Revenue flow

Margins

Stage	IQV	% of rev	NRC	% of rev	Gap · A − B
Revenue	$4.4B	100.00%	$38M	100.00%	IQV ×115.32
Gross profit	$1.5B	33.83%	$38M	100.00%	NRC +66.2pp
Operating income	$572M	12.92%	$9M	23.20%	NRC +10.3pp
Pre-tax income	$386M	8.72%	$7M	19.28%	NRC +10.6pp
Net income	$352M	7.95%	$5M	12.25%	NRC +4.3pp

Stage	IQV	NRC	Gap · A − B
Revenue	$4.4B100.00%	$38M100.00%	IQV ×115.32
Gross profit	33.83%$1.5B	100.00%$38M	NRC +66.2pp
Operating income	12.92%$572M	23.20%$9M	NRC +10.3pp
Pre-tax income	8.72%$386M	19.28%$7M	NRC +10.6pp
Net income