Limited pricing power with dependence on pharma outsourcing trends and risk of a contract cancellation with short or no notice period. Smaller revenue base compared to Quintiles IMS Holdings, Inc. High revenue visibility with order backlog of $4.25 billion coming from strong order backlog predominately of less volatile Phase-II and III studies. Leading profitability margins compared to peers within contract research organizations (CROs). Significant financial flexibility given low leverage levels of about 1.0x. Good free cash flow generation with limited capital expenditure (capex) needs. High shareholder returns through share buybacks. An absence of long-term publicly-stated leverage targets. Our stable outlook on ICON PLC reflects our view that favorable business prospects will allow ICON to sustain S&P Global Ratings-adjusted debt to
