昆泰 (IQV) 2025 Q4 法說會逐字稿

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

女士們、先生們，感謝你們的耐心等待。在此，我謹代表 IQVIA 歡迎各位參加 2025 年第四季財報電話會議。（操作員說明）提醒您，本次通話正在錄音。

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。現在我將把電話交給投資者關係和財務高級副總裁凱瑞·約瑟夫。約瑟夫先生，請開始您的會議。

Thank you, operator. Good morning, everyone. Thank you for joining our fourth quarter and full year 2025 earnings call. With me today are Ari Bousbib, Chairman and Chief Executive Officer; Ronald 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.

謝謝接線生。各位早安。感謝您參加我們2025年第四季及全年業績電話會議。今天陪同我出席的有：董事長兼首席執行官阿里·布斯比；執行副總裁兼首席財務官羅納德·布魯爾曼；執行副總裁兼總法律顧問埃里克·舍貝特；財務規劃與分析高級副總裁邁克·費多克；以及投資者關係高級總監古斯塔沃·佩羅內。

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

今天，我們將參考一份演示文稿，參加網路直播的各位可以在本次通話中看到這份簡報。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「活動與簡報」部分查看本次簡報。

Before we begin, I would like to caution listeners that certain information discussed by management during this conference call will include forward-looking statements. Actual results could differ materially from those stated or implied by forward-looking statements due to risks 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.

在會議開始之前，我想提醒各位聽眾，管理階層在本次電話會議中討論的某些資訊將包含前瞻性陳述。由於公司業務存在風險和不確定性，實際結果可能與前瞻性聲明中所述或暗示的結果存在重大差異，這些風險和不確定性已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 SEC 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. 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一些非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。新聞稿和電話會議簡報中包含了這些非GAAP指標與可比較GAAP指標的調節表。

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

現在我謹將電話轉交給我們的董事長兼執行長阿里·布斯比布。

Thank you, Kerri, and good morning, everyone. Thank you for joining us today to discuss our fourth quarter and full year 2025 results. We closed 2025 with a strong fourth quarter resulting in full year revenue growth of 6%, adjusted diluted earnings per share growth of 7%, and free cash flow of $2.1 billion, representing about 100% of adjusted net income.

謝謝你，凱瑞，大家早安。感謝各位今天蒞臨現場，與我們共同探討我們2025年第四季及全年業績。2025 年第四季業績強勁，全年營收成長 6%，調整後稀釋每股盈餘成長 7%，自由現金流達 21 億美元，約佔調整後淨利的 100%。

As I reflect on our accomplishments in 2025, I'm proud of the results delivered by the IQVIA team, given that our industry faced significant challenges with heightened uncertainty around macroeconomic and government policy as well as continued pressure from interest rates. This macro environment led to slower customer decision-making and tempered biotech funding. This impacted R&DS bookings and revenue earlier in the year. But as the year progressed, the environment stabilized somewhat, and demand indicators became more favorable and funding increase.

回顧我們在 2025 年的成就，我為 IQVIA 團隊的成果感到自豪，因為我們的行業面臨著巨大的挑戰，宏觀經濟和政府政策的不確定性加劇，以及利率持續上漲的壓力。這種宏觀環境導致客戶決策速度放緩，並抑制了生物技術投資。這影響了年初的研發訂單和收入。但隨著時間的推移，市場環境穩定，需求指標變得更加有利，資金也隨之增加。

Despite the environment, we at IQVIA continue to invest in developing innovative offerings and more integrated solutions to advance development programs and drive commercial success. Examples of the depth and breadth of our clinical and commercial offerings and significant investments in 2025 include increasing our Phase I trial capabilities to test new drugs in healthy volunteers with the acquisition of a facility in the UK, expanding our science management organization with the acquisition of NEXT Oncology, a network of specialized sites serving patients enrolled in early-stage oncology trials, helping clients advance critical programs, ranging from global Phase III oncology and obesity trials to launching innovative treatments in rare and underserved patient communities, seeing great demand among the large and midsized pharma clients for our DaaS solution, DaaS, Data-as-a-Service, which provides AI-ready data as a single harmonized source simplifying customers' data management and building a strong foundation for AI analytics.

儘管面臨環境挑戰，IQVIA 仍將繼續投資開發創新產品和更整合的解決方案，以推動研發專案並推動商業成功。我們臨床和商業產品的深度和廣度，以及2025年的重大投資，體現在以下幾個方面：透過收購英國的一家機構，增強我們在健康志願者中測試新藥的I期試驗能力；透過收購NEXT Oncology（一個服務於早期腫瘤試驗患者的專業站點網絡），擴展我們的科學管理組織；幫助客戶推進關鍵項目，從全球III期腫瘤和肥胖症試驗到在罕見病和醫療資源匱乏的患者群體中推出創新療法；看到大型和中型製藥客戶對我們的DaaS解決方案（數據即服務）有著巨大的需求，該解決方案作為客戶的實體解決方案的基礎數據，為統一數據作為客戶提供的統一數據，該解決方案作為客戶的實際數據提供統一性的基礎。

This offering integrates global to local data, highlighting IQVIA's unique ability to merge proprietary assets -- data assets with third-party data assets we are compliant, scalable framework. Advancing the digitization of patient support programs to streamline workflows for treatment access and adherence with the research launch of the IQVIA Patient Experience platform, which already has six new customers on, working with the Sabin Vaccine Institute to provide more than 640 Marburg Vaccine doses to Ethiopia for a Phase II trial during the nation's first Marburg Vaccine virus disease outbreak partnering with local health authorities to evaluate safety and efficacy, winning our first full-service commercial outsourcing deal in Asia with the large pharma client. A last example, enhancing our capabilities in patient solutions and payer analytics with the acquisition of Cedar Gate Technologies in the fourth quarter.

該方案整合了全球和本地數​​據，突顯了 IQVIA 將專有資產（數據資產）與第三方數據資產合併的獨特能力，我們擁有合規、可擴展的框架。推動患者支持計劃的數位化，簡化治療獲取和依從性的工作流程，推出 IQVIA 患者體驗平台，該平台已有六位新客戶；與薩賓疫苗研究所合作，在埃塞俄比亞首次爆發馬爾堡疫苗病毒病疫情期間，向該國提供 640 多劑馬爾堡疫苗用於 II 期試驗；與當地衛生部門合作評估安全性和有效性；最後一個例子是，我們在第四季度收購了 Cedar Gate Technologies，從而增強了我們在患者解決方案和支付方分析方面的能力。

Let us now turn to the results for the quarter. Revenue for the quarter came in above the high end of our guidance range, representing year-over-year growth of 10.3% on a reported basis and 8.1% at constant currency. Acquisitions represented about 2 points of this growth. Fourth quarter adjusted EBITDA increased 5% versus prior year. Fourth quarter adjusted diluted EPS of $3.42 increased 9.6% year over year.

現在讓我們來看看本季的業績。本季營收高於我們預期範圍的上限，按報告匯率計算年增 10.3%，以固定匯率計算年增 8.1%。收購約佔這一成長的 2 個百分點。第四季調整後 EBITDA 比上年同期成長 5%。第四季調整後攤薄每股收益為 3.42 美元，較去年同期成長 9.6%。

On the clinical side, net bookings totaled over $2.7 billion, growing 7% year over year, 5% sequentially. This resulted in a net book-to-bill ratio of 1.18, reflecting the continued improvement in customer trends as well as solid execution from our sales teams.

臨床方面，淨預訂總額超過 27 億美元，較去年同期成長 7%，較上季成長 5%。這使得淨訂單出貨比達到 1.18，反映了客戶趨勢的持續改善以及我們銷售團隊的穩健執行。

I should point out that in the fourth quarter, our cancellations, while in the normal range, were really slightly above the normal range due to a specific idiosyncratic aspects of certain trials that had to be canceled. Key demand metrics for the quarter continued to be positive. Our qualified pipeline is about 10% higher year over year with growth across all customer segments.

我應該指出，在第四季度，我們的取消量雖然在正常範圍內，但由於某些試驗的特殊情況不得不取消，實際上略高於正常範圍。本季關鍵需求指標持續保持積極態勢。我們的合格客戶儲備年增約 10%，所有客戶群均成長。

RFP flow grew double digits year over year with growth across all segments, largest gains in large pharma and in EBP. Our win rates improved year over year, several percentage points. Backlog reached a new record of $32.7 billion at the end of the quarter, growing 5.3% compared to the prior year. And encouragingly, EBP funding was strong in Q4, reaching $33 billion according to BioWorld.

RFP 數量年增兩位數，所有細分市場均實現成長，其中大型製藥公司和 EBP 的成長最為顯著。我們的勝率逐年提高，提高了幾個百分點。本季末，積壓訂單達到創紀錄的 327 億美元，比上年同期成長 5.3%。令人鼓舞的是，根據 BioWorld 報導，EBP 第四季的資金表現強勁，達到 330 億美元。

On the commercial side, TAS continued to perform very well in the fourth quarter, achieving better-than-expected results despite the anticipated tougher year-over-year comparisons. We delivered growth in TAS of 9.8% reported, 7.1% at constant currency, highlighting the resilience of our broader commercial portfolio.

在商業方面，TAS 在第四季度繼續表現出色，儘管預計同比比較將更加艱難，但仍取得了超出預期的業績。我們實現了 TAS 成長 9.8%（以報告匯率計算）和 7.1%（以固定匯率計算），這凸顯了我們更廣泛的商業組合的韌性。

And now a few highlights of business activity in the fourth quarter. We announced a strategic collaboration with Amazon Web Services, naming AWS as our preferred agentic cloud provider to accelerate the industry's digital transformation. With the world's largest pharmaceutical companies already relying on IQVIA and AWS, we believe this partnership will make AI more readily available across life sciences, medical affairs, and healthcare analytics and enable faster delivery of life-saving treatments to patients worldwide.

接下來是第四季業務活動的一些亮點。我們宣布與亞馬遜網路服務 (AWS) 達成策略合作，指定 AWS 為我們首選的代理雲端供應商，以加速產業的數位轉型。鑑於全球最大的製藥公司已經依賴 IQVIA 和 AWS，我們相信此次合作將使人工智慧更容易在生命科學、醫學事務和醫療保健分析領域得到應用，並能更快地為全球患者提供拯救生命的治療。

IQVIA was recognized by Everest Group for our AI leadership, the only clinical research organization to receive the number one ranking for generative AI leadership in life sciences. You will recall that we started on this AI journey quite a while ago. And specifically, a little more than a year ago, we announced a partnership with NVIDIA with whom we have been working for over a year to build agents into our workflows, both in clinical and commercial, and we have made significant progress to date.

IQVIA 因其在人工智慧領域的領導地位而獲得 Everest Group 的認可，是唯一一家在生命科學領域生成式人工智慧領導排名中位列第一的臨床研究機構。您應該還記得，我們​​很早就開始了人工智慧之旅。具體來說，一年多前，我們宣布與 NVIDIA 建立合作夥伴關係，一年多來，我們一直與 NVIDIA 合作，將代理程式整合到我們的臨床和商業工作流程中，迄今為止，我們已經取得了重大進展。

In commercial, demand for our AI-driven innovations is gaining momentum with our clients, especially in large pharma. A few examples. A top 20 pharma client selected IQVIA to provide comprehensive AI-enabled information and analytics solutions for a major US gastroenterology franchise. The top 15 pharma client chose IQVIA as the strategic partner for a multiyear program to deliver analytics and agentic AI solutions across the enterprise.

在商業領域，客戶對我們人工智慧驅動的創新產品的需求正在不斷增長，尤其是在大型製藥公司。舉幾個例子。一家排名前 20 名的製藥公司客戶選擇 IQVIA 為其在美國的一家大型胃腸病學特許經營機構提供全面的 AI 資訊和分析解決方案。排名前 15 名的製藥客戶選擇 IQVIA 作為其多年計畫的策略合作夥伴，以在整個企業範圍內提供分析和智慧 AI 解決方案。

Another pharma client selected IQVIA to deploy our AI-enabled patient relationship management solution for rare disease hub services, improving patient engagement and therapy adherence. On the clinical side, in R&DS, I'll share some key wins in the quarter focusing on large pharma and biotech companies and focusing on AI capabilities. The top 15 pharma clients selected IQVIA for a major respiratory development program where IQVIA's ability to integrate AI-driven planning tools to accelerate time lines and improve efficiency was key to secure the win.

另一位製藥客戶選擇 IQVIA 為其罕見疾病中心服務部署我們基於人工智慧的患者關係管理解決方案，以提高患者參與度和治療依從性。在臨床方面，在研發領域，我將分享本季的一些重要成果，並專注於大型製藥和生物技術公司以及人工智慧能力。排名前 15 名的製藥客戶選擇 IQVIA 來開展一項重要的呼吸系統藥物研發項目，IQVIA 能夠整合人工智慧驅動的規劃工具來加快進度並提高效率，這是贏得該項目的關鍵。

A large pharma client chose IQVIA to manage a large full-service program of MASH studies, utilizing AI-enhanced planning tools and advanced recruiting strategies. IQVIA was selected to manage a pivotal oncology study with end-to-end services and leveraging tailored AI-enabled technology solutions, including patient randomization and drug supply optimization.

大型製藥客戶選擇 IQVIA 來管理一項大型的全方位 MASH 研究項目，利用 AI 增強的規劃工具和先進的招募策略。IQVIA 被選中管理一項關鍵的腫瘤學研究，提供端到端服務，並利用客製化的 AI 技術解決方案，包括患者隨機化和藥物供應優化。

Now I'd like to take a minute to share how we are simplifying our organization in 2026 to strengthen collaboration, enhance efficiency, and support continued growth. Our goal is to better align our teams with how our operating model has evolved to adapt to the new ways our clients are purchasing our capabilities.

現在我想花一分鐘時間分享一下，我們將如何在 2026 年簡化我們的組織，以加強協作、提高效率並支持持續成長。我們的目標是使我們的團隊更能適應我們營運模式的演變，從而適應客戶購買我們服務能力的新方式。

In the clinical space, clients are incorporating real-world evidence earlier in clinical development programs. And in the commercial space, as I mentioned in prior calls, we are seeing clients increasingly looking to outsource integrated commercialization programs that use IQVIA's suite of capabilities from analytics to field-based sales and medical forces.

在臨床領域，客戶正在臨床開發專案的早期階段就納入真實世界證據。在商業領域，正如我在先前的電話會議中提到的，我們看到客戶越來越希望外包綜合商業化項目，這些項目利用 IQVIA 的全套能力，從分析到現場銷售和醫療團隊。

Against this backdrop, we've implemented a simplified organization that consists of two reporting segments, Commercial Solutions and R&DS. Under this new reporting segment model, the CSMS segment, which has become more closely integrated into commercial offerings in the TAS segment and represents $788 million in 2025 revenue is incorporated into the TAS segment, which is renamed Commercial Solutions. Additionally, certain offerings currently reported in the TAS segment, consisting of Real-World Late Phase as well as certain other real-world offerings that have become more closely related to the clinical trial business are moved to the R&DS segment.

在此背景下，我們實施了簡化的組織結構，該結構由兩個報告部門組成：商業解決方案和研發部門。根據這項新的報告分部模式，CSMS 分部已與 TAS 分部的商業產品更加緊密地融合，並在 2025 年創造了 7.88 億美元的收入，該分部將被併入 TAS 分部，TAS 分部更名為商業解決方案。此外，目前在 TAS 板塊報告的某些產品（包括真實世界後期階段產品以​​及與臨床試驗業務更密切相關的其他一些真實世界產品）已轉移到 R&DS 板塊。

The business dynamics and growth patterns of Real-World Late Phase and these other offerings mirror those in the clinical trial business. They represent $674 million in revenue in 2025. So simply put, Commercial Solutions is tied plus the CSMS segment, minus the clinically oriented real-world offerings that were moved to our R&DS. This new segment reporting aligns with industry evolution and the company's operating model. It has a negligible impact on segment growth rates, as you can see on the chart.

真實世界後期臨床試驗及其他相關業務的業務動態和成長模式與臨床試驗業務的情況類似。預計到 2025 年，它們將帶來 6.74 億美元的收入。簡而言之，商業解決方案部門與 CSMS 部門合併，減去已轉移到我們研發部門的以臨床為導向的實際產品。這種新的分部報告方式符合產業發展趨勢和公司的營運模式。從圖表中可以看出，它對細分市場成長率的影響微乎其微。

We believe our broad and differentiated capabilities position us well to pursue enterprise-wide partnerships across these two segments as clients continue to consolidate vendors.

我們相信，我們廣泛且差異化的能力使我們能夠很好地在這兩個領域尋求企業範圍內的合作夥伴關係，因為客戶將繼續整合供應商。

I want to take another moment to acknowledge and congratulate our employees around the world for the 9th year in a row, IQVIA was named one of the world's most admired companies in Fortune's annual survey. And importantly, for the fifth year in a row, IQVIA was named the number one most admired company in our category.

我想再次藉此機會感謝並祝賀我們全球的員工，IQVIA 連續第九年被《財星》雜誌年度調查評為全球最受尊敬的公司之一。更重要的是，IQVIA 連續第五年被評為我們所在類別中最受尊敬的公司。

Finally, this is the last earnings call for our long-time CFO, Ron Bruehlman. I want to take a moment to acknowledge Ron. I've been working with Ron for the last three decades. He's a proven extraordinary world-class leader who played an instrumental role in shaping and executing our company's financial strategy and transformation. Ron's steady leadership and long-term strategic vision have been essential in building a high-performing global finance organization and helped IQVIA remain resilient through unprecedented times.

最後，這是我們長期擔任財務長的羅恩布魯爾曼的最後一次財報電話會議。我想藉此機會感謝羅恩。我與羅恩共事已有三十年了。他是一位久經考驗的傑出世界級領導者，在製定和執行我們公司的財務策略和轉型中發揮了重要作用。Ron 穩健的領導和長遠的策略眼光對於建立高效的全球財務組織至關重要，並幫助 IQVIA 在前所未有的時期保持了韌性。

On behalf of the entire IQVIA team, I want to thank Ron for his exceptional service. And the good news is he's not going anywhere and only transitioning into a senior advisory role, assuming he returns from his upcoming trip in Nepal.

我謹代表IQVIA全體團隊，感謝Ron提供的卓越服務。好消息是，他不會離開，只會轉任高級顧問，前提是他能從即將到來的尼泊爾之行中回來。

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

現在請 Ron 為我們詳細介紹一下我們的財務表現。

Thanks for your kind words, Ari, and I promise I will make it back. Good morning, everyone. We'd start by digging into the numbers a little bit more, starting with the fourth quarter.

謝謝你的鼓勵，阿里，我保證我會回來的。各位早安。我們先從第四季開始，更深入地分析一下這些數據。

Fourth quarter revenue was $4.364 billion. That was up 10.3% on a reported basis and 8.1% at constant currency. Excluding all COVID-related work, revenue grew over 8% at constant currencies. This included approximately 2 points of contributions from acquisitions.

第四季營收為43.64億美元。以報告匯率計算，成長了 10.3%；以固定匯率計算，成長了 8.1%。剔除所有與新冠疫情相關的工作，以固定匯率計算，營收成長超過 8%。這其中包括收購帶來的約 2 個百分點的貢獻。

Technology & Analytics Solutions revenue for the fourth quarter was $1.821 billion. That's up 9.8% reported and 7.1% constant currency.

第四季技術與分析解決方案營收為 18.21 億美元。以報告匯率計算，成長了 9.8%；以固定匯率計算，成長了 7.1%。

R&D Solutions fourth quarter revenue of $2.333 billion was up 9.1% reported and 8.2% at constant currency. And excluding the step-down in COVID-related work, R&DS revenue grew over 8.5% at constant currency.

研發解決方案第四季營收為 23.33 億美元，按報告匯率計算成長 9.1%，以固定匯率計算成長 8.2%。不計新冠疫情相關工作的減少，研發收入以固定匯率計算成長超過 8.5%。

Finally, our contract sales in Medical Solutions or CSMS fourth quarter revenue of $210 million increased 18.6% reported 15.3% at constant currency and about 5 points of that growth was due to the acquisition we mentioned in the third-quarter call.

最後，我們在醫療解決方案或 CSMS 的合約銷售第四季營收為 2.1 億美元，年增 18.6%，以固定匯率計算成長 15.3%，其中約 5 個百分點的成長歸功於我們在第三季電話會議上提到的收購。

For the full year, revenue was $16.310 billion, up 5.9% reported and 4.8% constant currency. That included Tech & Analytics Solutions revenue of $6.626 billion, which grew 7.6% reported and 6.2% constant currency. R&D Solutions full year revenue was $8.896 billion, up 4.3% reported and 3.5% at constant currency. And finally, full year CSMS revenue was $788 million, up 9.7% reported and 8.2% at constant currency.

全年營收為 163.1 億美元，按報告匯率計算成長 5.9%，以固定匯率計算成長 4.8%。其中包括技術與分析解決方案營收 66.26 億美元，按報告匯率計算成長 7.6%，以固定匯率計算成長 6.2%。研發解決方案全年營收為 88.96 億美元，按報告匯率計算成長 4.3%，以固定匯率計算成長 3.5%。最後，CSMS全年營收為7.88億美元，按報告匯率計算成長9.7%，以固定匯率計算成長8.2%。

Now moving down to P&L. Fourth quarter adjusted EBITDA was $1.046 billion, representing growth of an even 5%, while full year adjusted EBITDA was $3.788 billion up 2.8% year over year. Fourth quarter GAAP net income was $514 million in GAAP diluted earnings per share was $2.99. Full year GAAP net income was $1.360 billion or $7.84 of earnings per diluted share. Adjusted net income was $588 million for the fourth quarter, and adjusted diluted earnings per share was $3.42, that was up 9.6% that brought the full year adjusted net income to $2.68 billion or $11.92 per share, up 7.1%.

現在來看損益表。第四季調整後 EBITDA 為 10.46 億美元，年增 5%；全年調整後 EBITDA 為 37.88 億美元，較去年同期成長 2.8%。第四季GAAP淨利為5.14億美元，GAAP攤薄後每股收益為2.99美元。全年GAAP淨利為13.6億美元，或攤薄後每股收益7.84美元。第四季調整後淨收入為 5.88 億美元，調整後稀釋每股收益為 3.42 美元，成長 9.6%，使全年調整後淨收入達到 26.8 億美元，即每股 11.92 美元，成長 7.1%。

As already noted, we had a strong net new bookings growth this quarter, which confirmed the improved demand environment that we started to seeing in the second quarter. R&DS backlog at December 31 was $32.7 billion. That's up 5.3% year over year. And next 12 months revenue from backlog was $8.3 billion at year-end.

如同先前所提到的，本季我們的淨新增訂單量實現了強勁成長，這證實了我們在第二季開始看到的市場需求環境的改善。截至12月31日，研發積壓訂單為327億美元。較去年同期成長5.3%。截至年底，未來 12 個月的積壓訂單收入為 83 億美元。

Okay, now turning to the balance sheet. As of December 31, cash and cash equivalents totaled $1.980 billion, and gross debt was $15.724 billion, which results in net debt of $13.744 billion. Our net leverage ratio ended the year at 3.63 times trailing 12-month adjusted EBITDA. Cash flow from operations in the fourth quarter was $735 million and capital expenditures were $174 million which translated into free cash flow of $561 million. For the full year, free cash flow was $2.51 billion, representing 99% of our full year adjusted net income.

好的，現在來看資產負債表。截至 12 月 31 日，現金及現金等價物總額為 19.8 億美元，總債務為 157.24 億美元，淨債務為 137.44 億美元。年末，我們的淨槓桿率（基於過去 12 個月的調整後 EBITDA）為 3.63 倍。第四季經營活動產生的現金流為 7.35 億美元，資本支出為 1.74 億美元，由此產生的自由現金流為 5.61 億美元。全年自由現金流為 25.1 億美元，佔全年調整後淨收入的 99%。

In the quarter, we repurchased $212 million of shares, bringing our full year share repurchase activity to $1.244 billion at an average price of $159 per share.

本季度，我們回購了價值 2.12 億美元的股票，使我們全年的股票回購活動達到 12.44 億美元，平均價格為每股 159 美元。

Now I'll turn it over to Mike Fedock, who will show details on our 2026 guidance. Mike?

現在我將把發言權交給麥克費多克，他將詳細介紹我們 2026 年的業績指引。麥克風？

Thank you, Ron. For full year 2026, we expect revenue to be between $17.150 billion and $17.350 billion. This includes about 150 basis points of contribution from M&A and approximately 100 basis points of tailwind from foreign exchange versus prior year. Our adjusted EBITDA guidance is $3.975 billion to $4.025 billion, and our adjusted diluted EPS guidance is $12.55 and to $12.85.

謝謝你，羅恩。我們預計 2026 年全年營收將在 171.5 億至 173.5 億美元之間。這其中包括併購帶來的約 150 個基點的貢獻，以及與前一年相比，外匯匯率帶來的約 100 個基點的利多。我們調整後的 EBITDA 預期為 39.75 億美元至 40.25 億美元，調整後的稀釋每股盈餘預期為 12.55 美元至 12.85 美元。

Now let me provide some color on the below of the line costs. This guidance includes approximately $610 million of operational D&A, net interest expense of approximately $760 million, which is about $80 million higher than 2025, this increase reflects the full year impact of the senior notes issued in June 2025, swap maturities, and refinancing activity we expect to complete in 2026, partially offset by the lower interest rate on our variable debt.

現在讓我來詳細介紹一下以下各項的成本。該指引包括約 6.1 億美元的營運折舊和攤銷，以及約 7.6 億美元的淨利息支出，比 2025 年高出約 8,000 萬美元。這一增長反映了 2025 年 6 月發行的高級票據、互換到期以及我們預計將在 2026 年完成的再融資活動的全年影響，部分被我們浮動債務的較低利率所抵消。

And finally, our guidance assumes an effective income tax rate of just over 17%, an average diluted share count of just over 171 million and assumes that foreign currency rates as of February 4 continue for the balance of the year.

最後，我們的指導意見假設有效所得稅率略高於 17%，平均稀釋股份數略高於 1.71 億股，並假設 2 月 4 日的外匯匯率將在今年剩餘時間內保持不變。

Now let's look at revenue at the new segment level. As Ari mentioned, we will start reporting 2026 under two segments, Commercial Solutions and RDS. This change to better align and simplify our operating to the evolving market landscape. We will provide full recast of relevant historical financials for the two segments, starting with the first quarter 10-Q and the 2026 10-K. And in the meantime, we have included a recast of 2025 and 2024 revenue in the press release that accompanies this earnings presentation.

現在我們來看看新細分市場的收入狀況。正如 Ari 所提到的，我們將從 2026 年開始按兩個部分進行報告，即商業解決方案和 RDS。做出這項改變是為了更好地調整和簡化我們的運營，以適應不斷變化的市場環境。我們將對這兩個部門的相關歷史財務數據進行全面重述，首先是第一季的 10-Q 報告和 2026 年的 10-K 報告。同時，我們在隨附本次收益報告的新聞稿中，對 2025 年和 2024 年的收入進行了重新估算。

On a recast basis, 2025 full year revenue for the two new segments has Commercial Solutions at $6.740 billion and RDS at $9.570 billion. With this new reporting, TAS transfers $674 million of real-world late phase and real-world clinical-related offerings in the RDS and Commercial Solutions received the full $788 million of CSMS revenues. For full year 2026, we expect Commercial Solutions revenue to be between $7.2 billion and $7.3 billion, which represents growth of approximately 7% to 9%. RDS revenue is expected to be between $9.9 billion and $10 billion, which is a little over 4% growth year over year at the midpoint.

依重述後的數據，2025 年這兩個新部門的全年收入分別為：商業解決方案 67.4 億美元，RDS 95.7 億美元。透過這項新的報告，TAS 將價值 6.74 億美元的真實世界後期階段和真實世界臨床相關產品轉移到 RDS，而商業解決方案部門則獲得了 CSMS 的全部 7.88 億美元收入。我們預計 2026 年全年商業解決方案營收將在 72 億至 73 億美元之間，成長約 7% 至 9%。RDS 收入預計在 99 億美元至 100 億美元之間，其中數值略高於 4%。

Now let's review our first-quarter guidance. For the first quarter, we expect revenue to be between $4.050 billion and $4.150 billion. Adjusted EBITDA is expected to be between $920 million and $940 million. And adjusted diluted EPS is expected to be between $2.77 and $2.87.

現在讓我們回顧一下第一季的業績預期。我們預計第一季營收將在 40.5 億美元至 41.5 億美元之間。調整後 EBITDA 預計在 9.2 億美元至 9.4 億美元之間。調整後的稀釋每股收益預計在 2.77 美元至 2.87 美元之間。

Now before we move to Q&A, I just want to take a moment to thank Ron for his support and guidance and mentorship. I've enjoyed working with Ron over the last nine years. First as CFO of the lab business, then as CFO of R&DS and most recently, leading the corporation on [D&A] function. I'm grateful for everything he shared with me along the way.

在進入問答環節之前，我想藉此機會感謝 Ron 的支持、指導和幫助。在過去九年裡，我一直很享受與羅恩的合作。先是擔任實驗室業務的財務官，然後擔任研發部門的財務官，最近則領導公司負責數據和分析職能。我感激他一路以來與我分享的一切。

Now with that said, let me hand it back to the operator for Q&A. Operator?

現在，我將把問答環節交還給接線員。操作員？

(Operator Instructions) Shlomo Rosenbaum, Stifel.

（操作說明）Shlomo Rosenbaum，Stifel。

Ari, maybe you could just talk about the concerns everyone is having in the market about the potential for AI to disrupt various established businesses? And if you could just talk about why you think your business is insulated or why it would be hard to disrupt it and then why you think AI is really more of an enabling technology for the business versus anything that investors should be concerned about?

阿里，或許你可以談談市場上大家普遍擔憂的人工智慧可能顛覆各種現有業務的問題？如果您能談談您認為貴公司為何能免受衝擊，或者為何很難顛覆它，以及您認為人工智慧為何更像是一種賦能技術，而不是投資者應該擔心的東西，那就太好了。

Well, I don't know where to start. I wish we were -- we will be spending the next few moments talking about our great results for the year and our great guidance for '26. We're very excited about how business is going. But an article was published a couple of days ago and all of a sudden, it's the end of the world. I don't know why it was news to people. It certainly is not news to us.

嗯，我不知道從哪裡開始。我希望我們能——接下來幾分鐘我們將討論我們今年的出色成績以及我們對 2026 年的良好展望。我們對目前的業務發展狀況感到非常興奮。但幾天前發表了一篇文章，突然之間，就好像世界末日來臨了一樣。我不明白為什麼這件事對人們來說會是新聞。這對我們來說當然不是什麼新聞。

We started on this AI journey a long time ago. Specifically, I mentioned again, we've been working with NVIDIA for over a year to build agents into our workflows, and we made a lot of progress. We've seen this opportunity for our business very early. And again, I stress, it's an opportunity, not a challenge. There really is nothing new here for us other than, obviously, I want to take the opportunity because it's obviously not clear to people to clarify what I believe is fundamental misunderstandings of both what our business is and what AI is and why we're not a law firm.

我們很久以前就開始了人工智慧之旅。具體來說，我再次提到，我們已經與 NVIDIA 合作一年多了，將代理程式整合到我們的工作流程中，並且取得了很大進展。我們很早就看到了這個對我們業務有利的機會。我再次強調，這是一個機會，而不是挑戰。對我們來說，這裡其實沒有什麼新鮮事，只是，很顯然，我想藉此機會澄清一下，因為顯然人們並不清楚我們業務是什麼、人工智慧是什麼，以及為什麼我們不是律師事務所，我認為這些都是根本性的誤解。

There are three requirements for AI agents: number one, significant ready-to-consume data ingredients at scale; number two, domain expertise; and number three, technology, meaning the AI tools everybody talks about with French names and the processing capability to enable these AI agents to work.

人工智慧代理有三個要求：第一，大量現成的資料原料；第二，領域專業知識；第三，技術，也就是大家常說的那些名字聽起來很法語的人工智慧工具，以及讓這些人工智慧代理能夠運作的處理能力。

Now the first two are absolutely necessary, meaning the data ingredients and the domain expertise. The third one can be bought, and it's typically a combination of tools that constitute a tech stack from a variety of ecosystem players. I want to focus on these first two.

現在，前兩項是絕對必要的，即資料要素和領域專業知識。第三種是可以購買的，它通常是由來自各種生態系統參與者的技術堆疊中的工具組合而成。我想重點放在前兩個方面。

Let's start with the data. First, our data is proprietary. You need to understand that our data is not readily available on the web. It's proprietary. It's not like case law, jurisprudence, company financials, consumer information. It's just not available. This is a lot more than simply aggregating data, vacuum cleaning everything that's on the web, and organizing it neatly for somebody to use with an AI tool. It's just not there.

我們先來看數據。首先，我們的數據是專有的。您需要了解，我們的數據並不容易在網路上找到。這是專有技術。它不像判例法、司法判例、公司財務狀況、消費者資訊那麼複雜。目前還沒有貨。這不僅僅是簡單地聚合資料、清理網路上的所有內容，然後將其整齊地整理好，以便其他人可以使用人工智慧工具來使用。它根本不在那裡。

Second, it's sourced, de-identified, cleansed, curated, and integrated into data lakes that enable fit-for-purpose extraction algorithms to do their work. We do this at a huge cost and on a massive scale, and we have been doing this for decades. By the way, many have tried to replicate it. No one has duplicated it.

其次，資料經過來源、匿名化、清洗、整理和整合到資料湖中，使合適的提取演算法能夠發揮作用。我們投入巨資，大規模地進行這項工作，而且我們已經這樣做了幾十年。順便一提，很多人都嘗試過複製它。至今無人能複製它。

Third, healthcare data is dynamic data. That is it changes every moment, and it needs to be updated constantly. It's not like a legal case. It remains the same legal case forever. It's static.

第三，醫療保健數據是動態數據。也就是說，它每時每刻都在變化，需要不斷更新。這不像是一起法律案件。案件的法律效力將永遠不變。它是靜態的。

Fourth, healthcare data is subject to significant regulatory, compliance, privacy frameworks that vary across countries and geographies. Do you really think that Germany is going to allow, let's call him Jean-Paul, to access and play around with individual healthcare data of their citizens?

第四，醫療保健資料受到各國和地區不同的重大監管、合規和隱私框架的約束。你真的認為德國會允許，我們姑且稱他為讓-保羅，去獲取和玩弄其公民的個人醫療保健數據嗎？

Fifth, healthcare data needs to meet interoperability, relevance, completeness, traceability, reliability, and linkability standards under countless ontologies at a scale and level of complexity that has zero comparison to any other industry.

第五，醫療保健資料需要在無數本體論下滿足互通性、相關性、完整性、可追溯性、可靠性和可連結性標準，其規模和複雜程度是其他任何行業都無法比擬的。

Sixth, the data that we sell to our clients is for specific defined uses. We do not sell all the data that we source. We sell the final product, not the ingredients. And the ingredients which have much higher latency and higher levels of granularity are what you need to train differentiated and specialized AI agents.

第六，我們出售給客戶的資料是用於特定用途的。我們並非出售所有取得的數據。我們出售的是最終產品，而不是原料。而那些具有更高延遲和更高粒度級別的成分，正是訓練差異化和專業化的 AI 代理所需要的。

Now obviously, I could go on and on about why healthcare data at IQVIA bears no resemblance whatsoever to data in any other industry. But let me switch to the second important requirement to do AI agentification, and that is domain expertise. In some industries, a couple of lawyers will do to interpret a case. Not so in healthcare. To build the algorithms required to develop AI agents, you need to have the ability to read, understand, and interpret these highly complex data sets in the proper context.

顯然，我可以繼續深入探討為什麼 IQVIA 的醫療保健數據與其他行業的數據完全沒有相似之處。但讓我轉而談談實現人工智慧代理化的第二個重要要求，那就是領域專業知識。在某些行業，只需要幾個律師就能解讀案情。但在醫療保健領域，情況並非如此。要建立開發人工智慧代理所需的演算法，你需要具備在適當的上下文中閱讀、理解和解釋這些高度複雜的資料集的能力。

So the agents can perform these workflows at the level of precision, accuracy, trust, and compliance required by the regulators in healthcare. That is, by the way, what we've been calling with our clients, healthcare grade AI.

因此，這些代理商能夠以醫療保健監管機構要求的精確度、準確性、可信度和合規性水準來執行這些工作流程。順便說一句，這就是我們一直向客戶所說的醫療級人工智慧。

And this is why our clients trust us to work with them on their own AI journey. On the one hand, it helps us differentiate in clinical research and win more business. On the commercial side, we've seen an uptick in demand for AI-enabled analytical offerings. A lot of what we do with large pharma is being discussed, it's in partnership with IQVIA.

也因為如此，我們的客戶才信任我們，讓我們陪伴他們開啟人工智慧之旅。一方面，它有助於我們在臨床研究領域脫穎而出，贏得更多業務。在商業方面，我們看到人工智慧分析產品的需求上升。我們與大型製藥公司進行的許多合作都在討論之中，這是與 IQVIA 合作進行的。

Bear in mind, our agents have been training on our data assets for over a year now. And to date, we've deployed over 150 agents covering over 30 use cases across the business, clinical and commercial.

請注意，我們的代理人已經接受我們數據資產的培訓一年多了。迄今為止，我們已部署了 150 多個代理，涵蓋業務、臨床和商業領域的 30 多個用例。

Important to understand about how this AI agentification is done. And forgive me if I'm being simplistic in explaining obvious things, a workflow includes many tasks. Each of these tasks can be performed by an AI agent. So within a workflow, there could be 10, 15, or 20 agents that are involved, and they work together under the oversight usually of an orchestration agent that sits on the top.

了解人工智慧代理化是如何實現的至關重要。如果我解釋一些顯而易見的事情過於簡單，請見諒，工作流程包含許多任務。這些任務都可以由人工智慧代理完成。因此，在一個工作流程中，可能有 10、15 或 20 個代理參與其中，它們通常在位於頂層的編排代理的監督下協同工作。

Now for each of these tasks, we choose the model that's best suited to the task. So for a particular task within a workflow, it could be OpenAI. For another task, it could be Claude. It could be one of our own tools or a number of models and tools. So within one agentification process of one workflow, you may have many different tools working together. And the goal is to pick for each task the best suited tool and, of course, optimize the overall cost as some of these tools are actually quite expensive. Here is where deep domain expertise is critical to be able to choose the best model and fine-tuning that model on proprietary domain-specific data to optimize performance.

現在，針對每項任務，我們選擇最適合該任務的模型。因此，對於工作流程中的特定任務，它可能是 OpenAI。如果是另一項任務，那可能是克勞德。它可以是我們的某個工具，也可以是多種模型和工具的組合。因此，在一個工作流程的代理化過程中，可能會有許多不同的工具協同工作。目標是為每項任務選擇最合適的工具，當然，也要優化整體成本，因為其中一些工具實際上相當昂貴。正是在這裡，深厚的領域專業知識至關重要，它能夠選擇最佳模型，並根據專有的領域特定數據對該模型進行微調，從而優化性能。

Now finally, the investment required to put this all together is quite significant. It's only justified if you have the scale across both clinical and commercial across a broad array of therapies and across the globe to make the economics worthwhile. Now we sell to over 10,000 clients, and therefore, we have that scale. That's why we exist in the first place long before AI came to the fore. Everything we do, our clients will do, but they not, because it's a lot more economically rational to outsource it to us and to partner with us, staying here.

最後，要把這一切整合起來，所需的投資相當可觀。只有當你在全球範圍內，在廣泛的療法領域，擁有足夠的臨床和商業規模，才能使經濟效益值得投入，這種做法才是合理的。現在我們擁有超過 10,000 名客戶，因此，我們擁有了這樣的規模。這就是為什麼我們在人工智慧出現之前就存在的原因。我們的客戶也會做我們所做的一切，但他們不會這樣做，因為外包給我們、與我們合作、留在這裡，在經濟上要合理得多。

So I would say, overall, the answer to your question, forgive me, and I thank your patience for the time it took to answer the question. I think it's important to clarify. Overall, I would say AI agentification is a positive for our business across both clinical and commercial, and I understand it's hard to distinguish between us and other CROs, us and other information services provider.

所以總的來說，對於您的問題，我的回答是……請原諒，感謝您耐心等待我回答這個問題。我認為有必要澄清一下。總的來說，我認為人工智慧代理化對我們的臨床和商業業務都是正面的，而且我知道很難將我們與其他合約研究組織 (CRO) 以及我們與其他資訊服務提供者區分開來。

And I try to give you some detail, and we could go in more detail in follow-up calls if you so desire. I hope we can go to the main subject of the call, which is the results and our guidance. But again, our proprietary data assets, which are not strippable by horizontal AI models are more valuable than ever, actually. Our services are differentiated because they leverage deep domain expertise that very few, if any, healthcare organizations possess in-house.

我會盡量提供一些細節，如果您願意，我們可以在後續電話中進一步討論。我希望我們能轉到通話的主要議題，也就是結果和我們的指導方針。但話說回來，我們專有的數據資產（無法被橫向人工智慧模型剝離）實際上比以往任何時候都更有價值。我們的服務之所以與眾不同，是因為它們利用了深厚的領域專業知識，而這種專業知識很少有醫療機構（如果有的話）擁有。

So yes, some lower level consulting and analytics work may be displaced. But at the same time, we're seeing increasing demand for new offerings, including the next-generation information management DaaS solution that I spoke about in my introductory remarks. And by the way, these introductory remarks were written long before the AI drama erupted a couple of days ago.

所以，是的，一些較低階的諮詢和分析工作可能會被取代。但同時，我們看到對新產品的需求不斷增長，包括我在開場白中提到的下一代資訊管理 DaaS 解決方案。順便說一句，這些開場白是在幾天前人工智慧風波爆發之前很久就寫好的。

So I hope that addresses your question, Shlomo. And I guess anybody wants to add anything here?

希望這能解答你的疑問，Shlomo。我想大家還有什麼要補充的嗎？

No.

不。

All right. Thank you very much.

好的。非常感謝。

Eric Coldwell, Baird.

埃里克·科德威爾，貝爾德。

I was hoping to dig into the latest acquisition, Cedar Gate. Perhaps help us better understand holistically what the value and driver of that acquisition is for the organization and how it fits into the total IQVIA ecosystem?

我原本希望深入了解Cedar Gate的最新收購案。或許可以幫助我們更全面地了解此次收購對公司而言的價值和驅動因素，以及它如何融入整個 IQVIA 生態系統？

And then technically, could you provide any color on the specific revenue and profit contribution of that business? Is it accretive, dilutive? Maybe give us a sense of the margin profile. If you could, that would be very helpful.

那麼，從技術層面來說，您能否提供該業務的具體收入和利潤貢獻的數據？它是增值性的還是稀釋性的？或許可以跟我們介紹一下利潤率狀況。如果你能這樣做，那就太好了。

Yeah. Thank you very much. So look, we've been doubling around the payer provider analytics business for some time, we never at scale. I think overall -- before the Cedar Gate acquisition, our overall payer provider business for the company is like it's a couple of percentage points of our total revenues, and it's mostly in the EMEA region in Europe and in the Middle East with specific technology platforms.

是的。非常感謝。所以你看，我們已經在支付方提供者分析業務方面投入了相當長一段時間，但我們從未達到規模化。我認為總體而言——在收購 Cedar Gate 之前，我們公司整體的支付方業務收入僅佔總收入的幾個百分點，而且主要集中在歐洲和中東的 EMEA 地區，擁有特定的技術平台。

So in the US, we looked at several assets before, but nothing that would be -- that was of sufficient scale. And obviously, the valuations were not rational at the time. Cedar Gate itself was a great opportunity. It's basically -- it transforms healthcare data into insights for improved patient outcomes and provides analytics to payers. It does have a great technology platform as well.

所以，在美國，我們之前考察過一些資產，但沒有一個是──規模夠大的。顯然，當時的估值並不合理。Cedar Gate本身就是一個絕佳的機會。它基本上是將醫療保健數據轉化為改善患者治療效果的見解，並為支付者提供分析。它也擁有非常強大的技術平台。

It was -- it has the right scale. You asked for the numbers. It's about -- in '24, it was about $125 million in revenue, and it has -- somewhere $33 million of adjusted EBITDA. That's what I have in front of me, $32.7 million to be precise. And '25 (inaudible) a little bit higher than that. [$140 million] maybe? (multiple speakers) $140 million and about (inaudible) similar margins.

沒錯——它的比例很合適。你問我要數字。2024 年，該公司的營收約為 1.25 億美元，調整後的 EBITDA 約為 3,300 萬美元。這是我面前的金額，準確來說是 3270 萬美元。而25年（聽不清楚）可能比這略高一些。 [1.4億美元]？（多人）1.4億美元，利潤率也大致相同（聽不清楚）。

Okay. So that's for the numbers. So yeah, it helps improve patient outcomes, higher quality of care, reduce cost across the system. It utilizes data from the customers. I think it has 4 petabytes of data and about 60 million lives. So obviously, they don't utilize data purchased from IQVIA or other third parties. It helps expand our solutions and that has some synergies with our data analytics and technology business.

好的。以上就是相關數據。是的，它有助於改善患者治療效果，提高醫療質量，並降低整個系統的成本。它利用來自客戶的數據。我認為它有 4 PB 的數據，記錄了大約 6000 萬人的生命。顯然，他們沒有使用從 IQVIA 或其他第三方購買的資料。它有助於擴展我們的解決方案，並且與我們的數據分析和技術業務有一些協同效應。

Thank you very much.

非常感謝。

Justin Bowers, Deutsche Bank.

賈斯汀·鮑爾斯，德意志銀行。

Ari, I may add one, if I may. But I do recall in your 2019 Investor Day where IQVIA was highlighting its investments in the cloud and AI and ML. And I think a lot of those investments may not have been accretive to cash flow at the time or over the course of those few years. And maybe now is the time where IQVIA really starts to monetize those investments whereas the rest of the world is caught up.

阿里，如果可以的話，我想再補充一個。但我記得在你們 2019 年的投資者日上，IQVIA 重點介紹了其在雲端運算、人工智慧和機器學習領域的投資。而且我認為，當時或在接下來的幾年裡，許多這類投資可能並沒有增加現金流。或許現在正是 IQVIA 真正開始將這些投資變現的時候，而世界其他地區卻還沒有跟上腳步。

But I think the one question at the risk of oversimplifying is just to understand whether this is an opportunity or risk for your business. And is it sort of accretive, neutral, or decremental to growth, whether it's RDS or TAS? And I think your response at the end to Shlomo's question is that it's potentially accretive to the long-term growth rate of IQVIA. So I just want to confirm that that's what you're messaging. Or maybe you can restate the thoughts on what the impact is or opportunity is for the segment growth rates?

但我認為，即便這麼說可能有些過於簡化，但關鍵在於理解這對你的企業來說究竟是機會還是風險。無論是 RDS 還是 TAS，它對成長是促進成長、中性成長還是抑製成長？我認為你最後對 Shlomo 問題的回答是，這可能會提高 IQVIA 的長期成長率。所以我想確認一下，你發的訊息是不是就是這個意思。或者，您能否重新闡述您對該細分市場成長率的影響或機會的看法？

And then just secondly, it does sound like what you're seeing in RDS is an improving business environment based on your prepared remarks. And is that -- are we on course to really sort of get back to the 1.2 book-to-bill throughout 2026? Does the pipeline support that? Or is it sort of too early to tell? Thank you in advance.

其次，根據你事先準備好的發言，聽起來你在 RDS 看到的確實是一個不斷改善的商業環境。那麼，我們是否真的有望在 2026 年恢復到 1.2 的訂單出貨比呢？該管道支援這種操作嗎？還是現在下結論還為時過早？先感謝您。

Yeah. Well, thank you. I mean, I don't really know where to start. It's really frustrating that everything we've been saying on AI, you referred to -- we went back to 2019, it's true. But again, we've been accelerating all of this over the past year, and we've communicated this over and over again.

是的。謝謝。我的意思是，我真的不知道該從哪裡開始。令人沮喪的是，我們一直在談論的關於人工智慧的一切，你提到的——我們回到了 2019 年，沒錯。但是，過去一年來，我們一直在加快所有這些進程，我們也反覆強調了這一點。

It's really hard to disprove a generic assertion like AI is going to displace your business. It's exactly the opposite. I said before, and I want to repeat it again, AI agentification is a positive, has been a positive, will continue to be a positive for us. IQVIA has the largest proprietary healthcare information assets in the world and is the foundation of our value to clients. That access is not available. We have that access to non-public granular high-frequency data that nobody can license at that level of debt, which is the level of debt that's required to build the agents. I don't know how else to say it.

要反駁「人工智慧將會取代你的企業」這種籠統的說法，真的很難。恰恰相反。我之前說過，而且我想再次重申，人工智慧智慧化對我們來說是正面的，過去是正面的，將來也仍將是正面的。IQVIA 擁有全球最大的專有醫療保健資訊資產，這是我們為客戶創造價值的基礎。該存取權限不可用。我們能夠獲取非公開的細粒度高頻數據，而沒有人能夠以如此高的債務水平獲得許可，而這正是建立代理所需的債務水平。我不知道還能怎麼說。

Number two, industry expertise and global presence cannot be replicated by general purpose AI like it can be in any other services. Our value comes from seven decades of deep knowledge across 100-plus countries, deep understanding of local health systems. It cannot be systemized or replaced by generic LLMs. It just can't outside healthcare.

第二，行業專業知識和全球影響力無法像其他任何服務那樣透過通用人工智慧來複製。我們的價值源自於七十多年來在 100 多個國家累積的深厚知識，以及對當地衛生系統的深刻理解。它無法被系統化，也無法被通用LLM取代。在醫療保健領域之外，這是行不通的。

Believe me, if we could, we have been on it. So we are -- our company is integral to our clients' ecosystem. AI is more likely to augment the clients' team, but not to replace us. Our clients' AI initiatives are enabled by our data services and workflows and people.

相信我，如果可以，我們早就這麼做了。的確如此－我們公司是我們客戶生態系統中不可或缺的一部分。人工智慧更有可能增強客戶團隊的能力，而不是取代我們。我們的數據服務、工作流程和人員為客戶的 AI 專案提供了支援。

The scale and the centralization that make IQVIA the natural healthcare AI partner should be evident. A little bit -- it reminds me, a little bit over a year ago or about a year ago, I was hearing people telling me that R&D investments in drug development is over. No one is going to invest in drug development anymore. I had people stating that as a fact. I don't know what to say, okay?

IQVIA 的規模和集中化程度使其成為醫療保健人工智慧領域的天然合作夥伴，這一點顯而易見。這讓我想起，大約一年多前，我聽到有人說，藥物研發的投資已經結束了。現在沒人願意投資藥物研發了。有人把這當作事實來陳述的。我不知道該說什麼，好嗎？

So I said what I have to say, you can reread the transcript. I just want to remind you, again, AI delivers the most value when it's embedded in existing workflows. Why do you -- why should you build a new wheel if the existing one works and you can simply optimize it. Most of what AI does, by the way, it covers 80% of what needs to be done, but you still not need to have someone with the subject matter expertise to complete the remaining 20%. Otherwise, you keep compounding errors and you end up with an incomplete product, which healthcare is a known to begin with. You're also forgetting regulations.

我已經把想說的都說了，你們可以重新閱讀文字記錄。我只想再次提醒各位，人工智慧只有在融入現有工作流程中才能發揮最大價值。為什麼要──為什麼要製造一個新輪子呢？如果現有的輪子運作良好，而且你可以對其進行最佳化。順便說一句，人工智慧可以完成大部分工作，它能完成 80% 的工作，但你仍然不需要具備相關領域專業知識的人員來完成剩下的 20%。否則，你會不斷累積錯誤，最終得到一個不完整的產品，而醫療保健產業本來就以產品不完整而聞名。你還忽略了規章制度。

AI is all about productivity. It's all about enabling people to do more. It will not replace. It will help enhance and improve.

人工智慧的核心在於提高生產力。一切都是為了讓人們能夠做更多的事情。它不會取代。這將有助於提升和改進。

Okay. I guess I'm not -- R&DS and bookings. So the metrics -- the demand metrics are very strong. They continue to be double digits, whether it's 45 pipelines, RFP flow. The book-to-bill, again, I'm always pushing back on -- you've seen that it has improved during the year. We had telegraphed that. We, this quarter, had cancellations of -- for futility reasons but we had very strong bookings.

好的。我想我不是——研發和預訂。因此，各項指標──需求指標──都非常強勁。無論是 45 個管道，還是 RFP 流程，它們都保持著兩位數的成長。關於訂單結算比率，我一直在努力改進——你們也看到了，這一年裡它已經有所改善。我們之前已經發出電報通知了。本季度，我們有一些訂單因無意義的原因被取消，但我們的預訂情況非常良好。

Look, despite the naysayers who were telling us a year ago that we were done booking any business, we booked again $10 billion of business this year, like every other year after cancellations.

你看，儘管一年前有人唱衰我們，說我們已經無法再接到任何訂單，但今年我們又像往年一樣，在取消訂單後再次接到了價值 100 億美元的訂單。

So what the book-to-bill will be next quarter, the quarter after next year, we don't project that. So I don't know. But again, the demand indicators are strong. And funding is strong. EVP demand has come back largely because funding has come back. Our large pharma has a very rich pipeline of opportunities we're working on. So I don't see anything here that's unusual.

所以，下一季、後年下一季的訂單出貨比是多少，我們無法預測。所以我也不知道。但再次強調，需求指標依然強勁。資金實力雄厚。EVP需求回升主要是因為資金回流了。我們這家大型製藥公司有很多正在開發的項目，儲備非常豐富。所以我覺得這裡沒有什麼不尋常的地方。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

I don't want to beat the dead horse, but have you actually seen -- I think one of the fears that came out this week, and I'd just be curious your thoughts on it are that I think Pfizer and maybe some others have talked about using AI in terms of trial efficient -- improving trial efficiency. And when I heard that, it seems sort of in line with sort of what you and others have maybe previously said about sort of an increase -- generalized increase in that over time.

我不想老生常談，但你有沒有註意到——我認為這週出現的一個擔憂，我很好奇你對此有何看法，那就是輝瑞公司和其他一些公司可能談到了使用人工智慧來提高試驗效率。當我聽到這個消息時，我覺得這似乎與你和其他人之前可能說過的關於這種現象隨著時間的推移而普遍增長的說法有些一致。

Have you seen any difference in sort of behaviors from that large pharma segment in terms of what they're asking for you? Because I think the fear comes down to like are they going to need fewer FSP seats or something like that, and that would be a drag on revenue. Or is this -- so one, I guess, have you heard over that? And then two, maybe on the financial side, anything you can point out in terms of the cadence of profitability this year that would be sort of different than what we've seen in prior years? Thank you.

您是否注意到大型製藥公司在向您提出要求方面，行為方式上有任何不同？因為我認為，人們擔心的是，他們是否需要減少 FSP 座位之類的，而這將拖累收入。或者，是這樣的──我想，你聽過這件事嗎？其次，從財務方面來看，您能否指出今年的獲利節奏與往年有何不同？謝謝。

No, nothing different with respect to large pharma AI efforts and the idea that clinical trials can be made more efficient with AI. We've been talking about this for a long time. The very creation of IQVIA was predicated on this idea. And the innovation of new tools that allow AI agentification, we [kind] on that right away. And we've been working on it. And in fact, I would say, with respect to clinical trial efficiency improvements through AI agents, large pharma is with us.

不，大型製藥公司在人工智慧方面的努力以及利用人工智慧提高臨床試驗效率的想法並沒有什麼不同。我們已經討論這個問題很久了。IQVIA的創立正是基於這個理念。而能夠實現人工智慧代理的新工具的創新，我們[很]會立即著手研究。我們一直在努力。事實上，我認為，就透過人工智慧代理提高臨床試驗效率而言，大型製藥公司與我們站在一起。

With respect to large pharma work on AI earlier in the process, which you alluded to, that is on discovery, which, by the way, this is the bulk. When you hear large pharma mention AI, 99% of what they mean is using AI simulation tools way, way upstream to try to sort through the molecules to try, decide, and anticipate in advance which trial will be most successful.

關於您提到的早期大型製藥公司在人工智慧方面的工作，也就是在發現階段，順便說一句，這才是重點。當你聽到大型製藥公司提到人工智慧時，他們 99% 的意思都是在研發初期就使用人工智慧模擬工具來篩選分子，以便事先判斷和預測哪項試驗會最成功。

So that doesn't affect what our business is. You could conclude theoretically that as a result, they will start less trials. But I don't believe that at all. In fact, if you talk to large pharma, they'll tell you, no, we'll do more trials and they'll be more successful. They think. There are honest [theorists] that will negate that. Most of the innovations, if you go back, actually came fortuitously not because they proved the initial hypothesis.

所以這不會影響我們的業務。從理論上講，你可以得出結論：因此，他們將啟動更少的試驗。但我完全不相信這一點。事實上，如果你和大型製藥公司談談，他們會告訴你，不，我們會進行更多試驗，這樣會更成功。他們思考著。有一些誠實的[理論家]會否定這一點。回顧歷史，大多數創新實際上都是偶然產生的，而不是因為它們證明了最初的假設。

So it's a different discussion, but innovation in pharmaceuticals has often come per chance, so to speak, in the course of a trial that was trying to do something else. Either way, we do not see any change in demand dynamics. We only see opportunities for productivity improvements. We are on it. We help our clients with those productivity improvements. It helps us as well.

所以這是另一個話題了，但從某種意義上說，藥物創新往往是在嘗試做其他事情的試驗過程中偶然產生的。無論如何，我們都沒有看到需求動態有任何變化。我們只看到提高生產力的機會。我們正在處理。我們幫助客戶提高生產力。這對我們也有幫助。

We work in partnership with our clients, and our business is stable and growing and nothing has changed. And we believe that we can continue to grow, gain market share as we've been doing, and execute on the strategy. There is no -- nothing new here because an article was published, nothing.

我們與客戶保持合作關係，我們的業務穩定成長，一切都沒有改變。我們相信，我們可以繼續發展壯大，像過去一樣獲得市場份額，並執行我們的策略。這裡沒有什麼新內容，因為發表了一篇文章，僅此而已。

Super helpful in terms of the pre-clinical context, too. Thank you.

在臨床前研究方面也很有幫助。謝謝。

David Windley, Jefferies.

David Windley，傑富瑞集團。

Ari, I wanted to ask a question about margin. Your margin year over year was down a little bit in the fourth quarter, but it looks like to us, your pass-through growth was quite high. So that more than accounted for that margin pressure, and maybe you did actually gain some productivity apart from that.

阿里，我想問一個關於利潤率的問題。您的利潤率在第四季度同比略有下降，但我們認為您的轉嫁成長率相當高。所以這完全解釋了利潤率壓力，而且除此之外，你可能確實提高了一些生產力。

So my question is twofold, sorry. So one is this more simple version of what is the trajectory of pass-throughs? And how should we think about how that's affecting margin?

不好意思，我的問題有兩個面向。那麼，其中一個更簡單的問題是：傳遞軌跡是什麼？那我們該如何看待這會對利潤率產生怎樣的影響呢？

The bigger question, though, is dovetailing on your productivity points and thinking about how those productivity gains are shared with the client. Historically, my best understanding was kind of the expectation of some sharing. I guess what I'm interested in is you've also talked about having been through a period of pretty significant reprocurement. Has the price taking, the price pressure by pharma in those reprocurements been their way of extracting that productivity value and then you go get it? Or is it more of a program-by-program, contract-by-contract discussion with them where the strategy on the trial drives shared efficiency? I'm just trying to understand how you monetize the efficiency that you're chasing.

不過，更重要的問題是，如何將你的生產力提升與思考如何與客戶分享這些生產力提升所帶來的效益結合。從歷史上看，我最好的理解是，人們期望分享一些東西。我想問的是，您也提到經歷了一段相當大的重新採購時期。製藥公司在採購過程中施加的價格壓力，是否是他們榨取生產力價值的一種方式，然後你才去爭取？或者，是否應該與他們逐一、逐次合約地進行討論，讓試驗策略推動共同效率的提升？我只是想了解你如何將你追求的效率變現。

Yeah. I think, again, the procurement you referred to, I'm going to answer the second part of your question is procurement is determine rates and so on and so forth. So you would conclude normally that that's the -- it's the former, not the latter.

是的。我認為，關於你提到的採購，我來回答你問題的第二部分，採購就是確定價格等等。所以你通常會得出結論，那就是——是前者，而不是後者。

Having said that, obviously, in a given trial, there still may be a little bit of negotiation here and there. But look, long term, you have share productivity gains with the clients. That's no question, no secret. But you're asking about the short term, no, in that sense. What was the first --?

話雖如此，顯然在具體的審判過程中，還是可能會有一些談判的空間。但從長遠來看，你將與客戶共享生產力提升所帶來的效益。那毫無疑問，也不是什麼秘密。但你問的是短期情況，從這個意義上講，不是。第一個是什麼？——？

The first was the trajectory of pass-throughs and how we should think about that?

第一個問題是傳遞軌跡以及我們應該如何看待這個問題？

Yeah, yeah. You answered your question yourself. I think the pass-throughs --

是啊是啊。你已經自己回答這個問題了。我認為過路費——

The biggest driver of the gross margin decline you saw was very strong pass-through growth in the quarter, okay? And there's some mix -- product mix impact that gets into that as well. Now as we go into next year, you saw we're guiding towards flat overall EBITDA margins, and the pass-through growth will moderate going into next year into 2026.

導致毛利率下降的最大因素是本季非常強勁的轉嫁成長，懂嗎？而且，產品組合的影響也會產生一些影響。現在，展望明年，正如您所看到的，我們預計整體 EBITDA 利潤率將保持平穩，而轉嫁成長將在明年到 2026 年期間放緩。

Right. And basically, yeah, to answer your question, you said -- you talked about productivity, yes. I mean, we offset some of these the productivity gains that you have with a lot of pass-throughs and there's just not much you can do.

正確的。基本上，是的，回答你的問題，你談到了生產力，是的。我的意思是，我們透過大量的轉嫁費用抵消了部分生產力提升，而我們對此無能為力。

Yeah, you'll see that the SG&A margin continues to improve and a lot of that is productivity related.

是的，你會發現銷售、管理及行政費用率持續改善，這很大程度上與生產效率提高有關。

Great. Thank you. Again, thanks for getting me in, and ood luck with the retirement, Ron.

偉大的。謝謝。再次感謝你讓我加入，祝福你退休生活一切順利，羅恩。

Yeah, thank you.

是啊，謝謝。

Okay. Thank you. That was our last question, operator. Thank you, operator. Thank you for taking the time today to join us, and we look forward to speaking with you again on our first quarter 2026 earnings call. The team and I will be available the rest of the day to take any follow-up questions you might have.

好的。謝謝。操作員，這是我們最後一個問題了。謝謝接線生。感謝您今天抽出時間參加我們的會議，我們期待在 2026 年第一季財報電話會議上再次與您交流。今天剩餘時間，我和我的團隊都會隨時解答您可能提出的任何後續問題。

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了。