ICON: 1Q'26 First Look

研报英文原文证据摘录

ICON: 1Q'26 First Look

Equity Research

U.S. Life Science & Diagnostic Tools

23 June 2026

ICON

1Q'26 First Look

Sentiment turned pretty +ve into the print as no one expected

any surprises given mgmt's commentary on last month’s 4Q

call came after 1Q already closed. B2B of >1.4x shows a strong ICLR EQUAL WEIGHT U.S. Life Science &

Diagnostic Toolsbookings environment that is expected to continue through POSITIVE

Price Target USD 160.00

2Q. The key question will be on... Price (23-Jun-26) USD 142.67

Potential Upside/Downside +12.1%

Source: Bloomberg, Barclays Research

...how margins/EBITDA growth is likely to trend through the remainder of the year and next.

Bookings/Topline/Core: Strong bookings beat (+42% y/y) with B2B of 1.42x B2B beating 1.26x U.S. Life Science & Diagnostic Tools

Street, but this came in line with buyside expectations based on our recent conversations. Luke Sergott

•• Cancellations were pretty close to our estimate and remain below elevated levels seen in +1 212 526 9258

1H'25. luke.sergott@barclays.com

•• Strong rev beat, but plenty of questions on quality of the beat due to high % of pass-throughs BCI, US

in the space right now. Anna Kruszenski

+1 212 526 0134

Margins/EPS: GMs came in a touch below Street which likely reflects mix (FSO/FSP and anna.kruszenski@barclays.com

passthrough). Slightly lower opex vs. our estimate offset the softer GMs and led to in line EBITDA BCI, US

margins at 15.6%. EPS beat Street by 8c largely on BTL items (5c from lower tax and 1c from

Salem Salem

lower share count by our math). +1 212 526 3431

salem.salem@barclays.com

Guidance: FY'26 guidance reiterated across the board and likely remains conservative in our BCI, US

opinion given the 1Q revenue/EPS upside + the $10.00 floor assumes a material degradation in