Overview Key strengths Key risks High revenue visibility thanks to a strong order backlog of almost $20 billion as at first quarter 2022. Limited pricing power in a highly competitive market, counterbalanced by the improved business position of the company over the last year. A leading player with strong market positions in the clinical research organization (CRO) industry. Strong global presence after the acquisition of PRA, with increasing, established relationships across the top 20 pharma companies. Elevated leverage above its financial target following the PRA acquisition but continued deleveraging towards its stated financial policy. Good free cash flow generation with limited capital expenditure (capex) needs. Dependence on pharmaceutical and biotech outsourcing trends with a potential risk of contract cancellations with
