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Investing.com -- ICON plc (NASDAQ:ICLR) reported first quarter earnings that beat analyst expectations, sending shares up 6.2% in trading following the release.
The clinical research organization posted adjusted earnings per share of $3.19, edging past the consensus estimate of $3.18. Revenue came in at $2 billion, slightly below expectations of $2.03 billion and down 4.3% YoY.
ICON’s net business wins for the quarter totaled $2.02 billion, resulting in a book-to-bill ratio of 1.01. The company’s closing backlog stood at $24.7 billion, up 6% compared to Q1 2024.
"ICON’s performance in quarter one was impacted by the volatility and cautiousness that continues to be present in the broader clinical development market," said CEO Dr. Steve Cutler. "Bookings were below expectations due to delays in customer decision making, careful capital allocation and continued elevated cancellations."
For the full year 2025, ICON updated its revenue guidance to a range of $7.75 billion to $8.15 billion, representing a YoY decrease of 6.4% to 1.6%. The company also revised its adjusted EPS outlook to between $12.75 and $14.25.
ICON repurchased $250 million worth of stock during the quarter at an average price of $184 per share. The company’s net debt stood at $2.9 billion as of March 31, with a net debt to adjusted EBITDA ratio of 1.7x.
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