Earnings at Dublin-headquartered Icon Plc rose by 14.5pc last year

In its full year results, Icon said that net business wins rose to $9.9bn last year, up from $9.45bn a year earlier.

Icon, which was founded in 1990 in Dublin by doctors Ronan Lambe and John Climax, provides services to pharmaceutical, biotechnology and medical device companies, as well as government and public health organisations.

It develops innovations and emerging therapies to improve patient lives.

The company employs 41,100 people in 106 locations across 53 countries. This includes around 1,000 employees at its headquarters in Dublin.

There is also a second Irish location in Limerick.

Icon also recorded a 14.5pc rise in adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) last year.

Adjusted Ebitda was $1.7bn or more than a fifth of 2023 revenue.

Sales for the year were $8.1bn, up 4.9pc from 2022 levels on a reported basis.

The company had a closing backlog of $22.8bn at the end of 2023, up 10pc from the end of the prior year, Icon reported.

Cash generated from operating activities last year was $1.2bn, with $140.7m of this spent on capital expenditure.

Today's News in 90 Seconds - 22nd February 2024

“Our team delivered strong financial results despite challenging macroeconomic conditions, resulting in full year adjusted EBITDA growth of 15pc and adjusted EPS [earnings per share] growth of 9pc over full year 2022,” chief executive Dr Steve Cutler said.

“We remain encouraged by the positive demand environment as we enter this year, and as such, reaffirm our previously issued financial guidance for the full year 2024,” he added.

The company expects revenues in the range of $8.4bn to $8.8bn this year, as well as adjusted earnings per share in the range of $14.50 to $15.30.

Icon has grown organically, as well as through numerous strategic acquisitions, over the years. It purchased Philips Pharma Solutions, a provider of medical imaging and cardiac safety monitoring services, in October last year.

In 2021, the company acquired contract research company PRA Health Sciences in deal worth around $12bn.