ICON plc (ADR) (NASDAQ:ICLR)

dollarpimp (65.07) Submitted: 1/18/2008 7:38:32 PM : Start Price: $30.82 ICLR Score: -37.07

Discounted earnings valuation assuming 25% earnings growth over 10 years indicates this stock is selling at a substantial discount. Even assuming 20%, it's fairly priced. Just backed off a new high, buying on the dip. Healthcare sector will outperform.

PDTBiotech (95.06) Submitted: 1/18/2008 1:46:56 AM : Start Price: $34.00 ICLR Score: -37.67

Icon is a research contract organization (RCO), meaning they run clinical trials for pharmaceutical and biotech companies that are trying to get products to market. As such, they aren't subject to the intense uncertainty of drug development, but rather the certainty that these companies will continue to spend a ton of money on R&D. Overall R&D has been rising around 8-9% annually, while R&D spent on RCO's has been rising around 10%. Drug developers are focused on getting their product to market as soon as possible, so it makes sense to run multiple trials at once. In addition, using an RCO instead of an in-house trial increases the strength of the data, as the RCO has no stake in whether the drug gets to market or not, just getting the trials done correctly and collecting their cash.

At $1.9B Icon is currently the 3rd-largest public RCO, and is in a steady uptrend that started in 2005 at about $18 and is currently at $67.15. It's PE of 39 is in-line with market peers. EPS estimate is 2.34 for 2008. With their income coming completely from drug developers management just has to avoid lawsuits and follow regulations, get developers their results as soon as possible, and make sure their contracts are spread out over many companies, preferably larger ones. Icon has done a great job at this so far. As long as drug developers continue to increase spending (they will), Icon just has to do their job and get paid.

ssiemer (90.54) Submitted: 1/5/2008 12:56:32 PM : Start Price: $31.80 ICLR Score: -28.12

Icon gets paid whether the drug, device or therapy works or not. I always like the companies that sell the picks and shovels to the gold miners rather than bet on the gold miners themselves. Game Stop is great example of this philosophy.

rfliss (< 20) Submitted: 11/30/2007 11:34:38 PM : Start Price: $29.53 ICLR Score: -19.13

1 billion $$ backlog will last years.

doctorzeke (79.33) Submitted: 10/5/2007 11:57:54 AM : Start Price: $27.22 ICLR Score: -8.48

Great company, undervalued, terrific growth potential

Ludraman1 (< 20) Submitted: 9/20/2007 1:11:44 PM : Start Price: $25.74 ICLR Score: -5.71

International medical research on behalf of big pharmas; nice bet incase there is a downturn.

nomexiii (45.36) Submitted: 9/7/2007 12:42:35 PM : Start Price: $23.84 ICLR Score: -3.04

Growth, PE

SmallCapKing (< 20) Submitted: 7/23/2007 10:58:13 AM : Start Price: $22.13 ICLR Score: +9.03

ICLR is the leader in R&D Pharma, clinical trials and development of new drugs, trading at a discount to its peers, like PRXl and PPD even thought its numbers are better. It has an UNBELIEVABLE almost $1 billion dollar backlog for its services, almost the size of its marketcap! Trades at about 20x earnings and has blown away numbers every earnings report and raised guidance. This company's growth will only accelerate as big pharma co's try to increase their pipelines. Should be close to $60 by January.

4Sides (49.74) Submitted: 7/9/2007 7:33:24 PM : Start Price: $22.06 ICLR Score: +8.12

Rising net income and operating income.

MerageP (75.33) Submitted: 5/4/2007 3:10:39 PM : Start Price: $24.02 ICLR Score: -1.42

Clinical trial research outsourcing is growing rapidly in health care industry driven by both regulatory

and financial pressures. ICON, plc, a Contract Research Organization (CRO) based at Dublin,

Ireland and has its ADR (ICLR) listed on NASDAQ market, is better equipped to handle this

increase in clinical trial size and complexity as they have ongoing relationships with patients and

physicians in different countries. ICON provides clinical research and development services to

pharmaceutical, biotechnology, and medical device industries worldwide. It has approximately 4,000

employees worldwide, with operations in 49 locations in 30 countries including the United States

and major markets in Europe and Rest of World. It derived approximately 58.4%, 35.8% and 5.8%

of its net revenue in the United States, Europe and rest of the world, respectively.

dingo72 (24.53) Submitted: 2/22/2007 3:37:34 AM : Start Price: $21.33 ICLR Score: +6.81

Positive macro drivers for clinical outsourcing with increased safety fears driving longer trials. ICON is better positioned than its peers to grow (smaller base and good international flexibility).

slo1111 (< 20) Submitted: 12/18/2006 11:32:28 AM : Start Price: $18.73 ICLR Score: +18.72

We are on the eve of drug development in ways we are only imagining. Companies like Icon help drug companies handle the logistics of clinical trials, which allows larger pipelines. It is a competitive business and cash flows are nothing to brag about, but Icon has proven itself as a strong outsource partner and will reap the rewards for drug and delivery technology, all of which needs to navigate the process to market.