ICLR

This article first appeared on GuruFocus. Glenn Greenberg (Trades, Portfolio), co-founder of Chieftain Capital Management in 1984 alongside John Shapiro, has long championed a concentrated investment approach. Under his leadership, Chieftain compounded accounts at 22.5% annually (before fees) from 1984 through 2004, versus 12.9% for the S&P 500. After the firm split, Greenberg established Brave Warrior Advisors, maintaining a portfolio he describes as a "defense against ignorance." His philosophy centers on owning fewer companies to know each deeply, focusing on businesses with little competition and strong returns on invested capital. The recently filed 13F for the second quarter of 2026 reveals significant repositioning, most notably a substantial reduction in TD Synnex Corp. Warning! GuruFocus has detected 5 Warning Sign with ICLR. Is ICLR fairly valued? Test your thesis with our free DCF calculator. Glenn Greenberg (Trades, Portfolio) added a total of 7 stocks to his portfolio during the quarter. The most significant addition was Arthur J. Gallagher & Co (NYSE:AJG), with 1,285,022 shares, accounting for 6.43% of the portfolio and a total value of $295 million. The second largest addition was Analog Devices Inc (NASDAQ:ADI), consisting of 612 shares, representing approximately 0.01% of the portfolio, with a total value of $243,070. The third largest addition was Nu Holdings Ltd (NYSE:NU), with 40,000 shares, accounting for 0.01% of the portfolio and a total value of $534,400. Greenberg also increased stakes in a total of 6 stocks during the quarter. The most notable increase was Ryanair Holdings PLC (NASDAQ:RYAAY), with an additional 919,308 shares, bringing the total to 3,958,684 shares. This adjustment represents a significant 30.25% increase in share count, a 1.3% impact on the current portfolio, and a total value of $256,324,790. The second largest increase was Icon PLC (NASDAQ:ICLR), with an additional 156,497 shares, bringing the total to 3,153,308. This adjustment represents a 5.22% increase in share count and a total value of $547,761,130. Glenn Greenberg (Trades, Portfolio) completely exited 3 holdings in the second quarter of 2026, as detailed below: Apollo Global Management Inc (NYSE:APO): Greenberg sold all 4,500 shares, resulting in a -0.01% impact on the portfolio. Ares Management Corp (NYSE:ARES): Greenberg liquidated all 5,000 shares, causing a -0.01% impact on the portfolio. Greenberg also reduced positions in 15 stocks. The most significant changes include: Reduced TD Synnex Corp (NYSE:SNX) by 1,612,014 shares, resulting in a -52.79% decrease in shares and a -6.73% impact on the portfolio. The stock traded at an average price of $239.75 during the quarter and has returned 10.62% over the past 3 months and 73.53% year-to-date. Reduced F&G Annuities & Life Inc (NYSE:FG) by 2,870,724 shares, resulting in a -53.63% reduction in shares and a -1.8% impact on the portfolio. The stock traded at an average price of $27.32 during the quarter and has returned -3.25% over the past 3 months and -9.31% year-to-date. At the end of the second quarter of 2026, Glenn Greenberg (Trades, Portfolio)'s portfolio included 41 stocks. The top holdings included 11.94% in Icon PLC (NASDAQ:ICLR), 10.08% in OneMain Holdings Inc (NYSE:OMF), 8.4% in TD Synnex Corp (NYSE:SNX), 8.23% in Elevance Health Inc (NYSE:ELV), and 7.56% in SLM Corp (NASDAQ:SLM). The holdings are mainly concentrated in 8 of all 11 industries: Financial Services, Healthcare, Consumer Cyclical, Industrials, Technology, Energy, Real Estate, and Communication Services. The significant reduction in TD Synnex Corp stands out as the quarter's most impactful move, reflecting Greenberg's disciplined approach to trimming positions that have appreciated substantially. With a year-to-date return of 73.53%, the stock's valuation may have reached levels that no longer align with his criteria for high return on invested capital and competitive moats. This strategic rebalancing, alongside new positions in Arthur J. Gallagher and increased stakes in Ryanair and Icon PLC, underscores his commitment to maintaining a focused portfolio of high-quality businesses. Investors tracking Greenberg's moves may find value in monitoring how these adjustments play out in the coming quarters, particularly given his historical track record of outperformance.

ICON Public Limited Company ICLR presents a mixed investment case. The stock trades below several key benchmarks, while new business awards and backlog point to healthier commercial demand. That opportunity is tempered by weaker earnings expectations, lower margins and unfinished control remediation. The current setup favors patience rather than an aggressive entry. ICLR trades at about 15.4X forward earnings, below the 16.2X multiple for its sub-industry and roughly 20.6X for both the broader medical sector and the S&P 500. The discount is also meaningful against ICON’s five-year median multiple of 17.9X. That relative valuation may create room for upside if earnings stabilize. Still, a lower multiple alone does not make the stock inexpensive because current estimates continue to move lower. IQVIA Holdings Inc. IQV and Fortrea Holdings Inc. FTRE provide useful industry context as clinical research peers serving pharmaceutical, biotechnology and medical-device customers through broad development-service platforms. Commercial indicators are more encouraging. ICON reported a 1.51X book-to-bill ratio and a $23.4 billion backlog, giving the company a sizable base of contracted work that could support future revenues. Awards were diversified across large pharmaceutical companies, midsized customers and biotechnology firms. Broader cross-selling and functional-service programs could expand the opportunity set by deepening relationships across multiple services rather than relying only on isolated project wins. In the past year, ICLR shares have risen 3.6% compared with the industry’s 18.4% growth. Image Source: Zacks Investment Research The near-term earnings outlook remains the main reason not to chase the valuation discount. ICON expects 2026 revenues of $7.85 billion to $8.15 billion and adjusted earnings of $10 to $11 per share, both below 2025 results. The projected 15.3% decline in first-year earnings reinforces that pressure. The annual earnings estimate has also fallen 18.1% over the past 12 weeks, indicating that analysts have become more cautious about the pace of recovery. Adjusted EBITDA margin declined to 15.9% from 20.5%. Higher pass-through revenues, which generally carry lower margins, diluted the reported margin profile and limited the benefit from improving demand indicators. Recovery now depends on execution. Cost actions, workforce adjustments and a more favorable business mix must produce measurable improvement. A broad rebound in direct-fee revenues has not yet developed, so margin expansion cannot be assumed from backlog growth alone. Based on short-term price targets offered by 14 analysts, the average price target for Icon comes to $184.86. The average price target represents an increase of 17.86% from the last closing. Image Source: Zacks Investment Research The bottom line is that ICLR offers a more attractive valuation and better pipeline signals, but earnings and margin risks remain unresolved. Investors may find the stock worth monitoring, though the evidence does not yet support chasing the discount. ICLR currently carries a Zacks Rank #3 (Hold) and a VGM Score of B. Its Value Score of B and Momentum Score of A offer support, while the Growth Score of C reflects a less favorable expansion profile. Zacks Style Scores are designed to complement the Zacks Rank. A Hold-rated stock can remain appropriate to own, but the rank does not provide the same buying signal as a Zacks Rank #1 or #2. Until estimates stabilize and margins show more durable improvement, a measured hold-or-wait stance fits the current risk-reward balance. You can see the complete list of today’s Zacks #1 Rank stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ICON PLC (ICLR) : Free Stock Analysis Report IQVIA Holdings Inc. (IQV) : Free Stock Analysis Report Fortrea Holdings Inc. (FTRE) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

DUBLIN, July 31, 2026--(BUSINESS WIRE)--ICON plc (NASDAQ: ICLR), a world-leading clinical research organization, today announced that all resolutions at the Annual General Meeting of the company (AGM) held on July 31, 2026 were duly passed by shareholders. These resolutions were set out in the Notice of the AGM sent to shareholders dated June 26, 2026 and are available on the ICON plc website. The final results of the voting are as follows: ** Special Resolution. All resolutions are ordinary resolutions unless otherwise stated. About ICON plc ICON plc is a world-leading clinical research organization. Offering deep operational and medical expertise we accelerate innovation, driving emerging therapies forward to improve patient outcomes. From molecule to medicine, we deliver integrated consulting, clinical development, commercialization and post-marketing solutions to pharmaceutical, biotechnology, medical device, government and public health organizations worldwide. With headquarters in Dublin, Ireland, ICON employed approximately 40,200 employees in 99 locations in 55 countries as at June 30, 2026. For further information about ICON, visit: www.iconplc.com. Statements included herein which are not historical facts are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not limited to, statements regarding the following: contracted revenue; the repayment of indebtedness; the company's expectations regarding business momentum, market opportunity, demand trends, growth, and commercial performance; and the company's expectations with respect to its long-term value creation and competitive positioning. You can identify many forward-looking statements by words such as "aims," "anticipates," "believes," "continues," "could," "estimates," "expects," "focused," "guidance," "intends," "look," "may," "opportunities," "plans," "positions," "potential," "predicts," "projects," "seeks," "should," "will," "would" and other similar expressions and the negatives of such expressions. However, not all forward-looking statements contain these words. These statements are based on management's current expectations and information currently available, including current economic and industry conditions. The forward looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, our results could be materially adversely affected. The risks and uncertainties include, but are not limited to, dependence on the pharmaceutical industry and certain clients, the need to regularly win projects and then to execute them efficiently and correctly, the challenges presented by rapid growth, competition and the continuing consolidation of the industry, the impact of market conditions on demand for the company's services, risks related to the company's ability to execute on its commercial strategy and maintain relationships with large pharmaceutical customers, and risks relating to the company's strategic partnerships, the dependence on certain key executives, changes in the regulatory environment, exchange rate fluctuations, inflation and rising labor costs. Please also refer to the section entitled "Risk Factors" of our Annual Report on Form 20-F for the year ended December 31, 2025 for a discussion of some of the principal risks that could adversely affect our business, operations and financial results. The company’s forward-looking statements speak only as of the date of this document or as of the date they are made, and the company undertakes no obligation to update its forward-looking statements. ICON/ICLR-F View source version on businesswire.com: https://www.businesswire.com/news/home/20260731057128/en/ Contacts Investor Relations +1 888 381 7923Nigel Clerkin Chief Financial Officer +353 1 291 2000Kate Haven Vice President Investor Relations +1 888 381 7923All at ICON

Interested in Icon Plc? Here are five stocks we like better. Icon’s Q2 revenue rose 1.2% year over year to $2.1 billion, while adjusted EBITDA increased to $327.2 million and adjusted EPS reached $2.56. Management reaffirmed full-year 2026 guidance and expects sequential EBITDA-dollar improvement in the second half. Bookings strengthened significantly, with gross business wins up 24% year over year to $3.7 billion, net bookings of $3.1 billion and an overall net book-to-bill ratio of 1.51x. Direct-fee bookings produced a solid 1.2x net book-to-bill ratio. Higher pass-through activity pressured reported margins, reducing adjusted EBITDA margin to 15.9% from 20.5% a year earlier. Icon generated $238.9 million in free cash flow and plans to resume share repurchases while investing in China expansion and AI-enabled clinical-trial operations. 3 Healthcare Pathbreakers With Long-Term Tailwinds Icon (NASDAQ:ICLR) reported second-quarter 2026 revenue growth and strong bookings as higher pass-through activity supported the top line, while the company continued to manage business-mix pressures affecting reported margins. Chief Executive Officer Barry Balfe said the contract research organization’s results reflected a “positive demand environment, strong bookings, and disciplined cost management.” Revenue rose 1.2% year over year and 1.4% sequentially to $2.1 billion. Adjusted EBITDA increased 3% from the first quarter to $327.2 million, while adjusted diluted earnings per share totaled $2.56. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now Should You Bring The Luck Of The Irish To Your Investmets? The company reaffirmed its full-year 2026 financial guidance. Management said higher pass-through activity could influence where Icon lands within its revenue range and affect reported margin percentages, while its focus remains on sequential improvement in EBITDA dollars. Second-quarter gross business wins were $3.7 billion, up 24% from a year earlier and 13% from the prior quarter. Cancellations totaled $562 million, resulting in net bookings of $3.1 billion and an overall net book-to-bill ratio of 1.51x. → 3 Value ETFs to Consider as Growth Stocks Lag Behind Direct-fee bookings remained strong, producing a direct-fee net book-to-bill ratio of 1.2x. Chief Financial Officer Nigel Clerkin said the direct-fee book-to-bill ratios were 1.3x in the first quarter and 1.2x in the second quarter, or roughly 1.25x for the first half. Balfe said awards were broad-based across customer categories. Mid-sized pharmaceutical and biotech companies accounted for eight of Icon’s 10 largest customers by awards during the quarter. The company’s 13 largest individual wins each exceeded $50 million and came from 11 customers spanning large pharmaceutical, mid-sized pharmaceutical and biotech companies. → 5 AI Stocks Are Pulling Back—Which Growth Catalysts Still Look Strongest? Request-for-proposal flow increased 22% sequentially and 16% on a trailing-12-month basis. While large-pharma RFP activity moderated after two particularly strong quarters, Balfe said biotech RFP flow increased markedly. He characterized the biotech increase as consistent with Icon’s strategy to expand its presence in that market, though it included a higher share of preliminary “ballpark” proposals that historically convert at lower rates. Phase III opportunities represented about 50% of total opportunity volume during the quarter, compared with roughly 40% a year earlier. Balfe said that trend indicated more customer assets were moving into later-stage development and contributed to rising average proposal values across the full-service portfolio. Clerkin said revenue benefited from pass-through activity that was higher than Icon had anticipated. Such activity can increase reported revenue but reduce reported margin percentages because pass-through costs are included in the revenue base. Adjusted EBITDA margin was 15.9% in the second quarter, up 30 basis points from the first quarter but below the 20.5% reported in the year-ago period. Adjusted gross margin was 23.8%, compared with 29.1% in the second quarter of 2025. Management attributed elevated pass-through levels largely to therapeutic and geographic mix, including studies in areas such as oncology, obesity, diabetes and metabolic dysfunction-associated steatohepatitis. Balfe also cited health-care inflation in the U.S., including rising procedure costs, and customer incentives to conduct a greater share of trials in the country. Adjusted selling, general and administrative expense was $164.5 million, or 8% of revenue, compared with $174.8 million, or 8.6% of revenue, a year earlier. Clerkin said the second-quarter SG&A result benefited from items including research-and-development tax credits that are not expected to recur in the second half. He said first-quarter SG&A was a better run-rate measure for the remainder of the year. For the full year, management previously indicated that the midpoint of its guidance implied an adjusted EBITDA margin of about 16.5%. Clerkin said that if pass-throughs cause revenue to reach the upper end of the company’s range while earnings remain around the midpoint, the implied margin could be closer to the low-16% area. Icon expects margin and EBITDA-dollar improvement in the second half through cost actions and improving mix effects. Icon generated $281.3 million in cash from operations during the quarter and $238.9 million in free cash flow after $42.4 million of capital expenditures. At June 30, the company held $928.4 million in cash and had $3.4 billion of debt, for net debt of $2.5 billion. Its leverage ratio was 1.8 times net debt to adjusted trailing-12-month EBITDA. Balfe and Clerkin said Icon intends to resume share repurchases after having been out of the market for several quarters. Balfe said the company has plans for buybacks in the third quarter and the second half, while continuing to invest in technology and strategic growth opportunities. The company also highlighted growth investments in Asia-Pacific, including expanded laboratory capabilities in China and a prior investment in Singapore. Icon added specialty biomarker testing and pathology capacity in China during the quarter and signed a partnership with a Chinese biotech company covering global development programs, laboratories and imaging. Balfe said China remains a relatively modest contributor to Icon’s revenue, but revenue from the country could rise as much as 20% from full-year 2025 to full-year 2026. Icon has more than 1,500 employees in China and is pursuing opportunities with Western companies conducting trials there, Chinese companies operating globally, and Chinese biotechs seeking global development partners. Management also discussed its artificial-intelligence strategy, including a newly announced multiyear collaboration with Anthropic and an existing partnership with Microsoft. Balfe said the company is focused on embedding AI capabilities into clinical-trial workflows rather than broadly deploying generic applications. The Anthropic collaboration is intended to strengthen the intelligence layer behind Icon’s Orbis agentic AI platform and support domain-specific agents used in clinical trial management. One example is Meridian, a multi-agent clinical-monitoring platform intended to help monitoring teams assess trial status, identify risks, prepare documentation and support site interactions. Balfe said Icon sees AI as a tool for improving trial planning, protocol development, execution, patient and site engagement, and administrative productivity. He cautioned that AI-driven advances in drug discovery may take time to translate into a meaningful increase in clinical-development capacity, but said the company is concentrating on operational applications that can create value in the nearer term. Icon plc (NASDAQ: ICLR) is a global provider of outsourced drug development and clinical research services to the pharmaceutical, biotechnology and medical device industries. The company partners with clients at all stages of the product life cycle, offering expertise in protocol design, trial execution and regulatory compliance across a broad range of therapeutic areas. Icon's service portfolio encompasses clinical trial management, data management and biostatistics, medical imaging, pharmacovigilance and safety monitoring, laboratory sciences and specialized analytical solutions. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Icon Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

This article first appeared on GuruFocus. Revenue: $2.1 billion, up 1.2% year-over-year and 1.4% sequentially. Adjusted EBITDA: $327 million, with a margin of 15.9%. Adjusted EPS: $2.56. Adjusted Gross Margin: 23.8%, compared to 29.1% in Q2 2025. Adjusted SG&A Expense: $164.5 million, or 8% of revenue. Net Book-to-Bill Ratio: 1.51 times; direct fee net book-to-bill ratio of 1.2 times. Gross Business Wins: $3.7 billion, up 24% year-over-year and 13% sequentially. Net Bookings: $3.1 billion. Cash from Operating Activities: $281.3 million. Free Cash Flow: $238.9 million. Net Debt: $2.5 billion, with a leverage ratio of 1.8 times net debt to adjusted trailing 12-month EBITDA. Adjusted Net Income: $198.4 million. U.S. GAAP Net Income: $72.6 million, or $0.94 per diluted share. Warning! GuruFocus has detected 6 Warning Sign with ICLR. Is ICLR fairly valued? Test your thesis with our free DCF calculator. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Strong bookings performance with Q2 gross business wins of $3.7 billion, up 24% year-over-year and 13% sequentially, and a net book-to-bill ratio of 1.51 times. Direct fee net book-to-bill ratio of 1.2 times, indicating robust underlying demand for core services. Broad-based demand across customer groups, with eight of the top 10 customers by awards coming from mid-sized and biotech sectors. Improving pipeline quality with Phase 3 opportunities representing approximately 50% of total opportunity volume, up from 40% a year ago. Strategic investments in AI (e.g., Anthropic collaboration) and expansion in China, including lab capabilities, to strengthen competitive position and long-term growth. Elevated pass-through activity negatively impacted reported margins, with adjusted gross margin falling to 23.8% from 29.1% year-over-year. Adjusted EBITDA margin declined to 15.9% from 20.5% in the prior year quarter, pressured by business mix and higher pass-throughs. Large pharma RFP flow moderated in Q2, introducing some uncertainty in demand from this key segment. Higher proportion of ballpark proposals in biotech, which typically have lower conversion rates, may temper future bookings growth. SG&A expense benefited from non-recurring items (e.g., R&D tax credits) in Q2, which are not expected to repeat in the second half, potentially pressuring margins. Here are the key highlights from the ICON PLC (NASDAQ:ICLR) Q2 2026 earnings call, focusing on the most significant Q&A exchanges. Q: The demand environment seems to be improving, but a meaningful part of the strong book-to-bill is driven by high pass-throughs. Is the heavier pass-through activity pushing revenue above the guidance range, and why are you not raising guidance? A: (Barry Balfe, CEO) The demand environment is healthy, but the 1.5x book-to-bill is indeed driven by particularly high pass-throughs, a function of therapeutic mix and geographic footprint. While RFP flow in biotech accelerated, large pharma moderated. We are encouraged by the quality of the pipeline and win rates. (Nigel Clerkin, CFO) Our guidance assumed pass-through activity would be broadly flat year-over-year. Since Q2 saw higher pass-throughs, it is possible we could land at the higher end of the revenue range, but this would also dampen the reported margin percentage. We are focused on EBITDA dollar progression. Q: On the last call, you expected to land in the mid-16% EBITDA margin range. Given the higher pass-throughs, is there a new range? Also, can you remind us of the back-half loaded cost actions? A: (Nigel Clerkin, CFO) At the midpoint of our guidance, we were targeting an EBITDA margin of approximately 16.5% for the full year. If pass-throughs run faster and we hit the top end of revenue but the midpoint of EPS, that would lower the margin to closer to the low 16% range. The cost actions we have taken are part of the EBITDA progression we anticipate in the second half and are built into the guidance range. Q: You delivered impressive SG&A performance in Q2. Is that sustainable given the mixed dynamics? A: (Nigel Clerkin, CFO) The lower SG&A in Q2 was due to the timing of certain items, like R&D tax credits, that will not recur in H2. Therefore, the Q1 SG&A number is a better run rate for the rest of the year. The margin progression in the second half will be driven more by the gross margin line as we see the benefits of mix effects and cost actions. Q: You mentioned a bigger proportion of Phase III trials in the RFP flow. How should we think about burn rates from the backlog heading into the back half and next year? A: (Barry Balfe, CEO) The uptick in Phase III opportunities is encouraging as it indicates more assets are moving into later development phases, which have higher survival rates. This is also driving average deal sizes up. In terms of business mix, direct fee FSP is growing ahead of FSO, but the strong book-to-bills are driven by FSO outperformance. Therapeutically, oncology and cardiometabolic are now broadly comparable in size for ICON. Q: Pass-throughs have remained elevated. Do you expect a further acceleration in pass-through revenue into 2027? A: (Barry Balfe, CEO) It would not be unexpected to see sustained strength in pass-throughs for some time, given market trends towards oncology and large-scale metabolic disease. However, it is difficult to predict. Our focus is on our ability to win and deliver studies profitably. We will provide as much color as possible, but our net book-to-bill is industry-leading, and we are comfortable with that. Q: Can you provide the direct fee book-to-bill for the first half of the year? And should we expect a similar sequential step-up in EBITDA dollars in Q3 as we saw in Q2? A: (Nigel Clerkin, CFO) The direct fee book-to-bill was 1.3x in Q1 and 1.2x in Q2, so roughly 1.25x for H1. Regarding EBITDA, we are focused on sequential improvement throughout the year, so we expect to continue the progression we saw from Q1 to Q2. Q: You mentioned cross-selling initiatives. Which areas are you seeing the most tangible traction? A: (Barry Balfe, CEO) The most impactful cross-selling is in biotech, where customers are less likely to have locked-in partnerships for ancillary services. We have seen a significant uptick in the proportion of biotech proposals that include our lab services, moving from the high 50% range to the mid-70% range over the past year. This shows the organization is working holistically to bring the right capabilities under one roof. Q: You noted RFP flow moderated in large pharma. Can you elaborate on that and the outlook for large pharma? Also, can you frame the opportunity in China? A: (Barry Balfe, CEO) The moderation in large pharma RFP flow is not a cause for concern; it is inherently volatile quarter-over-quarter. It simply moderated after two very strong quarters, while biotech activity increased substantially. In China, we have seen a notable uptick in opportunity. Our headcount is up 5% year-over-year, and revenue in China could be up as much as 20% for the full year. We are building on our 1,500-person footprint to partner with Western companies in China, Chinese companies going global, and Chinese companies running global trials. Q: The 1.51x book-to-bill is optically a very high number. Besides therapeutic mix, what else is driving the elevated pass-throughs? And can you discuss the new multi-year collaboration with Anthropic? A: (Barry Balfe, CEO) Beyond therapeutic mix, healthcare inflation in the US is a significant driver. The cost of procedures at major academic institutions is rising rapidly, especially for complex therapeutics. The Anthropic partnership is part of a broader AI strategy to embed frontier capabilities within our workflows. It is not about generic adoption but about building a better intelligence layer for our platform, Orbis. This will power domain-specific agents, like our Meridian platform for clinical monitors, to improve productivity, speed, and decision-making for our customers. Q: How should we think about burn rates in the second half after three strong quarters of bookings? A: (Nigel Clerkin, CFO) Burn rates will likely tick down a little given the strong commercial performance in H1. The ultimate trajectory will depend on the book-to-bill in H2. We have reiterated For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Highlights Quarter two revenue of $2,063.5 million, an increase of 1.4% on quarter one 2026. Quarter two adjusted EBITDA of $327.2 million or 15.9% of revenue, an increase of 3.0% on quarter one 2026. GAAP net income for the quarter of $72.6 million or $0.94 diluted earnings per share. Quarter two adjusted net income of $198.4 million or $2.56 adjusted diluted earnings per share, an increase of 2.4% on quarter one 2026 adjusted diluted earnings per share. Net business wins in the quarter of $3,120 million; a net book-to-bill of 1.51, an increase of 8.3% on quarter one 2026 net business wins. Closing backlog of $23.4 billion, an increase of 3.0% on quarter one 2026. Net debt of $2.5 billion at June 30, 2026 with a net debt to adjusted EBITDA ratio of 1.8x. Reaffirming 2026 full-year financial guidance issued with revenue expected in the range of $7,850 - $8,150 million and adjusted diluted earnings per share* expected in the range of $10.00 - $11.00. DUBLIN, July 29, 2026--(BUSINESS WIRE)--ICON plc (NASDAQ: ICLR), a world-leading clinical research organization, today reported its financial results for the second quarter ended June 30, 2026. CEO, Mr. Barry Balfe commented, "ICON's second quarter results reflect measured progress, as disciplined cost management offset anticipated operational headwinds. While revenue and net bookings benefited from higher pass-through activity, strong strategic wins and new customer acquisition supported a direct fee book-to-bill ratio of 1.2x, underscoring the strength of our focused commercial strategy and diversified, scaled platform. We are reaffirming our 2026 financial outlook, which reflects both opportunities and risks over the balance of the year. While second-half performance remains subject to variability in factors such as pass-through activity, the underlying fundamentals of our business remain solid, supported by our diversified portfolio, operational agility and disciplined cost management. Strong cash generation continues to support our capital allocation priorities, including investing in strategic growth opportunities and returning capital to shareholders." Second Quarter 2026 Results In quarter two 2026, gross bookings were $3,681 million, an increase of 24.1% on quarter two 2025, with cancellations of $562 million. This resulted in net business wins of $3,120 million and a book-to-bill of 1.51. Backlog as at June 30, 2026 was $23.4 billion. Revenue for the second quarter was $2,063.5 million. This represents an increase of 1.2% on quarter two 2025, an increase of 0.4% on a constant currency basis. GAAP net income was $72.6 million, resulting in diluted earnings per share of $0.94 in quarter two 2026, compared to diluted earnings per share of $2.56 in quarter two 2025. Adjusted net income for the quarter was $198.4 million, resulting in adjusted diluted earnings per share of $2.56 compared to $3.52 per share in quarter two 2025. Adjusted EBITDA for the second quarter was $327.2 million or 15.9% of revenue, a decrease of 21.7% on quarter two 2025. The effective tax rate on adjusted net income in quarter two 2026 was 18.4%. Free cash flow was $238.9 million in the quarter. Cash generated from operating activities for the quarter was $281.3 million. During the quarter, $42.4 million was spent on capital expenditure. $7.4 million of Term Loan B payments were made during the quarter and there were net cash outflows on the disposal of a subsidiary undertaking of $55.5 million. At June 30, 2026, the Group had cash and cash equivalents of $928.4 million, compared to cash and cash equivalents of $765.2 million at March 31, 2026 and $390.4 million at June 30, 2025. Net debt as at June 30, 2026 was $2.5 billion. Year to date 2026 Results Gross business wins year to date were $6,944 million and cancellations were $945 million. This resulted in net business wins of $5,999 million and a book-to-bill of 1.46. Revenue year to date was $4,097.5 million. This represents a year on year increase of 1.1% or a decrease of 0.8% on a constant currency basis. GAAP net income year to date was $177.3 million, resulting in $2.29 diluted earnings per share. Year to date adjusted net income was $391.3 million, resulting in an adjusted diluted earnings per share of $5.06 compared to $6.79 per share for the equivalent prior year period. Adjusted EBITDA year to date was $645.0 million or 15.7% of revenue, a year on year decrease of 20.9%. The effective tax rate on adjusted net income year to date was 17.8%. Conference Call Details ICON will hold a conference call on July 30, 2026 at 08:00 EDT [13:00 Ireland & UK]. This call and linked slide presentation can be accessed live from our website at http://investor.iconplc.com. A recording will also be available on the website for 90 days following the call. In addition, a calendar of company events, including upcoming conference presentations, is available on our website, under "Investors". This calendar will be updated regularly. Other Information Cautionary Statement Regarding Forward-Looking Statements Statements included herein which are not historical facts are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not limited to, statements regarding the following: anticipated financial results for 2026; contracted revenue; the Company's expectations regarding business momentum, market opportunity, demand trends, growth, and commercial performance; and the Company's expectations with respect to its long-term value creation and competitive positioning. You can identify many forward-looking statements by words such as "aims," "anticipates," "believes," "continues," "could," "estimates," "expects," "focused," "guidance," "intends," "look," "may," "opportunities," "plans," "positions," "potential," "predicts," "projects," "seeks," "should," "will," "would" and other similar expressions and the negatives of such expressions. However, not all forward-looking statements contain these words. These statements are based on management's current expectations and information currently available, including current economic and industry conditions. The forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, our results could be materially adversely affected. The risks and uncertainties include, but are not limited to, dependence on the pharmaceutical industry and certain clients, the need to regularly win projects and then to execute them efficiently and correctly, the challenges presented by rapid growth, competition and the continuing consolidation of the industry, the impact of market conditions on demand for the Company's services, risks related to the Company's ability to execute on its commercial strategy and maintain relationships with large pharmaceutical customers, and risks relating to the Company's strategic partnerships, the dependence on certain key executives, changes in the regulatory environment, exchange rate fluctuations, inflation and rising labor costs. Please also refer to the section entitled "Risk Factors" of our Annual Report on Form 20-F for the year ended December 31, 2025 filed on May 27, 2026 for a discussion of some of the principal risks that could adversely affect our business, operations and financial results. The Company’s forward-looking statements speak only as of the date of this report or as of the date they are made, and the Company undertakes no obligation to update its forward-looking statements. Non-GAAP Financial Measures In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release contains certain non-GAAP financial measures, including adjusted EBITDA, adjusted net income and adjusted diluted earnings per share and free cash flow. Adjusted EBITDA excludes stock-based compensation, foreign currency gains and losses, restructuring, transaction, integration related and other adjustments, fair value movement on investments in equity, loss of disposal of subsidiary undertaking, goodwill impairment and impairment of non-financial assets. Adjusted net income and adjusted diluted earnings per share exclude amortization, stock-based compensation, foreign currency gains and losses, restructuring, transaction, integration related and other adjustments, transaction-related financing costs, fair value movement on investments in equity, goodwill impairment, impairment of non-financial assets, loss of disposal of subsidiary undertaking and their related taxation effect. Free cash flow reflects cash generated from operating activities less capital expenditure. While non-GAAP financial measures are not superior to or a substitute for the comparable GAAP measures, ICON believes certain non-GAAP information is useful to investors for historical comparison purposes. *Adjusted diluted earnings per share to exclude amortization, stock-based compensation, foreign currency gains and losses, restructuring, transaction, integration related and other adjustments, transaction-related financing costs, fair value movement on investments in equity, goodwill impairment, impairment of non-financial assets, loss on disposal of subsidiary undertaking and their related taxation effect. Our full-year 2026 guidance adjusted diluted earnings per share measures are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure because the Company is unable to predict with a reasonable degree of certainty certain items contained in the measures without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. ICON plc is a world-leading clinical research organization. Offering deep operational and medical expertise we accelerate innovation, driving emerging therapies forward to improve patient outcomes. From molecule to medicine, we deliver integrated consulting, clinical development, commercialization and post-marketing solutions to pharmaceutical, biotechnology, medical device, government and public health organizations worldwide. With headquarters in Dublin, Ireland, ICON employed approximately 40,200 employees in 99 locations in 55 countries as at June 30, 2026. For further information about ICON, visit: www.iconplc.com. ICON/ICLR-F View source version on businesswire.com: https://www.businesswire.com/news/home/20260729518057/en/ Contacts Investor Relations +1 888 381 7923Nigel Clerkin Chief Financial Officer +353 1 291 2000Kate Haven Vice President Investor Relations +1 888 381 7923All at ICONhttp://www.iconplc.com

DUBLIN, July 22, 2026--(BUSINESS WIRE)--ICON plc, (NASDAQ: ICLR) a world-leading clinical research organization, today announced that it will release its financial results for the second quarter 2026 after the market closes on Wednesday, July 29, 2026. The company will hold a conference call and webcast to discuss its financial results and performance on Thursday, July 30, 2026, at 8:00am ET. Any changes to these events and links to the live webcasts (where available) will be posted on the Investor section of our website under "Events". A webcast replay of the conference call will be available approximately one hour following the conclusion of the call. About ICON plc ICON plc is a world-leading clinical research organization. Offering deep operational and medical expertise we accelerate innovation, driving emerging therapies forward to improve patient outcomes. From molecule to medicine, we deliver integrated consulting, clinical development, commercialization and post-marketing solutions to pharmaceutical, biotechnology, medical device, government and public health organizations worldwide. With headquarters in Dublin, Ireland, ICON employed approximately 40,350 employees in 97 locations in 55 countries as at March 31, 2026. For further information about ICON, visit: www.iconplc.com. Statements included herein which are not historical facts are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not limited to, statements regarding the following: contracted revenue; the repayment of indebtedness; the company's expectations regarding business momentum, market opportunity, demand trends, growth, and commercial performance; and the company's expectations with respect to its long-term value creation and competitive positioning. You can identify many forward-looking statements by words such as "aims," "anticipates," "believes," "continues," "could," "estimates," "expects," "focused," "guidance," "intends," "look," "may," "opportunities," "plans," "positions," "potential," "predicts," "projects," "seeks," "should," "will," "would" and other similar expressions and the negatives of such expressions. However, not all forward-looking statements contain these words. These statements are based on management's current expectations and information currently available, including current economic and industry conditions. The forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, our results could be materially adversely affected. The risks and uncertainties include, but are not limited to, dependence on the pharmaceutical industry and certain clients, the need to regularly win projects and then to execute them efficiently and correctly, the challenges presented by rapid growth, competition and the continuing consolidation of the industry, the impact of market conditions on demand for the company's services, risks related to the company's ability to execute on its commercial strategy and maintain relationships with large pharmaceutical customers, and risks relating to the company's strategic partnerships, the dependence on certain key executives, changes in the regulatory environment, exchange rate fluctuations, inflation and rising labor costs. Please also refer to the section entitled "Risk Factors" of our Annual Report on Form 20-F for the year ended December 31, 2025, for a discussion of some of the principal risks that could adversely affect our business, operations and financial results. The company’s forward-looking statements speak only as of the date of this document or as of the date they are made, and the company undertakes no obligation to update its forward-looking statements. ICON/ICLR-G View source version on businesswire.com: https://www.businesswire.com/news/home/20260722268923/en/ Contacts Kate Haven Vice President Investor Relations +1 888 381 7923

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. ICON stock sits at an unusual valuation crossroads, with a Discounted Cash Flow (DCF) intrinsic value estimate pointing to a 33.2% discount while earnings-based multiples indicate the shares look expensive relative to fundamentals, all against a three-year share price record that is still in decline. ICON shareholders have seen the stock decline 31.9% over the past three years, which keeps recent gains in context and may explain why some investors are focused on whether current pricing offers enough long-term upside. On the one hand, recent commentary about a renewed path to growth in the coming years can support higher intrinsic value estimates. On the other hand, the earlier delay in financial results and internal revenue recognition review underlines that perceived accounting and reporting risks can weigh on what investors are willing to pay. ICON scores 3 out of 6 on Simply Wall St's valuation checks, which is a mixed picture rather than a clear bargain or clear overvaluation, and you can see the detail of that score here. The issue now is whether ICON's current share price better reflects the more cautious multiples view or the Discounted Cash Flow (DCF) estimate that suggests the stock trades at a sizable discount to intrinsic value. Find out why ICON's 9.9% return over the last year is lagging behind its peers. The Discounted Cash Flow (DCF) model estimates what ICON is worth based on the cash it is expected to generate for shareholders. For ICON, the latest twelve-month free cash flow is about $771.4m, and the model assumes those cash flows keep growing rather than shrinking over time. Feeding those projections into a 2 Stage Free Cash Flow to Equity framework gives an estimated intrinsic value of about $247.85 per share. Compared with the current share price, this DCF output implies ICON screens around 33.2% undervalued. The earlier delay in financial results tied to an internal revenue recognition review helps explain why the market is pricing the stock below what the cash flows alone would suggest. On this Discounted Cash Flow view, ICON stock currently appears undervalued relative to the cash it is expected to generate. Our Discounted Cash Flow (DCF) analysis suggests ICON is undervalued by 33.2%. Track this in your watchlist or portfolio, or discover 44 more high quality undervalued stocks. Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for ICON. The P/E ratio is a useful lens for ICON because earnings are a core driver of how investors typically value established contract research companies. ICON currently trades on a P/E of about 73.1x, compared with a Life Sciences industry average of roughly 37.5x and a peer group average of around 80.6x. The tailored fair P/E ratio for ICON is estimated at about 29.9x, which is well below the current multiple. That gap suggests investors are paying a high price for each dollar of ICON’s earnings relative to what this model sees as reasonable once factors such as growth profile, margins, scale and risk are taken into account. Even though ICON does not look as expensive as some peers, the stock still appears richly valued against both the industry and this more customised benchmark. On this earnings multiple view, ICON stock appears overvalued compared with what the fair P/E and sector benchmarks would suggest. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives for ICON pick up exactly where this valuation puzzle leaves off. They spell out which paths for ICON's growth, margins and earnings would need to play out for the stock to be worth materially more or less than today's price on the market. Rather than relying on a single multiple or model output, each Narrative lays out its own set of valuation assumptions so you can compare those inputs with ICON's reported results over time on the Community page. One of the top community narratives on ICON: 10% overvalued Read one of the top narratives on ICON Do you think there's more to the story for ICON? Head over to our Community to see what others are saying! ICON sits between an intrinsic value view, where the Discounted Cash Flow (DCF) estimate points to a sizeable discount, and a market multiples view that screens as overvalued on earnings. That split mostly comes down to how you weigh long term cash generation against today’s high P/E and sector expectations. With broader checks sitting in the middle, the key question is whether ICON can deliver the growth and margins implied by its current multiple. For now, the crux is whether the apparent discount to intrinsic value reflects an opportunity or simply ongoing caution around accounting, reporting and execution risk. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ICLR. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Artisan Partners, an investment management firm, issued its first-quarter 2026 investor letter for the “Artisan Mid Cap Value Fund”. A copy of this letter is available for download here. In Q1 2026, the portfolio underperformed the benchmark Russell Midcap Value Index as the market favored momentum-driven stocks over quality factors. Some holdings faced company-specific setbacks and negative sentiment. The Fund’s Investor Class: ARTQX returned -4.93%, Advisor Class: APDQX declined by -4.90%, and Institutional Class: APHQX fell by -4.97%, all trailing the Index’s 3.68% gain. The equity market in the quarter was mixed, with mid- and small-cap indices showing resilience despite lagging large-cap growth stocks. Volatility increased, initially fueled by interest in AI and private credit, but escalated after the outbreak of war in Iran, leading to rising oil prices. Sector performance varied, with energy leading the gains. The Fund continues to seek companies capable of value growth during market dislocations at attractive entry points. Also, review the Fund’s top five holdings to see its best picks for 2026. In its first-quarter 2026 investor letter, Artisan Mid Cap Value Fund highlighted ICON Public Limited Company (NASDAQ:ICLR). ICON Public Limited Company (NASDAQ:ICLR) is a clinical research organization that provides outsourced development and commercialization services to the pharmaceutical, biotechnology, and medical device industries. On July 7, 2026, ICON Public Limited Company (NASDAQ:ICLR) stock closed at $168.72 per share. One-month return of ICON Public Limited Company (NASDAQ:ICLR) was 16.69%, and its shares gained 12.08% over the past 52 weeks. ICON Public Limited Company (NASDAQ:ICLR) has a market capitalization of about $12.92 billion. Artisan Mid Cap Value Fund stated the following regarding ICON Public Limited Company (NASDAQ:ICLR) in its Q1 2026 investor letter: ICON Public Limited Company (NASDAQ:ICLR) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 49 hedge fund portfolios held ICON Public Limited Company (NASDAQ:ICLR) at the end of the first quarter, up from 41 in the previous quarter. While we acknowledge the potential of ICON Public Limited Company (NASDAQ:ICLR) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. In another article, we covered ICON Public Limited Company (NASDAQ:ICLR) and shared Greenskeeper Asset Management's views on the company. In addition, please check out our hedge fund investor letters Q1 2026 page for more investor letters from hedge funds and other leading investors. READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years. Disclosure: None. This article is originally published at Insider Monkey.