This report does not constitute a rating action. Similar to other rated contract commercialization organization (CCO) peers Inizio (B-/Stable) and Star Parent (B/Stable), the company faces weaker demand in its agency segment as large pharmaceutical customers scale back marketing spending amid heightened uncertainty relating to tariffs, drug pricing, and executive orders affecting the industry. We now expect a modest decline in Eversana?s net revenue (excluding pass-through costs) in 2025 followed by revenue growth of 0%-3% growth in 2026. We expect Eversana?s other segments, such as third-party logistics (3PL) and deployment solutions, will partially offset this softness; these services are less discretionary and continue to benefit from outsourcing by small and mid-size pharmaceutical companies that lack in-house commercialization capabilities. We believe
