1Q26 Recap: Encouraging Continuation of Strong Bookings Growth Despite Lingering Concerns on Margin Progression

研报英文原文证据摘录

1Q26 Recap: Encouraging Continuation of Strong Bookings Growth Despite Lingering Concerns on Margin Progression

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

24 June 2026

ICON Plc

1Q26 Recap: Encouraging Continuation of Strong Neutral

Bookings Growth Despite Lingering Concerns on ICLR, ICLR US

Margin Progression Price (23 Jun 26):$142.67

▲Price Target (Dec-26):$155.00

Prior (Dec-26):$130.00

ICLR reported 1Q26 results that landed above the Street on both the top and bottom

lines (revenue of $2.034B vs. Street of $1.996B and adj. EPS of $2.50 vs. Street Life Science Tools & Diagnostics

of $2.42) and posted a strong B2B of 1.42 under the new methodology (along with Casey Woodring AC

a direct fee B2B of >1.30). The quarter was characterized by an improving demand (1-212) 622-9074

environment, as ICLR saw an increase in RFP flow for both pharma and biotech casey.woodring@jpmchase.com

customers. On the latter, management encouragingly pointed to a +LDD q/q Marta Nazarovets Zaremba

increase in RFP flow for biotech FSOs. The company also noted that win rates (1-212) 622-6046

marta.zaremba@jpmchase.com

remained strong across both biotech and pharma in the quarter, while $383M worth

Jaden Rismay

of cancellations were below the historical $500-600M quarterly run-rate

(1-212) 622-8479

(cancellations were $365M in 4Q), although the company expects cancellations to jaden.rismay@jpmchase.com

normalize moving forward. Looking ahead, ICLR reiterated its 2026 guidance Sebastian Sandler

range, continuing to embed a q/q step up in adj. EBITDA margin attributable to (1-212) 622-8464

higher mix of direct fee and FSO revenues, as well as ongoing cost management sebastian.sandler@jpmchase.com

initiatives. Stepping back, the quarter showcased further improvements in the J.P.