Icon issues financial guidance for 2022 as the CRO giant eyes spike in revenue growth

Icon, a global CRO power, forecast revenues for 2022 to fall within a range of $7.7 billion to $8.05 billion, which equates to growth of between 43% to 46% versus 2021 numbers.

The company said adjusted earnings per share for 2022 are likely to range between $11.55 and $11.95, equating to growth of 21% to 23%. Icon’s 2022 guidance does not reflect any share repurchases or mergers and acquisition activity.

“We saw strong demand from customers that resulted in a trailing twelve month book to bill of 1.3x and total backlog of $18.6 billion at the end of the third quarter 2021,” Steve Cutler, Icon’s chief executive, said in a statement.

Icon reaffirmed its guidance for 2021 with revenues likely to range between $5.43 billion to $5.53 billion with adjusted earnings per share ranging from $9.55 to $9.75.

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Like others in the sector, the CRO was slashing costs in the second quarter of 2020 due to major enrollment delays from site closures and other restrictions caused by the pandemic.

Yet, Icon has fought its way back from the COVID-19 crisis with a collaboration with long-term partner Pfizer and a boost from its mega-deal $12 billion buyout of rival CRO PRA Health a year ago.