IQVIA Hldgs (NYSE:IQV) Bolsa

IQVIA Hldgs

IQVIA is the result of the 2016 merger of Quintiles, a leading global contract research organization, and IMS Health, a leading healthcare data and analytics provider. The research and development segment focuses primarily on providing outsourced late-stage clinical trials for pharmaceutical, device, and diagnostic firms. The technology and analytics segment provides aggregated information and technology services to clients in the healthcare industry, including pharmaceutical companies, providers, payers, and policymakers, as well as data and analytics capabilities for clinical trials, including virtual trials. The company also has a small contract sales business.

IQVIA Holdings

IQVIA Holdings Inc

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With more than one-third of its revenue tied to the U.S., the company's Hong Kong IPO could face uncertainty as tariffs and overcapacity weigh on its prospects
<h4 class="wp-block-heading">Key Takeaways:</h4>
<ul>
<li>Newtrend's Hong Kong IPO application has been approved by China's securities regulator, even it faces pressures both at home and abroad</li>
<li>The company's heavy reliance on the U.S., which accounted for 35.2% of its revenue last year, could squeeze its profitability as it feels the effects of new tariffs</li>
</ul>
A sugar rush among Chinese artificial sweetener makers is hitting a new high as a member of the group gears up for an IPO in Hong Kong. But the building trade war between China and the U.S. is adding a sour note to that plan.
Newtrend Technology Co., one of China's biggest makers of popular sugar substitutes including glycine and sucralose,&nbsp;<a href="http://www.csrc.gov.cn/csrc/c105984/c7551562/content.shtml">received a greenlight</a>&nbsp;from China's securities regulator last week for its plan to list in Hong Kong, joining half a dozen other Chinese sweetener makers already trading publicly.
Unlike many of its Chinese peers, the company appears to be suffering less from industrial overcapacity at home, a common problem in many Chinese industries. Instead, Newtrend has avoided that by focusing on global clients – predominantly in the U.S. and Europe – which it serves through manufacturing sites in Thailand and Indonesia.
Nearly 80% of Newtrend's revenue came from overseas clients last year, with North America contributing to 41% of the total. According to trade database Volza, Newtrend's main customers include the likes of U.S. food and beverage giants Coca-Cola and Kraft.
While its overseas strategy has served the company well so far, it could soon turn into a liability as China and the U.S. get locked in a trade spat with no end in sight. That could raise questions about Newtrend's prospects, putting a damper on its valuation if and when it completes the Hong Kong listing.
<h4 class="wp-block-heading">Fading American dream?</h4>
Despite its base in interior Jiangxi province in the city of Jinggangshan, where Mao Zedong established his revolutionary base and is now a tourism hotspot among patriotic Chinese, Newtrend has an unusually global vision.
Seizing on a burgeoning generation of health-conscious consumers, the company, founded in 2003, leans heavily towards producing sucralose, a fifth-generation artificial sweetener, expected to be the fastest growing type of sugar substitute over the next five years, Newtrend disclosed in its&nbsp;<a href="https://www1.hkexnews.hk/app/sehk/2025/107131/documents/sehk25021700986.pdf">listing document</a>&nbsp;filed in February.
In 2023, global agencies including the World Health Organization declared aspartame, a third-generation artificial sweetener created in 1965 and one of the industry's most popular sugar substitutes, may cause cancer, giving Newtrend and other sucralose producers a boost.
Unlike&nbsp;Anhui Jinhe Industrial Co.&nbsp;(002597.SZ) and a handful other competitors, Newtrend is the only Chinese artificial sweetener producer to manufacture abroad, setting up its first overseas facilities in 2019. The step was quite forward-looking, aimed at avoiding getting caught in the U.S.-China trade war during the first administration of U.S. President Donald Trump.
"In order to diversify the risk brought by extra duty imposed by the United States, we produced food-grade glycine in the Indonesia plant and exported our food-grade glycine to our customers in the United States from Indonesia," the company said in the filing. Still, the glycine exports from Indonesia were ultimately subject to a 4.2% anti-dumping levy by the U.S., while sucralose shipped from China to the U.S. was slapped with a similar 3.7% tax.
Now, a rapidly escalating tit-for-tat trade war between China and the U.S. is likely to deal a much larger new blow to Newtrend, which counts America as its most important overseas market.
The Trump administration raised U.S. tariffs on all Chinese imports to 145% this month, prompting China to take retaliatory measures. But more importantly for Newtrend, Trump also threatened to slap a 32% levy on goods from Indonesia and 36% on imports from Thailand. Trump later put a 90-day pause of those threatened tariffs, pressuring the two countries to negotiate trade deals with the U.S. during that time.
Sales of sucralose and edible glycine to America made up 35.2% of Newtrend's revenue last year, up sharply from just 9% in 2022. Some 41% of the company's revenue last year came from North America, up from just 9.3% in 2022, while the share for Europe declined to 20.9% in from 32.1% over that period, the firm disclosed.
Newtrend's revenue hit 761.5 million yuan ($104.3 million) in 2022, before an oversupply-induced price drop in glycine and sucralose caused sales to plunge more than 40% to 446.9 million yuan in 2023. Its revenue bounced back somewhat last year to 568.9 million yuan, though the figure was still well below the level from 2022.
<h4 class="wp-block-heading">Challenges at home</h4>
It remains unclear whether Newtrend's American clients will absorb some or all of the additional tariffs, which could have the effect of more than doubling prices. If not, Newtrend — which sells at higher margins abroad — may be forced to swallow some of the added costs itself and also to rely more on domestic demand. But the domestic market is hardly a friendly place, plagued by intense price wars due to overcapacity.
That means any domestic shift may be an uphill battle, putting further pressure on the company's profitability. Newtrend's gross profit margins have already declined steadily from 25.6% in 2022 to 17.9% in both 2023 and 2024, as domestic sucralose prices plunged from 386,261 yuan per ton in 2022 to 148,904 yuan per ton last year, according to its prospectus.
As its margins got squeezed, the company's profit fell to 43 million yuan last year from 45 million yuan in 2023, after tumbling from 122 million in 2022.
Newtrend's decision to pursue an IPO in Hong Kong followed an earlier unsuccessful attempt to list on the domestic A-share market in Shanghai and Shenzhen. The company scrapped that plan after facing scrutiny from Chinese securities regulators last August over frequent ownership changes and concerns that its planned projects might fail to meet environmental criteria.
Newtrend's highly concentrated ownership structure is also noteworthy, though not uncommon for a family-owned Chinese company. Founder Wang Xiaoqiang, 67, and his wife Ding Dan together own 54.8% of the company through various entities. Their son, Wang Hao, a 34-year-old Cornell University graduate, serves as managing director and leads the sales team.
Shares of established industry leader Anhui Jinhe Industrial have lost nearly half of their value since 2022, while Guilin Layn Natural Ingredients (002166.SZ), which also makes sweetener, is also down 44% from its 2022 high.
Still, both firms currently trade at a price-to-earnings (P/E) ratios of around 25 times and 34 times, respectively, far above the 8.6 times for Britain's&nbsp;Tate &amp; Lyle&nbsp;(TATE.L), which invented sucralose in 1976. A multiple in the middle of the range of its Chinese peers would value Newtrend at around 1.3 billion yuan. But investors would be right to worry that any sugar high following the company's listing may be short-lived due to all the uncertainties raised by the U.S.-China trade war.

Asia

IPOs

Opinion

Trading Ideas

Tariffs Could Sour Investor Sentiment For This IPO

Wells Fargo analyst Michael Berg maintains CSG Systems Intl (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSGS#NASDAQ">CSGS</a>) with a Equal-Weight and lowers the price target from $65 to $58.

News

Price Target

Analyst Ratings

CSGS

Wells Fargo Maintains Equal-Weight on CSG Systems Intl, Lowers Price Target to $58

GSRTR

Trading Halt: Halt status updated at 8:30:00 AM ET: Quotation Resumption: News and Resumption Times

Wells Fargo analyst Michael Berg maintains Braze (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BRZE#NASDAQ">BRZE</a>) with a Overweight and lowers the price target from $55 to $40.

BRZE

Wells Fargo Maintains Overweight on Braze, Lowers Price Target to $40

Comerica Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMA#NYSE">CMA</a>) reported better-than-expected earnings for its <a href="https://www.benzinga.com/quote/CMA/earnings">first quarter on Monday.</a>
The company posted quarterly earnings of $1.25 per share which beat the analyst consensus estimate of $1.15 per share. The company reported quarterly sales of $829.00 million which missed the analyst consensus estimate of $831.34 million.
Comerica shares dipped 4.4% to close at $50.60 on Monday.
These analysts made changes to their price targets on Comerica following earnings announcement.
<ul>
<li>JP Morgan analyst Anthony Elian downgraded Comerica from Neutral to Underweight and lowered the price target from $64 to $52.</li>
<li>Baird analyst David George maintained Comerica with an Outperform rating and lowered the price target from $80 to $75.</li>
<li>Wells Fargo analyst Mike Mayo maintained the stock with an Equal-Weight rating and cut the price target from $67 to $55.</li>
</ul>
Considering buying CMA stock? Here&#8217;s what analysts think: 
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Photo via Shutterstock

Earnings

Markets

Comerica Analysts Slash Their Forecasts After Q1 Earnings

Wells Fargo analyst Andrew Bauch maintains BILL Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BILL#NYSE">BILL</a>) with a Underweight and lowers the price target from $57 to $43.

BILL

Wells Fargo Maintains Underweight on BILL Holdings, Lowers Price Target to $43

WIIM

CALX

Calix shares are trading higher after the company reported better-than-expected Q1 financial results and issued Q2 guidance above estimates. Additionally, the company announced an authorized increase to its stock repurchase program.

Wells Fargo analyst Christian Wetherbee maintains FedEx (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) with a Equal-Weight and lowers the price target from $260 to $220.

Wells Fargo Maintains Equal-Weight on FedEx, Lowers Price Target to $220

GSRT

Trading Halt: Halt status updated at 8:25:00 AM ET: Quotation Resumption: News and Resumption Times

Wells Fargo analyst Mike Mayo maintains Zions Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZION#NASDAQ">ZION</a>) with a Equal-Weight and lowers the price target from $58 to $47.

ZION

Wells Fargo Maintains Equal-Weight on Zions Bancorp, Lowers Price Target to $47

Supplement In Response to Company Learning that Carl Icahn and Affiliates Have Cash-Settled Equity Swaps for Approximately 90 Million of Its Common Shares
LAVAL, QC / <a href="https://www.accessnewswire.com/">ACCESS Newswire</a> / April 22, 2025 / Bausch Health Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHC#NYSE">BHC</a>)(TSX:<a class="ticker" href="https://www.benzinga.com/stock/BHC#TSX">BHC</a>) (the "Company" or "Bausch Health") today announced that it has filed a supplement (the "Proxy Statement Supplement") to its proxy statement dated April 2, 2025 (the "Proxy Statement") in respect of the Company's upcoming annual general meeting of shareholders on May 13, 2025. The Company is updating the Proxy Statement to disclose, in addition to the 34,721,118 common shares reported as being beneficially owned (9.4%), Mr. Carl C. Icahn and his affiliates (collectively, "Icahn") had entered into cash-settled equity swap agreements covering 90,720,000 of the Company's common shares (24.6%), with a single maturity date of February 28, 2028. Taken together Icahn now has an economic interest covering approximately 34% of the Company's outstanding common shares.

TSX:BHC

Bausch Health Announces Filing Of Supplement To Proxy Statement Revealing Carl Icahn's Cash-Settled Equity Swaps Covering 90.72M Shares, Boosting Economic Interest To 34% Of Common Shares

Wells Fargo analyst Mike Mayo maintains Comerica (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMA#NYSE">CMA</a>) with a Equal-Weight and lowers the price target from $67 to $55.

Wells Fargo Maintains Equal-Weight on Comerica, Lowers Price Target to $55

Contracts

OPTX

Syntec Optics Secures $5.2M On New Orders For Defense Night Vision Goggle Optics

Wells Fargo analyst Elyse Greenspan maintains WR Berkley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRB#NYSE">WRB</a>) with a Equal-Weight and raises the price target from $69 to $70.

Wells Fargo Maintains Equal-Weight on WR Berkley, Raises Price Target to $70

New 5 MW Hosting Deal Highlights Growing Demand for Sustainable Bitcoin Infrastructure
Soluna Holdings, Inc. ("Soluna" or the "Company"), (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLNH#NASDAQ">SLNH</a>), a developer of green data centers for intensive computing applications, including Bitcoin mining and AI, announced today that it has signed a two-year hosting agreement with Blockware, one of North America's leading crypto mining infrastructure and services providers.
This press release features multimedia. View the full release here: <a href="https://www.businesswire.com/news/home/20250422128504/en/">https://www.businesswire.com/news/home/20250422128504/en/</a>
Soluna Signs Deal with Blockware at Project Dorothy 2, Expanding Bitcoin Hosting Business
Under the terms of the agreement, Blockware will deploy approximately 1,500 of its next-generation S21+ mining units at Soluna's <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.solunacomputing.com%2Fnews%2Fsoluna-powers-up-project-dorothy-2%2F&amp;esheet=54241444&amp;newsitemid=20250422128504&amp;lan=en-US&amp;anchor=Project+Dorothy+2&amp;index=1&amp;md5=7e369b26be90ecf46ed06a091c0ba74c">Project Dorothy 2</a> data center in Texas. The deployment, targeting an initial deployment of 5 megawatts (MW), began on April 21, 2025, with operations expected to fully ramp up by June 1, 2025. Blockware anticipates deploying 250 PH/s to 350 PH/s at the site.

SLNH

Soluna Has Signed A 2-Year Hosting Agreement With Blockware; Blockware Will Deploy ~1,500 Of Its Next-generation S21+ Mining Units At Soluna's Project Dorothy 2 Data Center In Texas

Syntec Optics Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPTX#NASDAQ">OPTX</a>), a leading provider of technology to defense, biomedical, communications and consumer industry leaders, today announced it has secured orders totaling nearly $5.2 million so far this year for optics and optomechanicals supporting the latest generation of advanced night vision goggles used in the U.S. defense to keep our soldiers out of harm's way. Syntec's mission-critical optics make the helmet-mounted goggle lighter to reduce neck trauma for soldiers.
As a strong start to the year, Syntec has already delivered nearly $0.9M in product. Syntec will continue to deliver and build upon its multi-year involvement in this key defense program, where it has supplied vital low-weight, high-performance manufacturing technology since initial development phases began in 2018. The nearly $5.2 million in recent orders in 2025 highlights Syntec's expanded role in providing a comprehensive suite of products crucial for the functionality of advanced binocular systems, known for enhancing situational awareness and incorporating fused thermal imaging capabilities.
"We are pleased to see continued strong demand for this critical night vision program, " said Matt Carey, head of Business Development and Delivery at Syntec Optics. "This demonstrates the ongoing trust placed in Syntec's ability to deliver products that meet the rigorous performance standards required for national defense."
Mike Ransford, Site Leader at Syntec Optics, commented, "The consistent order flow, now totaling close to $5.2 million this year, corresponds with the active fielding and sustained need for these advanced night vision capabilities. Our ability to provide a broad spectrum of products, from foundational optics to complex sub-assemblies, positions Syntec as a comprehensive partner for this long-term program."

Syntec Optics Secures Orders Totaling ~$5.2M So Far This Year For Optics And Optomechanicals Supporting The Latest Generation Of Advanced Night Vision Goggles Used In  U.S. Defense

Wells Fargo analyst Roger Read maintains Ovintiv (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OVV#NYSE">OVV</a>) with a Equal-Weight and raises the price target from $45 to $46.

Wells Fargo Maintains Equal-Weight on Ovintiv, Raises Price Target to $46

Baird analyst David George maintains Zions Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZION#NASDAQ">ZION</a>) with a Neutral and lowers the price target from $58 to $55.

Baird Maintains Neutral on Zions Bancorp, Lowers Price Target to $55

Wells Fargo analyst Zachary Fadem maintains Cheesecake Factory (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CAKE#NASDAQ">CAKE</a>) with a Equal-Weight and lowers the price target from $52 to $45.

CAKE

Wells Fargo Maintains Equal-Weight on Cheesecake Factory, Lowers Price Target to $45

<a href="https://www.globenewswire.com/Tracker?data=8veCI3g1em0T5GGwxfmnLVIVtYKMBB8pXLtaciIKxM9A0i2WsW8FFPkjcfoqrnlwbi26Zn5XKQ2SR-yoxGrPZB0HR-TJFI44CC-rcBC4XiY=">CERo Therapeutics Holdings, Inc.</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CERO#NASDAQ">CERO</a>) ("CERo"), an innovative immunotherapy company seeking to advance the next generation of engineered T cell therapeutics that employ phagocytic mechanisms, announces that it has entered into a securities purchase agreement for the issuance and sale of securities under a new convertible preferred stock transaction.
The gross proceeds to CERo from the offering are expected to be up to $8 million, including $5 million expected to be received through the investment of securities at the first closing, and up to $3 million of cash that may be funded at one or more additional closings, at the election of the investors. &nbsp;CERo intends to use the net proceeds from the offering to take advantage of the two recent FDA IND allowances in liquid and solid tumors and complete the previously announced site activation at MDACC, as well as bring other sites online quickly.&nbsp; The proceeds will also help to address current Nasdaq deficiencies around Shareholders Equity and extend cash on hand to maintain operations and extend runway.&nbsp;

Financing

CERO

CERo Therapeutics Announces Up To $8M In Series D Financing

Press Releases

IQVIA to Announce Fourth-Quarter and Full-Year 2024 Results on February 6, 2025

IQVIA named to the Fortune® World's Most Admired Companies™ list, ranked No. 1 in its sector for fourth consecutive year

IQVIA Reports Fourth-Quarter and Full-Year 2024 Results; Reaffirms Full-Year 2025 Guidance

IQVIA Releases 2024 Sustainability Report

IQVIA CFO Ron Bruehlman to Speak at the TD Cowen Annual Health Care Conference on March 4, 2025

IQVIA AI Assistant wins 2024 PM360 Innovation Award for Artificial Intelligence

IQVIA Laboratories launches Site Lab Navigator with breakthrough e-Requisition innovation to transform clinical trials

IQVIA recognized as a leader in IDC MarketScape's 2024 assessment for decentralized clinical trial technologies and consulting services

Stabilization and improvement seen in multiple key biopharma R&D metrics, says IQVIA Institute Report

IQVIA to Announce First-Quarter 2025 Results on May 6, 2025

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Bio-Rad Laboratories

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Bruker

Charles River Laboratories International, Inc. Common Stock

Charles River

Danaher

Evotec SE - American Depositary Shares each representing 1/2 of one ordinary share

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