Quick Take: We just launched coverage ~5 minutes ago, are we already wrong?

Research evidence excerpt

Quick Take: We just launched coverage ~5 minutes ago, are we already wrong?

25 June 2026

US Life Science Tools & Diagnostics

Quick Take: We just launched coverage ~5 minutes ago, are we

already wrong?

We relaunched coverage on US Life Science Tools and Diagnostics ~5 minutes ago with Eve Burstein

+1 917 344 8313 a neutral view of the sector (please reach out if you’d like to catch up, it would be great to

eve.burstein@bernsteinsg.com reconnect!). However, in just 2 days, the sector is up HSD. After the first day, we sharpened

our pencils, adjusted some multiples, and doubled down on our messaging as we put the

Louisa Qiu finishing touches on our note. But today, watching the sector up another 4%, the framing in

+1 917 344 8495

louisa.qiu@bernsteinsg.com our note especially around where we are today - “sentiment on the sector isn’t great, and it’s

right not to be so great” - doesn’t seem to be consistent with today’s market sentiment. For

Specialist Sales that reason, we share this short note with 1) what has happened in the last two days, and 2)

what (if anything) changes in this new context.

Christian Moore

+1 917 344 8555

christian.moore@bernsteinsg.com ICON 1Q EARNINGS

WHAT HAPPENED?

ICON (not covered) published their 1Q26 results after-market on Tuesday, June 23rd and

held their conference call before market on Wednesday, June 24th. They had a moderate

beat (+2% top line, +3% EPS) and reiterated guidance for the year.

However, commentary was quite positive: 1) The company saw sustained strength in

pharma demand vs Q4 (book to bill increasing QoQ, strong RFP flow in both pharma full

service and development solutions business); and 2) They are seeing encouraging signs

from biotech (RFP flow increased LDD in the biotech full service business). Notably, the