We did not expect IQV's 1Q'24 earnings to show any meaningful inflections in underlying performance or end- market dynamics. The print and call confirmed that to be the case, in our view. Although the cancellation of a large clinical trial is never ideal, we ultimately view this as a natural dynamic of the CRO business and, in some respects, both bad luck and a winner's curse by being one of the key consolidators of such large trial wins. Customers are always reshaping their portfolios as they advance candidates through clinical trials. Cancellation aside, R&DS fundamentals look fairly solid, with a pickup in emerging biopharma (EBP) RFP flow potentially on the horizon following improvement in the biotech fundraising environment. TAS, on the other hand, remains in wait-and- see mode.