ICON Plc (ICLR) has revised its 2024 outlook, adjusting revenue and adjusted EPS ranges. Revenue is now projected to be $8.48B-$8.72B, while adjusted EPS is expected to be $14.65-$15.15. In Q1 2024, ICON reported a miss on diluted EPS but met revenue expectations. Net income grew by ~61% year-over-year to ~$187.4M, with diluted EPS at $2.25 compared to $1.41 in Q1 2023. Despite the EPS miss, ICON’s acquisition of PRA continues to generate synergies, impacting the company’s overall performance.
Swiss pharmaceutical giant Roche reported a modest 2% increase in first-quarter sales, driven by demand for its newer medicines and diagnostics. However, excluding COVID-19 products, sales rose 7%. Despite reporting a 6% decline in local currency sales due to the strong Swiss franc, Roche CEO Thomas Schinecker remains optimistic about the company’s 2024 outlook. The company confirms its mid-single-digit growth forecast for the year.
Prologis’ first-quarter 2024 results show a slight decrease in its 2024 guidance due to competitive leasing activities in certain markets. Despite a rise in rental revenue, occupancy and net operating income are anticipated to fall. Although operating conditions are favorable, customers are prioritizing cost control, affecting leasing decisions and pace. The average occupancy rate for 2024 is projected to be between 95.75% and 96.75%, indicating a 75-basis point reduction. Despite a challenging environment, Prologis remains optimistic about its business fundamentals.
