High revenue visibility resulting from a strong order backlog. Leading profitability margins within the contract research organizations (CROs) industry. Limited pricing power, with dependence on pharmaceutical outsourcing trends and risk of contract cancellations with short or no notice periods. Smaller revenue base than key peers. Significant financial flexibility given low forecast debt to EBITDA levels of less than 1.0x for the next 24 months. Good free cash flow generation with limited capital expenditure needs. High shareholder returns through active share buyback programs. Absence of long-term publicly stated leverage targets. S&P Global Ratings' stable outlook on Ireland-based CRO ICON PLC, reflects its view that favorable business prospects will result in continued strong free cash flows, allowing ICON to sustain adjusted debt
