IQVIA Holdings Inc. (IQV) 2024年年度報告「NYSE」.pdf

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1、UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549FORM 10-K(Mark One)ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31,2024or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 193

2、4For the transition period from to .Commission File Number:001-35907 IQVIA HOLDINGS INC.(Exact name of registrant as specified in its charter)Delaware27-1341991(State or other jurisdiction of incorporation or organization)(I.R.S.Employer Identification Number)2400 Ellis Rd.,Durham,North Carolina 277

3、03(Address of principal executive office and Zip Code)(919)998-2000(Registrants telephone number,including area code)Securities registered pursuant to Section 12(b)of the Act:Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Stock,par value$0.01 per shareIQVNew York

4、 Stock ExchangeSecurities registered pursuant to Section 12(g)of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer,as defined in Rule 405 of the Securities Act.Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 o

5、r section 15(d)of the Exchange Act.Yes No Indicate by check mark whether the registrant(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding twelve months(or for such shorter period that the registrant was required to file suc

6、h reports),and(2)has been subject to such filing requirements for the past 90 days.Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(232.405 of this chapter)during the precedin

7、g 12 months(or for such shorter period that the registrant was required to submit such files).Yes No Indicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,a smaller reporting company,or emerging growth company.See the definitions of“l

8、arge accelerated filer,”“accelerated filer,”“smaller reporting company,”and“emerging growth company”in Rule 12b-2 of the Exchange Act.Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company If an emerging growth company,indicate by check mark if

9、the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a)of the Exchange Act.Indicate by check mark whether the registrant has filed a report on and attestation to its managements asses

10、sment of the effectiveness of its internal control over financial reporting under Section 404(b)of the Sarbanes-Oxley Act(15 U.S.C.7262(b)by the registered public accounting firm that prepared or issued its audit report.If securities are registered pursuant to Section 12(b)of the Act,indicate by che

11、ck mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensat

12、ion received by any of the registrants executive officers during the relevant recovery period pursuant to 240.10D-1(b).Indicate by check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Exchange Act).Yes No The aggregate market value of the voting and non-voting common

13、stock held by non-affiliates of the registrant,based upon the closing sale price as reported on the New York Stock Exchange on June 28,2024,the last business day of the registrants most recently completed second quarter,was approximately$38.2 billion.As of February 5,2025,there were approximately 17

14、6.1 million shares of the registrants common stock outstanding.Portions of the registrants Proxy Statement for the 2025 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein.Such proxy statement will be filed wi

15、th the Securities and Exchange Commission within 120 days of the registrants fiscal year ended December 31,2024.IQVIA HOLDINGS INC.FORM 10-KTABLE OF CONTENTSItemPagePART I1.Business51A.Risk Factors191B.Unresolved Staff Comments441C.Cybersecurity452.Properties463.Legal Proceedings464.Mine Safety Disc

16、losures46PART II475.Market for Registrants Common Equity,Related Stockholder Matters and Issuer Purchases of Equity Securities476.Reserved497.Managements Discussion and Analysis of Financial Condition and Results of Operations497A.Quantitative and Qualitative Disclosures About Market Risk658.Financi

17、al Statements and Supplementary Data679.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure1169A.Controls and Procedures1169B.Other Information1169C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections116PART III11710.Directors,Executive Officers and C

18、orporate Governance11711.Executive Compensation11812.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters11813.Certain Relationships and Related Transactions and Director Independence11914.Principal Accountant Fees and Services119PART IV12015.Exhibits and Fi

19、nancial Statement Schedules120Exhibit Index12116.Form 10-K Summary124Signatures124FORWARD-LOOKING STATEMENTSExcept for any historical information contained herein,the matters discussed or incorporated by reference in this Annual Report on Form 10-K contains forward-looking statements within the mean

20、ing of the federal securities laws,including Section 27A of the Securities Act of 1933,as amended(“Securities Act”),and Section 21E of the Securities Exchange Act of 1934,as amended(the“Exchange Act”).Such forward-looking statements reflect,among other things,our current expectations,our forecasts a

21、nd our 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 st

22、atements.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“assumes,”“anticipates,”“believes,”“estimates,”“expects,”“intends,”“may,”forecasts,“plans,”“projects

23、,”“should,”“seeks,”“sees,”“targets,”“will,”“would”and similar words and expressions,and variations and negatives of these words are intended to identify forward-looking statements,although not all forward-looking statements contain these identifying words.We caution you that any such forward-looking

24、 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,that business disruptions caused by natural disasters,pandemics such as the COVID-19(coronavirus)outbrea

25、k,including any variants,and the public health policy responses to the outbreak,international conflict or other disruptions outside of our control;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 c

26、ontracts;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,reg

27、ulatory or ethical requirements under our contracts,including current or future 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 succe

28、ssfully 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;a

29、ny 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 conv

30、erts to revenues;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 number or scope of indications fo

31、r medicines and treatments 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 fluctuation

32、s 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,inflation and risks related to sales to government entities;the impact of changes in tax laws an

33、d regulations;and our ability to successfully integrate,and achieve expected benefits from,our acquired businesses.These forward-looking statements are subject to a number of risks,uncertainties and assumptions,including those described in Part I,Item 1A,“Risk Factors.”If one or more of these risks

34、or uncertainties materialize,or if underlying assumptions prove incorrect,our actual results may vary materially from those expected,estimated or projected or as otherwise suggested by the forward-looking statements that we make for a number of reasons.Given these uncertainties,users of the informat

35、ion included or incorporated by reference in this Annual Report on Form 10-K,including investors and prospective investors,are cautioned not to place undue reliance on such forward-looking statements.All forward-looking statements are made only as of the date hereof.We assume no obligation to update

36、 any such forward-looking information to reflect actual results or changes in the factors affecting such forward-looking information.GENERALWhen we use the terms“IQVIA,”the“Company,”“we,”“us”or“our”in this Annual Report on Form 10-K,we mean IQVIA Holdings Inc.and its subsidiaries on a consolidated b

37、asis,unless we state or the context implies otherwise.3INDUSTRY AND MARKET DATAThis Annual Report on Form 10-K includes market data and forecasts with respect to the healthcare industry.In some cases,we rely on and refer to market data and certain industry forecasts that were obtained from third par

38、ty surveys,market research,consultant surveys,publicly available information and industry publications and surveys that we believe to be reliable.However,we have not independently verified data from industry analyses and cannot guarantee their accuracy or completeness.We believe that data regarding

39、the industry,market size and market position and market share within such industry provide general guidance but are inherently imprecise.Other industry and market data included in this annual report are from IQVIA analyses and have been identified accordingly,including,for example,IQVIA Market Progn

40、osis,which is a subscription-based service that provides five-year pharmaceutical market forecasts at the national,regional and global levels.We are a leading global information provider for the healthcare industry and we maintain databases,produce market analyses and deliver information to clients

41、in the ordinary course of our business.Our information is widely referenced in the industry and used by governments,payers,academia,the life sciences industry,the financial community and others.Most of this information is available on a subscription basis.Other reports and information are available

42、publicly through our IQVIA Institute for Human Data Science(the“IQVIA Institute”).All such information is based upon our own market research,internal databases and published reports and has not been verified by any independent sources.Our estimates and assumptions involve risks and uncertainties and

43、 are subject to change based on various factors,including those discussed in Part I,Item IA,“Risk Factors.”These and other factors could cause results to differ materially from those expressed in the estimates and assumptions.TRADEMARKS AND SERVICE MARKSAll trademarks,trade names,product names,graph

44、ics and logos of IQVIA contained herein are trademarks or registered trademarks of IQVIA Holdings Inc.or its subsidiaries,as applicable,in the United States and/or other countries.All other party trademarks,trade names,product names,graphics and logos contained herein are the property of their respe

45、ctive owners.The use or display of other parties trademarks,trade names,product names,graphics or logos is not intended to imply,and should not be construed to imply,a relationship with,or endorsement or sponsorship of IQVIA Inc.or its subsidiaries by such other party.Solely for convenience,the trad

46、emarks,service marks and trade names referred to in this annual report are listed without the,(sm)and(TM)symbols,but we will assert,to the fullest extent under applicable law,our rights or the rights of the applicable licensors to these trademarks,service marks and trade names.4PART IItem 1.Business

47、Our CompanyIQVIA is a leading global provider of clinical research services,commercial insights and healthcare intelligence to the life sciences and healthcare industries.IQVIAs portfolio of solutions are powered by IQVIA Connected Intelligence to deliver actionable insights and services built on hi

48、gh-quality health data,Healthcare-grade AI,advanced analytics,the latest technologies and extensive domain expertise.We are committed to using artificial intelligence(AI)responsibly,ensuring that our AI-powered capabilities are grounded in privacy,regulatory compliance,and patient safety.With approx

49、imately 88,000 employees in over 100 countries,including experts in healthcare,life sciences,data science,technology and operational excellence,we are dedicated to accelerating the development and commercialization of innovative medical treatments to help improve patient outcomes and population heal

50、th worldwide.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 cor

51、relate 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,

52、human behaviors and scientific advances,in an effort to advance their path toward cures.We have one of the largest and most comprehensive collections of healthcare information in the world,which includes more than 1.2 billion comprehensive,longitudinal,non-identified patient records spanning sales,p

53、rescription and promotional data,medical claims,electronic medical records,genomics,and social media.Our scaled and growing information set contains approximately 64 petabytes of unique proprietary data sourced from approximately 150,000 data suppliers and covering over one million data feeds global

54、ly.Based on this data,we deliver information and insights on approximately 90%of the worlds pharmaceuticals,as measured by 2023 sales.We standardize,curate,structure and integrate this information by applying our sophisticated analytics and leveraging our global technology infrastructure.This helps

55、our clients run their organizations more efficiently and make better decisions to improve their clinical,commercial and financial performance.We have developed a comprehensive portfolio of intelligent,actionable information offerings over a period of many years through innovation,expertise and hard

56、work that differentiates our capabilities to support customers throughout the world.We combine our proprietary information assets with advanced analytics,transformative technology and domain expertise to develop clinical and commercial capabilities that enable us to grow our relationships with healt

57、hcare stakeholders throughout the life sciences value chain.This set of capabilities includes:A leading healthcare-specific global IT infrastructure,representing what we believe is one of the largest and most sophisticated information technology(“IT”)infrastructures in healthcare.We receive approxim

58、ately 120 billion healthcare records annually,and our infrastructure then connects complex healthcare data while applying a wide range of privacy,security,operational,legal and contractual protections for data in response to local law,supplier requirements and industry leading practices;Analytics-dr

59、iven clinical development,which improves clinical trial design,site identification and patient recruitment by empowering therapeutic,scientific,and domain experts with expansive levels of information,including product level tracking in 95 markets,and information about treatments and outcomes on more

60、 than 1.2 billion unique non-identified patient records globally;Robust real world solutions ecosystem,with sophisticated retrospective database analytics,prospective real world data collection technology platforms and scientific expertise,which enables us to address critical healthcare issues of co

61、st,value and patient outcomes;A growing set of proprietary clinical and commercial applications,which helps our clients increase their clinical operations performance,supports their regulatory and compliance needs and orchestrates their sales operations,sales management,multi-channel marketing and p

62、erformance management;5Integration of information,analytics,technology,and domain expertise through IQVIA Connected Intelligence,which enables us to provide our clients with more effective options to address their needs from research and development through commercialization as well as truly innovat

63、ive breakthroughs such as decentralized trials and global real-world evidence networks;andA staff of approximately 88,000 employees across the globe,including over 29,000 Technology&Analytics Solutions employees,approximately 49,000 Research&Development Solutions employees and approximately 6,000 Co

64、ntract Sales&Medical Solutions employees.Our Market Opportunity We compete in a market of approximately$330 billion consisting of outsourced research and development,real-world evidence and connected health and technology enabled clinical and commercial operations markets for life sciences companies

65、 and the broader healthcare industry.The following sets forth our estimates for the size of our principal markets:Outsourced research and development:Biopharmaceutical spending on drug development totaled approximately$194 billion in 2024.Of that amount,we estimate that our addressable opportunity(c

66、linical development spending excluding preclinical spending)was approximately$155 billion.The portion of this addressable opportunity that was outsourced in 2024,based on our estimates,was approximately$73 billion.Real-World Evidence and connected health:Total addressable market of approximately$85

67、billion in 2024 that consists of tightly coupled life sciences and healthcare markets.First,the life sciences market for Real-World Evidence of approximately$30 billion includes post-launch evidence generation,market access,and medical affairs.Second,the addressable opportunity for connected healthc

68、are is approximately$55 billion,and includes areas such as revenue cycle management,payer&provider analytics and clinical decision support services.Technology enabled commercial operations:Total addressable market of approximately$82 billion in 2024 that includes information,data warehousing,IT outs

69、ourcing,software applications and other services in the broader market for IT services.This addressable opportunity also includes commercial services such as recruiting,training,deploying and managing global sales forces,channel management,patient engagement services,market access consulting,brand c

70、ommunication,advisory services,and health information analytics and technology consulting.In deriving estimates of the size of the various markets described above,we review third-party sources,which include estimates and forecasts of spending in various segments,in combination with internal IQVIA re

71、search and analysis informed by our experience serving these segments,as well as projected growth rates for each of these segments.See“Industry and Market Data”above.We believe there are six key trends affecting our end markets that will create increasing demand for research and development services

72、,technology&analytics solutions and contract sales and medical solutions:Growth and innovation in the life sciences industry.The life sciences industry is a large and critical part of the global healthcare system and,according to the latest information available from the IQVIA Market Prognosis servi

73、ce,is estimated to have generated approximately$1.73 trillion in revenues in 2024.According to the IQVIA Institute,it is estimated that spending on pharmaceuticals in emerging markets will expand at a 5%to 8%compound annual growth rate(“CAGR”)through 2029.The growth of emerging markets demonstrates

74、their strategic importance to global life sciences organizations along with the emergence of local and regional companies with similar operational and informational needs.We expect all of these organizations to apply a high degree of sophistication to their commercial operations in these countries,e

75、specially as some begin to emerge as sources of original innovative products.For global companies,this requires highly localized knowledge and information assets,the development of market access strategies and performance benchmarking.In addition,local players are learning that they need to compete

76、on the basis of improved information and analytics.6Growth in Research and Development.Spending trends in research and development are impacted as a result of several factors,including major biopharmaceutical companies efforts to replenish revenues lost from the so-called“patent cliff,”increased acc

77、ess to capital by the small and midcap biotechnology industry,and recent increases in pharmaceutical approvals by regulatory authorities.The IQVIA Institute also estimates that approximately 350 new molecular entities(“NMEs”)are expected to be approved between 2025 and 2029,or 70 per year compared t

78、o 61 per year on average during the past decade.We believe that further research and development spending,combined with the continued need for cost efficiency across the healthcare landscape,will continue to create opportunities for biopharmaceutical services companies,particularly those with a glob

79、al reach and broad service offerings,to help biopharmaceutical companies with their pre-and post-launch solutions development and commercialization needs.The impact of recent legislative changes on product launch and industry innovation continues to be evaluated.IQVIA is involved with many stakehold

80、ers throughout the industry as we help navigate changes over the coming decade.Increased Complexity in Research and Development.Biopharmaceutical companies face environments in which it has become increasingly difficult to operate.Improved standards of care in many therapeutic areas and the emergenc

81、e of new types of therapies,such as biologics,genetically targeted therapies,gene and stem cell therapies,and other treatment modalities have led to more complex development and regulatory pathways.We believe that our global clinical development capabilities,including our expertise in biomarkers and

82、 genomics and our global laboratory network,position us well to help biopharmaceutical companies manage the complexities inherent in an environment where this type of expertise is important.For example,IQVIA Connected Intelligence helps us validate protocols to ensure studies in new disease areas ha

83、ve greater accuracy and also enables us,through innovations such as predictive analytics,to find patients who may not have been diagnosed.Regulators require clinical trials to involve local populations as part of the process for approving new pharmaceutical products,especially in certain Asian and e

84、merging markets.Understanding the epidemiological and physiological differences in different ethnic populations and being able to conduct clinical trials locally in certain geographies will be important to pharmaceutical product growth strategies,both for multinational and local/regional biopharmace

85、utical companies.We believe that our global clinical development capabilities and unmatched presence in Asia and other emerging markets make us a strong partner for biopharmaceutical companies managing the complexities of international drug development.Financial pressures driving the need for increa

86、sed efficiency.Despite expected accelerating growth in the global life sciences market,we believe our clients will face increased operating margin pressure due to their changing product mix,pricing and reimbursement challenges,and rising costs of compliance.Product portfolios for life sciences compa

87、nies have shifted toward specialty products with lower peak market sales potential than traditional primary care medicines.We believe that the need for biopharmaceutical companies to maximize productivity and lower costs across their processes from research and development through commercial operati

88、ons will cause them to look to partners as they enter into outsourcing arrangements to improve efficiency.Further,our clients are looking for new ways to simplify processes and drive operational efficiencies by using automation,consolidating vendors and adopting new technology options such as hosted

89、 and cloud-based applications.This provides opportunities for technology services vendors to capture and consolidate the internal spending of life sciences companies by providing lower-cost and variable-cost options that lower clients research and development,selling,marketing and administrative cos

90、ts.Evolving need to integrate and structure expanding sources of data.Over the past decade,many health systems around the world have focused on digitizing medical records.While such records theoretically enhance access to data,relevant information is often unintegrated,unstructured,siloed in dispara

91、te software systems,or entered inconsistently.In addition,new sources of data from the internet,such as social media and information on limited patient pools,and information resulting from enhanced diagnostic technologies are creating new sources of healthcare data.In order to derive valuable insigh

92、ts from existing and expanding sources of information,clients need access to statistically significant data sets organized into databases that can be queried and analyzed.For example,real-world evidence studies demonstrate practical and clinical effectiveness,which can require the aggregation and in

93、tegration of large clinical data sets across multiple care settings,types of therapies and patient cohorts.Longitudinal studies require analysis of non-identified patient diagnoses,treatments,procedures and laboratory test results to identify types of patients that will likely best respond to partic

94、ular therapies.Finally,manufacturers also can require the ability to analyze social media activity to identify unmet patient needs and support for new orphan drugs.This information is highly relevant to all healthcare stakeholders and we believe the opportunity to more broadly apply healthcare data

95、can only be realized through structuring,organizing and integrating new and existing forms of data in conjunction with sophisticated analytics.7Need for demonstrated value in healthcare.Participants in the healthcare industry are focused on improving quality and reducing costs,both of which require

96、assessment of quality and value of therapies and providers.As a result,physicians no longer make prescribing decisions in isolation,but rather in the context of guidance and rules from payers,integrated delivery networks and governments.We believe life sciences companies are working to bring alignme

97、nt across constituents on the value of their treatments in order to successfully develop and commercialize new therapies and improve lives of patients.There is increasing pressure on life sciences companies to support and justify the value of their therapies.Many new drugs that are being approved ar

98、e more expensive than existing therapies and will likely receive heightened scrutiny by regulators and payers to determine whether the existing treatment options would be sufficient.Additionally,many new specialty drugs are molecular-based therapies and require a more detailed understanding of clini

99、cal factors and influencers that demonstrate therapeutic value.As a result,leading life sciences companies are utilizing more sophisticated outcome research and data analytics services.We believe we are well positioned to take advantage of these global trends in healthcare.Beyond our proprietary inf

100、ormation assets,we have developed key capabilities to assess opportunities to develop and commercialize therapies,support and defend the value of medicines and help our clients operate more efficiently through the application of our clinical,scientific and operational knowledge as well as our insigh

101、t-driven decision-making and cost-efficient technology solutions.Our Growth StrategyWe believe we are well positioned for continued growth across the markets we serve.Our strategy for achieving growth includes:Continue to innovate through our IQVIA Connected Intelligence by leveraging our informatio

102、n,advanced analytics,transformative technology and significant domain expertise.As a leader in the development and commercialization of new pharmaceutical therapies,we can empower our therapeutic,scientific and domain experts with expansive levels of information including product level tracking in 9

103、5 markets and information about treatments and outcomes on more than 1.2 billion unique non-identified patient records.By connecting this intelligence,we have the ability to optimize the clinical trial process and enable our clients to reduce costs and get their products to market more quickly throu

104、gh more informed site selection,faster patient recruitment practices and decentralized trials.We transform Real World Evidence by linking prospective and retrospective approaches and introduce innovation such as secondary control arms,which can eliminate the need for a placebo group.We bring best in

105、 class Software as a Service(SaaS)platforms,purpose built for life sciences,to our clients to help them run their clinical and commercial operations more efficiently.Build upon our extensive client relationships and leverage our global presence.We have a diversified base of over 10,000 clients in ov

106、er 100 countries and have expanded our client value proposition to address a broader market for research and development and commercial operations which we estimate to be approximately$330 billion in 2024.Through the combined offerings of research and development and commercial services we built a p

107、latform that allows us to be a more complete partner to our clients.Expand the penetration of our offerings to the broader healthcare marketplace.We believe that substantial opportunities exist to use our existing technology and domain expertise to serve additional healthcare stakeholders(payers,pro

108、viders,healthcare professionals,governments,non-governmental organizations)to quantify and optimize cost of care delivery;provide registry technology to professional association and patient communities and support healthcare providers with system implementation and platform migration.Expand portfoli

109、o through strategic acquisitions.We have and expect to continue to acquire assets and businesses that strengthen our value proposition to clients.We have developed an internal capability to source,evaluate and integrate acquisitions that have created value for stockholders.As the global healthcare l

110、andscape evolves,we expect that there will be a growing number of acquisition opportunities across the life sciences,payer and provider sectors.We expect to continue to invest in or explore opportunities for strategic acquisitions to grow our platform and enhance our ability to provide more services

111、 to our clients.Our OfferingsWe offer hundreds of distinct services,applications,technology platforms and solutions to help our clients make critical decisions and perform better.We have three reportable segments:Technology&Analytics Solutions,Research&Development Solutions and Contract Sales&Medica

112、l Solutions.Their offerings complement each other and can provide enhanced value to our clients when delivered together,with each driving demand for the other.8Our Technology&Analytics Solutions offerings include:Technology platforms.We provide an extensive range of cloud-based applications and asso

113、ciated implementation services.SaaS solutions that support a wide range of commercial and clinical processes,including customer relationship management(“CRM”),performance management,real-world evidence generation,compliance and safety reporting,incentive compensation,territory alignment,roster manag

114、ement,call planning,multi-channel marketing,and master data management.These solutions are used by healthcare companies to manage,optimize and execute their clinical and commercial strategies in an orchestrated manner while addressing their regulatory obligations.Using proprietary algorithms,we comb

115、ine our country-level data,healthcare expertise and therapeutic knowledge in over 100 countries to create our Global Market Insight family of offerings such as MIDAS,Analytics Link and Disease Insights,which provides a leading source of insight into international market dynamics and are used by most

116、 large pharmaceutical companies.Real World Solutions.We enable life sciences and provider customers to generate and disseminate evidence in a cost-efficient manner which informs health care decision making and ultimately improves patients outcomes.Our use of a wide range of privacy and security safe

117、guards protect non-identified patient-level medical claims,prescriptions,electronic medical records,genomics,patient reported outcome and social media data.Our scaled information networks include more than 1.2 billion unique non-identified patient records globally,as well as access to profiles of ov

118、er 4,100 real world data assets in more than 100 countries uniquely facilitating data discoverability for healthcare research via the IQVIA Health Data Catalog.We technology-enable these data flows by harmonizing them to common data models and loading them onto our proprietary evidence platforms for

119、 secure access by our customers.We provide access to deep clinical data in Oncology,Rare Disease,and other specialty areas.Our Natural Language Processing capabilities help us create structured data from unstructured clinical notes and the published literature,and provide accredited independent medi

120、cal educational content.We help our global customers across payers,providers,governments,and biopharmaceutical companies to answer critical questions about healthcare interventions related to safety,effectiveness,and value.We also bring together stakeholders across healthcare to collaborate in effor

121、ts to develop new information sources,more effective reimbursement models,and better patient outcomes.Analytics and consulting services.We provide a broad set of strategic and implementation consulting services,including advanced analytics and commercial processes outsourcing services to help the co

122、mmercial operations of life sciences companies successfully transform their commercial models,engage more effectively with healthcare stakeholders and reduce their operating costs.We also help our clients research and development function to address strategic challenges in the drug development proce

123、ss.Our global teams leverage local market knowledge,deep scientific and therapeutic area expertise and our global information resources to assist our clients with research and development strategy,portfolio,brand and commercial strategy,as well as pricing and market access and launch excellence.Info

124、rmation offerings.Our national offerings comprise unique services in over 100 countries that provide consistent country level performance metrics related to sales of pharmaceutical products,prescribing trends,medical treatment and promotional activity across multiple channels including retail,hospit

125、al and mail order.Our sub-national offerings comprise unique services in over 70 countries that provide a consistent measurement of sales or prescribing activity at the regional,zip code and individual prescriber level(depending on regulation in the relevant country).Our widely used reference databa

126、se tracks over 25 million healthcare professionals in over 100 countries,providing a comprehensive view of health care practitioners that is critical for the commercial success of our clients marketing and sales initiatives.Our Research&Development Solutions offerings include:Project Management and

127、Clinical Monitoring.Drawing upon our years of experience,our site databases,our site relationships and our highly trained staff,our solutions and services enables the efficient conduct and coordination of multi-site clinical trials(generally Phase II-IV).Our service offerings include protocol design

128、,feasibility and operational planning,site start up,patient recruitment and clinical site monitoring.By infusing technology into field-based monitoring,we are able to reduce data collection steps and time.Clinical Trial Support Services.Each clinical trial requires a number of concurrent services an

129、d data streams.We offer a broad range of functional services and consultation to support clinical trials through specialized expertise that help clients efficiently collect,analyze and report the quality data and evidence they need to gain regulatory approval.9Laboratory Services.We provide our clie

130、nts globally scaled end-to-end clinical trial laboratory and research services.Our offerings include the full range of central laboratory,genomic,bioanalytical,ADME,discovery,vaccine and biomarker laboratory services along with sample and consent tracking services.Strategic Planning and Design.By br

131、inging our data science capabilities to our strategic planning and design services,we offer consultation services to improve decisions and performance including portfolio,program and protocol planning and design,biomarker consultation,benefit-risk management,regulatory affairs,biostatistics,modeling

132、 and simulation,and personalized medicine.Patient and Site Centric Solutions.A comprehensive suite of technology and site support services which create custom strategies to engage and retain patients.Included is our site management organization Avacare Clinical Research Network,which orchestrates th

133、e activities of over 200 investigators and extends solutions to patients across more than 20 therapeutic indications in nearly 40 locations.Additionally,our decentralized approaches and technologies support sites and sponsors through direct-to-patient recruitment,remote nursing,data entry,and study

134、coordinator resources.Our solutions reduce study burden and foster a supportive,patient-centric journey.Our Contract Sales&Medical Solutions offerings include:Health Care Provider Engagement Services.We partner with biopharmaceutical companies and other life sciences providers(e.g.,medical device co

135、mpanies)to develop and deploy tailored stakeholder engagement solutions,including contract sales and market access professionals,which are focused on product sales and improving brand value at all stages of the product lifecycle from initial market entry to brands nearing patent expiry.Patient Engag

136、ement Services.Our nurse-based programs directly engage with patients to help improve their disease and medication understanding through interventional and non-interventional support,while also providing assistance in navigating complex reimbursement coverage issues.Our patient engagement services c

137、ombine insight from clinical trials and social listening,behavioral design,personal and innovative eHealth multichannel interactions across multiple sites(e.g.,the physicians office,hospital,pharmacy,home),that act as an extension of the Health Care Provider prescribed treatment course which can lea

138、d to improved adherence and better overall outcomes.Medical Services.We provide a range of medical services and scientific strategy to help biopharmaceutical companies plan and transition from the clinical trial setting to commercialization.Beginning in the clinical trial stage,our services can depl

139、oy educators to clinical trial sites to accelerate patient recruitment and improve retention,assist in translation of complex clinical trial data into a compelling scientific platform and publication strategy,and,provide field medical teams to facilitate scientific engagement with key opinion leader

140、s and healthcare decision makers,before and after product approval.Our ClientsSales to companies in life sciences,including pharmaceutical companies,biotechnology companies,device and diagnostic companies,and consumer health companies,account for the majority of our revenues.Nearly all of the top 10

141、0 global pharmaceutical and biotechnology companies,measured by revenues,are clients,and many of these companies subscribe to reports and services in many countries.Other clients include payers,government and regulatory agencies,providers,pharmaceutical distributors,and pharmacies.Our client base is

142、 broad in scope and enables us to avoid dependence on any single client.No single client accounted for 10%or more of our total Company revenues in 2024,2023 or 2022.For the year ended December 31,2024 the largest client based on its percentage of total Company revenues contributed approximately 5%.1

143、0Our CompetitionOur Technology&Analytics Solutions business competes with a broad and diverse set of businesses.While we believe no competitor provides the combination of geographical reach and breadth of our services,we generally compete in the countries in which we operate with other information,a

144、nalytics,technology,services and consulting companies,as well as with the in-house capabilities of our clients.Also,we compete with certain government agencies,private payers and other healthcare stakeholders that provide their data directly to others.In addition to country-by-country competition,we

145、 have a number of regional and global competitors in the marketplace as well.Our offerings compete with various firms,including Accenture,Aetion,Panalgo(a Norstella company),Cognizant Technology Solutions,Deloitte,Pharmaceutical Product Development,Inc.(part of Thermo Fisher Scientific Inc.),Relx,IB

146、M,Infosys,Oracle Health,McKinsey,NielsenIQ,Optum Insight(part of UnitedHealth Group),Parexel International Corporation,Press Ganey,RTI Health Solutions,ICON plc,Definitive Healthcare,Cegedim,Tempus,Merative,CompuGroup Medical,Medidata(Part of Dassault Systmes),Clarivate,Veeva,and ZS Associates.We al

147、so compete with a broad range of new entrants and start-ups that are looking to bring new technologies and business models to healthcare information services and technology services.The markets for Research&Development Solutions offerings are highly competitive,and we compete against traditional cli

148、nical research organizations(“CROs”),the in-house research and development departments of biopharmaceutical companies,universities,and teaching hospitals.Among the traditional CROs,there are thousands of small,limited-service providers,several medium-sized firms and only a few full-service companies

149、 with global capabilities.Some of our larger competitors include ICON plc,Parexel International Corporation,Pharmaceutical Product Development,Inc.,and Syneos Health,among others.Our Contract Sales&Medical Solutions business competes against the in-house sales and marketing departments of biopharmac

150、eutical companies,other contract pharmaceutical sales and service organizations and consulting firms.Contract Sales&Medical Solutions primary competitors in the United States are Syneos Health,Amplity Health,Eversana and Inizio.Outside of the United States,Contract Sales&Medical Solutions typically

151、competes against single country or more regionally focused service providers,such as Inizio,Syneos Health,EPS Corporation,Uniphar,and CMIC HOLDINGS Co.,Ltd.SustainabilityWe are committed to sustainable practices that further our corporate mission of accelerating innovation for a healthier world.Our

152、sustainable business practices are organized under three pillars People,Public and Planet.For further information on our sustainability program and achievements,see our 2024 Sustainability Report(the 2024 Sustainability Report),which will be available on our website at https:/ in the 2024 Sustainabi

153、lity Report is not incorporated by reference in,and does not form part of,this Annual Report on Form 10-K.To facilitate the disclosure of comparable,consistent,and reliable sustainability information,the 2024 Sustainability Report will be aligned with the Sustainability Accounting Standards Board(SA

154、SB)and the Global Reporting Initiative(GRI)reporting frameworks by including therein and reporting against their respective reporting standards indexes.The 2024 Sustainability Report also discusses our risks and opportunities related to environmental events and natural disasters in accordance with t

155、he recommended disclosures of the Task Force on Climate-related Financial Disclosures(TCFD).Government RegulationMany aspects of our businesses are regulated by federal and state laws,rules and regulations.Accordingly,we maintain a robust compliance program aimed at ensuring we operate our business

156、in compliance with all existing legal requirements material to the operation of our businesses.There are,however,occasionally uncertainties involving the application of various legal requirements,the violation of which could result in,among other things,fines or other sanctions.See Part I,Item 1A,Ri

157、sk Factors”for additional detail.Good Clinical PracticeGood Clinical Practice(“GCP”)regulations and guidelines are the industry standard for the conduct of clinical trials with respect to maintaining the integrity of the data and safety of the research subjects.The United States Food and Drug Admini

158、stration(“FDA”),the European Medicines Agency(“EMA”),Japans Ministry of Health,Labor and Welfare and most other global regulatory authorities expect that study results and data submitted to such authorities be based on clinical trials conducted in accordance with GCP provisions.Records for clinical

159、trials must be maintained for specified periods for inspection by the FDA and other regulators.11Regulation of Drugs,Biologics and Medical DevicesIn the United States,pharmaceutical,biological and medical device products are subject to extensive regulation by the FDA.The Federal Food,Drug,and Cosmet

160、ic Act(FDC Act),the Public Health Service Act(PHS Act),and other federal and state statutes and regulations govern,among other things,the research,development,testing,manufacture,storage,recordkeeping,approval,labeling,promotion and marketing,distribution,post-approval monitoring and reporting,sampl

161、ing,and import and export of pharmaceutical,biological and medical device products.Failure to comply with applicable United States requirements may subject a company to a variety of administrative or judicial sanctions,such as FDA refusal to approve a pending new drug application(NDA)for a new drug,

162、a biologics license application(BLA)for a new biological product,pre-market approval(PMA)or clearance for a new medical device,warning or untitled letters,clinical holds,product recalls,product seizures,total or partial suspension of production or distribution,injunctions,fines,civil penalties,and c

163、riminal prosecution.Regulation of Patient InformationOur information management services relate to the processing of information regarding patient diagnosis and treatment of disease and are,therefore,subject to substantial governmental regulation.In addition,the confidentiality of patient-specific i

164、nformation and the circumstances under which such patient-specific records may be released for inclusion in our databases or used in other aspects of our business is heavily regulated.Federal,state and foreign governments are contemplating or have proposed or adopted additional legislation governing

165、 the possession,use and dissemination of personal data,such as personal health information and personal financial data,as well as security breach notification rules for loss or theft of such data.Additional legislation or regulation of this type might,among other things,require us to implement addit

166、ional security measures and processes or bring within the legislation or regulation de-identified health or other data,each of which may require substantial expenditures or limit our ability to offer some of our services.In particular,personal health information is recognized in many countries or re

167、gions such as the United States,the European Union(EU),Latin America,Asia and others,as a special,sensitive category of personal information,subject to additional mandatory protections.Violations of data protection regulations are subject to administrative penalties,civil money penalties and crimina

168、l prosecution,including corporate fines and personal liability.Regulation of Promotion,Marketing and Distribution of Pharmaceutical Products and Medical DevicesCertain of our services are subject to detailed and comprehensive regulation in each geographic market in which we operate.Such regulation r

169、elates,among other things,to the distribution of drug samples,the marketing and promotion of approved products,the qualifications of sales representatives and the use of healthcare professionals in sales functions.In the United States,certain of our services are subject to numerous federal and state

170、 laws pertaining to promotional activities involving pharmaceutical products and medical devices.Certain of our services are subject to the FDAs regulations against“off-label promotion,”which require sales representatives to restrict promotion of the approved product they are detailing to the approv

171、ed labeling for the product.The Prescription Drug Marketing Act imposes licensing,personnel record keeping,packaging,labeling,product handling and facility storage and security requirements.Other federal and state laws prohibit manufacturers,suppliers and providers from offering,giving or receiving

172、kickbacks or other remuneration in connection with ordering or recommending the purchase or rental of healthcare items and services.The sale or distribution of pharmaceutical products and devices is also governed by the United States Federal Trade Commission Act and state consumer protection laws.We

173、 are subject to similar regulations currently in effect in the other countries where we offer Contract Sales&Medical Solutions.We are also subject to various laws and regulations that may apply to certain drug and device promotional practices,including,among others,various aspects of Medicare and fe

174、deral healthcare programs.Violations of these laws and regulations may result in criminal and/or civil penalties,including possibly as an“aider and abettor.”12Regulation of LaboratoriesOur United States laboratories are subject to licensing and regulation under federal,state and local laws relating

175、to hazard communication and employee right-to-know regulations,and the safety and health of laboratory employees.Additionally,our United States laboratories are subject to applicable federal and state laws and regulations and licensing requirements relating to the handling,storage and disposal of ha

176、zardous waste,radioactive materials and laboratory specimens,including the regulations of the Environmental Protection Agency,the Nuclear Regulatory Commission,the Department of Transportation,the National Fire Protection Agency and the United States Drug Enforcement Administration(“DEA”).The use of

177、 controlled substances in testing for drugs with a potential for abuse is regulated in the United States by the DEA and by similar regulatory bodies in other parts of the world.Our United States laboratories using controlled substances for testing purposes are licensed by the DEA.The regulations of

178、the United States Department of Transportation,Public Health Service and Postal Service apply to the surface and air transportation of laboratory specimens.Our laboratories also are subject to International Air Transport Association regulations,which govern international shipments of laboratory spec

179、imens.Furthermore,when the materials are sent to a foreign country,the transportation of such materials becomes subject to the laws,rules and regulations of such foreign country.Our laboratories outside the United States are subject to applicable national laws governing matters such as licensing,the

180、 handling and disposal of medical specimens,genetic material,hazardous waste and radioactive materials,as well as the health and safety of laboratory employees.In addition to its comprehensive regulation of safety in the workplace,the United States Occupational Safety and Health Administration has e

181、stablished extensive requirements relating to workplace safety for healthcare employers whose workers may be exposed to blood-borne pathogens such as HIV and the hepatitis B virus.Although we believe that we are currently in compliance in all material respects with such federal,state and local laws,

182、failure to comply with such laws could subject us to denial of the right to conduct business,fines,criminal penalties and other enforcement actions.Further,laboratories that analyze human blood or other biological samples for the diagnosis and treatment of clinical trial subjects must comply with Cl

183、inical Laboratory Improvement Amendments(“CLIA”),as well as requirements established by various states.The failure to meet these requirements may result in civil penalties and suspension or revocation of the CLIA certification.Data PrivacyPatient health information is among the most sensitive of per

184、sonal information,and it is critically important that information about an individuals healthcare is properly protected from inappropriate access,use and disclosure.Real world evidence-information that allows us to examine actual practices and outcomes-is essential to increase access to care,improve

185、 outcomes,and lower costs.IQVIA uses 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 ther

186、apy needed for better outcomes.We employ a wide variety of methods to manage privacy requirements,including:governance,frameworks,models and training to promote good decision making and accountability;a layered approach to privacy and security management to avoid a single point of failure;ongoing ev

187、aluation of privacy and security practices to promote continuous improvement;use of technical,administrative,physical and organizational safeguards and controls;collaboration with data suppliers and trusted third parties for our syndicated market research and analytics offerings to remove identifiab

188、le information or employ effective encryption or other techniques to render information non-identified before data is delivered to us;andwork with leading researchers,policy makers,thought leaders and others in a variety of fields relevant to the application of effective privacy and security practic

189、es,including statistical,epidemiological and cryptographic sciences,legal,information security and compliance,and privacy.We are an industry leader in de-identifying data.Our capabilities allow us to render data non-identified while still maintaining data utility,thus protecting privacy while still

190、advancing innovation.Not only do we make use of de-identification techniques with respect to the data we hold,but we also share our expertise in this area with policymakers,regulators and others to help them understand de-identification methodologies and practical considerations to avoid re-identifi

191、cation risk.We operate in more than 100 countries around the world,many of which have data protection and privacy laws and regulations based on similar core principles(e.g.,openness,accountability,security safeguards,etc.).We apply those principles globally and augment our practices to address local

192、 laws,contractual obligations and other data privacy requirements.13Our Global Privacy team,led by our Global Chief Privacy Officer,is comprised of privacy professionals and privacy law experts who drive our strategy and develop and manage our policies and standards.The Global Privacy team provides

193、subject matter expertise related to the proper management of all data types.In addition,our Global Privacy team liaises with our Legal,IT,Information Security and other teams so that privacy requirements are addressed in technology development,contracting,offerings and other business activities.The

194、IQVIA Privacy Policy(the Privacy Policy)is our foundational privacy policy.It explains how,when applicable,we collect,hold,use and disclose personal information,including that of our personnel,consumers,healthcare professionals,patients,medical research subjects,clinical investigators,customers,supp

195、liers,vendors,business partners and investors.You can find the Privacy Policy on our website at https:/ in the Privacy Policy is not incorporated by reference in,and does not form part of,this Annual Report on Form 10-K.Our Intellectual PropertyIn addition to our proprietary data sets described abov

196、e,we develop and use a number of proprietary methodologies,analytics,systems,technologies and other intellectual property in the conduct of our business.We rely upon a combination of legal,technical,and administrative safeguards to protect our proprietary and confidential information and trade secre

197、ts,and patent,copyright and trademark laws to protect other intellectual property rights.We consider our trademark and related names,marks and logos to be of material importance to our business,and we have registered or applied for registration for certain of these trademarks,including IQVIA,in the

198、United States and other jurisdictions and aggressively seek to protect them.Trademarks and service marks generally may be renewed indefinitely so long as they are in use and/or their registrations are properly maintained,and so long as they have not been found to have become generic.The technology a

199、nd other intellectual property rights owned and licensed by us are of importance to our business,although our management believes that our business,as a whole,is not dependent upon any one intellectual property or group of such properties.Artificial IntelligenceArtificial Intelligence(AI)presents op

200、portunities for smarter healthcare.It can enable the industry to better understand patient needs,identify new approaches to treatment,and scale and democratize access to medicine.IQVIA has a rich history of developing Healthcare-grade AI.We have steadily expanded our capabilities over the years in c

201、onnection with machine learning,natural language processing and generative AI as technology evolves.For example,AI can be used to generate new insights and recommendations,helping to increase clinical trials efficiency at all stages from trial design to data submission.We use AI to deliver tangible

202、customer benefits and patient impact,while focusing on ethical application,responsible use and compliance with emerging regulation.The expanded use of AI is generating clear benefits,but also concerns about data security,privacy and trust.IQVIA is committed to implementing technology in a way that a

203、ddresses these concerns.Our new Center for Defensible Data and AI and our AI Governance Council support employee compliance with our guiding principles of Defensible AI,Trustworthy AI,and Responsible and Ethical AI.This helps us to maintain high standards across the business and ensures we are well-

204、placed to comply with emerging regulation such as the European Unions Artificial Intelligence Act(the EU AI Act)and the Colorado AI Act.Given the sensitive and complex nature of health-related information,developing and implementing AI for healthcare requires additional safeguards,including privacy

205、standards and regulatory compliance.IQVIA Healthcare-grade AI is embedded across our AI-powered offerings,engineered to meet the level of precision,speed,and trust needed by the industry.It combines IQVIAs expertise across life sciences,data science,information management,and technology with AI mode

206、ls trained on our extensive,high quality,and diverse health data.Our ability to connect these powerful capabilities enables us to responsibly advance AI in healthcare and accelerate the delivery of solutions to improve patients lives.IQVIA employs a wide variety of policies,procedures,guidelines,tra

207、ining,communications,tools and other resources to support the responsible use of AI technologies,including generative AI,to use AI responsibly and comply with legislation such as the EU AI Act,including:For higher risk AI activities,we have established procedures and methodologies to evaluate or tes

208、t input,AI models,output and other aspects of AI use for error,bias,hallucinations and results that are not otherwise fit for the intended purpose.14For lower risk activities,a variety of policies,standard operating procedures,guidance and training support our employees in the use of AI models for e

209、xample,the use of AI assistants to improve employee communications,and ensuring we have the necessary rights to use any non-IQVIA content with AI tools.We have established private instances of certain public large language models.This ensures proprietary IQVIA content is not used to train public mod

210、els and that the output and AI models derived from the use of proprietary content remains subject to IQVIA requirements and guidelines.Robust AI policies and practices must be built on a solid foundation of good information governance policies and practices relating to data privacy,information secur

211、ity,intellectual property management,contract compliance,vendor management and related domains.IQVIA has extensive policies and practices addressing these topics,and substantial resources and experience in each of these domains.Good AI policies and practices also depend upon strong supporting polici

212、es,practices and experience relating to the design,development,testing,implementation,management and support of technology.IQVIA has extensive policies and practices addressing these topics,and substantial resources and experience relating to the responsible use of technology.IQVIA employs an inform

213、ation security framework based on National Institute of Standards and Technology(NIST),Health Information Trust Alliance(HITRUST)and other common standards to define the minimum security controls and safeguards that are appropriate for each type of content.Human Capital Overview.Our approximately 88

214、,000 employees drive our vision to power smarter healthcare for everyone,everywhere.They are comprised of specialists across multiple disciplines,including medical and life sciences,engineering,technology,data science and more.Investments in our people are aimed at attracting,developing,and retainin

215、g a talented workforce.These efforts not only engage our people but also result in strong productivity and superior outcomes for our clients.We unite our global workforce through our Employee Value Proposition(EVP),which consists of four values that make up our identity passion,collaboration,innovat

216、ion,and growth.The nature of our business attracts IQVIANs who thrive by innovating and growing together while they do meaningful work that helps people lead healthier lives.We offer curated upskilling pathways and project opportunities across our businesses,empowering employees to build the skills

217、for tomorrow while following their passions.We encourage IQVIANs to pursue multiple careers here,including unconventional career paths that bring new ways of thinking.This commitment fosters their professional development and,in an industry as competitive as ours,contributes to our favorable attriti

218、on and internal movement.Board Oversight of Human Capital Management.Our Board of Directors(our Board)receives periodic updates on key human capital metrics,including recruitment and attrition rates,talent development data,and statistics related to our overall workforce.Our Board also devotes signif

219、icant time to leadership development and succession planning at the executive level and provides guidance on important decisions in each of these areas.The Leadership Development and Compensation Committee of the Board has primary responsibility for succession planning for the chief executive office

220、r and oversight of succession planning for senior leadership.Human Capital Management Strategy.Our employees are essential to our continued success and are a core element of our long-term strategy,especially as demand for critical skills continues to grow.Senior management is responsible for ensurin

221、g that our initiatives,policies,and processes reflect and reinforce our desired corporate culture,which we believe supports the development of the people and skills we will need tomorrow.Our human capital management strategy is built on three fundamental focus areas:Recruitment.We consider a range o

222、f qualified candidates for all positions.We hire qualified individuals with a variety of backgrounds and experiences from both within and outside the organization for positions at all levels.Development&Progression.We are committed to having a broad pipeline of talent moving through our organization

223、 and providing opportunities for all employees to develop within their current role as well as towards their next role.We do this by promoting our One IQVIA,Multiple Careers approach,which helps employees build their skills using our curated learning content and uses technology to match employees to

224、 open roles and projects.15Retention.We seek to develop a working environment where employees feel engaged and supported,wanting to stay and grow with us.Our retention efforts focus on areas that are important to our employees,including community,career,health&well-being,and financial rewards.Employ

225、ee Engagement.Maintaining regular and open channels of dialogue with employees and receiving and responding to their feedback with actionable and meaningful initiatives is critical to our human capital management strategy.Our bi-annual companywide surveys provide a valuable opportunity to hear the p

226、erspectives of our workforce around the world.We heard from 71,000 employees on average across our two surveys in 2024,equivalent to an average 84%response rate.The employee engagement index has been stable across our surveys in 2024 with 79%of our employees who responded saying they feel engaged.89

227、%of employees who responded feel they are acquiring the knowledge and skills necessary to be effective in their roles,7 points above the Fortune 500 Benchmark,with 9,700 employees participating in IQVIAs Generative AI Masterclass Series.83%of employees who responded see a clear link between their wo

228、rk and IQVIAs vision,2 points above the Fortune 500 Benchmark.70%of employees who responded believe IQVIA encourages an environment where they can challenge the status quo,surpassing the Fortune 500 Benchmark by 3 points.Building Community.The scale and geographic reach of our business is a key asse

229、t that we leverage as we focus on building a connected community that celebrates both individual and cultural differences.This is a foundation of our approach to human capital management.We create this culture for employees regardless of gender,race,color,creed,religion,marital status,age,national o

230、rigin or ancestry,physical or mental disability,medical condition,veteran status,citizenship,sexual orientation,gender identity or any other protected group status.Our global workforce operates in over 100 countries and represents approximately 90 different ethnicities.Approximately 62%of our employ

231、ees globally identify as female and approximately 53%of employees worldwide at a manager level identify as female.In the United States,approximately 39%identify as a minority,including 16%who identify as Asian,12%who identify as Black or African American,8%who identify as Hispanic or Latino and 3%wh

232、o identify as a different minority.Our growing network of Employee Resource Groups(ERGs)provides a framework for employees to connect and collaborate with colleagues with similar interests.These groups support our values and business goals and foster the multifaceted thinking required for innovation

233、,providing a forum for the exchange of ideas and opportunities for mentoring and professional development.These groups also organize activities to engage and educate our wider employee community on different perspectives and experiences.There are eight global ERGs and all are employee-led,voluntary,

234、and open to every employee.Each ERG has a mission that is aligned to our vision,values,and core operating principles.In 2024,we grew our ERG membership to 13,000 participants spanning 69 countries across the globe.Our second 2024 Employee Pulse Survey included a focus on belonging to enable us to un

235、derstand employee needs in this area and align our approach to help employees do their best work.According to respondents,the most important elements of belonging include opportunities to learn and grow;working in a supportive team environment;and being involved in meaningful work.The most-selected

236、actions that foster employees sense of belonging were regular manager feedback,formal and informal recognition for their contributions,and learning/development activities.These insights are being incorporated into our plans to further reinforce our strengths and drive meaningful updates.Employee Hea

237、lth&Well-being.Investing in resources and incentives to promote the personal well-being of our employees and their families is an important way we support our people.We provide a variety of market-competitive health and welfare benefit plans that are available to employees and their family members,b

238、ased on their location and specific country regulations.Plans may include medical,dental,and vision coverage;telemedicine and on-site medical care;critical illness coverage;disability,accidental death and dismemberment,pet and life insurance;tuition reimbursement;identity theft protection;commuter b

239、enefits;matching gift programs;and locally relevant savings and retirement plans such as pensions.We provide parental leave for all full-time employees for the birth or adoption of a child,with variability in leave time dependent on location.We also provide paid leave for other life matters includin

240、g sick time,bereavement,jury duty,military service,and time off for voting,depending on country specific policies.16Beyond health and welfare benefits,many regions also offer employee well-being programs.“Healthy You”is our global program focusing on building a healthy work environment where employe

241、es thrive and can maximize their potential,improving health outcomes for all.The program focuses on five pillars:work,finances,connections,minds and bodies.In the United States,“Healthy You”offers employees a range of wellness benefits,including free flu shots,teledoc services,nutrition counseling,t

242、obacco cessation support and reimbursement for wellness-related expenses.Our local Employee Assistance Programs(EAPs)are available to our workforce worldwide.EAPs offer counseling services,alongside accessible training and webinars focused on a variety of everyday topics including financial planning

243、,nutrition,social connections,stress management,time management and work-life balance.While benefits vary depending on location and local regulations,in all cases we aim to support the physical,mental,social,and financial well-being of employees and their families.Financial Rewards.IQVIA compensatio

244、n programs support our overall strategy by linking employee compensation with both business and personal performance.This approach to compensation demonstrates our“pay for performance”philosophy,as well as our focus on providing compensation programs that attract,retain,motivate and reward employees

245、.In addition to the benefits described above,our compensation programs include base salaries,annual bonuses,and long-term incentive awards.Talent&Learning.In a highly competitive industry,nurturing talent is both a priority and a necessity.Employee growth and development are key components of our Em

246、ployee Value Proposition and our human capital management strategy.We foster a culture of curiosity and flexibility,encouraging our employees to explore different career opportunities within the organization.By taking ownership of their development in collaboration with managers,mentors,and peers,ou

247、r employees are empowered to shape their career paths and achieve their full potential.We invest in our employees development throughout their careers at IQVIA,with a range of talent and learning initiatives that leverage cutting-edge digital tools to support business growth and meet the evolving ne

248、eds of our employees.Our performance management system is aligned to this journey,emphasizing continuous dialogue about priorities,contributions,and personal growth ensuring that employees feel supported,valued and recognized.We are committed to building an environment where our employees have oppor

249、tunities to learn,grow and shape their careers according to their aspirations and interests.Through our One IQVIA Multiple Careers model,we offer an extensive range of technology-enabled tools and resources from onboarding through to leadership training,enabling our people to plan their own career p

250、aths.Our continually expanding Career Connections platform provides 37,000 registered users access to mentoring,projects,and open roles to further develop skills in a practical setting and pursue their next role when ready.Our learning and development offerings allow our employees to put the One IQV

251、IA,Multiple Careers Model into action.For example,our IQVIA Learning Academy informs employees about in-demand skills within IQVIA,providing transparency about the talent and expertise needed to meet future growth objectives.In 2024,employees continued building future skills through 215,000 visits t

252、o the IQVIA Learning Academy,with new learning paths aligned to business needs spanning artificial intelligence,evolving leadership,and data insights,amongst others.Learning at IQVIA is not a one-size-fits-all approach.Our offerings span business simulations,peer coaching,skills assessments,business

253、 projects,on-demand courses,short videos,live trainings,and quick reads.We also continually explore how technology can enhance our training offerings,making AI-based training another key focus area.For example,we used AI to develop a simulation of a fictional Alzheimers disease clinical trial where

254、learners can practice the key skills needed to be a Clinical Research Associate.In the Asia Pacific region,our 2024 AI employee program included training,a hackathon,and use-case-sharing enabling participants to build confidence in using AI tools in their work.We maintain a focus on building the str

255、ong leadership pipeline we need to ensure our long-term success,offering differentiated programs tailored to different levels and goals.In 2024,over 1,099 employees from 48 countries participated in our enterprise leadership programs for key talent.Several examples include:Global Leadership Developm

256、ent Program:Designed to build the next generation of global leaders by developing their business acumen,strategy,and people leadership skills.Leader of the Future Portal(LOFT):Continues to help our managers shift their mindsets to successfully lead high-performing teams in a hybrid work environment.

257、17General Management Acceleration Program:Piloted in 2024 in the U.S.and EMEA region,we created a program for future leaders within the Research and Development Solutions(R&DS)business to build our pipeline of individuals ready to fill a range of senior R&DS leadership roles.Expansion to the Asia Pa

258、cific region is planned for 2025.Health and Safety.We are committed to maintaining a safe workplace that supports and promotes our employees health.We adopt a safety-first mindset and continually look for ways to strengthen our procedures and practice,striving for safety excellence.We incorporate en

259、vironmental laws and regulations into our policies and procedures throughout our organization.At the corporate level,we have group certifications to ISO 14001:2015 and ISO 45001:2018.In accordance with both certifications,we have a robust,integrated Environmental,Health and Safety Management System(

260、EHSMS)with supporting standard operating procedures in place,which demonstrates our commitment to continuous improvement.Under our EHSMS,all employees must actively participate in helping to maintain a safe,healthy,and secure work environment.Our Code of Conduct describes the obligations of employee

261、s to maintain such an environment,follow all applicable safety and security rules and complete required training.IQVIA operates laboratories in the Americas,Asia,Europe,South Africa,and the United Kingdom.Certain IQVIA laboratories are certified to ISO 14001:2015 and ISO 45001:2018.Depending on the

262、location and services provided accreditation also will include ANVISA,CAP ISO 15189,CDC Lipids,CLIA,ISO 9001,MOH Certified Laboratory,and NSGP Level 1.Available InformationOur website address is ,and our investor relations website is located at http:/.Information on our website is not incorporated b

263、y reference herein.Copies of our annual reports on Form 10-K,quarterly reports on Form 10-Q,current reports on Form 8-K and our proxy statements for our annual meetings of stockholders,and any amendments to those reports,as well as Section 16 reports filed by our insiders,are available free of charg

264、e on our website as soon as reasonably practicable after we file the reports with,or furnish the reports to,the Securities and Exchange Commission(“SEC”).In addition,the SEC maintains an Internet site(http:/www.sec.gov)containing reports,proxy and information statements,and other information regardi

265、ng issuers that file electronically with the SEC.Information on the SECs website does not constitute part of this Annual Report on Form 10-K.Also posted on our website are our certificate of incorporation and by-laws,the charters for our Audit Committee,Leadership Development and Compensation Commit

266、tee and Nominating and Governance Committee,our Corporate Governance Guidelines,and our Code of Conduct governing our directors,officers and employees.Copies of our SEC reports and corporate governance information are available in print upon the request of any stockholder to our Investor Relations D

267、epartment at IQVIA Holdings Inc.,2400 Ellis Road,Durham,North Carolina 27703.Within the time period required by the SEC and the New York Stock Exchange(“NYSE”),we will post on our website any amendment to the Code of Conduct or any waiver of such policy applicable to any of our senior financial offi

268、cers,executive officers or directors.18Item 1A.Risk FactorsRISK FACTORSWe operate in a rapidly changing environment that involves a number of risks,some of which are beyond our control.You should consider carefully the risks and uncertainties described below together with the other information inclu

269、ded in this Annual Report on Form 10-K,including our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K,in evaluating our Company.The occurrence of any of the following risks may materially and adversely affect our business,financial condition,r

270、esults of operations and future prospects.Summary of Risk FactorsBelow is a summary of some of the principal risks that could adversely affect our business,operations and financial results:Risks Relating to Our BusinessThe potential loss or delay of contracts could adversely affect our results.Our f

271、inancial results may be adversely affected if we underprice our contracts,overrun our cost estimates or fail to receive approval for or experience delays in documenting change orders.Failure to meet productivity objectives under our internal business transformation initiatives could adversely impact

272、 our competitiveness and harm our operating results.If we are unsuccessful at investing in growth opportunities and are unable to develop and market new services or enter new markets,our growth,results of operations or financial condition could be adversely affected.If we are unable to successfully

273、identify,acquire and integrate existing businesses,services and technologies,our business,results of operations and financial condition could be adversely impacted.If we are unable to attract suitable investigators and patients for our clinical trials,our clinical development business might suffer.I

274、f we lose the services of key personnel or are unable to recruit additional qualified personnel,our business could be adversely affected.Intellectual PropertyWe depend on third parties for data and support services.Our suppliers or providers might restrict our use of or refuse to license data or pro

275、vide services,which could lead to our inability to access certain data or provide certain services and,as a result,materially and adversely affect our operating results and financial condition.Our success depends on our ability to protect our intellectual property rights.We may be subject to claims

276、by others that we are infringing on their intellectual property rights.We rely on licenses from third parties to certain technology and intellectual property rights for some of our services and the licenses we currently have could terminate or expire.IT systems and InformationSecurity breaches and u

277、nauthorized use of our IT systems and information could expose us,our clients,our data suppliers or others to risk of loss.We may experience challenges with the acquisition,development,enhancement or deployment of technology necessary for our business.Data protection,privacy and similar laws restric

278、t access,use and disclosure of personal information,and failure to comply with these laws could materially harm our business.Client RisksConsolidation in the industries in which our clients operate may reduce the volume of services purchased by consolidated clients following an acquisition or merger

279、.We may be adversely affected by client or therapeutic concentration.Our relationships with existing or potential clients who are in competition with each other may adversely impact the degree to which other clients or potential clients use our services.There is a risk that we may initiate a clinica

280、l trial for a client,and then the client becomes unwilling or unable to fund the completion of the clinical trial,and we may be ethically bound to complete or wind down the clinical trial at our own expense.19Market ForcesDisruptions in the credit and capital markets and unfavorable general economic

281、 conditions could negatively affect our business,results of operations and financial condition.Our effective income tax rate may fluctuate for a variety of reasons.Due to the global nature of our business we are subject to international economic,political and other risks that could negatively affect

282、 our results of operations and financial condition.Climate change may have an impact on our business.Liability ExposureOur Research&Development Solutions business could subject us to potential liability.Our Contract Sales&Medical Solutions business could result in liability to us if a drug causes ha

283、rm to a patient.Our insurance may not cover all of our indemnification obligations and other liabilities associated with our operations.We may make mistakes in conducting a clinical trial that could negatively impact the usefulness of the clinical trial which could subject us to significant costs or

284、 liability.If we fail to perform our services in accordance with contractual requirements,regulatory standards and ethical considerations,we could be subject to significant costs or liability.Risks Relating to Our IndustryThe biopharmaceutical services industry is highly competitive and our business

285、 could be materially impacted if we do not compete effectively or rapidly adapt to technological change.Outsourcing trends in the biopharmaceutical industry and changes in aggregate spending and research and development budgets could adversely affect our operating results and growth rate.We may be a

286、ffected by healthcare reform and potential additional reforms.Actions by government regulators or clients to limit a prescriptions scope or withdraw an approved drug from the market could affect our business and result in a loss of revenues.Laws restricting biopharmaceutical sales and marketing prac

287、tices may adversely impact demand for our services.Risks Relating to Our IndebtednessRestrictions imposed in the Senior Secured Credit Facilities(as defined below)and other outstanding indebtedness,including the indentures governing outstanding notes issued by our wholly owned subsidiary IQVIA Inc.,

288、may limit our ability to operate our business and to finance our future operations or capital needs or to engage in other business activities.Interest rate fluctuations and our ability to deduct interest expense may affect our results of operations and financial condition.Risks Related to Ownership

289、of Our Common StockProvisions of the corporate governance documents of IQVIA could make an acquisition of IQVIA difficult and may prevent attempts by its stockholders to replace or remove its management,even if beneficial to its stockholders.Our certificate of incorporation contains a provision reno

290、uncing any interest and expectancy in certain corporate opportunities identified by certain parties.For a more complete discussion of the material risk facing our business,see below.20Risks Relating to Our BusinessThe potential loss or delay of our large contracts or of multiple contracts could adve

291、rsely affect our results.Most of our Research&Development Solutions clients can terminate our contracts upon 30 to 90 days notice.Our clients may delay,terminate or reduce the scope of our contracts for a variety of reasons beyond our control,including but not limited to:decisions to forego or termi

292、nate a particular clinical trial;lack of available financing,budgetary limits or changing priorities;actions by regulatory authorities;production problems resulting in shortages of the drug being tested;failure of products being tested to satisfy safety requirements or efficacy criteria;unexpected o

293、r undesired clinical results for products;insufficient patient enrollment in a clinical trial;insufficient investigator recruitment;shift of business to a competitor or internal resources;product withdrawal following market launch;orshut down of manufacturing facilities.As a result,contract terminat

294、ions,delays and alterations are a regular part of our Research&Development Solutions business.In the event of termination,our contracts often provide for fees for winding down the project,but these fees may not be sufficient for us to realize the full amount of revenues or profits anticipated under

295、the related services contracts,and termination may result in lower resource utilization rates.In addition,we will not realize the full benefits of our backlog of contractually committed services if our clients cancel,delay or reduce their commitments under our contracts with them,which may occur if,

296、among other things,a client decides to shift its business to a competitor or revoke our status as a preferred provider.Thus,the loss or delay of a large contract or the loss or delay of multiple contracts could adversely affect our revenues and profitability.We believe the risk of loss or delay of m

297、ultiple contracts potentially has greater effect where we are party to broader partnering arrangements with global biopharmaceutical companies.We depend on third parties for data and support services.Our suppliers or providers might restrict our use of or refuse to license data or provide services,w

298、hich could lead to our inability to access certain data or provide certain services and,as a result,materially and adversely affect our operating results and financial condition.Each of our Technology&Analytics Solutions information services is derived from data we collect from third parties.These d

299、ata suppliers are numerous and diverse,reflecting the broad scope of information that we collect and use in our business.Although we typically enter into long-term contractual arrangements with many of these suppliers of data,at the time of entry into a new contract or renewal of an existing contrac

300、t,suppliers may increase restrictions on our use of such data,increase the price they charge us for data or refuse altogether to license the data to us.In addition,during the term of any data supply contract,suppliers may fail to adhere to our data quality control standards or fail to deliver data.F

301、urther,although no single individual data supplier is material to our business,if a number of suppliers collectively representing a significant amount of data that we use for one or more of our services were to impose additional contractual restrictions on our use of or access to data,fail to adhere

302、 to our quality-control standards,repeatedly fail to deliver data or refuse to provide data,now or in the future,our ability to provide those services to our clients could be materially adversely impacted,which may harm our operating results and financial condition.21Additionally,we depend on third

303、parties for support services to our business.Such support services include,but are not limited to,third-party transportation providers,suppliers of drugs for patients participating in clinical trials,suppliers of kits for use in our clinical trial laboratories business,suppliers of reagents for use

304、in our testing equipment and providers of maintenance contracts for our equipment.The failure of any of these third parties to adequately provide the critical support services could have a material adverse effect on our business.If we fail to perform our services in accordance with contractual requi

305、rements,regulatory standards and ethical considerations,we could be subject to significant costs or liability and our reputation could be harmed.We contract with biopharmaceutical companies to perform a wide range of services to assist them in bringing new drugs to market.Our services include monito

306、ring clinical trials,data and laboratory analysis,electronic data capture,patient recruitment and other related services,and we perform these services in a number of ways,including through physical and technology-enabled efforts.Such services are complex and subject to contractual requirements,regul

307、atory standards and ethical considerations.For example,we must adhere to applicable regulatory requirements such as those required by the FDA,the EMA and the competent authorities of the member states of the EU,and the MHRA in the UK,and Good Laboratory Practice and GCP requirements,which govern,amo

308、ng other things,the design,conduct,performance,monitoring,auditing,recording,analysis,and reporting of clinical trials.Once initiated,clinical trials must be conducted pursuant to and in accordance with the applicable investigational new drug/device application or clinical trial application,the requ

309、irements of the relevant institutional review boards or ethics committees,and GCP requirements.For studies involving controlled substances,we are also typically subject to enhanced regulations,such as those required by the U.S.Drug Enforcement Administration(“DEA”)which regulates the distribution,re

310、cordkeeping,handling,security,and disposal of controlled substances.If we fail to perform our services in accordance with these requirements,regulatory agencies may take action against us for failure to comply with applicable regulations governing clinical trials or sales and marketing practices.Suc

311、h actions may include sanctions,such as injunctions or failure of such regulatory authorities to grant marketing approval of products,delay,suspension or withdrawal of approvals,license revocation,product seizures or recalls,operational restrictions,civil or criminal penalties or prosecutions,damage

312、s or fines.Clients may also bring claims against us for breach of our contractual obligations and patients in the clinical trials and patients taking drugs approved on the basis of those clinical trials may bring personal injury claims against us for negligence.Any such action could have a material

313、adverse effect on our results of operations,financial condition and reputation.Such consequences could arise if,among other things,the following occur:Improper performance of our services.The performance of clinical development services is complex and time-consuming.For example,we may make mistakes

314、in conducting a clinical trial that could negatively impact or obviate the usefulness of the clinical trial or cause the results of the clinical trial to be reported improperly.If the clinical trial results are compromised,we could be subject to significant costs or liability,which could have an adv

315、erse impact on our ability to perform our services.As examples:non-compliance generally could result in the termination of ongoing clinical trials or sales and marketing projects or the disqualification of data for submission to regulatory authorities;compromise of data from a particular clinical tr

316、ial,such as failure to verify that informed consent was obtained from patients,could require us to repeat the clinical trial under the terms of our contract at no further cost to our client,but at a substantial cost to us;andbreach of a contractual term could result in liability for damages or termi

317、nation of the contract.Large clinical trials can cost up to hundreds of millions of dollars,and while we endeavor to contractually limit our exposure to such risks,improper performance of our services could have an adverse effect on our financial condition,damage our reputation and result in the can

318、cellation of current contracts by or failure to obtain future contracts from the affected client or other clients.Investigation of clients.From time to time,one or more of our clients are audited or investigated by regulatory authorities or enforcement agencies with respect to regulatory compliance

319、of their clinical trials,programs or the marketing and sale of their drugs.In these situations,we have often provided services to our clients with respect to the clinical trials,programs or activities being audited or investigated,and we are called upon to respond to requests for information by the

320、authorities and agencies.There is a risk that either our clients or regulatory authorities could claim that we performed our services improperly or that we are responsible for clinical trial or program compliance.If our clients or regulatory authorities make such claims against us and prove them,we

321、could be subject to damages,fines or penalties.In addition,negative publicity regarding regulatory compliance of our clients clinical trials,programs or drugs could have an adverse effect on our business and reputation.22Insufficient client funding to complete a clinical trial.As noted above,clinica

322、l trials can cost hundreds of millions of dollars.There is a risk that we may initiate a clinical trial for a client,and then the client becomes unwilling or unable to fund the completion of the clinical trial.This risk is heightened in a recessionary or weak funding environment for our customers,wh

323、o may be unable to raise or expend funds necessary to complete a trial.In such a situation,notwithstanding the clients ability or willingness to pay for or otherwise facilitate the completion of the clinical trial,we may be ethically bound to complete or wind down the clinical trial at our own expen

324、se.Failure of vendors to perform contractual obligations.In the course of a clinical trial,we regularly contract with third party providers on behalf of our clients to support execution of the trial.If these third parties fail to perform their contractual obligations,we may incur additional costs or

325、 responsibilities in order to provide our clients with our contractually obligated deliverables,despite the failure of such third parties.Security breaches and unauthorized use of our IT systems and information,or the IT systems or information in the possession of our vendors,could expose us,our cli

326、ents,our data suppliers or others to risk of loss.We rely upon the security of our computer and communications systems infrastructure to protect us from cyberattacks and unauthorized access.Cyberattacks can include malware,computer viruses,hacking or other significant disruption of our computer,comm

327、unications and related systems.Third parties may attempt to improperly persuade customers,suppliers,vendors,partners,employees or others to disclose sensitive information such as user names,passwords or other information that can be used to gain unauthorized access to systems or data.Cyber threats a

328、re rapidly evolving and are becoming increasingly sophisticated.As cyber threats evolve and become more difficult to detect and successfully defend against,one or more cyber threats might defeat the measures that we or our vendors take to anticipate,detect,avoid or mitigate such threats.Certain tech

329、niques used to obtain unauthorized access,introduce malicious software,disable or degrade service,or sabotage systems may be designed to remain dormant until a triggering event and we may be unable to anticipate these techniques or implement adequate preventative measures since techniques change fre

330、quently or are not recognized until launched,and because cyberattacks can originate from a wide variety of sources.Our preventive and remedial actions may not be successful.We have acquired various companies,products,services and technologies over the years.While we make significant efforts to ident

331、ify and address IT security issues with respect to these acquisitions,we may still inherit security risks associated with these activities.The size and complexity of our IT and information security systems,and those of our vendors(and the large amounts of confidential information that is present on

332、them),make such systems potentially vulnerable to service interruptions or to security breaches from inadvertent or intentional actions including,but not limited to,by our employees,contingent workers,service providers,business partners,customers or malicious attackers.Such attacks,whether successfu

333、l or unsuccessful,could result in our incurring costs related to,for example,rebuilding internal systems,defending against litigation,responding to regulatory inquiries or actions,paying damages or fines,or taking other remedial steps with respect to third parties.Publicity about vulnerabilities and attempted or successful incursions could damage our reputation with clients and data suppliers and