ACCOUNTS - Final Accounts

Operating loss

The operating loss is stated after charging:

Company registration number: 12084283

	ANNUAL REPORT AND FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	PHARMASPECTRA GROUP LIMITED


PHARMASPECTRA GROUP LIMITED

COMPANY INFORMATION

Directors	Robert Kotchie
	Graham Russell Park


Company secretary	JTC (UK) Limited


Registered number	12084283


Registered office	3 Forbury Place
	23 Forbury Road
	Reading
	RG1 3JH


Independent auditor	Menzies LLP
	Chartered Accountants & Statutory Auditor
	4th Floor
	95 Gresham Street
	London
	EC2V 7AB


PHARMASPECTRA GROUP LIMITED

CONTENTS

	Page
Strategic report	1
Directors' report	2 - 3
Independent auditor's report	4 - 7
Statement of comprehensive income	8
Statement of financial position	9
Statement of changes in equity	10
Notes to the financial statements	11 - 27


PHARMASPECTRA GROUP LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The directors present their Strategic Report of the company for the year ended 31 December 2024.

Business review

Pharmaspectra Group Ltd is a subsidiary which forms part of the wider IQVIA Group (the "group"). Furhter details can be found within note 21 of these financial statements. The perfomance of, and principal notes and uncertainties of the company are correlated with those of the group.

Principal risks and uncertainties

The directors consider the principal risks and uncertainties of the business to be the level of demand for its products amongst key customers, loss in existing customer contracts, loss of key personnel and technology development.

Financial key performance indicators

The company manages its financial risk using various financial instruments including loans, foreign exchange contracts, cash and trade debtors and trade creditors arising directly from operations. The existence of these financial instruments exposes the company to a number of financial risks, the main ones being liquidity risk and foreign exchange risk.
Liquidity risk is managed with cash flow arising from operations underpinned by an established client subscription base. Foreign exchange risk arises as the majority of the company’s sales re to overseas clients. This is partially hedged with overseas costs in the same currency and limited forward foreign exchange contracts to limit exposure to significant changes in foreign exchange rates.

Other key performance indicators

The board monitors the performance of the company by reference to a number of key performance indicators including:
Year ended 31 December 2024:
Turnover: $9,119,064
Gross profit margin: 87.0%
Year ended 31 December 2023:
Turnover: $ 11,156,737
Gross profit margin: 86.4%

This report was approved by the board and signed on its behalf.

Graham Russell Park

Director

Date: 27 August 2025

Page 1


PHARMASPECTRA GROUP LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is the provision of scientific data, key opinion leader mapping and analytics.

Directors

The directors who served during the year were:

Robert Kotchie

Graham Russell Park

Going concern

The company's financial statements have been prepared using the going concern basis of preparation. The directors have reviewed the company's going concern position taking into account its current business activities, forecasts performance and the availability of support from its parent undertaking. In making this assessment the directors have considered the period to 30 September 2026.
At the 31 December 2024 the company has net current assets of $5,869,194 (2023: liability of $74,590,007).
The directors have received confirmation of continued financial support from its parent undertaking, IQVIA Ltd for a period of at least 12-months from approval of these financial statements.
On this basis, the directors have, at the time of approving these financial statements, a reasonable expectation that the business has adequate resources available to continue in operational existence, for the foreseeable future, being a period of not less than 12-months from approval of these financial statements. Therefore, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

Future developments

The company continues to invest in the product and service offering to underpin its long term relationships with its customers. This involves growth in both existing and new geographical markets for the company.

Page 2


PHARMASPECTRA GROUP LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Research and development activities

The company has continued to invest in research and development, including the development of new products which will enhance services to existing customer base and support future growth.

Qualifying third party indemnity provisions

The company has made qualifying third-party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

Graham Russell Park

Director

Date: 27 August 2025

Page 3


PHARMASPECTRA GROUP LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHARMASPECTRA GROUP LIMITED

Opinion

We have audited the financial statements of Pharmaspectra Group Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 4


PHARMASPECTRA GROUP LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHARMASPECTRA GROUP LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 5


PHARMASPECTRA GROUP LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHARMASPECTRA GROUP LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:

∙Companies Act 2006;

∙Financial Reporting Standard 102

∙UK employment legislation; and

∙UK tax legislation.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. No issues were identified in this area.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur. We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

∙Posting of unusual journals and complex transactions; or

∙The use of management override of controls to manipulate results

∙Manipulation of accounting estimates

As a result of the above procedures, the engagement team performed audit procedures including:

∙Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

∙Understanding how those charged with governance considered and addressed the potential for override of controls or
other inappropriate influence over the financial reporting process; and

∙Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and

∙Challenging assumptions and judgements made by management in the application of accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as wewill be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Page 6


PHARMASPECTRA GROUP LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHARMASPECTRA GROUP LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Ralph Mitchison FCA (Senior statutory auditor)

for and on behalf of

Menzies LLP

Chartered Accountants

Statutory Auditor

4th Floor

95 Gresham Street

London

EC2V 7AB

27 August 2025

Page 7


PHARMASPECTRA GROUP LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	$	$


Turnover	4	9,119,064	11,156,737
Cost of sales		(1,182,050)	(1,516,996)
Gross profit		7,937,014	9,639,741
Administrative expenses		(5,665,756)	(14,757,709)
Exceptional administrative expenses	10	(10,075,074)	-
Operating loss	5	(7,803,816)	(5,117,968)
Interest payable and similar expenses	8	(9,837,336)	(9,235,634)
Loss before tax		(17,641,152)	(14,353,602)
Tax on loss	9	846,034	119,714
Loss for the financial year		(16,795,118)	(14,233,888)

Other comprehensive income for the year
Total comprehensive income for the year		(16,795,118)	(14,233,888)

The notes on pages 11 to 27 form part of these financial statements.

Page 8


PHARMASPECTRA GROUP LIMITED REGISTERED NUMBER:12084283

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		$		$

Fixed assets
Intangible assets	11		6,108,811		7,153,059
Tangible assets	12		3,253		33,722
Fixed Asset Investments	13		1,366,651		11,709,926
			7,478,715		18,896,707
Current assets
Debtors: amounts falling due within one year	14	6,979,165		6,850,104
Cash at bank and in hand		5,004,204		4,137,168
		11,983,369		10,987,272
Creditors: amounts falling due within one year	16	(4,785,208)		(85,577,279)
Net current assets/(liabilities)			7,198,161		(74,590,007)
Total assets less current liabilities			14,676,876		(55,693,300)

Net assets/(liabilities)			14,676,876		(55,693,300)

Capital and reserves
Called up share capital	18	1	1
Other reserves	19	87,165,294	-
Profit and loss account	19	(72,488,419)	(55,693,301)
		14,676,876	(55,693,300)

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 August 2025.

Graham Russell Park

Director

The notes on pages 11 to 27 form part of these financial statements.

Page 9

PHARMASPECTRA GROUP LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Other reserves	Profit and loss account	Total equity
	$	$	$	$
At 1 January 2023	1	-	(41,459,413)	(41,459,412)
Comprehensive income for the year
Loss for the year	-	-	(14,233,888)	(14,233,888)
Other comprehensive income for the year	-	-	-	-
Total comprehensive income for the year	-	-	(14,233,888)	(14,233,888)
Total transactions with owners	-	-	-	-

At 1 January 2024	1	-	(55,693,301)	(55,693,300)
Comprehensive income for the year
Loss for the year	-	-	(16,795,118)	(16,795,118)
Other comprehensive income for the year	-	-	-	-
Total comprehensive income for the year	-	-	(16,795,118)	(16,795,118)
Contributions by and distributions to owners
Capital contribution	-	87,165,294	-	87,165,294
Total transactions with owners	-	87,165,294	-	87,165,294
At 31 December 2024	1	87,165,294	(72,488,419)	14,676,876

Page 10


PHARMASPECTRA GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Pharmaspectra Group Ltd is a private company limited by shares and incorporated in England & Wales. Registered number 12084283. Its registered head office is located at 3 Forbury Place, 23 Forbury Road, Reading, RG1 3JH.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The company's presentational and functional currency is dollar and all values are rounded to the nearest dollar ($) except when otherwise stated.

The following principal accounting policies have been applied:

2.2

Financial reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing thesefinancial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47,
11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27,
12.29(a), 12.29(b) and 12.29A.

This information is included in the consolidated financial statements of IQVIA Holdings Inc. as at 31 December 2024 and these financial statements may be obtained from 400 Ellis Rd, Durham, North Carolina, 27703, United States.

2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

The consolidated statements of IQVIA Holdings Inc. may be obtained from the company's website www.iqvia.com.

Page 11


PHARMASPECTRA GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Going concern

The company's financial statements have been prepared using the going concern basis of preparation. The directors have reviewed the company's going concern position taking into account its current business activities, forecasts performance and the availability of support from its parent undertaking. In making this assessment the directors have considered the period to 30 September 2026.
At the 31 December 2024 the company has net current assets of $7,198,161 (2023: liability of $74,590,007).
The directors have received confirmation of continued financial support from its parent undertaking, IQVIA Ltd for a period of at least 12-months from approval of these financial statements.
On this basis, the directors have, at the time of approving these financial statements, a reasonable expectation that the business has adequate resources available to continue in operational existence, for the foreseeable future, being a period of not less than 12-months from approval of these financial statements. Therefore, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 12


PHARMASPECTRA GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

The company enters certain contractual arrangements which involve third parties. In each case management make an assessment as to whether the company has exposure to the significant risks and rewards associated with the rendering of services under these arrangements. Where the company does not have exposure to risks and rewards, the company accounts for these as an agent and only the commission earned is recognised as revenue.

2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 13


PHARMASPECTRA GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 14


PHARMASPECTRA GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life of 10 years. During the year the goodwill balance has been adjusted to reflect the receipt under an insurance policy.

Other intangible assets

Intangible assets acquired separately from a business are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intangible assets acquired in business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably, the intangible asset arises from contractual or other legal rights and the intangible asset is separable from theentity.

Costs associated with maintaining software or databases are recognised as an expense as incurred. Development expenditure on software controlled by the company is capitalised where the costs are directly associated with identifiable and unique projects controlled by the company and where it is probable that future economic benefits will flow to the company.
All other intangible assets are considered to have a finite useful life of 5 years.
Development or enhancement costs that are directly attributable to the design and testing of identifiable software products controlled by the company are recognised as intangible assets when the following criteria are met:

∙It is technically feasible to complete the software product so that it will be available for use;

∙Management intends to complete the software product and use or sell it;

∙There is an ability to use or sell the software product;

∙It can be demonstrated how the software product will generate probably future economic
benefits;

∙Adequate technical, financial and other resources to complete the development and to use or sell
the software product are available; and

∙The expenditure attributable to the software product during its development can be reliably
measured.

Directly attributable costs that are capitalised as part of the software product include employee costs incurred where engaged directly in the development.
Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Costs associated with maintaining computer software programmes are recognised as an expense as incurred.
Following the initial recognition of the development or enhancement expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less and accumulated amortisation and impairment losses.
Amortisation of the asset begins when the development is complete and the asset is available for use. It is amortised evenly over the period of expected future benefit. The current useful life of capitalised development costs is between 3 and 6 years depending on the classification and assessment of the asset. Amortisation costs are recognised in the Income Statement.

Page 15


PHARMASPECTRA GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

Impairment of non-current assets

At each Statement of Financial Position date non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset (or asset’s cash generating unit) may be impaired. If there is such an indication the recoverable amount of the asset (or asset’s cash generating unit) is compared to the carrying amount of the asset (or asset’s cash generating unit).
The recoverable amount of the asset (or asset’s cash generating unit) is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset’s (or asset’s cash generating unit’s) continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk- free rate and the risks inherent in the asset.
If the recoverable amount of the asset (or asset’s cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the Statement of Comprehensive Income, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is recognised in profit or loss.
If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset’s cash generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the Statement of Comprehensive Income.
Goodwill is allocated on acquisition to the cash generating unit expected to benefit from the synergies of the combination. Goodwill is included in the carrying value of cash generating units for impairment testing.

2.14

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Fixtures and fittings	-	5 years straight line
				Computer equipment	-	3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 16


PHARMASPECTRA GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.16

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.

2.22

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 17


PHARMASPECTRA GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.22

Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or

Page 18


PHARMASPECTRA GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.22

Financial instruments (continued)

when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Certain of the amounts included in the financial statement involve the use of judgement and/or estimation. These judgements and estimates are based on management’s best knowledge of the relevant facts and circumstances, having regard to prior experience but actual results may differ from the amount in the financial statements. Information about such judgements and estimates is contained in the accounting policies or notes to the financial statements and the key areas are summarised below:
Functional currency
The functional currency of the company has been determined by the directors to be the US dollar. This assessment has been made after due consideration of the factors set out within FRS 102 in determining the primary economic environment in which the entity operates.
Impairment (see note 11)
The directors must determine whether there are indicators of impairment of the company's intangible assets, including goodwill. Factors taken into consideration are the future economic value of the assets and where it is a component on a larger cash generating unit the viability and expected future performance of that unit. The recoverable amount is a source of significant estimation uncertainty and has involved judgement over future cashflows, appropriate discount rates and multiples which have been determined by reference to the cost of borrowing and external reference points.
Intangible assets (see note 11)
Intangible assets are amortised over their useful economic lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Goodwill has been assessed as a 10 year economic life and other intangible assets acquired at acquisition a 5 year economic life, reflecting the period over which value is expected to accrue.
Recoverability of amounts owed by group undertakings
Amounts owed by group undertakings are stated at recoverable amounts, after appropriate provision for impairment. Intercompany balances are not expected to be repaid within the next 12 months reflecting the nature of the group's external shareholder loan. Calculation of the requirement for an impairment charge requires judgement from management on the financial performance of the group company.

Page 19


PHARMASPECTRA GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Turnover

The whole of the turnover is attributable to the provision of scientific data, key opinion leader mapping and analytics.

Analysis of turnover by country of destination:

					2024	2023
					$	$

United Kingdom	2,395,889	1,687,581
Europe	3,347,861	4,002,470
USA	3,145,582	4,994,155
Rest of World	229,732	472,531
	9,119,064	11,156,737

Exchange differences	507,966	417,972
Depreciation of tangible fixed assets	30,469	60,421
Amortisation of intangible assets	4,157,752	4,967,610

Auditors' remuneration

29,000

93,268

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Employees	14	15

Page 20


PHARMASPECTRA GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Interest payable and similar expenses
		2024	2023
		$	$

	Loans from group undertakings	9,837,336	9,235,634
		9,837,336	9,235,634

Corporation tax
Adjustments in respect of previous periods	9,120	(4,767)
	9,120	(4,767)

Total current tax	9,120	(4,767)

Deferred tax
Origination and reversal of timing differences	(598,112)	(638,163)
Adjustment in respect of prior period	(257,042)	523,216
Total deferred tax	(855,154)	(114,947)


	Tax on loss	(846,034)	(119,714)

Page 21


PHARMASPECTRA GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.Taxation (continued)

Loss on ordinary activities before tax

(17,641,152)

(14,353,602)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -23.52%)	(4,410,288)	(3,375,967)
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	2,581,415	45,419
Income not taxable for tax purposes	-	(45,378)
Adjustments to tax charge in respect of prior periods	9,120	-
Adjustments to tax charge in respect of prior periods - deferred tax	(257,042)	523,216
Remeasurement of deferred tax for change in tax rates	(239,208)	(37,765)
Group relief surrendered	1,469,969	2,775,528
Current tax (prior period) exchange difference arising on movement between opening and closing spot rates	-	(4,767)
Total tax charge for the year	(846,034)	(119,714)

10.	Exceptional items
		2024	2023
		$	$

Loss on sale of intangible assets	4,375,000	-
Waived intercompany loans	5,700,074	-
	10,075,074	-

Page 22


PHARMASPECTRA GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Intangible assets

	Patent technology	Trademarks	Computer software	Goodwill	Total
	$	$	$	$	$
Cost
At 1 January 2024	4,589,894	13,718,400	6,998,862	5,079,853	30,387,009
Additions	4,137,779	-	-	-	4,137,779
Disposals	-	-	(67,442)	-	(67,442)
At 31 December 2024	8,727,673	13,718,400	6,931,420	5,079,853	34,457,346
Amortisation
At 1 January 2024	1,493,893	11,660,640	6,157,840	3,921,577	23,233,950
Charge for the year on owned assets	1,124,969	2,057,760	773,580	201,443	4,157,752
Impairment charge	-	-	-	956,833	956,833
At 31 December 2024	2,618,862	13,718,400	6,931,420	5,079,853	28,348,535
Net book value
At 31 December 2024	6,108,811	-	-	-	6,108,811
At 31 December 2023	3,096,001	2,057,760	841,022	1,158,276	7,153,059

Page 23


PHARMASPECTRA GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Tangible fixed assets

		Computer equipment
		$
	Cost or valuation
	At 1 January 2024	87,347
	At 31 December 2024	87,347
	Depreciation
	At 1 January 2024	53,625
	Charge for the year on owned assets	30,469
	At 31 December 2024	84,094
	Net book value
	At 31 December 2024	3,253
	At 31 December 2023	33,722

13.	Fixed asset investments

		Investments in subsidiary companies
		$
	Cost or valuation
	At 1 January 2024	11,709,926
	Disposals	(10,343,275)
	At 31 December 2024	1,366,651

Page 24


PHARMASPECTRA GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.

Debtors

					2024	2023
					$	$


Trade debtors	741,840	1,607,077
Other debtors	4,525	-
Prepayments and accrued income	195,777	61,158
Deferred taxation	6,037,023	5,181,869
	6,979,165	6,850,104

15.	Cash and cash equivalents
		2024	2023
		$	$

Cash at bank and in hand	5,004,204	4,137,168
	5,004,204	4,137,168

16.	Creditors: Amounts falling due within one year
		2024	2023
		$	$

Trade creditors	53,981	41,254
Amounts owed to group undertakings	3,024,236	81,255,128
Other taxation and social security	49,721	39,723
Other creditors	26,416	449
Accruals and deferred income	1,630,854	4,240,725
	4,785,208	85,577,279

The amounts owed to group undertakings are unsecured, repayable on demand and incur interest at a rate of either 2.75% above 1-year US LIBOR or 12% per annum.

Page 25


PHARMASPECTRA GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.	Deferred taxation

		2024
		$

	At beginning of year	5,181,869
	Charged to profit or loss	855,154
	At end of year	6,037,023

The deferred tax asset is made up as follows:
	2024	2023
	$	$

Fixed asset timing differences	3,072,524	2,151,392
Short term timing differences	-	56,807
Tax losses carried forward	2,964,499	2,973,670
	6,037,023	5,181,869

18.	Share capital
		2024	2023
		$	$

Allotted, called up and fully paid

1 (2023 -1) Ordinary Shares share of $1.00	1	1

19.

Reserves

Other reserves

During the year, the parent company forgave intercompany loans amounting to £87,165,294 which had previously been advanced to the company. The waiver of these balances has been recognised as a capital contribution and included in other reserves.

Profit and loss account

Includes all current and prior periods retained profits & losses.

20.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to $114,225 (2023: $62,161). Contributions totalling Nil (2023: Nil) were payable to the fund at the reporting date and are included in creditors.

Page 26


PHARMASPECTRA GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

21.	Related party transactions
	The company has taken advantage of the exemption permitted by section 33.1A not to disclose transactions with wholly owned members of the group.

22.	Ultimate Controlling party

The company's immediate parent is IQVIA Ltd, incorporated in United Kingdom.
The ultimate parent is IQVIA Holdings Inc., incorporated in USA.
The most senior parent entity producing publicly available financial statements is IQVIA Holdings Inc. These financial statements can be obtained from www.iqvia.com

Page 27