ICON PLC (ICLR.O): 2Q26 Recap: Strong 2Q B2B, FY26 Guidance Reaffirmed

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ICON PLC (ICLR.O): 2Q26 Recap: Strong 2Q B2B, FY26 Guidance Reaffirmed

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30 Jul 2026 15:23:48 ET │ 14 pages

ICON PLC (ICLR.O)

2Q26 Recap: Strong 2Q B2B, FY26 Guidance Reaffirmed

CITI'S TAKE

Neutral ICLR posted 2Q26 revenue of $2.06bn, with adj. EBITDA margins of

15.9%, slightly missing Street expectations (FactSet consensus 16.1%), Price (29 Jul 26 16:00) US$178.18

which was impacted by higher than expected pass-through revenues. B2B Target price US$180.00↑

of 1.51x (direct-fee B2B 1.2x) compares to VA consensus of ~1.30x, and from US$165.00

was primarily driven by elevated pass-through revenues on top of Expected share price return 1.0%

improving large pharma win rates and accelerating biotech demand. Adj. Expected dividend yield 0.0%

EPS of $2.56 came in slightly above the Street. FY26 guidance was

Expected total return 1.0% reiterated with revenue $7.85-8.15bn and EPS $10.00-$11.00, implying

Market Cap US$13,747M adj. EBITDA margin ~16.5% at the midpoint. EBITDA dollars/margin are

expected to sequentially progress throughout FY26, with 2H margin

expansion driven by mix and cost management. This suggests a 4Q exit

rate of >17%, in our view. We update our model for the quarter, maintain Brendan DiganAC

our Neutral rating, and increase our TP to $180 from $165 as ICLR +1-212-816-8742

continues to move on from the investigation and backlog reset. brendan.digan@citi.com

Albert Hu

FY26 Guidance — FY26 revenue was reiterated at $7.85-8.15bn and compares to +1-212-816-2277

FactSet consensus of $8.06bn. Previous commentary had assumed a (2%) Y/Y albert.hu@citi.com

decline from direct-fee revenues, +1% FX tailwind, and ~(2%) impact from the

Symphony Health divestiture. Management noted that pass-through activity may Nicole Dragotta