Icon Plc
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+ FollowMarket Cap$16.31B
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Earnings Call Q3 2024
October 24, 2024 - AI Summary
**Q3 Performance and Revised Guidance**: ICON's Q3 results were below expectations, with revenue of $2.03 billion, a year-on-year decrease of 1.2% (1% on a constant currency basis). Due to challenges primarily impacting two large customers and the biotech segment, the company provided a full-year revenue growth guidance of low to mid-single digits for 2024, significantly revised from previous expectations.
**Key Challenges Identified**: Three main challenges reduced revenue expectations:
1. Continued cost pressures on two top customers leading to tighter development spending and delays in project ramp-up.
2. Slower decision-making and capital allocation within the biotech sector, causing award delays and slow trial starts.
3. An outsized number of project cancellations in the vaccine sector, contributing to lower expected revenue.
**Healthy Backlog and Business Development**: Despite the challenges, ICON achieved gross business wins of $2.832 billion (down 7.3% YoY) with a backlog growth to $24.3 billion (up 9.4% YoY). This growth indicates robust future revenue potential from new awards, including a focus on strengthening partnerships in areas like cardiovascular and metabolic diseases.
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$146.79
27.7% downside
Current Fair Value
27.7% downsideOvervalued by 27.7% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $16.31 Billion |
|---|---|
| Enterprise Value | $20.48 Billion |
| Earnings per Share | $2.92 |
| Beta | 1.24 |
| Outstanding Shares | 76,932,640 |
Return
| Return on Equity | 2.02% |
|---|---|
| Return on Assets | 1.15% |
| Return on Invested Capital | 3.92% |
Valuation & Multiples
| P/E Ratio | 36.13 |
|---|---|
| PEG | 0.71 |
| Price to Sales | 1.88 |
| Price to Book Ratio | 1.68 |
| Enterprise Value to Revenue | 2.46 |
| Enterprise Value to EBIT | 41.95 |
| Enterprise Value to Net Income | 108 |
| Total Debt to Enterprise | 0.25 |
| Debt to Equity | 0.54 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 28, 2026
EPS Estimate
$2.66
Consensus analyst estimateRevenue Estimate
$2.01 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 24, 2027
EPS Estimate
$2.83
Consensus analyst estimateRevenue Estimate
$2.04 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 66.46% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 7.49%▼ 97.10% |
|---|---|
| Total Invested | $978.91M▼ 92.95% |
| Investors Holding | 105▼ 345.00% |
About Icon Plc
CEO: Stephen Cutler
