Cautionary Statement for Forward-Looking Information You should read the following discussion and analysis of our financial condition and results of operations together with our condensed consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q and with our audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (our "2020 Form 10-K"). In addition to historical condensed consolidated financial information, the following discussion contains or incorporates by reference forward-looking statements within the meaning of the federal securities laws that are not historical facts but reflect, among other things, our current expectations and anticipated results of operations, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, or industry results to differ materially from those expressed or implied by such forward-looking statements. Therefore, any statements contained herein that are not statements of historical fact may be forward-looking statements and should be evaluated as such. Without limiting the foregoing, the words "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "forecasts," "projects," "should," "targets," "will" and the negative thereof and similar words and expressions are intended to identify forward-looking statements. We assume no obligation to update any such forward-looking information to reflect actual results or changes in our outlook or the factors affecting such forward-looking information.



We caution you that any such forward-looking statements are further qualified by
important factors that could cause our actual operating results to differ
materially from those in the forward-looking statements, including without
limitation, business disruptions caused by natural disasters, pandemics such as
the COVID-19 (coronavirus) outbreak or international conflict or other
disruptions outside of our control; our ability to accurately model or forecast
the impact of the spread and/or containment of COVID-19, among other sources of
business interruption, on our operations and financial results; most of our
contracts may be terminated on short notice, and we may lose or experience
delays with large client contracts or be unable to enter into new contracts; the
market for our services may not grow as we expect; we may be unable to
successfully develop and market new services or enter new markets; imposition of
restrictions on our use of data by data suppliers or their refusal to license
data to us; any failure by us to comply with contractual, regulatory or ethical
requirements under our contracts, including current or changes to data
protection and privacy laws; breaches or misuse of our or our outsourcing
partners' security or communications systems; failure to meet our productivity
or business transformation objectives; failure to successfully invest in growth
opportunities; our ability to protect our intellectual property rights and our
susceptibility to claims by others that we are infringing on their intellectual
property rights; the expiration or inability to acquire third party licenses for
technology or intellectual property; any failure by us to accurately and timely
price and formulate cost estimates for contracts, or to document change orders;
hardware and software failures, delays in the operation of our computer and
communications systems or the failure to implement system enhancements; the rate
at which our backlog converts to revenue; our ability to acquire, develop and
implement technology necessary for our business; consolidation in the industries
in which our clients operate; risks related to client or therapeutic
concentration; government regulators or our customers may limit the scope of
prescription or withdraw products from the market, and government regulators may
impose new regulatory requirements or may adopt new regulations affecting the
biopharmaceutical industry; the risks associated with operating on a global
basis, including currency or exchange rate fluctuations and legal compliance,
including anti-corruption laws; risks related to changes in accounting
standards; general economic conditions in the markets in which we operate,
including financial market conditions and risks related to sales to government
entities; the impact of changes in tax laws and regulations; and our ability to
successfully integrate, and achieve expected benefits from, our acquired
businesses. For a further discussion of the risks relating to our business, see
Part I-Item 1A-"Risk Factors" in our 2020 Form 10-K, as updated in this
Quarterly Report on Form 10-Q.
Overview
IQVIA is a leading global provider of advanced analytics, technology solutions,
and clinical research services to the life sciences industry. IQVIA creates
intelligent connections across all aspects of healthcare through its analytics,
transformative technology, big data resources and extensive domain expertise.
IQVIA Connected Intelligence™ delivers powerful insights with speed and agility
- enabling customers to accelerate the clinical development and
commercialization of innovative medical treatments that improve healthcare
outcomes for patients. With approximately 74,000 employees, we conduct
operations in more than 100 countries.


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Table of contents We are a global leader in protecting individual patient privacy. We use a wide variety of privacy-enhancing technologies and safeguards to protect individual privacy while generating and analyzing information on a scale that helps healthcare stakeholders identify disease patterns and correlate with the precise treatment path and therapy needed for better outcomes. Our insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviors and scientific advances, in an effort to advance their path toward cures.



We are managed through three reportable segments, Technology & Analytics
Solutions, Research & Development Solutions and Contract Sales & Medical
Solutions. Technology & Analytics Solutions provides critical information,
technology solutions and real world insights and services to our life science
clients. Research & Development Solutions, which primarily serves
biopharmaceutical clients, is engaged in research and development and provides
clinical research and clinical trial services. Contract Sales & Medical
Solutions provides contract sales to both biopharmaceutical clients and the
broader healthcare market.
Sources of Revenue
Total revenues are comprised of revenues from the provision of our services. We
do not have material product revenues.
Costs and Expenses
Our costs and expenses are comprised primarily of our costs of revenue, which
include reimbursed expenses, and selling, general and administrative expenses.
Costs of revenue include compensation and benefits for billable employees and
personnel involved in production, data management and delivery, and the costs of
acquiring and processing data for our information offerings; costs of staff
directly involved with delivering technology-related services offerings and
engagements, related accommodations and the costs of data purchased specifically
for technology services engagements; costs related to facilities; costs related
to training and expenses for information technology ("IT"), reimbursed expenses
that are comprised principally of payments to investigators who oversee clinical
trials and travel expenses for our clinical monitors and sales representatives;
and other expenses directly related to service contracts such as courier fees,
laboratory supplies, professional services and travel expenses. Selling, general
and administrative expenses include costs related to sales, marketing, and
administrative functions (including human resources, legal, finance and general
management) for compensation and benefits, travel, professional services,
facilities and training and expenses for IT.
Foreign Currency Translation
In the first six months of 2021, approximately 35% of our revenues were
denominated in currencies other than the United States dollar, which represents
approximately 60 currencies. Because a large portion of our revenues and
expenses are denominated in foreign currencies and our financial statements are
reported in United States dollars, changes in foreign currency exchange rates
can significantly affect our results of operations. The revenues and expenses of
our foreign operations are generally denominated in local currencies and
translated into United States dollars for financial reporting purposes.
Accordingly, exchange rate fluctuations will affect the translation of foreign
results into United States dollars for purposes of reporting our condensed
consolidated results. As a result, we believe that reporting results of
operations that exclude the effects of foreign currency rate fluctuations on
certain financial results can facilitate analysis of period-to-period
comparisons. This constant currency information assumes the same foreign
currency exchange rates that were in effect for the comparable prior-year period
were used in translation of the current period results.
Consolidated Results of Operations
For information regarding our results of operations for Technology & Analytics
Solutions, Research & Development Solutions and Contract Sales & Medical
Solutions, refer to "Segment Results of Operations" later in this section.

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