Stock Track | Icon PLC Shares Plummet on Q3 Earnings Miss and Guidance Cut

Stock Track10-25

Shares of clinical research organization Icon PLC (NASDAQ: ICLR) plummeted over 21% on Wednesday after the company reported disappointing third-quarter results that missed analysts' expectations and slashed its full-year profit guidance.

Icon's Q3 revenue of $2.03 billion fell short of the estimated $2.13 billion, while adjusted earnings per share of $3.35 came in below the forecasted $3.85. The Ireland-based company cited several headwinds that impacted its performance, including large customers undergoing budget cuts and changes in their development models, lower-than-expected vaccine-related activity, and continued cautiousness from biotech customers leading to award and study delays.

Consequently, Icon cut its full-year 2024 adjusted EPS guidance to a range of $13.90 to $14.10, down from the previous guidance of $15 to $15.20. The company also reduced its revenue guidance for the year to $8.26 billion to $8.30 billion, compared to the previous range of $8.45 billion to $8.55 billion.

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