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ICON's 2013 revenues jump 20pc

Friday, February 21 10:23:44

Irish pharmaceutical outsourcing company, ICON, saw its full year 2013 revenues increase by 20pc compared to the year before to $1.34bn as it won major new contracts.

Its operating income increased by a massive 77pc to $130.2m while adjusted earnings per share came in at $1.77, a year-on-year increase of 77pc.

It also saw full-year net income jump to $110m from $60m the year before, despite a rise in costs.

"ICON made significant progress in 2013," said chief executive Ciaran Murray. "Revenue grew 20pc to $1.34bn and earnings per share increased by 77pc to $1.77."

Headquartered in Dublin, ICON employs about 10,170 people worldwide. It was founded 23 years ago by Irish doctors John Climax and Ronan Lambe.

The clinical research group has expanded through an extensive programme of acquisitions, recently purchasing staffing agencies ClinForce and Assent Consulting as well as drug safety company Akos.

ICON issued 2014 guidance of 6-10pc revenue growth and stronger earnings per share growth of 16-24pc to a range of $2.05-2.20.

"We are upgrading our EPS forecast for FY 2014 to $2.10; the upgrade is driven mainly by improved operating margins," said Davy Stockbrokers.