Monday 21 January 2019

Icon predicts revenue boost of as much as 9pc

Icon CEO Dr Steve Cutler
Icon CEO Dr Steve Cutler
Gavin McLoughlin

Gavin McLoughlin

IRISH clinical trials firm Icon said it expects its revenue to increase as much as 9pc this year.

The Leopardstown-based company, which helps pharma giants such as Pfizer conduct drug trials, is guiding revenue of $2.74bn- $2.84bn (€2.4bn-€2.5bn).

Icon chief executive Dr Steve Cutler said the company had performed well at winning business. He said the company would seek to boost efficiency and that this should help increase earnings per share.

"We feel we have the strongest balance sheet in the industry and will continue to focus on deploying capital to maximise shareholder value through a combination of M&A and share repurchases," Dr Cutler added.

The company was presenting at an event in San Francisco yesterday, where it told attendees that economic fundamentals were healthy in its industry.

It said it expected value growth to intensify in the areas of rare disease, adding that biotech companies that have raised large sums are looking to allocate cash. It also wants to boost its use of robotics and automation.

Irish Independent

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