v3.26.1
Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segments Segments
The following table presents the Company’s operations by reportable segment. The Company was previously managed through three reportable segments, Technology & Analytics Solutions, Research & Development Solutions and Contract Sales & Medical Solutions. Effective January 1, 2026, the Company updated its segment reporting to align with industry evolution, its updated operating model, and how internal reporting is provided to the chief operating decision maker ("CODM"). As a result, the Contract Sales & Medical Solutions segment, which had become more closely related operationally to the Technology & Analytics Solutions segment commercial offerings, was incorporated into the Technology & Analytics Solutions segment, which is renamed Commercial Solutions. Additionally, Real-World Late Phase and certain other Real-World offerings that had become more closely related operationally to the clinical research business, were moved from the Technology & Analytics Solutions segment to the Research & Development Solutions segment. The Company is reflecting the recast of segment information for the three months ended March 31, 2025 on this basis in the table below.
The Company is now managed through two reportable segments, Commercial Solutions and Research & Development Solutions. Commercial Solutions provides mission critical information, advanced analytics, technology solutions, health care provider services (including contract sales), and patient engagement services to the Company’s life science clients. Research & Development Solutions, which primarily serves biopharmaceutical customers, provides outsourced clinical research, clinical trial and real-world research related services.
Certain costs are not allocated to the Company's segments and are reported as general corporate and unallocated expenses. These costs primarily consist of stock-based compensation, expenses related to integration activities and acquisitions, as well as certain general corporate and unallocated expenses. The Company also does not allocate restructuring costs, depreciation and amortization or impairment charges, if any, to its segments. Asset information by segment is not presented, as this measure is not used by the chief executive officer, who is the CODM, to assess the Company’s performance.
For both segments, the CODM uses segment revenue and segment profit in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a monthly and quarterly basis for both segment revenue and profit when making decisions about allocating operating and capital resources to the segments. The CODM also uses segment revenue and profit to assess the performance for each segment by comparing the results of each segment with one another and in determining the compensation of certain employees.
The Company’s reportable segment information is presented below:
Three Months Ended March 31,
(in millions)20262025
Revenues
Commercial Solutions$1,754 $1,572 
Research & Development Solutions2,397 2,257 
Total revenues4,151 3,829 
Cost of revenues, exclusive of depreciation and amortization
Commercial Solutions1,121 980 
Research & Development Solutions1,675 1,551 
Total cost of revenues, exclusive of depreciation and amortization2,796 2,531 
Selling, general and administrative expenses
Commercial Solutions252 237 
Research & Development Solutions250 230 
Total selling, general and administrative expenses reportable segments502 467 
Segment profit
Commercial Solutions381 355 
Research & Development Solutions472 476 
Total segment profit853 831 
General corporate and unallocated expenses— (41)
Depreciation and amortization(288)(265)
Restructuring costs(51)(29)
Total income from operations514 496 
Interest income(10)(11)
Interest expense192 165 
Loss on extinguishment of debt— 4 
Other expense, net4 15 
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates$328 $323