Press release
ICON Issues Financial Guidance for Full Year 2020
Highlights Full Year 2020 Revenue guidance in the range of $2,972 - $3,092 million, representing growth of 5.8 – 10.0%. Full Year 2020 Earnings per share
About this update from Icon Plc
[{"type":"text","content":"\nHighlights \n\n\n\nFull Year 2020 Revenue guidance in the range of $2,972 - $3,092 million, representing growth of 5.8 – 10.0%.\n\n\nFull Year 2020 Earnings per share guidance in the range of $7.55 - $7.85, representing growth of 9.7 – 14.1%.\n\n\nGuidance includes intention to repurchase one million shares during 2020.\n\n\nReaffirming 2019 guidance of revenue in the range of $2,790 - $2,830 million and earnings in the range of $6.81 – $6.95.\n\n\n DUBLIN--(BUSINESS WIRE)--\nICON plc (NASDAQ: ICLR), global provider of outsourced drug and device development and commercialisation services to pharmaceutical, biotechnology, medical device and government and public health organisations, today announced its financial guidance for the year ended December 31, 2020. For the full year 2020 revenue is expected to be in the range of $2,972 - $3,092 million, representing growth of 5.8 – 10.0% and earnings per share is expected to be in the range of $7.55 - $7.85, representing growth of 9.7 – 14.1%.\n\n\nCEO Steve Cutler commented “The benefits of ICON’s differentiated Patient, Site and Data strategy continue to gain traction with both new and existing customers as evidenced by our trailing twelve month book to bill of 1.32x. Supported by strong industry fundamentals, we expect this positive momentum to continue into 2020 and consequently we expect revenue to grow by 5.8 – 10% to a range of $2,972 - $3,092 million. Furthermore, by remaining focused on cost efficiencies and leveraging our global support infrastructure, we expect earnings per share to increase by 9.7 – 14.1% to a range of $7.55 - $7.85. In addition to this organic growth, we will continue to actively deploy capital to maximise shareholder value through a combination of M&A and share repurchases.”\n\n\nThe full year 2020 financial guidance assumes:\n\n\n\nUS dollar to Euro exchange rate of $1.11.\n\n\nAn effective tax rate of circa 12 - 13%.\n\n\nCirca $350 million - $370 million of free cash flow and capital expenditures of circa $55 million.\n\n\nShare repurchases of one million shares to be executed opportunistically during 2020 depending on cash commitments to support M&A pipeline.\n\n\n\nWith respect to 2019, the company reaffirmed its current guidance of revenue in the range of $2,790 - $2,830 million and earnings in the range of $6.81 – $6.95.\n\n\nICON will be present...