Dublin, Ireland-based contract research organization (CRO) ICON released third quarter financial results that show a 35% increase in revenues compared with the same period last year. Net revenues for the quarter were $225.5 million, compared with $166.9 million in the third quarter of 2007. Year-to-date net revenues are up 43.4% to $645.2 million, exceeding net revenues achieved in all of 2007, according to a company release. Operating profits the first nine months of 2008 were $73 million. Net income jumped 46% to $21.4 million or 35 cents per share on a diluted basis, compared with $14.5 million or 24 cents per share in the prior year's quarter.
“With net new business awarded in the quarter of $350 million and our backlog now at over $1.74 billion, we are confident in the outlook for the remainder of 2008 and view 2009 with optimism,” said ICON CEO Peter Gray.
In early trading this morning, ICON's shares were up 1.7% at $33.