olivLaw · US equity research
ICON plc ICLR
Services-Commercial Physical & Biological Research · SIC 8731 · Vertical: Services-Commercial Physical & Biological Research (SIC 8731)
ICON plc is a contract research organization (CRO) providing outsourced clinical development, functional services and laboratory services to pharmaceutical, biotechnology and medical device companies. Revenue was broadly flat in fiscal 2025 at about 8.25 billion USD, while the company worked through restated financial statements and a delayed annual report in 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, ICON plc (ICLR) stock was 203.11 USD (−0.32% on the day), with market capitalisation 15.6 bn USD, P/E 70.0 on diluted EPS of 2.90 USD over the last 12 months, beta 1.03, 52-week range 80.08–215.48 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 65.3
- strong (55–70)
- Bollinger (20, 2)
- 149.16 – 219.82
- in the upper half of the band · %B 0.76 · band width 38.3%
- SMA 50 / 200
- 173.91 / 146.16
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 10.39 / 8.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +20.7% | −1.1% | +21.8 pp | — |
| 3 months | +24.2% | −0.5% | +24.7 pp | — |
| 6 months | +63.6% | +4.4% | +59.2 pp | — |
| Year to date | +11.5% | +12.3% | −0.9 pp | — |
| 1 year | +24.6% | +13.5% | +11.1 pp | +14.7% |
| 3 years | −21.3% | +76.4% | −97.7 pp | +18.0% |
| 5 years | −23.6% | +63.7% | −87.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 90 percentile of its own 10-quarter history (min 16.2, median 28.5, max 137.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.6 bn | 2.8 bn | 2.8 bn | 5.5 bn | 7.7 bn | 8.1 bn | 8.2 bn | 8.3 bn |
| Revenue YoY | +47.6% | +8.1% | −0.3% | +95.9% | +41.2% | +4.1% | +1.7% | +0.8% |
| Net income | 322.7 m | 374.0 m | 332.3 m | 153.2 m | 505.3 m | 554.2 m | 739.1 m | 229.3 m |
| Net income YoY | +14.6% | +15.9% | −11.1% | −53.9% | +229.9% | +9.7% | +33.4% | −69.0% |
| Diluted EPS | 5.89 | 6.79 | 6.15 | 2.25 | 6.13 | 6.70 | 8.90 | 2.90 |
| Diluted EPS YoY | +14.8% | +15.3% | −9.4% | −63.4% | +172.4% | +9.3% | +32.8% | −67.4% |
| net % | 12.4% | 13.3% | 11.9% | 2.8% | 6.5% | 6.9% | 9.0% | 2.8% |
| Free cash flow | 220.2 m | 373.6 m | 527.2 m | 735.4 m | 421.2 m | 1.0 bn | 1.1 bn | 862.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 647.3 m USD
- Financial debt
- 2.9 bn USD
- Net debt
- 2.2 bn USD
- Equity
- 9.2 bn USD
- Total assets
- 16.3 bn USD
- Debt / equity
- 0.31x
- Current ratio
- 1.10x
- ROE
- 2.5%
- ROA
- 1.4%
- FCF margin
- 10.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.8 bn | 5.5 bn | 7.7 bn | 8.1 bn | 8.2 bn | 8.3 bn | SEC (XBRL)· 27 May 2026verified |
| Cost of revenue | 2.0 bn | 4.0 bn | 5.5 bn | 5.7 bn | 5.8 bn | 6.1 bn | SEC (XBRL)· 27 May 2026verified |
| Gross profit | 817.4 m ≈ | 1.5 bn ≈ | 2.2 bn ≈ | 2.3 bn ≈ | 2.3 bn ≈ | 2.2 bn ≈ | SEC (XBRL)· 27 May 2026derived |
| SG&A | 342.4 m | 585.3 m | 778.8 m | 768.6 m | 728.3 m | 780.1 m | SEC (XBRL)· 27 May 2026verified |
| Operating income | 391.5 m | 378.5 m | 795.2 m | 904.7 m | 1.0 bn | 442.8 m | SEC (XBRL)· 27 May 2026verified |
| Depreciation & amortisation | 66.1 m | 315.0 m | 569.5 m | 586.0 m | 488.5 m | 383.0 m | SEC (XBRL)· 27 May 2026verified |
| EBITDA | 457.6 m ≈ | 693.5 m ≈ | 1.4 bn ≈ | 1.5 bn ≈ | 1.5 bn ≈ | 825.8 m ≈ | SEC (XBRL)· 27 May 2026derived |
| Interest expense | 13.0 m | 182.4 m | 229.7 m | 336.7 m | 237.2 m | 197.5 m | SEC (XBRL)· 27 May 2026verified |
| Pre-tax income | 381.2 m | 196.7 m | 567.9 m | 573.0 m | 803.8 m | 252.5 m | SEC (XBRL)· 27 May 2026verified |
| Income tax | 47.9 m | 41.3 m | 59.4 m | 18.4 m | 64.6 m | 23.1 m | SEC (XBRL)· 27 May 2026verified |
| Net income | 332.3 m | 153.2 m | 505.3 m | 554.2 m | 739.1 m | 229.3 m | SEC (XBRL)· 27 May 2026verified |
| Diluted EPS | 6.15 | 2.25 | 6.13 | 6.70 | 8.90 | 2.90 | SEC (XBRL)· 27 May 2026verified |
| Weighted average diluted shares | 53.3 m | 68.1 m | 82.5 m | 82.7 m | 83.0 m | 79.0 m | SEC (XBRL)· 27 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 840.3 m | 752.2 m | 288.8 m | 378.1 m | 538.8 m | 647.3 m | SEC (XBRL)· 27 May 2026verified |
| Receivables | 715.3 m | 1.3 bn | 1.7 bn | 1.8 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 27 May 2026verified |
| Inventories | 4.8 m | 5.8 m | — | — | — | — | SEC (XBRL)· 01 Mar 2022verified |
| Current assets | 2.1 bn | 2.9 bn | 3.2 bn | 3.3 bn | 3.3 bn | 3.5 bn | SEC (XBRL)· 27 May 2026verified |
| Property, plant & equipment, net | 174.3 m | 336.4 m | 350.3 m | 361.2 m | 382.9 m | 395.7 m | SEC (XBRL)· 27 May 2026verified |
| Goodwill | 936.3 m | 9.0 bn | 9.0 bn | 9.0 bn | 9.1 bn | 8.7 bn | SEC (XBRL)· 27 May 2026verified |
| Intangibles (excl. goodwill) | 66.5 m | 4.7 bn | 4.3 bn | 3.9 bn | 3.6 bn | 3.2 bn | SEC (XBRL)· 27 May 2026verified |
| Total assets | 3.4 bn | 17.4 bn | 17.2 bn | 16.9 bn | 16.6 bn | 16.3 bn | SEC (XBRL)· 27 May 2026verified |
| Accounts payable | 51.1 m | 90.8 m | 81.2 m | 131.6 m | 173.0 m | 192.1 m | SEC (XBRL)· 27 May 2026verified |
| Long-term debt | 348.5 m | 5.4 bn | 4.6 bn | 3.7 bn | 3.4 bn | 2.9 bn | SEC (XBRL)· 27 May 2026verified |
| Current liabilities | 1.1 bn | 2.5 bn | 2.7 bn | 2.7 bn | 2.6 bn | 3.2 bn | SEC (XBRL)· 27 May 2026verified |
| Total liabilities | 1.6 bn | 9.3 bn | 8.7 bn | 7.7 bn | 7.2 bn | 7.1 bn | SEC (XBRL)· 27 May 2026verified |
| Equity | 1.9 bn † | 8.1 bn † | 8.5 bn † | 9.2 bn † | 9.4 bn † | 9.2 bn † | SEC (XBRL)· 27 May 2026verified |
| Shares outstanding at year end | 52.8 m | 81.6 m | 81.7 m | 82.5 m | 80.8 m | 76.6 m | SEC (XBRL)· 27 May 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 568.0 m | 829.1 m | 563.3 m | 1.2 bn | 1.3 bn | 1.0 bn | SEC (XBRL)· 27 May 2026verified |
| Capex | 40.9 m | 93.8 m | 142.2 m | 140.7 m | 168.1 m | 174.2 m | SEC (XBRL)· 27 May 2026verified |
| Free cash flow | 527.2 m ≈ | 735.4 m ≈ | 421.2 m ≈ | 1.0 bn ≈ | 1.1 bn ≈ | 862.0 m ≈ | SEC (XBRL)· 27 May 2026derived |
| Investing cash flow | -46.6 m | -6.0 bn | -145.9 m | -226.7 m | -266.8 m | -187.5 m | SEC (XBRL)· 27 May 2026verified |
| Financing cash flow | -208.3 m | 5.1 bn | -864.2 m | -844.0 m | -837.2 m | -771.3 m | SEC (XBRL)· 27 May 2026verified |
| Share repurchases | 175.0 m | 0 | 100.0 m | 0 | 500.0 m | 750.0 m | SEC (XBRL)· 27 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 34 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 15.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation34
- Balance sheet27
- Quality49
- Growth9
- Returns69
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 99.27 – 307.29 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)153.52 – 260.07 (Mid 193.99)WACC 8.7% · starting FCFF 1.0 bn USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 3.9%
- Peers: EV/EBITDA209.67 – 307.29 (Mid 268.62)3 companies used · median multiple 27.6x · quartiles 22.1x – 31.2xCRL, IQV, NRC
- Peers: P/E99.27 – 147.40 (Mid 105.62)3 companies used · median multiple 36.4x · quartiles 34.2x – 50.8xINCY, IQV, MEDP
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 34/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.4% | 11 (on a fixed band) | 11% |
| Net margin · Quality | 2.8% | 64 (vs peers) | 7% |
| FCF conversion · Quality | 375.9% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 2.1% | 18 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -22.1% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 2.7x | 37 (on a fixed band) | 11% |
| Interest coverage · Balance sheet | 2.2x | 11 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.1x | 25 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 70.0x | 40 (vs peers) | 11% |
| EV/EBITDA · Valuation | 21.5x | 0 (on a fixed band) | 11% |
| FCF yield · Valuation | 5.5% | 69 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 4.8% | 69 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet27/100 · 3/3 factors with a value
- Growth9/100 · 2/2 factors with a value
- Quality49/100 · 3/3 factors with a value
- Returns· partial69/100 · 1/2 factors with a value
- Valuation34/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ICON plc (ICLR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 8.3 bn USD in 2025; YoY growth 0.8%; net margin 2.8%; ROE 2.5%; net debt/EBITDA 2.7x.
The estimated value range is 153.52–260.07 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 193.99 USD, the price of 203.11 USD leaves a potential of -4.5% (value / price − 1) and a margin of safety of -4.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 34/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 375.9%
What contradicts it
- ROIC: 3.4%
- Revenue CAGR 3Y: 2.1%
- EPS CAGR 3Y: -22.1%
- Interest coverage: 2.2x
- Current ratio: 1.1x
- EV/EBITDA: 21.5x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Services-Commercial Physical & Biological Research (SIC 8731) · same industry (4-digit SIC) · compared with 11 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| IQVIqvia Holdings Inc. | 43.5 bn | 32.0 | 21.7% | 8.1% | +5.9% | +15% / +23% |
| INCYIncyte Corporation | 25.0 bn | 65.2 | 7.8% | 6.7% | +21.2% | +18% / +126% |
| MEDPMedpace Holdings, Inc. | 18.4 bn | 36.4 | 117.9% | 18.2% | +20.0% | +11% / +143% |
| CRLCharles River Laboratories International, Inc. | 15.6 bn | 385.5 | 1.2% | 1.0% | −0.9% | +83% / +66% |
| ICLRICON plc | 15.6 bn | 70.0 | 2.5% | 2.8% | +0.8% | +25% / −21% |
| ABSIAbsci Corp | 1.8 bn | — | -57.7% | -7,756.4% | −38.2% | +231% / +528% |
| OABIOmniab, Inc. | 755.6 m | — | -16.5% | -108.1% | −29.3% | +186% / +18% |
| NRCNRC Health | 574.5 m | 95.9 | 248.1% | 4.5% | −4.0% | +59% / −35% |
| ONMDOnemednet Corporation | 269.2 m | — | — | -584.2% | +111.4% | −75% / −89% |
| MXCTMaxCyte, Inc. | 143.5 m | — | -20.4% | -114.8% | −14.5% | −21% / −71% |
| BIAFbioAffinity Technologies, Inc. | 23.7 m | — | -1,860.2% | -257.3% | −34.2% | −87% / −100% |
| ISPCiSpecimen Inc. | 2.1 m | — | -968.5% | -2,449.0% | −79.2% | −95% / −100% |
1- and 3-year price returns: for ICLR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 121.07 Total return -40% · Per year -40% | 214.29 Total return 6% · Per year 6% | 323.12 Total return 59% · Per year 59% |
| 3 years | 112.01 Total return -45% · Per year -18% | 223.60 Total return 10% · Per year 3% | 370.97 Total return 83% · Per year 22% |
| 5 years | 103.64 Total return -49% · Per year -13% | 233.32 Total return 15% · Per year 3% | 425.91 Total return 110% · Per year 16% |
- Exit P/E± 55.90
- Net margin± 39.13
- Annual revenue growth± 32.86
- Annual dilution± 3.29
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 May 2026; since then the company filed 6-K (27 Oct 2026), 6-K (08 Oct 2026), 6-K (09 Sept 2026), 6-K (20 Aug 2026), 6-K (18 Aug 2026).
In brief
ICON plc is a contract research organization (CRO) providing outsourced clinical development, functional services and laboratory services to pharmaceutical, biotechnology and medical device companies. Revenue was broadly flat in fiscal 2025 at about 8.25 billion USD 1, while the company worked through restated financial statements and a delayed annual report in 2026 1.
SWOT
Strengths
- The company has an extensive global footprint with staff across many countries and a broad portfolio from clinical development to laboratory services 1.
- Its backlog of unsatisfied performance obligations is substantial and points to a large volume of contracted revenue 1.
- Relationships with most of the world's leading pharmaceutical and biotech companies provide an established client base 1.
Weaknesses
- The company restated its financial statements for 2023 and 2024 and reported material weaknesses in internal control over financial reporting 1.
- Revenue depends on a relatively small number of large clients, and direct costs have risen as a share of revenue 1.
- The late filing of the annual report required waivers from lenders, showing strain in relations with financiers 1.
Opportunities
- Demand for post-marketing and comparative effectiveness research could grow, opening new areas of activity 1.
- If outsourcing keeps rising, the company could win larger contracts through strategic partnerships 1.
- Investment in data and decentralized trial technology could create higher value-added services 1.
Risks
- Loss or delay of large contractshigh
Clients can discontinue or cancel projects without notice, and losing large contracts could materially affect revenue and profitability 1.
- Internal control and financial reportinghigh
The company was required to remediate material control weaknesses and delay filing its financial statements, which could affect its access to public capital markets 1.
- Customer concentrationmedium
A small number of clients generates a large part of revenue, and a loss or reduction of their activity would have a material impact 1.
- Debt and credit termsmedium
Secured borrowings and covenants can limit flexibility, and variable interest rates could raise financing costs 1.
- International and regulatory exposuremedium
Operations across many jurisdictions expose the company to FDA, anti-corruption and data protection rules that could lead to penalties and additional costs 1.
Investment thesis
What would need to be true (bull case)
- If outsourcing of research keeps growing and large clients deepen partnerships with global CROs, the company could benefit from stable order flow and expanding activity 1.
- A large backlog and a broad service range could support revenue over the medium term, especially if remediation of internal control succeeds 1.
- If timely financial reporting is confirmed, pressure from lenders could ease and operations could become more predictable 1.
What would break the thesis
- If biotech financing worsens, new orders could slow and the conversion of backlog into revenue could decline 1.
- The restatement of prior-year revenue and control weaknesses could bring extra costs and weigh on investor confidence 1.
- If large clients reduce volumes or move to fewer providers, the company could lose important contracts and see margins decline 1.
What to watch
- Filing of the delayed annual and quarterly financial statements within the consent periods granted by lenders2026
- Trend in new business awards and in the backlog of unsatisfied performance obligationsQ1 2027
- Refinancing of the 500 million USD bridge secured credit facility before its maturity2027
- Remediation of the material weaknesses in internal control reported as of December 31, 2025next 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 May 2026; since then the company filed 6-K (27 Oct 2026), 6-K (08 Oct 2026), 6-K (09 Sept 2026), 6-K (20 Aug 2026), 6-K (18 Aug 2026).
The business
Founded in Dublin in 1990 and organized as a public limited company in Ireland, ICON provides clinical development services covering all phases I-IV, functional outsourcing and laboratory services, including bioanalytical, biomarker, vaccine, GMP and central laboratory testing 1. Its model spans strategic partnerships, preferred provider arrangements, full-service delivery and stand-alone services, serving large pharma, mid-tier pharma and biotech clients 1. At December 31, 2025 it employed approximately 40,100 people in 97 locations across 55 countries 1.
Revenue is concentrated geographically: in fiscal 2025 Europe generated 57.9% of revenue, the United States 30.6% and the rest of the world 11.5% 1. Customers are diversified but relatively concentrated, with the top five representing 24.8% of revenue and the largest single customer 7.0% 1. Unsatisfied performance obligations of 14.9 billion USD at December 31, 2025 show contracted revenue not yet earned, though the company cautions this is not necessarily a predictor of future results 1.
In 2025 the company repurchased shares for 750.0 million USD, and in April 2026 it entered a 500 million USD bridge secured credit facility to repay 2026 notes 1. In 2026 it also completed the disposal of Symphony Health Solutions and holds a minority stake in HealthVerity carried at a nil value 1.
Segments
Clinical development
Clinical development services cover all phases from I to IV, peri- and post-approval activities, data solutions and site and patient access, forming the core of the company's activity 1.
Functional and partnership services
Functional outsourcing and strategic or preferred provider partnerships let clients outsource specific parts of studies, with contracting that varies by region 1.
Laboratory services
Laboratories offer bioanalytical, biomarker, vaccine, GMP manufacturing and central laboratory testing, higher-value services than basic trial monitoring 1.
Market context
The company describes a market where productivity pressure and tight budgets at biopharma firms drive more outsourcing, as companies seek efficiency and to convert fixed costs to variable 1. Demand for late-stage and comparative effectiveness research could grow as requirements to demonstrate economic value expand 1.
The market is also sensitive to client R&D spending and vendor consolidation, as large pharma reduces its number of outsourcing partners and enters strategic partnerships with a few providers 1. If biotech funding remained constrained, it could weigh on billings and demand for services 1.
Trends
- Outsourcing of research activitiestailwind
Pharmaceutical companies are increasingly outsourcing to convert fixed costs to variable and speed time to market, which supports demand for CROs 1.
- Consolidation of vendors by large pharmamixed
Large clients are reducing their vendor base and entering strategic partnerships with a limited number of providers, which could concentrate work with a few large CROs 1.
- Biotech financingheadwind
If biotech customers cannot raise enough financing, demand for clinical studies could fall and the risk of unpaid invoices could rise 1.
- Artificial intelligence and data technologymixed
The company invests in data solutions and decentralized trial technology, but the development and use of artificial intelligence also brings legal and reputational uncertainties 1.
Competitive position
The company describes its market as highly competitive and dynamic, with rivals offering global clinical development services 1. It positions itself as one of a select group of CROs able to run trials across major therapeutic areas globally, with an edge in integrated services and operational flexibility 1.
- IQVIAIQV
Global competitor in clinical research and data services, part of the small group of CROs with worldwide capability.
- MedpaceMEDP
Specialized clinical services provider competing for clinical development projects in the mid-tier segment of the industry.
- FortreaFTRE
Contract research organization competing for outsourced clinical services from pharmaceutical companies.
- Parexel
Global clinical development competitor that bids against the company for projects from large and mid-tier pharma.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- ‘A true icon of the hair industry’: celebrity hairstylist John Frieda dies aged 75The Guardian World · 04 Nov 2026 · EN
- Turkish pop icon releases climate anthem for COP31Hürriyet Daily News — Türkiye (TR, EN) · 03 Nov 2026 · EN
- (LEAD) Beloved S. Korean TV icon Choi Bool-am dies at 87Yonhap News (KR, EN) · 29 Oct 2026 · EN
- Why The Boeing 757 Will Remain As A Narrowbody Icon Once It's RetiredSimple Flying · 29 Oct 2026 · EN
- Beloved S. Korean TV icon Choi Bool-am dies at 87Yonhap News (KR, EN) · 29 Oct 2026 · EN
- Dolores Huerta, influential labor leader, feminist and civil rights icon, dies at 96CNBC — Top News · 28 Oct 2026 · EN
- Dolores Huerta, influential labor leader, feminist and civil rights icon, dies at 96NPR News · 28 Oct 2026 · EN
- El deseo engancha más que el bulo : cómo los gostoso sin camiseta contribuyeron a la victoria de Lula en Brasil | ICONSurge — GDELT DOC · 27 Oct 2026 · RO
- Southwest Icon: What You Need To Know About America's Newest Airport LoungesSimple Flying · 26 Oct 2026 · EN
- ITV Adultery cast in full as Betrayal star teams up with Hollywood iconSurge — GDELT DOC · 25 Oct 2026 · RO
- Show HN: An icon for every city in North AmericaHacker News · 21 Oct 2026 · EN
- It looks like Apple Music is getting a new iconThe Verge · 13 Oct 2026 · EN
- BlackRock and Baillie Gifford bet big on Icon 3D printed homesCNBC — Top News · 13 Oct 2026 · EN
- Catholic archbishop in Belarus blesses AI-generated icon of Carlo Acutis, the Italian teenager known as the internet’s patron saintMeduza English (independent RU/exile) · 12 Oct 2026 · EN
- Madrid mourns evicted retiree, ‘icon’ of Spain housing protestsThe Japan Times · 09 Oct 2026 · EN
- 7 reasons why G-Dragon is still K-pop’s ultimate fashion icon, 20 years onCNA (Channel NewsAsia) · 08 Oct 2026 · EN
- Andrei Rublev’s ‘Trinity’ icon returned to Russia’s Trinity Lavra after repairs to climate-controlled displayMeduza English (independent RU/exile) · 06 Oct 2026 · EN
- Film Icon Kennedy on Career and Star Wars FutureBloomberg Markets · 01 Oct 2026 · EN
- Dmitri Shostakovich at 120: How the icon drew on Bach, jazz, and cinema to create his own musical languageMeduza English (independent RU/exile) · 27 Sept 2026 · EN
- Remembering Marina Vlady, the cinema icon who embodied the ‘mysterious Russian soul’ for Europeans. To Soviet audiences, she was an enigmatic French star — and bard Vladimir Vysotsky’s muse.Meduza English (independent RU/exile) · 25 Sept 2026 · EN
SEC filings
- Current report (foreign issuer)27 Oct 2026
- Current report (foreign issuer)27 Oct 2026
- Current report (foreign issuer)08 Oct 2026
- Current report (foreign issuer)09 Sept 2026
- Current report (foreign issuer)20 Aug 2026
- Current report (foreign issuer)18 Aug 2026
- Current report (foreign issuer)06 Aug 2026
- Current report (foreign issuer)31 Jul 2026
- Current report (foreign issuer)30 Jul 2026
- Current report (foreign issuer)29 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / ICON plc · 27 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.