IQVIA Exceeds Expectations With Robust Q3 Results; Raising FVE to $276 on Improved Near-Term Outlook

IQVIA reported robust third-quarter results highlighted by revenue of $3.4 billion, representing a 22% increase year over year. The company has continued to recover well from pandemic-related challenges, even despite a resurgence of cases from the delta variant. As a result, management raised its guidance for the year. We’ve increased our fair value estimate to $276 per share from $231 because of stronger-than-expected near-term revenue growth. We maintain our narrow moat and stable moat trend ratings.