ICON Issues Financial Guidance for Full Year 2024

ICON plc, (NASDAQ: ICLR), a world-leading clinical research organization powered by healthcare intelligence, today announced its financial guidance for the year ending December 31, 2024. For the full year 2024, revenue is expected to be in the range of $8,400 - $8,800 million, representing growth of 3.2% – 8.1%, and adjusted earnings per share¹ is expected to be in the range of $14.50 - $15.30, representing growth of 13.5% – 19.8%, over Full Year 2023 revenue and adjusted earnings per share guidance midpoints, respectively.

CEO Dr. Steve Cutler commented, “ICON’s position as the market leading provider of clinical development services continues to strengthen with the increased scale of our offering and consistent operational execution for our customers. We remain focused on driving efficiency in clinical trials through investments in automation, innovative tools and initiatives to increase participation for sites and patients in clinical research. Our outlook for 2024 indicates a positive demand environment across our segments, notwithstanding continuing macroeconomic pressures faced by our customers, resulting in full year revenue guidance in the range of $8,400 - $8,800 million and adjusted earnings per share in the range of $14.50 - $15.30.”

Full year 2024 financial guidance assumptions:

• An effective tax rate of circa 16.5%.
• Circa $1.1 billion of free cash flow and capital expenditures in the range of $150 - $200 million.
• Interest expense in the range of $200 – $230 million.
• Adjusted EBITDA margin expansion of circa 50 bps over Full Year 2023 Adjusted EBITDA margin.
• Excludes any potential share repurchase or additional M&A activity.

With respect to Full Year 2023, the company reaffirmed its current guidance of revenue in the range of $8,070 - $8,210 million and adjusted earnings per share¹ in the range of $12.63 - $12.91.

¹ The full-year 2023 and 2024 guidance adjusted earnings per share measures are provided on a non-GAAP basis because the company is unable to predict with a reasonable degree of certainty certain items contained in the GAAP measures without unreasonable efforts. For the same reasons, the company is unable to address the probable significance of the unavailable information.

About ICON plc

ICON plc is a world-leading healthcare intelligence and clinical research organization. From molecule to medicine, we advance clinical research providing outsourced services to pharmaceutical, biotechnology, medical device and government and public health organizations. We develop new innovations, drive emerging therapies forward and improve patient lives. With headquarters in Dublin, Ireland, ICON employed approximately 41,150 employees in 106 locations in 53 countries as at September 30, 2023. For further information about ICON, visit: www.iconplc.com.