Tuesday 17 October 2017

Drug firm Icon scales up full-year forecasts as sales rocket by 21pc

Sarah McCabe

Sarah McCabe

IRISH drug tester and developer Icon saw sales surge 21pc in the first three months of the year thanks to a jump in new business.

The company has now raised its full-year sales forecasts. It expects to generate around $1.3bn (€985m) in 2013 with earnings per share between $1.54 to $1.64, up from the $1.44 to $1.60 forecast made in February.

The company, which provides outsourced development services to pharmaceutical and medical device companies, made sales of $334.2m between April and June, up from $227m in the same period last year.

Headquartered in Dublin, Icon employs about 10,170 people in 37 countries worldwide. It was founded 23 years ago by Irish doctors John Climax and Ronan Lambe and now has a market capitalisation of $2.363bn.

It has expanded through an extensive programme of acquisitions, recently purchasing staffing agencies ClinForce and Assent Consulting as well as drug safety company Akos.

"I am happy that Q2 was another strong quarter for Icon," said chief executive Ciaran Murray.

Net profit, excluding a once-off restructuring charge, more than doubled. It reached $26.5m during the quarter.

Icon is publicly listed and trades on the NASDAQ. Its share price was up by 2.67pc in early afternoon trading yesterday, hitting $39.04.

Irish Independent

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