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Costs will grow in advance of Pfizer partnership revenues
July 20, 2011
By: Gil Roth
ICON 2Q 2Q Revenues: $233 million (+4%) 2Q Earnings: $13 million (-43%) YTD Revenues: 462 million (+4%) YTD Earnings: $21 million (-52%) Comments: ICON’s backlog passed $2.0 billion for the first time As a result of its new long-term partnership with Pfizer, the company anticipates increased 3Q expenses without immediate offsetting revenue gains. Costs will also increase in 4Q, but Pfizer-related revenues are expected to build in that quarter. Direct costs were up 15% in 2Q to $151 million.
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