Revenues rise 3.2pc to $401m at Icon pharma
Dublin-headquartered drug development firm Icon has started 2016 strongly with revenue of $400.5m in the first three months of the year.
Gross business wins in the opening quarter increased to $514m while its backlog of business grew by 9pc to $3.95bn.
The company employs 1,000 people in Ireland at its global HQ in Leopardstown and in an office in Limerick.
Icon chief executive Ciaran Murray said the results represented a "solid start" to the year.
"Revenue grew by 4.9pc year on year on a constant currency basis and further margin expansion enabled us to deliver earnings per share of $1.12, a 24pc increase over last year," Mr Murray said.
Income from operations in the period jumped by 14pc to $76m. The global pharmaceuticals firm spent $7.7m in capital expenditure during the period.
The company generated $59.4m in cash from operating activities, which helped drive down its net debt to $100m.
At the end of March Icon reduced its net debt by $58m compared to the end of 2015.
However, in March 2015, net cash stood at $172m.
Last year Icon's net profits jumped by 32pc off the back of increased revenues of €1.58bn.
As a result Mr Murray found himself the best-paid chief executive of an Irish Stock Market-listed company, collecting remuneration of over €11m over the course of the year.
Mr Murray took over as chief executive five years ago and has overseen a near five-fold rise in share price. Shares stood at $73.85 yesterday and have remained relatively stable over the last number of weeks, fluctuating between $75 and $73.
At the end of 2011, shares in the company cost $17.11.
In the first quarter of the year Icon was selected by Genomics England as a data management partner for the largest genomic sequencing project of its kind.
Outside of Ireland Icon employs roughly 11,200 employees in 36 countries across the world.
The company announced last month that its chairman would step down after 22 years at the company.
Thomas Lynch, who assumed the role of chairman in 2013 said the timing was right for him to relinquish his role.
In January Icon announced the creation of 200 new jobs to develop a new global innovation hub in Dublin.