IQV
IQVIA Holdings
Is IQV Halal?
Clinical research and data analytics for pharma with permissible business.
What You Should Know
IQVIA provides clinical research services and healthcare data analytics. Its March 31, 2026 Form 10-Q reports $29,675 million of assets, $15,833 million of interest-bearing debt, $1,947 million of cash, $3,346 million of receivables and $4,151 million of quarterly revenue. Debt/assets is 53.36%, above the examined FTSE, MSCI and Malaysia asset limits; disclosed interest income is 0.24% of revenue, so the quantitative screen fails while the core business remains generally permissible.
⚠️ Concerns
- •High debt levels from merger financing
- •Clinical research and pharmaceutical customer end uses
- •Healthcare-data privacy and government-linked contracts
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
15,833 / 29,675
2,198 / 29,675
5,293 / 29,675
10 / 4,151
- Financial
- Fails
- Overall
- Fails
Debt/assets is 53.36%, above the examined FTSE 33.333% limit; liquidity/assets is 7.41%, receivables-plus-cash/assets is 17.84% and interest income is 0.24% of revenue.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 53.36%, above the examined MSCI 33.33% total-assets limit; the other examined ratios are below their limits.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 53.36%, above the examined Malaysia 33% limit; this is a calculation against the named ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the debt screen fails independently.
Business-activity disclosure
IQVIA provides clinical research services, healthcare data analytics and technology-enabled services. The core activity is generally permissible.
Limitation: The filing does not allocate every clinical, pharmaceutical, government or data-services contract into a scholar-approved prohibited-revenue numerator.
Purification
IQVIA discloses $10 million of interest income but does not provide a scholar-approved purification percentage or separate prohibited-activity numerator.
Inputs, assumptions and primary sources
- Amounts are USD millions from IQVIA's March 31, 2026 Form 10-Q.
- Interest-bearing debt includes $1,844 million of current maturities and $13,989 million of long-term debt; operating leases are excluded.
- Cash is $1,947 million. Investments in debt, equity and other securities total $251 million across current and non-current captions and are used as the interest-bearing-securities proxy.
- Trade accounts receivable and unbilled services are $3,346 million net; first-quarter revenue is $4,151 million.
- Disclosed interest income is $10 million.
- Clinical research, healthcare data and technology services are generally permissible, while customer, product and research end uses require qualitative review.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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