What smart money is saying about ICON
8 funds in our archive have pitched ICON — most recently Harris Associates U.S. Concentrated Strategy in June 2026.
ICON Public Limited Company, a clinical research organization, provides outsourced development and commercialization services in Ireland, rest of Europe, the United States, and internationally. The company specializes in the strategic development, management, and analysis of programs that support various stages of the clinical development process from compound selection to Phase I-IV clinical studies. It also provides clinical development services, including all phases of development, peri and post approval, data solutions, and site and patient access services; clinical trial management, consulting, and contract staffing services; and commercial services comprising clinical development strategy, planning and trial design, full study execution, and post-market commercialization. In addition, the company offers laboratory services, including bionanalytical, biomarker, vaccine, good manufacturing practice, and central laboratory services, as well as full-service and functional service partnerships to customers. Further, the company provides adaptive trials, cardiac safety solutions, clinical and scientific operations, consulting and advisory, commercial positioning, decentralized and hybrid clinical trials, early clinical, laboratories, language services, medical imaging, real world intelligence, site and patient, and strategic solutions. It serves pharmaceutical, biotechnology, and medical device industries, as well as government and public health organizations. The company has a strategic alliance with Advarra, Inc. for the development of a connected, research-ready clinical trial site network model. ICON Public Limited Company was incorporated in 1989 and is headquartered in Dublin, Ireland.
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Position history
Between Q4 2024 and Q2 2026, 14 fund letters reported a position in ICON — 4 opened or added to the position, 2 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 11 | 2 | 2 | 1 |
| Q1 2026 | 3 | 2 | 0 | 0 |
| Q4 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 2 |
| Q1 2025 | 0 | 0 | 0 | 3 |
| Q4 2024 | 0 | 0 | 0 | 1 |
Fund activity · 16 positions · 7 moves
- TrimmedDistillate CapitalJune 2026
Listed in Distillate Capital’s reported holdings.
ICON - June 2026
“• ICON was a contributor during the quarter.”
ICON - June 2026
“During the quarter, we added modestly to our investments in Bio-Techne, SAP, and ICON Plc, and initiated a new position”
ICON - June 2026
“Icon plc 4.2%”
ICON - June 2026
“ Icon, one of the three large Contract Research Organizations, performed strongly as an internal accounting investigation was resolved with only a minor restatement to prior years, and results showed an acceleration in the critical forward-looking bookings metric.”
ICON - HoldsBaron Small Cap FundJune 2026
“In Health Care, Hinge Health, Inc. more than doubled in the quarter after reporting strong results and new services, and ICON plc rebounded after addressing accounting concerns and reporting strong billings and backlog.”
ICON - June 2026
“Sales similarly were varied in nature, with the team selling Barry Callebaut in favor of Carlsberg within Consumer Staples, as well as a reduction in Healthcare exposure via liquidations of Icon and UCB.”
ICON - June 2026
“In Health Care, Hinge Health, Inc. more than doubled in the quarter after reporting strong results and new services, and ICON plc rebounded after addressing accounting concerns and reporting strong billings and backlog.”
ICON - June 2026
“Our top performer in the second quarter was ICON plc (ICLR), which gained 57%. The surge followed the release of ICLR’s delayed year-end and first-quarter results, which provided clarity on the accounting issues that had previously weighed heavily on the stock ICLR had been the Value Fund’s largest detractor in the first quarter, after announcing in February that it would delay its year-end results and restate its 2023 and 2024 financial statements due to revenue overstatements. The stock plummeted as investors rushed to sell amid the uncertainty. We spent the next 24 hours reviewing the company’s disclosures and examining the allegations in a whistleblower lawsuit. We concluded that ICLR’s ability to generate $1 billion of free cash flow was unlikely to be materially affected and that these issues would not affect its customer relationships. With the stock trading at a free cash flow yield of approximately 15%—despite remaining, in our view, a high-quality business with attractive growth prospects— we decided to materially increase our position.”
ICON - June 2026
“ Applied Materials (AMAT) traded up with the rest of the wafer fab equipment (WFE) providers on a strong 2Q26 report and forward guidance. Investors have become increasingly confident that 2027 and 2028 will both be solid growth years for WFE sales providing further visibility into AMAT’s outlook. ICON Plc (ICLR) completed its accounting review investigation with a final impact on booking and revenue recognition far less than feared, with no impact to profits and cash flow.”
ICON - June 2026
“ICON Plc (ICLR) completed its accounting review investigation with a final impact on booking and revenue recognition far less than feared, with no impact to profits and cash flow.”
ICON - June 2026
“Ireland-based ICON recovered following the conclusion of an internal accounting investigation that had weighed on its shares in the first quarter. The company also reported improved customer and industry spending momentum.”
ICON - March 2026
“Companies such as Expedia Group, Inc (EXPE), Willis Towers Watson (WTW), ICON Plc (ICLR), Fidelity Information Services (FIS), and CBRE Group, Inc (CBRE) all sold off during the first quarter on the potential long-term risks of artificial intelligence’s impact on the business models. We are certainly not trying to be myopic as it relates to AI and recognize that each company/sector has its nuances, but due to either regulatory issues, high switching costs, or human capital intensity, we believe the market may have over corrected in many of these cases. We would be remiss not to mention that the Energy sector had one of its strongest quarters in recent memory on the back of the Unites States capturing Venezuelan president Nicholas Maduro and his wife in January and the start of the Iran War midway through the quarter. This drove a 76% rise in the price of crude oil during the period. A statistic that caught our attention was the fact that the S&P 500® Energy Index (XLE) closed higher a record 14 consecutive weeks in a row, meaning the last time the XLE had a negative performance week was 2025. The XLE is now one of the best performing S&P 500® Index sectors over the trailing twelve-month period. While our Energy holdings performed well (up 30%) they were not able to keep pace with the 38% return of the Russell 1000® Value Energy Index as the more price sensitive exploration & production companies tend to be the initial beneficiaries of an immediate rise in commodity prices vs services companies such as SLB Limited (SLB) and Weatherford International (WFRD). Financials, Health Care, Materials, and Utilities were the leading sources of underperformance for the Fund during the third quarter. Both KKR & Co (KKR) and Equitable Holdings (EQH) were weak as investor worries around the private credit ecosystem accelerated during the period. We eliminated our position in Equitable Holdings (EQH) near the end of the quarter due to a capital allocation decision that violated our thesis. Along with many names in the payments/fintech space, Fidelity Information Services (FIS) also came under pressure due to AI-related fears and the potential disruption to the business long-term. Given the high switching costs and regulatory driven nature of the banking industry, we believe that these displacement fears are overblown. Within Health Care, performance reversed the fourth quarter’s positive trend and our overweight to the sector was a drag on performance for the Fund. The bulk of our underperformance was driven by Icon Plc, which similar to FIS and other names in the Fund was hit by AI related fears as well as the announced accounting investigation regarding revenue recognition over the last three years. While disappointing on the surface, we feel that the current price more than reflects each of these risks going forward and we used the weakness to add to our position.”
ICON - March 2026
“The bulk of our underperformance was driven by Icon Plc, which similar to FIS and other names in the strategy was hit by AI related fears as well as the announced accounting investigation regarding revenue recognition over the last three years. While disappointing on the surface, we feel that the current price more than reflects each of these risks going forward and we used the weakness to add to our position.”
ICON - March 2026
“Stock selection in Healthcare has been a value-add to performance over the past three years…perhaps some degree of mean reversion was inevitable, as returns lagged in the quarter. Individual underperformers were ICON and Coloplast, the latter being a relatively newer holding (purchased in 4Q25).”
ICON - March 2026
“ ICON Plc (ICLR) was weak in the quarter along with its broader peer group as AI-driven concerns had investors questioning the longer-term impacts on the CRO business model. ICON also announced an internal accounting investigation largely around its revenue recognition practices (affecting <2% of annual revenues over a three-year period) which further weighed on the stock. We believe both concerns are more than reflected in the current price and we used the weakness in the stock to add to our position.”
ICON
Fund coverage · 8 theses
ICON is a leading pure-play clinical research organization with improving bookings, margin expansion, and a long runway for future growth.
Read the full thesis- Orbis International EquityDecember 2025
ICON plc is a leading CRO trading at a depressed multiple due to temporary headwinds but supported by strong secular demand for healthcare innovation.
Read the full thesis - LRT Capital ManagementJune 2025
ICON Public Limited Company is a leading global Contract Research Organization that specializes in drug and device development services, leveraging its scale, expertise, and technology to enhance efficiency and success in the complex clinical trial process for the biopharma industry.
Read the full thesis - Harris Oakmark Concentrated StrategyJune 2025
ICON PLC is a leading contract research organization that presents a buying opportunity due to its low earnings multiple and potential for recovery in biopharma R&D spending.
Read the full thesis ICON Plc is a leading contract research organization benefiting from sustainable cash flow and attractive valuation despite recent industry pressures.
Read the full thesis- GreenskeeperMarch 2025
Icon PLC (ICLR) is a leading contract research organization that will benefit from ongoing development of new drugs and medical devices, despite current regulatory uncertainties.
Read the full thesis - Parnassus Mid Cap Growth FundMarch 2025
ICON is a leading CRO poised for growth as R&D spending rebounds and it gains market share following a recent stock sell-off.
Read the full thesis - Sequoia FundDecember 2024
ICON plc is a leading Contract Research Organization positioned to benefit from the ongoing demand for drug development despite recent financial challenges.
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