ICON Public Limited Company
- Open
- 163.70
- Day high
- 166.43
- Day low
- 163.59
- Prev close
- 166.18
- Volume
- 98K
- Mkt cap
- $12.7B
- P/E (TTM)
- 29.3
- EPS (TTM)
- $5.66
- P/B
- 1.4
- P/S
- 1.5
- Yield
- —
- Per share
- —
ICON Public Limited Company (ICLR) is a Healthcare company listed on NASDAQ. The stock is up 19% over the past year.
ICON Public Limited Company (ICLR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 11 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ICLR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 24, 2026 | $2.43 | $2.50 | +2.9% | $2.1B | +6.6% |
| Oct 22, 2025 | $3.28 | $3.31 | +0.9% | $2.0B | +1.5% |
| Jul 23, 2025 | $3.19 | $3.26 | +2.2% | $2.0B | +1.8% |
| Apr 30, 2025 | $3.11 | $3.19 | +2.6% | $2.0B | -0.3% |
| Feb 19, 2025 | $3.41 | $3.43 | +0.6% | $2.0B | +0.2% |
| Oct 23, 2024 | $3.85 | $3.35 | -13.0% | $2.0B | -0.3% |
| Jul 24, 2024 | $3.68 | $3.75 | +1.9% | $2.1B | -0.8% |
| Feb 21, 2024 | $3.44 | $3.46 | +0.6% | $2.1B | -1.2% |
| Oct 25, 2023 | $3.28 | $3.30 | +0.6% | $2.1B | -1.7% |
| Jul 26, 2023 | $3.08 | $3.11 | +1.0% | $2.0B | -1.6% |
| Feb 22, 2023 | $3.06 | $3.13 | +2.3% | $2.0B | -0.8% |
| Nov 2, 2022 | $2.93 | $3.00 | +2.4% | $1.9B | +0.4% |
ICLR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 15, 2026 | Murphy Ronan Martindirector | Grant | 5,005 | $125.74 |
| May 15, 2026 | CLIMAX JOHN DRdirector | Grant | 5,005 | $125.74 |
| May 15, 2026 | McCague Eugene Pacellidirector | Grant | 3,255 | $125.74 |
Source: ICLR SEC Form 4 filings, latest May 15, 2026. For informational purposes only — not investment advice.
See the full ICLR insider & 13F page →ICON Public Limited Company company profile
Overview
ICON Public Limited Company (NASDAQ:ICLR) is a Dublin-based clinical research organization that was founded in 1990 and went public in 1998. The company provides comprehensive outsourced development and commercialization services to pharmaceutical, biotechnology, and medical device companies worldwide. ICON has grown significantly through strategic acquisitions, most notably its 2021 merger with PRA Health Sciences, which transformed it into one of the world's largest contract research organizations. Today, ICON operates globally with a particular strength in supporting clinical trials from early-phase development through post-market surveillance.
Business
ICON operates in the clinical research organization (CRO) industry, which serves as the backbone of pharmaceutical drug development. When pharmaceutical and biotechnology companies develop new medicines, they must conduct extensive clinical trials to prove safety and efficacy before regulatory approval. These trials are complex, expensive, and highly regulated processes that can take years to complete and cost hundreds of millions of dollars. Rather than conducting these trials internally, many pharmaceutical companies outsource this work to specialized CROs like ICON. The company provides end-to-end clinical development services across all phases of drug development: Clinical Development Services form the core offering, encompassing early-phase studies (Phase I safety trials), patient recruitment and retention strategies, late-phase research (Phase III efficacy studies), and Phase IV post-market surveillance. This includes critical functions like site monitoring, data management, biostatistics, medical writing, and regulatory strategy. Specialized Support Services include medical imaging analysis, laboratory services, pharmacovigilance (drug safety monitoring), clinical supplies management, and interactive response technologies that manage patient randomization and drug dispensing during trials. Technology and Analytics Solutions represent a growing segment, with ICON investing heavily in AI-enabled tools, automation platforms, and data analytics to improve trial efficiency and reduce costs. Recent innovations include iSubmit for regulatory submissions and SmartDraft for document automation. The company serves three primary customer segments: large pharmaceutical companies (representing the majority of revenue), mid-sized biotech firms, and medical device manufacturers. ICON's top 5 customers typically account for approximately 25% of total revenue, while the top 25 customers represent around 64% of revenue, indicating a diversified but concentrated customer base.
Revenue model
ICON operates on a fee-for-service business model, generating revenue primarily through contracted clinical development services. The company typically enters into multi-year contracts with pharmaceutical and biotech clients, with payment structures that can include upfront fees, milestone-based payments, and ongoing service fees throughout the trial duration. Revenue generation occurs through several mechanisms. Direct service fees represent the largest component, where ICON charges for specific clinical trial activities like patient monitoring, data collection, and regulatory compliance. Pass-through costs include investigator fees, laboratory costs, and other third-party expenses that ICON manages on behalf of clients. Technology licensing and platform fees generate additional revenue from ICON's proprietary digital tools and analytics platforms. The company's profitability depends on several key factors. Utilization rates of clinical staff and infrastructure directly impact margins, as ICON maintains significant fixed costs in personnel and facilities. Trial complexity and therapeutic area influence pricing, with oncology and rare disease trials typically commanding premium rates due to specialized expertise requirements. Geographic mix affects costs, as trials in emerging markets like China offer cost advantages while maintaining quality standards. Market dynamics significantly influence ICON's financial performance. Biotech funding cycles create volatility, as reduced venture capital availability leads to trial cancellations and delays. Large pharmaceutical R&D budgets drive demand for outsourced services, with companies increasingly preferring to outsource rather than maintain internal capabilities. Regulatory changes can create both opportunities and challenges, as new requirements may increase demand for specialized services while potentially extending trial timelines. Competition from other CROs creates pricing pressure, particularly for large strategic partnerships where clients seek comprehensive service packages at competitive rates.
Competitive moat
ICON's competitive moat stems from several interconnected factors, though the strength varies across different aspects of its business. The company's scale and global infrastructure represent its strongest defensive position, with operations spanning multiple continents and the ability to conduct trials across diverse regulatory environments. This global reach is particularly valuable for large pharmaceutical companies seeking to run multinational trials efficiently. Regulatory expertise and relationships provide another layer of protection, as ICON has developed deep knowledge of complex approval processes across different therapeutic areas and geographies. The company's experience with regulatory agencies like the FDA, EMA, and emerging market authorities creates switching costs for clients who value proven track records in successful drug approvals. Technology investments and proprietary platforms offer moderate competitive advantages, with ICON's AI-enabled tools and automation capabilities helping differentiate its services. However, technology alone rarely creates lasting moats in the CRO industry, as competitors can develop similar capabilities over time. The company's strategic partnerships with large pharmaceutical companies provide some stability and competitive protection, as these multi-year relationships involve deep integration of systems and processes that create switching costs. However, ICON's moat faces several challenges. The CRO industry remains highly competitive with numerous capable competitors including Labcorp Drug Development, IQVIA, and PPD (now part of Thermo Fisher). Client concentration risk exists, as losing a major pharmaceutical partnership could significantly impact revenue. Pricing pressure is persistent, particularly in biotech segments where funding constraints drive aggressive cost negotiations. Regulatory and technology changes could potentially disrupt established service models, requiring continuous investment to maintain competitive position. Overall, ICON possesses a moderate moat primarily based on scale, expertise, and client relationships, but faces ongoing competitive pressures that require continuous investment and innovation to maintain market position.
Risks & safety
ICON demonstrates a moderate margin of safety with generally solid financial fundamentals but some areas of concern: Liquidity and Solvency: • Current ratio of 1.27 indicates adequate short-term liquidity coverage • Cash and short-term investments of $527 million provide reasonable cushion • Debt-to-equity ratio of 0.37 represents manageable leverage levels • Strong free cash flow generation of $1.1 billion annually supports debt service Valuation Metrics: • EV/EBITDA of 13.7x appears reasonable for a stable services business • P/E ratio of 23.2x suggests moderate valuation relative to earnings • Price-to-book ratio of 1.5x indicates trading near tangible book value Operational Considerations: • Revenue concentration in top customers creates client dependency risk • Cyclical biotech funding environment introduces earnings volatility • Capital-light business model provides operational flexibility • Consistent EBITDA margins around 20% demonstrate operational stability
Recent development
Over the past several years, ICON has undergone significant strategic transformation focused on three key areas: digital innovation and automation, operational efficiency improvements, and strategic market positioning. The company has made substantial investments in technology and automation, achieving over 3.5 million automation hours in 2024 and targeting over 5 million hours in 2025. This automation initiative spans pharmacovigilance, document management, and laboratory services, with expected annual cost savings exceeding $100 million. ICON has launched AI-enabled tools including iSubmit for regulatory submissions and SmartDraft for document automation, positioning itself as a technology-forward CRO. Operational efficiency has become a central focus, particularly in response to market volatility and pricing pressures. The company has implemented comprehensive cost management strategies, including organizational restructuring and standardization of platforms across global operations. These efforts have helped maintain EBITDA margins around 20% despite revenue headwinds. Strategic partnerships and market expansion have been key growth drivers, with ICON successfully renewing all major large pharma strategic partnerships and securing new relationships with top-tier pharmaceutical companies. The company has strengthened its position in key growth markets, particularly China where it maintains 1,200 employees, and has expanded capabilities in high-value therapeutic areas like cardio-metabolic diseases and oncology. Capital deployment strategy has evolved to balance growth investments with shareholder returns. ICON has executed significant share repurchase programs, including $250 million in recent quarters, while maintaining focus on strategic acquisitions in areas like laboratory services and site solutions. The company completed a $2 billion investment-grade bond offering to optimize its capital structure and provide flexibility for future growth initiatives.
ICLR company profile · for informational purposes only — not investment advice.
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