Icon raises full-year revenue guidance on the back of a strong Q3 showing

Icon — the Dublin-based pharmaceutical services provider — has upped its full-year revenue guidance for the second time in as many months, on the back of a strong third-quarter showing.

The Nasdaq-listed firm — a global provider of outsourced development services to the pharmaceutical, biotechnology, and medical devices sectors — yesterday reported a 19% annualised rise in revenues, for the three months to the end of September, to $340m (€246.5m).

The period also saw a 59% year-on-year boost in operating profit, to $33.2m. Net profit was up by 57%, compared to the same quarter last year, at $27.8m, with third-quarter earnings per share rising from 29c to 45c.

“We booked $415m of net new business wins, leaving us with a closing backlog of $2.97bn. Consequently, we are raising our revenue guidance to the range of $1.325 to $1.33bn and our earnings per share guidance to the range of $1.67 to $1.70 for the financial year 2013,” noted Icon’s CEO, Ciaran Murray.

Back at the tail-end of July, when Icon reported a 23% year-on-year jump in first-half revenues, management upped full-year guidance for revenue to between $1.3bn and $1.32bn, with earnings per share then expected to come in at between $1.54 and $1.64. On a year- to-date basis, Icon has seen revenues rise by 22%, year-on-year, to $991m; with operating income up from $49.3m to $91.5m.

During the third quarter, cash generated from operating activities amounted to $43.6m. Net cash amounted to $218.6m, compared to a net cash position of $190m as of the end of last December.

Icon de-listed from the Iseq at the end of last year, in order to take a full share listing on the Nasdaq.