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The themes Icon is part of, the highest-graded companies in its industry, and the companies in its sector whose grade rose recently.
Highest-graded in Diagnostics and Research
Graded A or B and worth $2B or more: A first, then the largest.
TMOThermo Fisher Scientific Inc.$259.2BA+
IDXXIdexx Laboratories Inc.$55BA+
IQVIQVIA Holdings Inc.$44.7BA
ILMNIllumina, Inc.$31.7BA+
LHLabcorp Holdings Inc.$30.2BA
Grade rose recently in Healthcare
Rose to A or B on a filing in the last 90 days, worth $2B or more: largest first.
DHRDanaher CorporationOct 21, 2026CBGraded C, now B
MCKMckesson CorporationNov 4, 2026BAGraded B, now A
CVSCVS Health CorpNov 4, 2026BAGraded B, now A
EWEdwards Lifesciences CorporationNov 4, 2026BAGraded B, now A
BIIBBiogen Inc.Oct 28, 2026BAGraded B, now A
How it makes money
- Outsourced clinical development and related services
Competes with
What it sells5
Clinical trial management
Planning and running studies that test medicines or medical devices, including studies before and after a product reaches the market.
Laboratory testing
Tests samples for drug research, including bioanalytical, biomarker, vaccine and central laboratory testing, as well as testing under good manufacturing practice standards.
Patient and site services
Finding and supporting research sites and helping recruit and retain trial participants, including visits and other services provided in patients’ homes.
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Clinical data and technology services
Tools and services for collecting, managing and analyzing clinical trial data and supporting study design and execution.
Functional service provision
Supplying staff or specific research functions to a customer, rather than managing the customer’s entire study.
Who buys it4
- Pharmaceutical companies that hire ICON to plan and conduct clinical studies, either as a full-service provider or for particular functions.
- Biotechnology companies that use ICON for clinical research and related services.
- Medical-device companies that hire ICON for device studies and related research.
- Government and public-health organizations that commission research, including vaccine studies.
What it stands on, and what could break it
What the business leans on
- 1Revenue depends on customers awarding new study contracts and continuing, expanding or renewing existing work.
- 2The business depends on research and development spending by pharmaceutical, biotechnology and medical-device companies; biotechnology customers may depend on outside funding to pay for research.
- 3Clinical studies depend on finding suitable participants and investigators willing to take part.
- 4Service delivery depends on recruiting and retaining employees with clinical, scientific and technical skills.
- 5Some services rely on third-party data, technology, products and licenses.
What could go wrong
- 1Delays, cancellations or reductions in large contracts, or a failure to win new work, could reduce revenue and disrupt operations.
- 2A limited number of customers account for a meaningful part of the business; losing a major customer or having a biotechnology customer unable to pay could affect results.
- 3ICON identified material weaknesses in financial reporting controls for 2025 after a restatement; further control or reporting problems could create costs and affect financing or lender arrangements.
About Icon plc
ICON is a contract research organization (CRO) that carries out clinical research and related work for companies developing medicines and medical devices, as well as government and public-health organizations. It can help plan a study, manage trials from early testing through later stages, recruit patients and run laboratory tests. Customers can hire ICON for a complete study or for particular services.
- Head office
- Dublin, Ireland
- Founded
- 1990
- Employees
- 40,100 (December 31, 2025, high)
- Listed on
- Nasdaq
- Financial year ends
- December 31
Built from Icon plc’s own filings with the U.S. Securities and Exchange Commission (SEC). Figures are as reported, with per-share history restated onto today’s share basis. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.
