Financial Data and Key Metrics Changes - ICON reported revenue of $2.03 billion for Q3 2024, a year-on-year decrease of 1.2% or 1% on a constant currency basis [19] - Adjusted EBITDA was $418.8 million, representing 20.6% of revenue, down from 21% in the same period last year [20] - Adjusted net income for the quarter was $279.2 million, equating to adjusted earnings per share of $3.35, an increase of 1.5% year-over-year [20] Business Line Data and Key Metrics Changes - Gross business wins decreased by 7.3% year-over-year to $2.832 billion, with cancellations totaling $504 million, resulting in net awards of $2.328 billion and a net book-to-bill ratio of 1.15x [18] - The backlog grew to a record $24.3 billion, representing a 9.4% year-over-year increase [18] - The company experienced a 20% cancellation rate in vaccine-related projects, contributing to lower-than-expected revenue [9] Market Data and Key Metrics Changes - Customer concentration increased, with the top five customers representing 24.8% of revenue and the top 25 accounting for 62.9% [19] - The company noted a notable increase in therapeutic areas such as cardio and metabolic diseases, with new award growth increasing over 50% on a trailing 12-month basis [12] Company Strategy and Development Direction - ICON is focusing on managing costs effectively and aligning resources globally to support customer needs [10] - The company is committed to capital deployment strategies, including M&A opportunities in laboratory services and geographic expansion [17] - ICON aims to maintain a book-to-bill ratio of 1.2x to 1.3x on a trailing 12-month basis [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the third quarter results were below expectations due to risks materializing more than anticipated, particularly from top customers facing cost pressures [6] - The outlook for 2025 is cautiously optimistic, with expectations of low to mid-single-digit growth, contingent on the recovery of the biotech segment [16] - Management remains confident in the underlying health of the business and the potential for new partnerships to offset current headwinds [17] Other Important Information - The company repurchased $100 million worth of stock in Q3 and has authorization for an additional $250 million, totaling $650 million available for further repurchases [18] - Cash from operating activities was $402.7 million, with free cash flow increasing by 15% year-over-year [22] Q&A Session Summary Question: Insights on Pharma 2025 Budgets - Management sees the large pharma market growing at a reasonable rate of low to mid-single digits, with expectations of recovery for specific customers by late 2025 [24][25] Question: Biotech Demand and Recovery - Management expressed uncertainty regarding the timing of biotech recovery, noting delays in decision-making and project awards [28] Question: Margin Implications and Cost Actions - Management indicated that while they are not providing specific guidance for next year, they expect revenue growth in the low to mid-single digits and are actively managing costs [31][41] Question: Large Pharma Development Model Changes - Management noted that the shift towards more functional approaches in large pharma is not permanent and varies by customer [34][50] Question: Impact of Negative Headlines on Revenue Growth - Management emphasized that while there are challenges, they continue to see growth opportunities and are well-positioned to capitalize on them [51]

Icon PLC (ICLR) came out with quarterly earnings of $3.35 per share, missing the Zacks Consensus Estimate of $3.85 per share. This compares to earnings of $3.30 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -12.99%. A quarter ago, it was expected that this contract research organization would post earnings of $3.69 per share when it actually produced earnings of $3.75, delivering a surprise of 1.63%.Over the last four quarte ...

Exhibit 99.1 Highlights ICON Reports Third Quarter 2024 Results • Net business wins in the quarter of $2,328 million. Reflects a net book to bill in the quarter of 1.15, and a trailing twelve month net book to bill of 1.21. • Closing backlog of $24.3 billion, an increase of 2.1% on quarter two 2024 and 9.4% on quarter three 2023. • Quarter three revenue of $2,030.0 million. Quarter three adjusted EBITDA of $418.8 million or 20.6% of revenue. • GAAP net income for the quarter of $197.1 million or $2.36 per d ...

Icon PLC (ICLR) shares ended the last trading session 3.3% higher at $289.81. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 12.4% loss over the past four weeks. ICON plc. scored a strong price rise, driven by optimism surrounding its latest presentation at the Baird 2024 Global Healthcare Conference, held on Tuesday. Last month, the company announced the appointment of Nigel Clerkin as its new Chief Financial Off ...

ICON plc (ICLR) is well-poised to grow in the coming quarters, driven by its meaningful strategic additions. The company is committed to improving patient access and engagement strategy. Meanwhile, concerns about the adverse macroeconomic impacts as well as currency fluctuations remain, which may hamper ICON's performance. In the past year, this Zacks Rank #3 (Hold) company has gained 27% compared with the industry's 9.9% growth and 27.1% rise of the S&P 500 composite. The leading healthcare intelligence an ...

A month has gone by since the last earnings report for Icon PLC (ICLR) . Shares have added about 2.3% in that time frame, underperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Icon PLC due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. ICON Q2 Earnings Surpass Estimates, Margins Expand ICO ...

ICON plc (ICLR) delivered second-quarter 2024 adjusted earnings per share of $3.75, up 20.6% from the yearago period's figure. The metric also outpaced the Zacks Consensus Estimate by 1.7%. Total revenues rose 4.9% year over year to $2.12 billion, up 5.3% at constant exchange rate or CER. The metric missed the Zacks Consensus Estimate by a marginal 0.6%. Margins During the quarter, Selling, general and administrative expenses rose 3.5% to $194.5 million. Cash Position Cumulative cash flow provided by operat ...

ICON Public Limited Company (NASDAQ:ICLR) Q2 2024 Earnings Conference Call July 25, 2024 8:00 AM ET Company Participants Kate Haven - Vice President of Investor Relations Steve Cutler - Chief Executive Officer Brendan Brennan - Chief Financial Officer Conference Call Participants Justin Bowers - Deutsche Bank David Windley - Jefferies Max Smock - William Blair Elizabeth Anderson - Evercore ISI Patrick Donnelly - Citi Michael Ryskin - Bank of America Eric Coldwell - Baird Luke Sergott - Barclays Jailendra Si ...

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Icon PLC (ICLR) came out with quarterly earnings of $3.75 per share, beating the Zacks Consensus Estimate of $3.69 per share. This compares to earnings of $3.11 per share a year ago. These figures are adjusted for nonrecurring items. Over the last four quarters, the company has surpassed consensus EPS estimates four times. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the ear ...