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    Rob Cottrell

    Research Analyst at Cleveland Research Company

    Rob Cottrell is a Research Analyst at Cleveland Research Company, specializing in providing in-depth equity research and market analysis. At Cleveland Research, he delivers insights on procurement, inflation management strategy, and cost modeling, recently contributing expertise at the 9th R&D Procurement & Sourcing in Pharma Summit. Cottrell began his role at Cleveland Research Company in 2024, following previous experience with ING North America, and is recognized for his analytic rigor in tracking performance metrics and offering actionable advisory for clients. He holds professional credentials relevant to equity research roles, reflecting a strong foundation in finance and market intelligence.

    Rob Cottrell's questions to ICON (ICLR) leadership

    Rob Cottrell's questions to ICON (ICLR) leadership • Q2 2025

    Question

    Rob Cottrell of Cleveland Research Company asked how to reconcile commentary on higher near-term pass-throughs with increased price competition, and how higher pass-throughs flow through to bookings and backlog.

    Answer

    CEO Steve Cutler explained that the two are not offsetting factors, as price competition centers on margin-producing direct fees, while pass-throughs are non-margin costs dictated by study type. CFO Nigel Clerkin clarified that pass-throughs are simply included as part of the total value of a gross study award and are not treated differently in bookings.

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