DUBLIN - ICON plc (NASDAQ:ICLR), a global provider of outsourced development services to the pharmaceutical, biotechnology, and medical device industries, today announced that Brendan Brennan, its Chief Financial Officer since 2012, will step down from his role in the fourth quarter of this year.
Brennan, who has been with the company for 18 years, is leaving to pursue a new opportunity outside of the clinical research organization (CRO) industry. ICON has initiated a search for Brennan's successor.
Brennan will continue his duties as CFO until a new executive is appointed to ensure a seamless transition. Under his financial stewardship, ICON has seen substantial growth, including the successful integration of PRA Health Sciences (NASDAQ:PRAH). Brennan expressed pride in his contributions and believes that ICON is well positioned for continued growth and success after his departure.
Steve Cutler, CEO of ICON, acknowledged Brennan's significant contributions to the company's development over the years and wished him well in his future endeavors. The company will provide updates on the CFO search process at a suitable time.
In addition to the executive transition news, ICON reaffirmed its financial guidance for the full year of 2024. The company expects its full-year revenue to range between $8.4 billion and $8.8 billion, which would represent an increase of 3.4% to 8.4% over the previous year.
Adjusted earnings per share are projected to be between $14.50 and $15.30, marking a year-over-year increase of 13.4% to 19.6%. These figures exclude amortization, stock compensation, restructuring, foreign exchange, and transaction-related adjustments.
ICON will report its first-quarter results for 2024 on the evening of April 24, followed by an earnings conference call on the morning of April 25.
The company, headquartered in Dublin, employs approximately 41,100 people across 53 countries, providing a full range of clinical research services. The information regarding Brennan's departure and the company's financial outlook is based on a press release statement from ICON plc.
InvestingPro Insights
As ICON plc (NASDAQ:ICLR) navigates through an executive transition with CFO Brendan Brennan stepping down later this year, the company's financial health remains a focal point for investors. ICON's reaffirmed financial guidance for 2024 is backed by robust growth metrics, with a projected revenue increase and a strong uptick in adjusted earnings per share.
Delving into the company's financials through real-time data from InvestingPro, ICON's market capitalization stands at a substantial $26.49 billion USD. The company's Price/Earnings (P/E) ratio is currently 43.03, indicating a high earnings multiple, which aligns with one of the InvestingPro Tips that ICON is trading at a high P/E ratio relative to near-term earnings growth. This metric is particularly relevant for investors seeking to understand the company's valuation in the context of its earnings.
Moreover, ICON's revenue for the last twelve months as of Q4 2023 is reported at $8.12 billion USD, with a growth rate of 4.89%, showcasing the company's ability to increase its top-line figures. Additionally, the company's stock has demonstrated a strong return over the last three months, with a price total return of 20.07%, which may interest investors looking for companies with positive momentum.
An InvestingPro Tip highlights that ICON is trading near its 52-week high, with the price at 93.59% of this peak, reflecting investor confidence and market recognition of the company's performance. For those considering adding ICON to their portfolio, or seeking additional insights, there are 12 more InvestingPro Tips available, which can be accessed through a subscription. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which may offer valuable perspectives on ICON's financial health and stock performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.