Icon shares slip despite 14% profit increase

Icon shares slipped by over 7% at one point yesterday even on the back of the Dublin-headquartered pharmaceutical and healthcare services firm reporting a 14% rise in first quarter operating profit and a 3.2% revenue increase.

The Nasdaq-quoted clinical trial and drug development firm — which employs 12,200 worldwide and more than 1,000 here across its Leopardstown headquarters and a Limerick office — yesterday reported revenues of $400.5 million (€353.5m) for the first three months of this year.

Operating profit was up from $66.7m to $76m, on a year-on-year basis and net profit rose by 12.7% on an annualised basis to $63m.