ICON records $1,87 billion in revenue for third quarter 2021

Months after completing megadeal with rival PRA Health, ICON reports solid set of results.

The Dublin-based clinical research organization ICON has announced their 2021 third quarter financial results. ICON, which recently acquired PRA Health has cemented itself as a world-leader in healthcare intelligence. The pharmaceutical solutions company recorded revenue of $1,87 billion during the third quarter, indicating a 167% year on year increase. The CRO’s third quarter gross business wins were recorded at $2,72 billion, though cancellations amounted to $346 million. This represented net business wins of $2,37 billion along with a book bill of 1.27. About $299.0 million in cash was generated for the quarter from the company’s operating activities and $24.4 million was spent on capital expenditure during the period. Adjusted EBITDA for the quarter came in at $324.9 million or 17.4% of revenue, which represented a year-on-year increase of 143%.

The group’s cash and cash equivalents have steadily increased from $708.0 million in September 2020 to $1.05 billion in June 2021 and slightly dipped to $1.01 billion in September 2021. Since announcing its plans to acquire rival PRA in a $12 billion mega deal back in February this year, the two have quickly integrated their operations, with ICON announcing the completion of the deal in July. According to ICON’s website, the combined entity now boasts nearly 38,000 employees across 46 countries – creating one of the industry’s largest CROs. ICON’s CEO, Dr Steve Cutler stated, “The response to the acquisition by our customers has been excellent and we are already engaging in a number of more strategic discussions which we expect will drive further growth over the long term.”