ICON Reports Q4 Revenue of $2.11B, Beating Consensus
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 7 hours ago
0mins
Reports Q4 revenue $2.11B, consensus $1.99B. CEO, Mr. Barry Balfe commented, "ICON demonstrated continued commercial momentum through the fourth quarter, underpinned by disciplined execution against our strategic priorities. We achieved notably strong net bookings, with gross awards strengthening, cancellations normalizing and forward-looking indicators encouraging. Our competitive position remains very strong, with established partnerships continuing to deliver, while newer relationships are maturing and increasingly contributing to results. Importantly, the demand environment is also improving, supported by strengthening biotech funding and sustained large pharma investment. I am also pleased that we have concluded the investigation into certain accounting practices. We identified the issues, rigorously investigated them and are actively building a stronger control environment. This will remain a priority for me, for our Board and for the broader leadership team. Looking ahead, ICON retains a positional advantage in the drug development industry. Our leading scale, capabilities and customer base are augmented by our strategic investments in differentiated agentic technologies. While near-term financial performance will reflect the headwinds identified in 2025, increasing commercial momentum and a maturing portfolio of strategic partnerships point to sustainable growth into 2027 and beyond."
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Analyst Views on ICLR
Wall Street analysts forecast ICLR stock price to rise
13 Analyst Rating
6 Buy
7 Hold
0 Sell
Moderate Buy
Current: 113.850
Low
172.00
Averages
202.67
High
222.00
Current: 113.850
Low
172.00
Averages
202.67
High
222.00
About ICLR
ICON Public Limited Company is a healthcare intelligence and clinical research organization. The Company is engaged in providing outsourced services to pharmaceutical, biotechnology, medical device and government and public health organizations. It offers a range of specialized services to assist pharmaceutical, biotechnology and medical device companies to bring new drugs and devices to market faster. The Company's services include clinical research services, commercial positioning, consulting, early phase, strategic solutions, laboratories, language services, medical imaging, real world intelligence, site and patient solutions, COVID-19 clinical operation and decentralized and hybrid clinical solutions. It also provides its full range of clinical, consulting and commercial services across several sectors, which include biosimilars, biotechnology, government and public health solutions, medical devices and pharmaceuticals.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
ICON plc Reports Strong 2025 Financial Results with Strategic Enhancements
- Quarterly Revenue Growth: In Q4 2025, revenue reached $2.1125 billion, reflecting a 2.5% year-over-year increase, indicating the company's stable growth in the market despite economic challenges.
- Adjusted EBITDA Performance: The adjusted EBITDA for Q4 was $327.1 million, representing 15.5% of revenue, showcasing the company's ongoing efforts in cost control and operational efficiency, even as overall profit margins declined.
- Net Business Wins: The net business wins for Q4 amounted to $2.868 billion with a book-to-bill ratio of 1.36, indicating strong performance in new business acquisition, which enhances the sustainability of future revenues.
- Financial Guidance Outlook: The company projects 2026 revenue in the range of $7.85 billion to $8.15 billion, with adjusted diluted earnings per share expected between $10.00 and $11.00, reflecting management's confidence in future growth.
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- Compliance Notification: ICON plc received a written notice from Nasdaq indicating non-compliance with Listing Rule 5250(c)(1) due to the pending filing of its 20-F form for the year ended December 31, 2025, although this notice has no immediate impact on the listing or trading of its securities, indicating the company remains within compliance parameters.
- Compliance Plan Timeline: Nasdaq has provided ICON plc with 60 days to submit a plan to regain compliance, and the company anticipates filing the 20-F form before the conference call, which could quickly restore compliance and maintain investor confidence.
- Forward-Looking Statements: The statements from ICON plc include forward-looking information regarding the finalization of the 20-F form and the ability to regain compliance, highlighting the risks and uncertainties faced in management and operations, and cautioning investors about potential market volatility.
See More
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- Stock Price Recovery: Following the investigation results, ICON's shares surged approximately 13% on Wednesday, despite a year-to-date drop of about 36%, indicating a market reassessment of the company's future outlook.
- Financial Restatement Plan: ICON plans to restate its financial results for 2023, 2024, and the first nine months of this year, with the completion of financial statements and external audits expected in the coming weeks, thereby enhancing investor confidence.
- Commercial Strategy Execution: CEO Barry Balfe noted that while recent market dynamics will impact near-term performance, the company is encouraged by the improved demand environment, indicating strong execution of its commercial strategy and potential for future growth.
See More
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- Financial Uncertainty: Despite concerns regarding uncertainty over its upcoming Q4 2025 financials, particularly related to an ongoing accounting probe, analyst Sean Dodge believes the valuation remains compelling in the current market environment.
- Valuation Analysis: Dodge noted that ICLR is trading at an 8.3x multiple, at a “multi-decade low,” making it an attractive entry point for investors, especially as its valuation “overly discounts” the associated risks and long-term AI fears affecting the CRO sector.
- Market Reaction: ICON's shares dropped in February after the company withdrew its 2025 financial guidance, with the audit committee's investigation still pending; however, the market's rebound indicates investor confidence in its future potential.
See More
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- Abercrombie & Fitch Coverage Initiated: Needham initiates coverage on Abercrombie & Fitch (ANF) with a Buy rating and a $108 price target, believing that after a challenging FY25, the company's fundamentals are stabilizing, making it attractive for investors.
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See More
ICON plc Reports Strong 2025 Financial Results with Strategic Enhancements
- Quarterly Revenue Growth: In Q4 2025, revenue reached $2.1125 billion, reflecting a 2.5% year-over-year increase, indicating the company's stable growth in the market despite economic challenges.
- Adjusted EBITDA Performance: The adjusted EBITDA for Q4 was $327.1 million, representing 15.5% of revenue, showcasing the company's ongoing efforts in cost control and operational efficiency, even as overall profit margins declined.
- Net Business Wins: The net business wins for Q4 amounted to $2.868 billion with a book-to-bill ratio of 1.36, indicating strong performance in new business acquisition, which enhances the sustainability of future revenues.
- Financial Guidance Outlook: The company projects 2026 revenue in the range of $7.85 billion to $8.15 billion, with adjusted diluted earnings per share expected between $10.00 and $11.00, reflecting management's confidence in future growth.
See More
ICON plc Announces Financial Results Release Schedule for 2025
- Financial Results Schedule: ICON plc plans to release its Q4 and full-year 2025 financial results after market close on May 27, 2026, followed by a conference call on May 28, 2026, at 8:00 AM ET, demonstrating the company's commitment to transparency.
- Compliance Notification: ICON plc received a written notice from Nasdaq indicating non-compliance with Listing Rule 5250(c)(1) due to the pending filing of its 20-F form for the year ended December 31, 2025, although this notice has no immediate impact on the listing or trading of its securities, indicating the company remains within compliance parameters.
- Compliance Plan Timeline: Nasdaq has provided ICON plc with 60 days to submit a plan to regain compliance, and the company anticipates filing the 20-F form before the conference call, which could quickly restore compliance and maintain investor confidence.
- Forward-Looking Statements: The statements from ICON plc include forward-looking information regarding the finalization of the 20-F form and the ability to regain compliance, highlighting the risks and uncertainties faced in management and operations, and cautioning investors about potential market volatility.
See More
ICON Public Limited Shares Surge After Accounting Investigation Conclusion
- Investigation Conclusion: ICON Public Limited announced that its audit committee has concluded the investigation into its accounting practices, revealing minor revenue overstatements for 2023 and 2024, below the previously disclosed upper limit of 2%, which supports the stock price rebound.
- Stock Price Recovery: Following the investigation results, ICON's shares surged approximately 13% on Wednesday, despite a year-to-date drop of about 36%, indicating a market reassessment of the company's future outlook.
- Financial Restatement Plan: ICON plans to restate its financial results for 2023, 2024, and the first nine months of this year, with the completion of financial statements and external audits expected in the coming weeks, thereby enhancing investor confidence.
- Commercial Strategy Execution: CEO Barry Balfe noted that while recent market dynamics will impact near-term performance, the company is encouraged by the improved demand environment, indicating strong execution of its commercial strategy and potential for future growth.
See More
BMO Capital Markets Upgrades ICON to Outperform with Price Target Raised to $130
- Rating Upgrade: BMO Capital Markets upgraded ICON Public Limited (ICLR) from Market Perform to Outperform and raised its price target from $100 to $130, reflecting an attractive valuation after the stock has lost nearly 44% over the past 12 months.
- Financial Uncertainty: Despite concerns regarding uncertainty over its upcoming Q4 2025 financials, particularly related to an ongoing accounting probe, analyst Sean Dodge believes the valuation remains compelling in the current market environment.
- Valuation Analysis: Dodge noted that ICLR is trading at an 8.3x multiple, at a “multi-decade low,” making it an attractive entry point for investors, especially as its valuation “overly discounts” the associated risks and long-term AI fears affecting the CRO sector.
- Market Reaction: ICON's shares dropped in February after the company withdrew its 2025 financial guidance, with the audit committee's investigation still pending; however, the market's rebound indicates investor confidence in its future potential.
See More
Wall Street's Latest Ratings: Apple and Dell Rated Buy
- Apple and Dell Benefiting: Goldman Sachs reiterates Buy ratings for Apple (AAPL) and Dell (DELL), citing increased demand for PC hardware driven by the rise of open-source autonomous AI agents, which is expected to enhance their market performance.
- Abercrombie & Fitch Coverage Initiated: Needham initiates coverage on Abercrombie & Fitch (ANF) with a Buy rating and a $108 price target, believing that after a challenging FY25, the company's fundamentals are stabilizing, making it attractive for investors.
- Spotify Performance Outlook: Daiwa rates Spotify Technology (SPOT) as Outperform with a $535 price target, based on expectations of steady revenue growth, indicating confidence in its future development.
- Somnigroup International Upgrade: Jefferies upgrades Somnigroup International (SGI) from Hold to Buy, noting that SGI shares have fallen about 17% since the start of the Iran war, yet its valuation remains attractive, reflecting market confidence in its future growth potential.
See More
BMO Upgrades ICON PLC to Outperform, Increases Target Price from $100 to $130
Company Performance: Icon PLC has reported strong market performance, indicating positive growth and stability.
Target Price Increase: The company has raised its target price from $100 to $130, reflecting increased investor confidence and market expectations.
See More
