ICON Plc Model Update

研报英文原文证据摘录

ICON Plc Model Update

J P M O R G A N North America Equity Research

15 May 2026

ICON Plc Neutral

ICLR, ICLR US

Model Update Price (15 May 26):$116.38

▼Price Target (Dec-26):$120.00

Prior (Dec-26):$175.00

We are updating our ICON Plc (ICLR) model and lowering our DCF-derived Dec.

‘26 PT to $120 (vs. $175 prior). Recall, last month ICLR announced the completion Life Science Tools & Diagnostics

of its internal investigation into the company’s accounting practices and internal Casey Woodring AC

controls (see our note here for more detail), noting that the overstatement in 2023 (1-212) 622-9074

and 2024 was below the previously disclosed 2% upper bound and that the impact casey.woodring@jpmchase.com

in 2025 was less than in the preceding years. While this was better than expected, Marta Nazarovets Zaremba

the PR had stated at the time that, “While near-term performance will continue to (1-212) 622-6046

marta.zaremba@jpmchase.com

be impacted by recent market dynamics, we are encouraged by the improved

Jaden Rismay

demand environment.” Management clarified to us that the quote reiterated ICLR’s

(1-212) 622-8479

commentary from 3Q on the factors weighing on near-term performance, i.e., mix jaden.rismay@jpmchase.com

and pricing on margins, while differentiating from the improving medium-term Sebastian Sandler

demand leading indicators that were also flagged during 3Q such as proposals, (1-212) 622-8464

awards, change orders, etc. Lastly, the PR had indicated potential backlog policy sebastian.sandler@jpmchase.com

changes, adding to the uncertainty on the forward outlook. Given the headwinds J.P. Morgan Securities LLC

ICLR is currently facing, particularly on the pricing and mix side, we are lowering

our estimates for 2026 and outer years while adjusting the inputs in our DCF.