繼續按照常規方式執行，他們有商業路線圖。而這些都需要服務。當經濟放緩、許多事情被擱置、TAS 成長率在 2023 年底和 2024 年這段時間惡化至個位數低位時，我們確實看到了整體環境的改善。

We saw decision timelines extend considerably and they've now gone back to normal, actually even better than that and it's sort of business as usual. In terms of the segments, yeah, real world was the strongest, double digit. Remember, real world is about a third of the TAS business and the rest of the business, data consulting and tech, depending on the segments was between low and mid single-digits, I see here for the segments.

我們看到決策時間大大延長，現在已經恢復正常，實際上甚至比那時更好，一切照常。就各個細分市場而言，是的，現實世界是最強勁的，達到兩位數。請記住，現實世界約佔 TAS 業務的三分之一，其餘業務、數據諮詢和技術（取決於細分市場）的份額在低位和中位數個位數之間，我在這裡看到的是細分市場。

But you're correct, the main driver of superior growth was the real world business and the rest was again flat to mid single. We feel good, by the way, about leading indicators and continued strength in 2025. The opportunities created in the whole group, I think very strongly, both in volume and dollars. the heat rate -- the win rates in TAS improved a couple of points year over year.

但您說得對，卓越成長的主要驅動力是現實世界的業務，其餘部分則再次持平至中等水平。順便說一句，我們對領先指標和 2025 年的持續強勁表現感到樂觀。我認為整個團隊所創造的機會非常多，無論是在數量上還是在金額上。熱度－TAS 的勝率年增了幾個百分點。

As I mentioned before, the average time to close improve further. I think it's 15% or so shorter than the prior year. So we continue to be confident in the fundamentals of the business and the recovery. And then you know you asked about how, yes, you said humming along.

正如我之前提到的，平均成交時間進一步改善。我認為它比前一年短了 15% 左右。因此，我們繼續對業務基本面和復甦充滿信心。然後你知道你問的是怎麼樣，是的，你說哼唱。

I wouldn't call what the team did or humming along. I think there was a very high level of activity and intensification of our go to market activities which enabled us to book on a net basis $2.5 billion in the current army versus the $2.1 billion the book in the first world. And we generated a lot of opportunities and forward demand indicators as we shared in our introductory remarks are very strong. Thank you.

我不會稱其為團隊所做的事情或哼唱的事情。我認為，我們的市場活動非常活躍，而且力度也很大，這使得我們在現役軍隊中的淨收入為 25 億美元，而在第一世界則為 21 億美元。我們創造了很多機會，正如我們在開場白中分享的那樣，前瞻性需求指標非常強勁。謝謝。

Shlomo Rosenbaum, Stifel.

施蒂費爾的什洛莫·羅森鮑姆。

Hi. Thank you very much. Ari, I want to focus a little bit more on the R&DS and what we're talking about. It sounds like from what you're saying is the environment did not really improve, but you're gaining more ground in that. And if you could double click a little bit, is it really the client confidence is really the same, or is there anything that's improving? I'm just asking also because not just -- Medpace also reported with some better numbers.

你好。非常感謝。阿里，我想多關註研發和我們正在談論的內容。從您的說法來看，環境似乎並沒有真正改善，但您在這方面取得了更多進展。如果您仔細觀察一下，您會發現客戶信心真的還是一樣嗎，或是有什麼在改善嗎？我之所以問這個問題，是因為不僅僅是——Medpace 還報告了一些更好的數據。

And usually if you have a few competitors there that are moving in the same direction, it seems to indicate some kind of improvement because not everybody's always doing better at the same time, they got to be taking a share from somebody. Maybe you could just double click a little bit in terms of the change sequentially of what you saw on the ground?

通常，如果有幾個競爭對手朝著同一個方向前進，這似乎表明會有某種進步，因為並不是每個人都能同時做得更好，他們必須從別人那裡分一杯羹。也許您可以稍微雙擊一下，看看地面上所見事物的順序是否改變了？

Yeah. It just put things aside here, the competitor you mentioned, that you call it the competitor, but I just want to say we never be in any of the defenses with this competitor. So we're not planning. It's such a different business as the numbers show.

是的。這裡只是把您提到的競爭對手放在一邊，您稱之為競爭對手，但我只想說，我們永遠不會對這個競爭對手採取任何防禦措施。所以我們沒有計劃。正如數字所顯示的，這是一個截然不同的業務。

But moving to your question on R&DS, the environment, I said remains unsettled in terms of the administration policies and the level of uncertainty that's how it did. But whereas in prior periods, we saw clients sort of on hold, we noted that clients essentially not necessarily returning to business as usual, but are getting on with their programs. If you have in front of you a Phase 3 program that's very important for the company and that is going to last four years. It's important you be in market ASAP if you have good data and good results and good promise for the program.

但回到你關於研發環境的問題，我說從管理政策和不確定程度來看，環境仍然不穩定，事實就是如此。但是，與前期相比，我們看到客戶有些停滯，但我們注意到客戶基本上不一定會恢復正常業務，而是在繼續他們的計劃。如果您面前有一個第三階段計劃，這對公司來說非常重要，並且將持續四年。如果您擁有良好的數據、良好的結果以及對該計劃的良好承諾，那麼盡快進入市場非常重要。

And you can't really afford to wait another six months. So at some point in time, you got to get on with life. So to that degree, I would say the environment possibly has improved slightly, and we see some of those green shoots in the demand measures. It has remained the same with respect to the administration policies and the uncertainty around exactly what may or may not happen.

你真的不能再等六個月了。所以在某個時間點，你必須繼續活下去。因此從這個程度上來說，我認為環境可能已經略有改善，而且我們在需求措施中看到了一些復甦的跡象。就政府政策以及究竟會發生什麼事或不會發生什麼的不確定性而言，情況依然沒有改變。

And that time window is relatively short, limited and narrowing. And therefore, I guess the client base is moving on to a degree. And in that sense, the environment is improving and then separately, to use your expression which I think is a good one, we leaned on or lean into the market a little bit more forcefully than usual, we call this see more, win more.

而且這個時間窗口相對較短、有限且越來越窄。因此，我猜想客戶群正在一定程度上改變。從這個意義上講，環境正在改善，然後，用我認為很好的表述來說，我們比平常更有力地依賴或進入市場，我們稱之為看得更多，贏得更多。

That is we spend on it, we are responding to more RFPs, generating more flow of opportunities and we are going to win. And our win rate has increased, and I think all of that is essentially what's led to the good results we've had this quarter better than what we would have expected. And by the way, this is across segments, large link and EDP, but I would not say that the EDP segment was particularly strong.

也就是說，我們投入資金，回應更多的 RFP，創造更多的機會，我們將會獲勝。我們的勝率提高了，我認為所有這些基本上都是導致我們本季取得比預期更好的成績的原因。順便說一句，這是跨領域的，大型連結和 EDP，但我不會說 EDP 領域特別強大。

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

Hi guys, thanks so much for the question. I was wondering two things. One, if you could comment on sort of the cadence in the back half of the year. Obviously, you give the revenue assumptions for the third quarter, is there anything to think about in terms of timing aspects? I know you guys have previously started talking about the restarting of a trial that had previously gotten delayed just so we can think about the cadence of that into '26.

大家好，非常感謝您的提問。我想知道兩件事。首先，您能否評論一下今年下半年的節奏？顯然，您給了第三季的收入假設，在時間方面有什麼需要考慮的嗎？我知道你們之前已經開始談論重新開始一項先前被推遲的審判，這樣我們就可以考慮將其節奏延續到 26 年。

And then secondly, anything to call out on the gross margin side? It looks like maybe it would have some just mixed impact from TAS but just anything to think about there in terms of the cadence for the back half of the year. Thank you so much.

其次，在毛利率方面有什麼需要注意的嗎？看起來，TAS 可能會產生一些混合影響，但就今年下半年的節奏而言，任何事情都值得考慮。太感謝了。

Yeah. So on the cadence, I mean, first of all, generally, and there is a certain level of seasonality to our business which you're familiar with. The first quarter being the weakest, a lot of our business in Europe essentially stops from July 15 to September 15. And the fourth quarter is much stronger. That's true in R&DS and it's true in TAS. So that's the first general element, and that's always true year in, year out.

是的。因此，就節奏而言，我的意思是，首先，一般來說，我們的業務具有一定程度的季節性，這是你們熟悉的。第一季是最疲軟的季度，我們在歐洲的許多業務從 7 月 15 日到 9 月 15 日基本上處於停止狀態。第四季表現更為強勁。這對 R&DS 來說是正確的，對 TAS 來說也是正確的。這是第一個普遍要素，並且年復一年始終如一。

With respect to R&DS and the specifics of your question regarding that large, delayed trial that we said before was going to resume in the latter part of '25, and that's still on, and in fact we're having initiation discussions with the clients, and that is still on as forecasted and that obviously will be responsible for some of the larger than usual uptick in the fourth quarter of this year. So that's for the R&DS.

關於研發和你提出的問題的具體細節，關於我們之前說過的那個大型延遲試驗將在 2025 年下半年恢復，現在這個試驗仍在進行中，事實上，我們正在與客戶進行啟動討論，而且正如預測的那樣，這個試驗仍在進行中，這顯然將導致今年第四季度出現比往常更大幅度的增長。這就是研發部的工作。

You have other questions of TAS, again, tougher compared second half versus last year. Last year, you remember, we generated even I think 9% if I recall, over 9% in the fourth quarter. So obviously, the comparison there is a bit more difficult when we get to the back half of the year in TAS.

您還有其他關於 TAS 的問題，與去年下半年相比，這些問題更加棘手。您記得嗎，去年，如果我沒記錯的話，我們的成長率甚至達到了 9%，第四季超過了 9%。因此，顯然，當我們進入 TAS 下半年時，進行比較會更加困難一些。

But again, we're trying to be -- it's still early in the year, and we don't want to move the needle too much at this point and let's see what happens. Everything looks good for now on TAS and R&DS as you suggest, the cadence looks for a gradual improvement of the growth rate and especially in the fourth quarter because of that resumption of that last trial as well as of course compares which was last year, and generally, stronger business activity than we would have expected otherwise. You then ask about gross margin --

但是，我們再次嘗試——現在還處於年初階段，我們不想在這個時候做出太大的改變，讓我們看看會發生什麼。正如您所說，TAS 和 R&DS 目前一切看起來都很好，節奏看起來增長率會逐步提高，特別是在第四季度，因為上次試驗的恢復，當然與去年相比，總體而言，商業活動比我們預期的要強勁。然後你問毛利率--

I can take that. Yeah. Look, you did see some compression in our gross margin in the quarter and about a third of that is due to the FX tailwind. As you know, FX tends to move our revenue line without moving our EBITDA line very much, and about two-thirds of it was due to product mix.

我可以接受。是的。你看，你確實看到我們本季的毛利率有所壓縮，其中約三分之一是由於外匯順風造成的。如您所知，FX 往往會改變我們的收入線，而不會對我們的 EBITDA 線產生太大影響，其中約三分之二是由於產品組合造成的。

We had the higher revenue growth in real world and TAS, which tends to be a lower margin portion of that business. And R&DS, we had increased pass-through revenues and also an increased proportion of FSP revenues. So those were the drivers of what you saw. Now, of course, on the SG&A side, we had strong cost control and offset quite a bit of that gross margin compression.

我們在現實世界和TAS方面獲得了更高的收入成長，而這往往是該業務中利潤率較低的部分。在研發方面，我們的轉嫁收入和 FSP 收入的比例都有所增加。這些就是你所看到的情況的驅動因素。當然，在銷售、一般及行政費用方面，我們擁有強大的成本控制能力，並抵銷了相當一部分毛利率壓縮。

Right. That's exactly right. It's a mix. Basically, the short answer is the pressure on gross margin is mixed driven for two-thirds and FX driven for one-third. And then of course below the line, the SG&A level, we offset by our strong cost reductions and so on. We offset about a third of that margin compression.

正確的。完全正確。這是一種混合。基本上，簡短的回答是，毛利率的壓力有三分之二是由混合因素驅動的，有三分之一是由外匯驅動的。當然，在線下，即銷售、一般及行政費用水準方面，我們透過大幅削減成本等方式予以抵銷。我們抵銷了約三分之一的利潤壓縮。

Michael Cherney, Leerink Partners.

Michael Cherney，Leerink Partners。

Great. Thank you. This is Dan Clark on for Mike. Just had a question as you've been getting involved in more opportunities. One, are you seeing more CROs on average in an RFP and are there any changes in pricing worth calling out? Thank you.

偉大的。謝謝。我是丹‧克拉克 (Dan Clark)，代替麥克 (Mike)。由於您已經參與了更多的機會，所以我有一個問題。首先，您是否在 RFP 中平均看到更多的 CRO，並且是否有任何值得關注的定價變化？謝謝。

When you say more CROs, you mean more people invited to the table -- to the party?

當您說更多的 CRO 時，您是指邀請更多的人參加派對嗎？

Yes, exactly.

是的，確實如此。

Yes. Well, I mean, look, once again, it depends on the clients and on the segments. With respect to the large segments, over the course of last year, virtually every large pharma company essentially reinvited the top 5 or 6 CROs, that is the three largest ones and the three smaller ones and rebid their preferred partnerships.

是的。嗯，我的意思是，再說一次，這取決於客戶和細分市場。就大型細分市場而言，去年，幾乎每家大型製藥公司都重新邀請了排名前 5 或 6 位的 CRO，即三家最大的 CRO 和三家較小的 CRO，並重新競標他們優先的合作夥伴關係。

And as we mentioned, we were very happy that we won and expanded all of those relationships further. I would say the three largest ones essentially are the main providers and the small ones are invited essentially to keep pricing in line from the point of view of the large pharma customers.

正如我們所提到的，我們很高興贏得了這些合作關係並進一步擴大了這些關係。我想說，三大製藥公司基本上是主要供應商，而小型製藥公司基本上被邀請從大型製藥客戶的角度來保持價格一致。

And with respect with the other segments, it's relationships, it's go to market and generally, the EDP segments you may have two or three bids, and we don't see much of a difference versus what was the case before. Now, some of the competitors are forcing a little bit of a price reductions, and I would say that, look, our strategy to see more and win more means that we are at the table every time.

而對於其他部分，它是關係，它是進入市場，一般來說，EDP 部分可能會有兩到三個出價，我們認為與以前的情況相比沒有太大的區別。現在，一些競爭對手正在強制降低價格，我想說，看，我們的「看得更多、贏得更多」的策略意味著我們每次都能參與談判。

And whereas in the past, the competitor may have reduced pricing and we might have walked away because we would not have wanted to align at that price level. Now, more often than not, we will not walk away and grab business. We will always prefer to have an additional point of topline growth and then we work later on our costs and margins and accept some short, medium term margin pressure in order to ensure that we continue to build our backlog.

而在過去，競爭對手可能會降低價格，我們可能會放棄，因為我們不想以那個價格水準定價。現在，我們往往不會走開去搶生意。我們始終希望獲得額外的營收成長點，然後再致力於降低成本和利潤率，並接受一些短期、中期的利潤率壓力，以確保我們繼續累積訂單。

So yes, your question about pricing, is there pricing pressure? Yes, because of all the reasons I mentioned. Plus, the market environment, as I said, continues to be tighter. And therefore, you have more people at the table for a relatively smaller pie and that inevitably leads to pricing pressures. But in that environment, we are the largest player. We have the global scale player, and we intend to win.

是的，您關於定價的問題，是否有定價壓力？是的，因為我提到的所有原因。另外，正如我所說，市場環境持續趨緊。因此，桌上有更多的人爭奪相對較小的蛋糕，這不可避免地會導致價格壓力。但在那種環境下，我們是最大的參與者。我們擁有全球規模的參與者，我們決心贏得勝利。

Jeff Garro, Stephens Incorporated.

傑夫·加羅（Jeff Garro），史蒂芬斯公司（Stephens Incorporated）。

Yeah. Good morning and thanks for taking the question. I was hoping we could dig in a little further on AI. Just any updates you have on development progress of additional AI solutions and expanding use cases? And I know it's early, but curious what you're seeing in terms of demand from customers. And then lastly, any further comments about how you guys are using AI internally to drive efficiencies in the business. Thanks.

是的。早上好，感謝您回答這個問題。我希望我們能夠進一步深入研究人工智慧。您對其他 AI 解決方案的開發進度和擴充用例有什麼更新嗎？我知道現在還為時過早，但我很好奇您看到的客戶需求如何。最後，關於你們如何在內部使用人工智慧來提高業務效率，你們還有什麼評論嗎？謝謝。

Well, yes, look, AI, especially, agentification of our process, it is extremely important, we keep hiring resources, building up teams and scaling up our efforts. We are progressing as planned to deploy a highly specialized industry focused AI agents, both on the clinical side and on the commercial side.

嗯，是的，看，人工智慧，特別是我們流程的代理化，這是非常重要的，我們不斷招募資源，建立團隊並增加我們的努力。我們正在按計劃推進，在臨床和商業方面部署高度專業化的行業重點人工智慧代理。

So far, we've developed over 20 agents into production that cover three use cases in each of commercial real world R&DS. We are seeing positive results. We're experiencing significant client interest. Some are already being used. For example, we have one multi-agentic system for literature review with expanded capacity -- to has expanded the capacity to review by TenX.

到目前為止，我們已經開發了 20 多個代理商投入生產，涵蓋了商業現實世界研發中的三個用例。我們看到了正面的成果。我們感受到了客戶的極大興趣。有些已開始使用。例如，我們有一個用於文獻綜述的多代理系統，其容量得到了擴展——透過 TenX 擴展了綜述能力。

Another agent allows us to reduce delivery time by two-thirds from 12 weeks to four weeks with some significant cost reduction in our patient journeys for our clients. We are currently developing over 50 agents to be deployed in the third quarter production and covering 15 use cases.

另一位代理商讓我們能夠將交貨時間縮短三分之二，從 12 週縮短至 4 週，同時大幅降低了客戶的患者旅程成本。我們目前正在開發 50 多個代理，將在第三季的生產中部署，並涵蓋 15 個用例。

What this means for -- look, there's an enormous amount of interest from clients. Obviously, every large organization was to be on this AI train. And initially, especially large pharma wants to develop their own solutions. Over time, it's becoming apparent that speed here is extremely important because it all depends on your ability to train your AI models.

這意味著什麼——看，客戶表現出了極大的興趣。顯然，每個大型組織都將搭上這趟人工智慧列車。最初，大型製藥公司尤其希望開發自己的解決方案。隨著時間的推移，速度變得非常重要，因為這完全取決於你訓練人工智慧模型的能力。

And we've got the goods, so to speak, we've got the materials, the data, the expertise which is why we are collaborating with NVIDIA training in these AI agents and trying to move as fast as we can. It's hard to see the impact in the short term, but it will make a difference in terms of our ability to execute a much larger backlog faster on the R&DS and our ability to execute commercial strategies for our clients on the commercial side a lot faster, real world study is a lot faster.

可以說，我們已經擁有了貨物，我們擁有了材料、數據和專業知識，這就是我們與 NVIDIA 合作訓練這些 AI 代理並儘快採取行動的原因。短期內很難看到影響，但它將對我們更快地執行研發上更大的積壓任務的能力以及更快地為商業方面的客戶執行商業戰略的能力產生影響，現實世界的研究也會快得多。

So speed, efficiency over the long term, obviously, we expect in turn that those efficiencies will enable us to resume margin expansion and go back to and continue to mitigate those pricing pressures we are seeing in the short.

因此，從長期來看，速度和效率顯然是我們期望反過來這些效率將使我們能夠恢復利潤率擴張，並回到並繼續緩解我們在短期內看到的價格壓力。

Michael Ryskin, BofA.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Great. Thanks for taking the question guys. Ari, I want to come back to the win rates you called out in EDP a couple of times, just want to know if you could expand on what steps you've taken internally with the organization to achieve those higher win rates, and whether you think that's sustainable going forward, is that a sustainable change or is that something more effective of the dynamic and the near term market environment? Thanks.

偉大的。謝謝大家回答這個問題。Ari，我想回到您幾次在 EDP 中提到的贏率問題，只是想知道您是否可以詳細說明您在組織內部採取了哪些措施來實現更高的贏率，以及您是否認為這種做法在未來是可持續的，這是一種可持續的變化還是動態和短期市場環境中更有效的舉措？謝謝。

Well, look, the success in the marketplace is a function of generating as many opportunities as possible and we have the opportunity to bid. And as I said, that's part of the first part of our strategy, which is see more. So we're much more aggressive in going to market in responding to RFPs in generating the RFPs.

嗯，你看，市場的成功取決於創造盡可能多的機會，而我們有機會競標。正如我所說，這是我們策略的第一部分，即了解更多。因此，我們在進入市場、回應 RFP 和生成 RFP 方面更加積極。

The RFP flow grew low-teens year-over-year and high single-digits sequentially. And again, the growth was across all customer segments. I might say EBP was up very, very strong, very strong. The RFP was up low teens year-over-year. Large pharma was low to mid-single digits, and EBP was much higher than that.

RFP 流量年增百分之十幾，較上季成長百分之十幾。而且，所有客戶群都實現了成長。我可能會說 EBP 上漲非常非常強勁。與去年同期相比，RFP 上漲了 10% 左右。大型製藥公司的利潤率處於低至中等個位數，而 EBP 的利潤率則遠高於此。

Now, it's great to generate the floor, then you have to win. And there, our directive is to win more and to win as much as we can. Now back to the real question that sometimes requires us to align to a lower price than we would have been moving to total rate in the past. But we've sort of adjusted and fine-tune that strategy and now are actually winning a lot more than we were before.

現在，產生底線是件很棒的事，然後你必須贏。我們的指示是贏得更多，並盡可能贏得更多。現在回到真正的問題，有時我們需要調整到比過去總費率更低的價格。但我們已經對該策略進行了調整和微調，現在我們實際上比以前贏得了更多。

Now you are asking, is this sustainable? The answer is I don't see why not the floor opportunities there. If we look at the qualified pipeline, which is an earlier indicator -- an earlier leading indicator versus RFP flow, the qualified pipeline is up year-over-year and sequentially, high single digit and regain [EBT] is there in the double-digit growth year-over-year.

現在你會問，這是可持續的嗎？答案是，我不明白為什麼那裡沒有地板機會。如果我們看一下合格的管道，這是一個早期的指標 - 與 RFP 流量相比的早期領先指標，合格的管道同比增長，並且連續增長，個位數較高，而重新獲得 [EBT] 則同比增長兩位數。

So we see that the demand we are able to participate in is increasing. Our win rate depends on our strategy, on our capabilities. We believe strongly that we are uniquely positioned, and we will continue to push through it. So the win rate is up significantly. I don't think we disclose those numbers. I have done in front of me, and they are very, very good.

因此，我們看到我們能夠參與的需求正在增加。我們的勝率取決於我們的策略和能力。我們堅信我們擁有獨特的優勢，並且我們將繼續努力。因此勝率大幅上升。我認為我們不會透露這些數字。我已經在我面前做過了，它們非常非常好。

Dan Leonard, UBS.

瑞銀的丹·倫納德（Dan Leonard）。

Thank you. I was hoping to talk a bit more about the margin, the two-thirds of gross margin compression you attributed to mix, how do we think about that going forward, especially in the context of that flat to 30 basis point margin expansion framework that you've previously discussed.

謝謝。我希望多談一點關於利潤率的問題，您將三分之二的毛利率壓縮歸因於混合，我們如何看待未來的發展，特別是在您之前討論過的持平至 30 個基點的利潤率擴張框架的背景下。

Yeah. I mean, look, this is the mix is what it is. Real world is growing faster, and that's lower margins. We have more FSP to execute in the short term, and that's also lower margins on the R&DS side. So I think in the short term, I would say that is going to continue. And by short term, I mean, in the next couple of quarters.

是的。我的意思是，你看，這就是混合物。現實世界成長更快，利潤率也更低。短期內我們有更多的 FSP 需要執行，這也會導致研發方面的利潤率較低。所以我認為在短期內這種情況將會持續下去。我所說的短期是指接下來的幾季。

Having said that, I might mention that this pendulum move towards FSP, I've said this before, I will repeat it. I do not believe in (inaudible) in fact, and this structure by the way, but in fact, in this quarter, the proportion of net bookings that FSP is in the very, very low single digits, and I mean very, very low. Everything else was FSP. So that's all, everything gets was full service, FSO.

話雖如此，我可能會提到這種向 FSP 的鐘擺移動，我之前已經說過了，我會重複一遍。順便說一下，我不相信（聽不清楚）事實上，還有這種結構，但事實上，在本季度，FSP 的淨預訂量比例處於非常非常低的個位數，我的意思是非常非常低。其餘一切都是 FSP。就是這樣，一切都得到了全方位服務，FSO。

So I think overall, we saw FSP as a proportion of backlog pick up 1 or 2 points, probably historic 14%, 15% to more 16%, 17%. But we see it coming down back to the same level. So I think R&DS, in the short term, some mix -- unfavorable mix, but I think after that, we should be back to a more favorable mix.

因此我認為總體而言，我們看到 FSP 佔積壓訂單的比例上升了 1 或 2 個百分點，可能是歷史性的 14%、15% 到 16%、17% 以上。但我們看到它正在回落至同一水平。因此我認為，從短期來看，研發部門會出現一些混合——不利的混合，但我認為在那之後，我們應該回到更有利的組合。

But all that's reflected for the next couple of quarters in the guidance. And you just also have to remember about the FX dynamic we have. We have that tailwind and that's compressing margins as well.

但所有這些都將反映在未來幾季的指引中。而且您還必須記住我們擁有的 FX 動態。我們擁有順風，但這也在壓縮利潤率。

Jailendra Singh, Truist Securities.

Jailendra Singh，Truist Securities。

Thank you and thanks for taking my questions. So I want to go back to TAS business. Thanks for the color by business lines. I actually want to double click on business and consulting piece. It seems trends there still remain below historical trends. What are your expectations there in terms of business returning to high, single double digit growth? What are some of the key leading indicators you watching for that business to start bouncing back?

謝謝您，也謝謝您回答我的問題。所以我想回到TAS業務。感謝您按業務線提供顏色。我實際上想雙擊商業和諮詢部分。看來那裡的趨勢仍低於歷史趨勢。您對業務恢復高個位數成長有何期望？您關注哪些關鍵領先指標可以顯示該業務正在開始反彈？

Yeah. Look, the pipeline is there. We track pipeline versus prior years and pipeline coverage. And I think we are confident that certainly in the future, we'll return to need to high single digits as it was in the past. The mix of projects is different. We spoke about AI before, and that's part of the equation as well. So as we are transitioning to different offerings, we think that's part of that transition. We are expecting that to have them just basically based on our pipeline reviews.

是的。看，管道就在那裡。我們追蹤與前幾年相比的管道和管道覆蓋率。我認為我們有信心，未來我們的需求一定會回到過去那樣的高個位數。項目組合有所不同。我們之前談論過人工智慧，這也是方程式的一部分。因此，當我們轉向不同的產品時，我們認為這是轉變的一部分。我們期望這些基本上是基於我們的管道評論而得到的。

But you're not expect you're not expecting to return this year, right? It's most likely next year and beyond. Just want to clarify that.

但你不認為今年會回來，對嗎？最有可能的是明年甚至更久以後。我只是想澄清一下。

Yeah, probably end of the year next year, yes.

是的，可能在明年年底。

Ann Hynes, Mizuho.

安‧海因斯 (Ann Hynes)，瑞穗。

Good morning. Thank you. You referenced some of your clients have some short term uncertainty. What do you think they need the most clarity on to accelerate projects? Is it MFN pricing? Is it clarity on maybe tariffs? And I know it's still early for 2026, but when I look at consensus estimates for R&D revenue is up 4%. Do you think the current like bookings environment supports that type of growth, or do we need an acceleration to support that?

早安.謝謝。您提到您的一些客戶存在一些短期不確定性。您認為他們最需要明確什麼才能加速專案？是最惠國定價嗎？關稅是否明確？我知道 2026 年還為時過早，但當我看到研發收入的普遍預期時，它增加了 4%。您認為目前的預訂環境是否支援這種成長，或者我們是否需要加速來支持這種成長？

Ann, you saw the next 12 months revenue in backlog that we reported out of R&DS. So now that cover you all the way to 2026, but the numbers give you some indication there. And our pipeline and RFP flow has been strong. So we're not going to be giving 2026 guiding at this point, but you can piece it together from all of that.

安，您看到了我們報告的研發部門積壓的未來 12 個月收入。現在我們已經涵蓋了 2026 年的情況，但數字會給出一些指示。我們的通路和 RFP 流程一直很強勁。因此，我們現在不會給出 2026 年的指導，但你可以根據所有這些來綜合判斷。

Yeah. And you had a question on the clients' concerns and the policies. Well, yeah, I mean it's all of the above. It's the changes in the agencies and policies, FDA and so on. This seems to be sort of stabilizing and some very good apartments, and we feel good about that.

是的。您對客戶的顧慮和政策有疑問。嗯，是的，我的意思是以上皆是。這是機構和政策的變化，FDA 等等。這似乎是一種穩定的趨勢，而且有一些非常好的公寓，我們對此感覺很好。

For the MFN pricing, we're just waiting. There's been discussions and being thought. But let me just say, I don't want to comment more, but we said it's extremely complicated. And then tariffs, you saw a lot of non-US large pharma company announced massive investments, and I think this will help.

對於最惠國定價，我們只是在等待。已經有過討論和思考。但我只想說，我不想發表更多評論，但我們說這非常複雜。然後是關稅，你看到很多非美國大型製藥公司宣布大規模投資，我認為這會有所幫助。

Jack Meehan, Nephron Research.

傑克·米漢（Jack Meehan），腎元研究。

Thank you. Good morning, everyone. I was wondering if you could just share latest thoughts on what you're seeing related to cancellation trends. Have you seen that continue to moderate all and just thoughts on kind of a path to normalization there. Thanks.

謝謝。大家早安。我想知道您是否可以分享您對取消趨勢的最新看法。您是否看到人們繼續緩和一切並思考如何走向正常化的道路。謝謝。

Yeah. I mean, look, we mentioned the first quarter that cancellations were in the normal historical range. And I'd say the second quarter same thing, same trend and overall, first half, really nothing unusual, no mega cancellation and the average basically is the same as was historically before we had the disruptions that we had last year.

是的。我的意思是，你看，我們提到第一季的取消量處於正常歷史範圍內。我想說的是，第二季的情況和趨勢是一樣的，總體而言，上半年確實沒有什麼不尋常的，沒有大規模的取消，平均水平基本上與去年中斷之前的歷史水平相同。

Max Smock, William Blair.

馬克斯史莫克、威廉布萊爾。

It's Christine Ras on for Max Smock. So hoping you can give some quantification about the delays you are seeing on new clinical projects. I know that you gave the 10% figure last quarter. So curious if delays for new programs got better or worse in the second quarter. Thank you.

克里斯汀拉斯 (Christine Ras) 代表 Max Smock 出演。因此希望您能對新臨床項目中出現的延誤給予一些量化的說明。我知道您上個季度給了 10% 的數字。所以很好奇第二季新專案的延遲情況是變好了還是變壞了。謝謝。

You're talking about which delays --

你指的是哪些延誤--

Yeah. Talking about RFP to decision making timeline.

是的。討論 RFP 到決策時間表。

Yeah, correct.

是的，正確。

Yeah. I mean, that remains longer --

是的。我的意思是，--

Yeah. Again, the environment is more or less similar in terms of client or the uncertainty and positive decision-making, I mentioned that in many cases, some of these areas are being lost because clients just can't wait. So some of what has been delayed, the decisions were made to launch. But if you look at the totality of the decision timelines, they remain more elongated than usual.

是的。再次，就客戶或不確定性和積極決策而言，環境或多或少是相似的，我提到，在許多情況下，其中一些領域正在丟失，因為客戶無法等待。因此，一些被推遲的項目已決定啟動。但如果你看一下整個決策時間表，你會發現它們比平常更長。

So really, I think our better performance in bookings and sales and generating opportunities is only partially related to a slight improvement in the environment because if you look at, for example, EBP funding, it wasn't particularly special since the beginning of the year has been relatively tame.

因此，我認為我們在預訂量、銷售額和創造機會方面的更好表現只是部分地與環境的略微改善有關，因為如果你看一下，例如 EBP 融資，它並不是特別特別，因為今年年初一直相對溫和。

It's just that we've been a lot more proactive, and we've been extremely, extremely successful in the marketplace in terms of our win rates versus history. And in generating both the opportunities and (inaudible) those opportunities. So I wouldn't necessarily derive an implication, and we assume that all of a sudden, the market has returned to normal.

只是我們變得更加積極主動，並且從我們的成功率與歷史來看，我們在市場上取得了極其巨大的成功。並創造機會和（聽不清楚）那些機會。因此，我不一定會得出這樣的結論，我們假設市場突然恢復正常。

There are no further questions at this time. Mr. Joseph, I turn the call back over to you.

目前沒有其他問題。約瑟夫先生，我把電話轉回給您。

Thanks, operator. Thank you, everyone, for taking the time for joining us today, and we look forward to speaking with you again on the third quarter 2025 earnings call. The team will be available the rest of the day if any follow-up questions you might have. Have a good day.

謝謝，接線生。感謝大家今天抽出時間加入我們，我們期待在 2025 年第三季財報電話會議上再次與您交談。如果您有任何後續問題，團隊將在當天剩餘時間內為您提供協助。祝你有美好的一天。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。