Competitive PositionICLR is a market leader in the contract research organization (CRO) space, particularly the late-stage clinical space, and solidified its position with the acquisition of PRA Health for ~$12Bn.
Customer BaseICLR's current book of business, weighted at roughly 50% large biopharma and only 15% capital-market-dependent biotech, has helped insulate results from the pullback in biotech funding that has impacted clinical trial starts.
Financial PerformanceICLR's run of recent, strong performance is buoyed by continued investment in innovation from customers with sizable and durable R&D budgets, as well as ICLR's ability to be flexible in trial services offered.