Icon has been hit onerous by the disruptions from the worldwide pandemic, and it’s beginning to present up within the stability sheet.
The CRO, primarily based in Eire, stated in its second-quarter financials that income was down 10.8% yr over yr to $620 million.
However whereas this determine is a tricky unfavorable for the biopharma companies firm, there are positives coming by way of: It noticed a document closing backlog of $9.1 billion, a rise of 11% yr on yr, and its medical trial work is choosing again up.
“We’re seeing enhancements to website re-openings and affected person recruitment and we count on outcomes to enhance sequentially through the second half of this yr,” CEO Steve Cutler, Ph.D., stated.
RELATED: Icon to slash prices amid pandemic as 65% of its trial websites disrupted by COVID-19
Issues are additionally trying up since April, when Icon was compelled to slash prices throughout management and worker pay in addition to institute a freeze on hiring new folks in sure enterprise models, though this didn’t result in workers cuts.
It additionally noticed 65% of its international websites “impacted ultimately by the pandemic,” although it’s now discovering methods round this.
“COVID-19 continues to have an effect on our international enterprise, and particularly our medical enterprise,” the corporate stated. “Nevertheless, websites are reopening and the place this isn’t the case we search to make use of different approaches together with distant and threat primarily based monitoring and ‘at house’ companies delivered by way of our Symphony Scientific Analysis group. Affected person recruitment challenges stay nonetheless there was a gradual enchancment in enrollment as restrictions ease.”
Icon’s full-year 2020 income steerage is within the vary of $2.65 billion to $2.75 billion. Its shares have ticked up since its replace.