Analysts Are Neutral on Top Healthcare Stocks: IQVIA Holdings (IQV), Doximity (DOCS)We reduce our 2025E revenue estimate slightly to $15.855M +2.9% y/y (vs. guidance of $15,725M - $16,125M), which includes a ~$100M drag from COVID and the impact of FX. On the call management highlighted that there was a higher than normal level of cancellations in 4Q, nearly $1B, which is well above the typical ~$500M +/- $200M quarterly range. If we assume bookings trended from ~$2.8B in 4Q:23 to ~$2.5B in 4Q:24, this would be an -11% y/y decline, which is the second quarter in a row of y/y bookings decline and high cancellations. R&DS backlog was flat sequentially but +4.7% y/y. Overall the quarter seems ok, but the higher level of cancellations, and y/y decline in bookings worry us, and we maintain our Neutral rating.