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Icon's quarterly revenues up 4.4% to over $2 billion

Icon last night reported net business wins of $2.42 billion for the second quarter of 2023
Icon last night reported net business wins of $2.42 billion for the second quarter of 2023

Clinical research organisation Icon has reported revenues of $2.02 billion in the second quarter, up 4.4% year-on-year.

It brings its revenue for the first half of the year to almost $4 billion - or 4.2% higher on the same period of 2022.

The Nasdaq-listed company, which is headquartered in Dublin, reported earnings before interest, tax, depreciation and amortisation of $414.2m - up 16.9% year-on-year.

In the first six months of the year, the firm's earnings stood at $813.4m - up 17% on the same period of 2022.

In its full-year forecasts, Icon said it expects this pace of growth to continue for the rest of the year.

It is guiding revenue of $8.07-8.21 billion for 2023 - which would be 4.3-6.1% higher than 2022.

It also forecast earnings per share of between $12.63 and $12.91. That would be an increase of between 7.5% and 9.9% year-on-year.

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Icon reported net business wins of $2.42 billion for the second quarter - with its backlog of work 2.2% higher at $21.7 billion.

The company employs about 41,160 employees in 108 locations in 53 countries.

"We are encouraged by the positive customer demand trends across our business and have confidence in our long-term growth trajectory," said Icon CEO Dr Steve Cutler.

"Given our strong margin performance, as well as a more favourable tax position, we are revising our adjusted earnings per share range to $12.63 - $12.91, reflecting a year over year increase of 7.5 to 9.9%, an increase of $.04 at the midpoint from our previous guidance range," Dr Cutler said.