ICON Issues Financial Guidance for Full Year 2019
08 Janvier 2019 - 12:00PM
Business Wire
Highlights
- Full Year 2019 Revenue guidance in the
range of $2,735 - $2,835 million, representing growth of 5.2 –
9.0%.
- Full Year 2019 Earnings per share
guidance in the range of $6.69 - $6.89, representing growth of 10.6
– 13.9%.
- Announces intention to repurchase up to
1 million shares during 2019.
- Reaffirming 2018 guidance of revenue in
the range of $2,560 – $2,640 million and earnings in the range of
$5.98 - $6.12.
ICON plc (NASDAQ: ICLR), a global provider
of drug development solutions and services to the pharmaceutical,
biotechnology and medical device industries, today announced its
financial guidance for the year ended December 31, 2019. For the
full year 2019 revenue is expected to be in the range of $2,735 -
$2,835 million, representing growth of 5.2 – 9.0% and earnings per
share is expected to be in the range of $6.69 - $6.89, representing
growth of 10.6 – 13.9%.
CEO Steve Cutler commented “We expect 2019 to be another robust
year of revenue and earnings progression for ICON. Supported by a
positive business win trend of a trailing twelve month book to bill
of 1.28x, we expect revenue to grow by 5.2 – 9.0% to a range of
$2,735 - $2,835 million. Furthermore, through our continued focus
on efficiency and leveraging our global support infrastructure, we
expect earnings per share to increase by 10.6 – 13.9% to a range of
$6.69 - $6.89. In addition to this organic growth, we feel we have
the strongest balance sheet in the industry and will continue to
focus on deploying capital to maximise shareholder value through a
combination of M&A and share repurchases.”
The full year 2019 financial guidance assumes:
- US dollar to Euro exchange rate of
$1.16.
- An effective tax rate of circa
12%.
- Circa $300 million of free cash flow
and capital expenditures of circa $55 million.
- Share repurchases of up to 1 million
shares to be executed opportunistically during 2019 depending on
cash commitments to support M&A pipeline, no additional
earnings benefit included in guidance.
With respect to 2018, the company reaffirmed its current
guidance of revenue in the range of $2,560 – $2,640 million and
earnings in the range of $5.98 - $6.12.
In addition, the company repurchased $72 million worth of shares
in Q4 2018.
ICON will be presenting at the JP Morgan Healthcare Conference
on January 8th at 7:30am PT (10:30am EST, 3:30pm
Ireland & UK). This presentation and follow-on Q&A can
be accessed live from the ICON website at
http://investor.iconplc.com. A recording will also be available on
the website following the call.
This press release contains forward-looking statements. These
statements are based on management's current expectations and
information currently available, including current economic and
industry conditions. These statements are not guarantees of future
performance or actual results, and actual results, developments and
business decisions may differ from those stated in this press
release. The forward-looking statements are subject to future
events, risks, uncertainties and other factors that could cause
actual results to differ materially from those projected in the
statements, including, but not limited to, the ability to enter
into new contracts, maintain client relationships, manage the
opening of new offices and offering of new services, the
integration of new business mergers and acquisitions, as well as
economic and global market conditions and other risks and
uncertainties detailed from time to time in SEC reports filed by
ICON, all of which are difficult to predict and some of which are
beyond our control. For these reasons, you should not place undue
reliance on these forward-looking statements when making investment
decisions. The word "expected" and variations of such words and
similar expressions are intended to identify forward-looking
statements. Forward-looking statements are only as of the date they
are made and we do not undertake any obligation to update publicly
any forward-looking statement, either as a result of new
information, future events or otherwise. More information about the
risks and uncertainties relating to these forward-looking
statements may be found in SEC reports filed by ICON, including its
Form 20-F, F-1, S-8 and F-3, which are available on the SEC's
website at http://www.sec.gov.
ICON plc is a global provider of drug development solutions and
services to the pharmaceutical, biotechnology and medical device
industries. The company specialises in the strategic development,
management and analysis of programs that support clinical
development - from compound selection to Phase I-IV clinical
studies. With headquarters in Dublin, Ireland, ICON currently,
operates from 93 locations in 37 countries and has approximately
13,680 employees. Further information is available at
www.iconplc.com.
ICON/ICLR-F
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Investor Relations1-888-381-7923Brendan BrennanChief Financial
Officer+ 353 –1-291-2000Jonathan CurtainVice President Corporate
Finance and Investor Relations+1 215-616-3000
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