Icon Hits Eight: year low as audit probe finds signs of overstated revenue

Icon

12/02/2026 19:26

Updates

** Shares of contract research firm ICON ICLR.O plunged 37.8% to more than eight-year low of $82.82

** Stock on track to erase about $3.84 billion in market value, if slide persists

** Also set for biggest pct. drop in more than 26 years, if losses hold

** ICON says it is investigating accounting issues related to how it recorded revenue from 2023 to 2025

** Early findings show revenue for 2023 and 2024 may have been overstated by under 2% each year

** Co is delaying its Q4 and 2025 earnings release until April 30

** Co has withdrawn its 2025 financial forecast because review is still ongoing

** ICON expects to report weaknesses in its internal financial controls

** ICON fell 14% in 2025

 (Reporting by Kamal Choudhury in Bengaluru)

 ((Kamal.Choudhury@thomsonreuters.com;))