Maintaining Icon’s $82 Fair Value Estimate and Long-Term Outlook Despite 2017-18 Headwinds
We are maintaining Icon’s $82 per share fair value estimate despite trimming our 2017 and 2018 growth expectations to incorporate the impact of Pfizer’s discontinued PCSK9 program. Pfizer, Icon’s largest client, which accounted for roughly 25% of 2016 sales, announced the discontinuation of bococizumab late last year. Icon’s management recently revealed the magnitude of the program loss in its 2017 guidance, predicting 2%-5% top-line growth in contrast to our original 8% projection. We now expec...Icon is engaged in providing outsourced development services to the pharmaceutical, biotechnology and medical device industries. Co. specializes in the strategic development, management and analysis of programs that support clinical development from compound selection to Phase I-IV clinical studies. Co.'s services, which are integral elements of the clinical development process, include clinical trials management, biometric activities, consulting, imaging, contract staffing, informatics and laboratory services. Co. in engaged in conducting clinical trials in most therapeutic areas on a global basis and has the operational flexibility to provide development services on a stand-alone basis.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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