ICON Issues Financial Guidance for Full Year 2024

ICON plc, (NASDAQ: ICLR), a world-leading clinical research organisation powered by healthcare intelligence, today announced its financial guidance for the year ending December 31, 2024. For the full year 2024, revenue is expected to be in the range of $8,400 – $8,800 million, representing growth of 3.2% – 8.1%, and adjusted earnings per share1 is expected to be in the range of $14.50 – $15.30, representing growth of 13.5% – 19.8%, over Full Year 2023 revenue and adjusted earnings per share guidance midpoints, respectively.

CEO Dr. Steve Cutler commented, “ICON’s position as the market leading provider of clinical development services continues to strengthen with the increased scale of our offering and consistent operational execution for our customers. We remain focused on driving efficiency in clinical trials through investments in automation, innovative tools and initiatives to increase participation for sites and patients in clinical research. Our outlook for 2024 indicates a positive demand environment across our segments, notwithstanding continuing macroeconomic pressures faced by our customers, resulting in full year revenue guidance in the range of $8,400 – $8,800 million and adjusted earnings per share in the range of $14.50 – $15.30.”

Full year 2024 financial guidance assumptions: 

  • An effective tax rate of circa 16.5%.
  • Circa $1.1 billion of free cash flow and capital expenditures in the range of $150 – $200 million. 
  • Interest expense in the range of $200 – $230 million.
  • Adjusted EBITDA margin expansion of circa 50 bps over Full Year 2023 Adjusted EBITDA margin.
  • Excludes any potential share repurchase or additional M&A activity.

With respect to Full Year 2023, the company reaffirmed its current guidance of revenue in the range of $8,070 – $8,210 million and adjusted earnings per share1 in the range of $12.63 – $12.91.

 

About ICON plc

ICON plc is a world-leading healthcare intelligence and clinical research organisation. From molecule to medicine, we advance clinical research providing outsourced services to pharmaceutical, biotechnology, medical device and government and public health organisations. We develop new innovations, drive emerging therapies forward and improve patient lives. With headquarters in Dublin, Ireland, ICON employed approximately 41,150 employees in 106 locations in 53 countries as at September 30, 2023. For further information about ICON, visit: www.iconplc.com.

This press release contains forward-looking statements, including statements regarding our financial guidance. These statements are based on management’s current expectations and information currently available, including current economic and industry conditions. These statements are not guarantees of future performance or actual results, and actual results, developments and business decisions may differ from those stated in this press release. The forward-looking statements are subject to future events, risks, uncertainties and other factors that could cause actual results to differ materially from those projected in the statements, including, but not limited to, the ability to enter into new contracts, maintain client relationships, manage the opening of new offices and offering of new services, the integration of new business mergers and acquisitions, the impact of COVID-19 on our business, as well as other economic and global market conditions and other risks and uncertainties detailed from time to time in SEC reports filed by ICON, all of which are difficult to predict and some of which are beyond our control. For these reasons, you should not place undue reliance on these forward-looking statements when making investment decisions. 

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