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DUBLIN - Clinical research organization ICON plc (NASDAQ:ICLR), a $14 billion market cap company with "GREAT" financial health according to InvestingPro metrics, announced Thursday that Barry Balfe will succeed Dr. Steve Cutler as Chief Executive Officer effective October 1, 2025. Balfe, who currently serves as the company’s Chief Operating Officer, has also been appointed to the Board of Directors.
Cutler, who is retiring after 14 years with the company, will continue to serve on ICON’s Board as a non-executive director to facilitate the leadership transition.
Balfe joined ICON’s executive leadership team in 2019, initially serving as President of Functional Services before becoming President of Pharma Solutions. He was appointed Chief Operating Officer in January 2025.
"Barry has an outstanding record of success in leadership positions in ICON, most recently in his role as Chief Operating Officer," said Ciaran Murray, ICON’s Chair. "Barry’s appointment follows a comprehensive succession planning process and he is ideally positioned to lead ICON into the future."
Commenting on his appointment, Balfe said, "At this pivotal time in our industry, I look forward to leading our teams as we work to accelerate the development of novel therapeutics that benefit patients around the world."
ICON plc, headquartered in Dublin, Ireland, provides outsourced clinical research services to pharmaceutical, biotechnology, medical device, and government organizations. The company employed approximately 39,900 employees across 95 locations in 55 countries as of June 30, 2025, according to the press release statement. With annual revenue of $8.1 billion and trading at a P/E ratio of 18.5, analysts maintain a bullish outlook on ICON, which currently appears undervalued according to InvestingPro’s Fair Value analysis. For detailed insights and additional ProTips about ICON’s performance, visit the comprehensive Pro Research Report available on InvestingPro.
In other recent news, ICON plc reported earnings for the second quarter of 2025 that exceeded expectations. The company achieved earnings per share of $3.26, surpassing the anticipated $3.19. Additionally, ICON’s revenue also exceeded projections, marking a strong performance for the quarter. In a separate development, Rothschild Redburn upgraded ICON’s stock rating from Neutral to Buy. This upgrade was accompanied by an increased price target from $184.00 to $236.00. Rothschild Redburn’s decision was based on the expectation that ICON’s gross bookings will return to year-over-year growth by the third quarter of 2025. These recent developments highlight a positive outlook for ICON plc.
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