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Drugs firm Icon sees income soar

DUBLIN pharmaceutical group Icon has returned an impressive 1,100pc increase in net income for the three months to the end of September.

The company, which is based in Leopardstown, Dublin, saw growth in net income jump from $1.46 (€1.13m) in the third quarter of 2011 to $17.7m for the same period in 2012. Pre-tax profits at Icon rose from $1.2m to $20.6m.

It recorded an overall loss of $2.6m following a restructuring programme that cost Icon more than $4m.

As part of the growth, Icon is now planning on withdrawing from the Irish Stock Exchange listing and proceeding with a full listing on the Nasdaq. Icon chief executive Ciaran Murray said he was happy with the progress so far in 2012.

"We have recorded $1.5bn of gross bookings in the first three quarters of the year, produced 16% growth in revenue year to date and our margin recovery continues to go to plan," he said.

"We continue to strive to be the CRO (contract research organisation) partner of choice for the biopharma industry and to differentiate our company through our people, industry-leading innovation, and expanding value-added service offerings."

The company's net cash amounted to $180m at Sept 30, compared with net cash of $168m at Jun 30 this year.