Bloomberg News

Icon Says Profit Surged 58%, Raises Revenue Forecast

July 26, 2006

Icon Plc, Ireland's largest provider of clinical research for drugmakers, said second-quarter profit increased 58 percent and raised its full-year revenue forecast for a second time in less than three months.

Net income rose to $9.3 million, or 65 cents a share, compared with $5.9 million, or 42 cents, in the second quarter last year, the Dublin-based company said today in a statement. Revenue gained 25 percent to $107.4 million.

Icon, which provides services to pharmaceutical and biotech industries in 30 countries, won $166 million of new business during the three months, 64 percent more than a year earlier. The company raised its revenue forecast by 7.4 percent to $433 million. Icon said last month it will buy Ovation Research Group to expand its testing business and that its laboratory business returned to profit earlier than it had expected.

``It has been another quarter of strong growth for Icon,'' Chairman John Climax said in the statement. ``With our backlog at record levels, continuing good business flow and the central laboratory reaching profit earlier than forecast, we are upgrading our guidance for the rest of the year.''

The company's shares rose 3.52 euros, or 8.1 percent, to 47.18 euros in Dublin, the highest increase in nine months. The stock has gained 32 percent this year, increasing Icon's market value to 660 million euros ($833 million).

The company's revenue forecast was provided in a range from $425 million to $440 million. In May, the company raised the sales forecast by 3 percent.

To contact the reporter on this story: Louisa Nesbitt in Dublin at lnesbitt@bloomberg.net

To contact the editor responsible for this story: Kimberly Lohoar at kkirner@bloomberg.net.


Toyota's Hydrogen Man
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus