Icon profits soar to $48m

Dublin-headquartered pharmaceutical services company Icon, has reported a 23% year-on year jump in first half revenues, to $651m (€492m), with net profit for the period increasing by nearly $30m, to $48.7m.

The Nasdaq-quoted company — which acts as a global provider of outsourced development services to the pharmaceutical, biotechnology and medical devices sectors — yesterday reported a more than doubling of operating income (excluding restructuring charges) to $58.3m, and upped its full-year revenue guidance to between $1.3bn and $1.32bn, with earnings per share expected to come in at a range of $1.54-$1.64.

The company, which de-listed from the Iseq at the end of last year in order to take a full share listing on the Nasdaq, said that its net revenues grew by 21%, year-on- year, to $334.2m for the second quarter, with net income amounting to $26.5m.

Chief executive Ciaran Murray commented that he was happy, with the second quarter being another strong period for the company.

“We reported revenue growth of 21%, year-on- year and operating margins of 9.3%.

“We have continued to book satisfactory levels of new business and our trailing 12-month bookto-bill now stands at 1.3.

“Consequently, we are raising our revenue guidance to the range of $1.3-$1.32bn and our EPS guidance to the range of $1.54-$1.64 for the financial year 2013,” he added.

Earnings per share, for the second quarter of the year, amounted to 43c, when restructuring charges were excluded.

ICON said it recorded a charge of $4.6m during the second three months of the year in relation to what it called “various restructuring costs“.

The gross value of new business wins, for the second quarter, amounted to $496m; with net new business win value amounting to $364m.