Dublin, Ireland, April 27, 2017 – ICON plc (NASDAQ: ICLR), a global provider of drug development solutions and services to the pharmaceutical, biotechnology and medical device industries, today reported its financial results for the first quarter ended March 31, 2017.
Gross business wins in the first quarter were $580 million and cancellations in the quarter were $59 million, resulting in net business wins of $521 million, a net book to bill of 1.21.
– In the first quarter net revenue grew 7.8% year on year to $432 million from $400.5 million in the same quarter last year.
– Income from operations increased by 12.7% to $85.7 million, or 19.8% of revenue, compared to $76.0 million or 19.0% for the same quarter last year.
– Net income in the quarter increased by 13.4% to $71.4 million compared with $63.0 million in the same quarter last year.
– Earnings per share increased to $1.29 per share on a diluted basis, from $1.12 per share for the same quarter last year, an increase of 15.2%.
– Day’s sales outstanding, comprising accounts receivable and unbilled revenue less payments on account, were 47 days at March 31, 2017, compared with 50 days at the end of December 31, 2016 and 47 days at the end of March 2016.
Duane Morris Adds Dealmaker From Pepper Hamilton
Pepper Hamilton corporate partner Michael Gallagher has left the firm to join the Philadelphia office of Duane Morris, where he had a number of close contacts from deals over the years.
Gallagher’s practice includes corporate finance, private equity, family businesses, securities, mergers and acquisitions, workouts and exit planning. His clients include manufacturing, technology, health care and life sciences companies, especially contract research organizations.
Gallagher spent more than two decades at Pepper Hamilton, where he was in the corporate securities and life sciences practice groups. He said the move to Duane Morris gives his practice a bigger platform.
