Mixed results for pharma services firm ICON

FIRST-QUARTER revenue at international pharmaceutical services company ICON grew by 5% but net income almost halved in the first three months of 2011.

Net revenue for the period amounted to $229.3 million (€157m); up from $219.1m for the corresponding period last year.

However, net income fell on a year-on-year basis from $22.2m to $12.8m, mainly due to the company undertaking a number of cost reduction steps, which ultimately led to restructuring costs of $5m.