ICON, plc: Incremental One-Liners Post the 1Q26 Conference Call

Research evidence excerpt

ICON, plc: Incremental One-Liners Post the 1Q26 Conference Call

Deutsche Bank

Research

Rating Company Date

Buy ICON, plc 24 June 2026

North America Reuters Bloomberg Rating Buy

United States ICLR.OQ ICLR US Price target (USD) 188.00 Price at 23 Jun 26 142.67

52-week range 202.92 – 80.08

Health Care

Contract Research Valuation & Risks

Organizations

Incremental One-Liners Post the 1Q26

Conference Call JustinResearchBowersAnalyst

+1-917-517-9836

Portfolio Manager Summary

Sam Martin We are providing incremental takeaways to our First Blush on Icon’s 1Q26 results. Research Associate

Company commentary and our discussions with management reinforce our

sentiment around: a) 2026 marking a rebound for the broader CRO space as end-

market demand indicators continue to strengthen; and, b) increasing comfort with

underwriting the 2026 guidance, and increasing upside risk to 2027 numbers Key changes

from operations and capital deployment. We estimate that Icon can repurchase Price target (USD) 180 188 4%

as much as $500mm in stock in 3Q26 when its buyback window reopens (first Source: Deutsche Bank

time since 3Q25) and $1,500mm through 2027; this would increase our current

2027 / 2028 EPS estimates to $13 / $15 all else equal. We are increasing our 2026

/ 2027 EPS estimates by +1% / +3% and increase our PT to $188 (from $180)

based on an 11x 2027E EV/EBITDA (no change to target multiple).

▪ 2026 Guidance / 2Q26 Considerations: Icon maintained 2026 guidance

and still expects midpoints of $8.0b for revenue and $10.50 for adj. EPS;

broadly stable revenue dollars are expected QoQ, with pass-throughs

and direct fee revenue stable but mix of direct fee revenue improving

QoQ. Improved direct fee mix is expected to drive QoQ EBITDA margin