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ICON plc (ICLR) is a global Contract Research Organization (CRO) that provides outsourced development services to pharmaceutical, biotechnology, medical device, and public health organizations. The company specializes in managing and analyzing clinical development programs across all stages, from compound selection to Phase I-IV clinical studies. ICON operates in over 50 countries, offering both stand-alone and integrated full-service solutions to meet diverse client needs.
- Clinical Development Services - Manages clinical trials across all phases (I-IV), supporting the development of new drugs and medical devices globally.
- Healthcare Intelligence Solutions - Provides strategic insights and data analytics to optimize clinical trial design and execution.
- Regulatory and Safety Services - Offers regulatory consulting and pharmacovigilance services to ensure compliance with global standards.
- Laboratory Services - Conducts specialized testing and analysis to support clinical trials and product development.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Brendan Brennan Executive | Chief Financial Officer (CFO) | None | Joined ICON in 2006, became CFO in 2012. Played a key role in ICON's growth and the PRA Health Sciences acquisition. Expected to leave in Q4 2024. | |
Diarmaid Cunningham Executive | Chief Administrative Officer, General Counsel, and Company Secretary | Non-Executive Director at The Jack & Jill Foundation | Joined ICON in 2009 as General Counsel. Expanded role to include Chief Administrative Officer in 2016. Oversees legal, quality assurance, and procurement. Holds a law degree and completed the Stanford Executive Program. | |
Dr. Steve Cutler Executive | Chief Executive Officer (CEO) | None | Joined ICON in 2011 as Group President of Clinical Research Services, became COO in 2014, and CEO in 2017. Previously held leadership roles at Kendle International and Quintiles. Holds a Ph.D. from the University of Sydney. | View Report → |
Ciaran Murray Board | Chair of the Board of Directors | Advisory Board Member at UCD Smurfit Business School | Joined ICON in 2005 as CFO, became CEO in 2011, and Chair in 2018. Recognized for leadership in the CRO industry and awarded the RDS Gold Medal for Enterprise in 2018. | |
Dr. John Climax Board | Outside Director | Executive Chairman of DS Biopharma; CEO of Afimmune Limited | Co-founder of ICON. Served as CEO (1990-2002) and Chairman (2002-2009). Holds adjunct professorships and has authored numerous clinical research papers. | |
Dr. Linda Grais Board | Outside Director | Board Member at Corvus Pharmaceuticals, Arca Biopharma, and Zosana Pharma | Joined ICON's Board in 2021. Former CEO of Ocera Therapeutics and venture capitalist at InterWest Partners. Holds an M.D. from Yale and a J.D. from Stanford. | |
Eugene McCague Board | Outside Director | Board Member at AON Insurance (Irish branch); Chairman of Ibec | Joined ICON's Board in 2017. Former Managing Partner and Chairman at Arthur Cox law firm. Holds a Bachelor of Civil Law degree and a Diploma in European Law. | |
Julie O'Neill Board | Outside Director | Board Member at DBV Technologies, Hookipa Pharma, ILC Dover, Achilles Therapeutics, and Advancion; Chairperson of Ireland’s National Institute for Bioprocessing Research and Training | Joined ICON's Board in 2019. Former EVP of Global Operations at Alexion Pharmaceuticals. Holds a pharmacy degree and an MBA. | |
Rónán Murphy Board | Lead Independent Director | Chairman of Greencoat Renewables PLC; Non-Executive Director at Davy Stockbrokers; Chair of Business in the Community Ireland; Council Member of ESRI | Appointed to ICON's Board in 2016. Former Managing Partner at PwC Ireland. Holds extensive experience in corporate governance and sustainability. |
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Unbilled revenue increased 45% year-over-year due to changes in contracting practices with large pharma customers pushing out milestones. How are you managing the risks associated with higher unbilled receivables, and have you considered selling receivables to mitigate this impact?
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With two of your largest customers undergoing development model transitions and cost pressures, and the biotech segment facing slower decision-making, how confident are you that these issues are isolated and not indicative of a broader slowdown in demand from large pharma clients that could persist into the future?
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The backlog burn rate declined by 60 basis points sequentially in Q3. Can you quantify how much of this decline was due to business mix changes versus non-vaccine opportunities not converting to revenue, and how do you anticipate burn rates to trend beyond Q4, especially given the volatility in vaccine work?
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You mentioned implementing cost-cutting measures to realign your cost base with the current level of work. Can you provide more specifics on these actions, the expected magnitude of cost savings, and how they will impact your EBITDA margins in 2025?
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Given the challenges faced this quarter and potential headwinds ahead, do you still expect to achieve your 2027 long-term goals outlined at the recent Investor Day, even if at the lower end of the range? If revenue growth remains constrained, will you consider accelerating share repurchases to meet your EPS targets?
Recent press releases and 8-K filings for ICLR.
- Revenue reached $2 billion in Q1 2025 with a 4.3% YoY decline and 19.5% adjusted EBITDA margin amid market uncertainties .
- Revised guidance removed nearly $350 million in next-generation COVID trial revenues and reflected an overall mid-point reduction of $400 million due to increased cancellations and delays .
- Share repurchase update: In March 2025, 1,360,537 shares were repurchased for $250 million; additionally, the Board approved a further buyback of up to $750 million .
- Maintained strong liquidity with net debt of $2.9 billion, supporting balanced capital deployment .
- Vaccine study update: The next-generation COVID vaccine study was delayed by 90 days, with a potential earlier restart in Q2 2025 .
- Global tariffs impact: New U.S. tariffs announced on April 2, 2025, followed by a reduction on April 9, 2025, contributing to ongoing economic uncertainty .
- ICON PLC discussed a 90-day delay in a BARDA contract, which is expected to impact near-term margins while the company remains confident about eventually resuming the project.
- Executives highlighted the volatility in the biotech segment with anticipated elevated cancellation risks over the next 12 months, contrasting this with more stable opportunities emerging from large pharma.
- The company is leveraging strategic partnerships and flexible pricing strategies to maintain operational efficiencies and mitigate margin pressures amid uncertain market dynamics.
- The document presents unaudited interim financial statements for ICON PLC for the period 1 January 2024 to 5 March 2025, highlighting key figures such as a revenue of $49,264k and a profit of $664,750k, driven notably by income from shares in group undertakings.
- It details a significant share repurchase program, with 2,179,699 ordinary shares repurchased for $500 million and an additional buyback authorization allowing up to $1 billion in total repurchases.
- The statements also cover strategic transactions in subsidiaries including the transfer of the Italian branch and ICON Japan, resulting in gains recorded in Other Reserve.