IQVIA Earnings: Robust Demand for Outsourced Clinical Trials Drives Growth; Shares Fairly Valued

IQVIA reported strong year-end results highlighted by revenue of $14.9 billion, representing 4% growth versus the prior year. Despite a challenging macroeconomic environment, demand for IQVIA’s clinical research services remains resilient. Investors reacted favorably, sending the stock up 12% based on the quarter’s solid results, healthy backlog, net new business, and positive outlook for 2024. We maintain our fair value estimate of $250 per share, and we now view shares as fairly valued as they have moved into 3-star territory.