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    Luke Sergott • Barclays

    Luke Sergott's questions to ICON PLC (ICLR) leadership

    Luke Sergott's questions to ICON PLC (ICLR) leadership • Q4 2024

    Question

    Luke Sergott requested details on the strong Q4 bookings, asking about the mix between FSP and full-service business, the weighting between small and large pharma, and how this performance sets up the company for Q1.

    Answer

    CEO Dr. Steve Cutler clarified that the Q4 bookings strength was primarily driven by the biotech segment, with significant full-service awards. He noted that large pharma was more muted in the quarter. While pleased with the biotech wins, he mentioned that elevated cancellations offset some of the gross bookings growth and that the new awards will take time to ramp up and contribute to revenue.

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    Luke Sergott's questions to Avantor Inc (AVTR) leadership

    Luke Sergott's questions to Avantor Inc (AVTR) leadership • Q4 2024

    Question

    Luke Sergott asked for more visibility on the drivers of the implied sequential ramp through 2025, particularly what is expected to improve in the lab business given factors like U.S. semiconductor weakness and government funding.

    Answer

    CEO Michael Stubblefield clarified that the guidance does not imply a significant ramp, but rather a typical 49% first-half, 51% second-half revenue split. He stated the lab business is expected to have stable end-market conditions, with growth supported by the phasing-in of normal price contributions through Q1 and Q2.

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