IQVIA（IQV.US）催化剂观察：买入建议

Catalyst Call Catalyst Call: Buy Idea Valuation & Risks Justin Bowers Basis for the short-term investment idea Research Analyst+1-917-517-9836 Iqvia (IQV) has traded down (10%) year-to-date and has underperformed peersdespite a 2026 guide in line-to-better than buy-side expectations and what webelieve are misplaced fears related to the company’s business mix and the threat ofAI / ML to industry profit pools. Sam MartinResearch Associate Recent industry checks and favorable macro trends like strengthening biotechfunding (>$20bn in 2Q26 and one of the greatest quarters on record) and increasingBiopharma M&A provide proof points of the cyclical recovery in end-marketdemand. We believe this backdrop along with the company’s leadership positionsin RWE and AI/ML, and negative sentiment increase the probabilities of positivesurprises on: 1) 2Q26 EPS; 2) Book-to-bill beat; 3) Commercial Solutions beat; and/or 4) a 3Q26 outlook that brackets consensus estimates. Catalysts Earnings announcement on July 28, 2026; 2Q26 beat; 3Q26 guidance that bracketsconsensus; 2026 guidance raise; and/or improving sentiment related to AI/ML. Risks to the short-term investment idea Miss consensus estimates; material downward guidance revision; negative endmarket commentary; pharma tariff / pricing / FDA headline risk; degradingsentiment related to AI/ML; and/or competitor pre-announcements. Appendix 1 Important Disclosures *Other information available upon request Disclosure checklist *Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Otherinformation is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primarysubject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at https://research.db.com/Research/Disclosures/EquityResearchDisclosures. Aside from within this report, important risk and conflict disclosures can also be found at https://research.db.com/Research/Disclosures/Disclaimer. Investorsare strongly encouraged to review this information before investing. Important Disclosures Required by U.S. Regulators Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States.SeeImportant Disclosures Required by Non-US Regulators and Explanatory Notes. 2.Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments issuedby this company. Important Disclosures Required by Non-U.S. Regulators Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States.SeeImportant Disclosures Required by Non-US Regulators and Explanatory Notes. 2.Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments issuedby this company. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of thisresearch, please see the most recently published company report or visit our global disclosure look-up page on our websiteat https://research.db.com/Research/Disclosures/EquityResearchDisclosures. Aside from within this report, important riskand conflict disclosures can also be found at https://research.db.com/Research/Disclosures/Disclaimer. Investors are stronglyencouraged to review this information before investing. Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s) about the subjectissuer and the securities of the issuer. In addition, the undersigned lead analyst(s) has not and will not receive anycompensation for providing a specific recommendation or view in this report. Justin Bowers. 9 July 2026Contract Research OrganizationsIQVIA 1.10/18/2023Buy, Target Price Change USD 252.00, Current PriceUSD 188.95 Justin Bowers2.11/01/2023Buy, Target Price Change USD 240.00, Current PriceUSD 180.01 Justin Bowers3.12/18/2023Buy, Target Price Change USD 245.00, Current PriceUSD 225.97 Justin Bowers4.02/15/2024Buy, Target Price Change USD 280.00, Current PriceUSD 241.47 Justin Bowers5.05/02/2024Buy, Target Price Change USD 275.00, Current PriceUSD 222.14 Justin Bowers6.10/16/2024Buy, Target Price Change USD 270.00, Current PriceUSD 233.06 Justin Bowers7.10/31/2024Buy, Target Price Change USD 265.00, Current PriceUSD 205.82 Justin Bowers8.12/11/2024Buy, Target Price Change USD 260.00, Current PriceUSD 201.07 Justin Bowers 9.01/17/2025Buy, Target Price Change USD 250.00, Current PriceUSD 197.36 Justin Bowers10.02/06/2025Buy, Target Price Change USD 260.00, Current PriceUSD 209.96 Justin Bowers11.05/06/2025Buy, Target Price Change USD 200.00, Current PriceUSD 146.20 Justin Bowers12.07/28/2025Buy,