Dublin-headquartered clinical pharma research firm has been focus of unwelcome headlines in recent weeks
Last week, Icon PLC revealed it had 40,100 employees at the end of December 2025 in a market announcement warning investors about an internal investigation into accounting practices.
The figure was down from 41,900 employees at the end of 2024, a substantial decline amid ongoing challenges in the clinical research sector.
On Thursday it issued a shock warning to investors that outside legal counsel was investigating its accounting practices and controls
Icon said it introduced “strong cost control” in the Nasdaq-listed company’s results for the first quarter of last year. In the results, Icon said the controls and a more focused use of resources helped it deliver financial results in line with expectations.
In response to questions from the Sunday Independent, a spokesman for Icon said it had a policy not to comment on headcount.
Icon PLC has found itself in the headlines over the past few weeks.
On Thursday, it issued a shock warning to investors that outside legal counsel was conducting an investigation into the company’s accounting practices and controls.
Publication of quarterly and full-year results for 2025 had been pushed back due to the investigation.
Icon said preliminary indications were that revenue at the company in 2023 and 2024 may have been overstated “by less than two per cent for each fiscal year”.
Company is in process of evaluating design and operation of certain internal controls over financial reporting
The company reported revenue of over €8.12bn in 2023 and €8.28bn in 2024.
In its statement, Icon said its investigation was primarily focused on revenue recognition in fiscal years 2023 through to 2025.
“The company is in the process of evaluating the design and operation of certain internal controls over financial reporting and expects to report one or more material weaknesses as a result,” it said.
Icon’s share price tumbled in the aftermath of the announcement.
Icon PLC shares closed on Wednesday at $133.14 (€112). After publication of the statement, Icon shares hit a low on Thursday of $66.57, down 50pc.
Billions of dollars had been wiped off Icon’s valuation, which was around $6.2bn at the time of writing. The Icon share price recovered later on Thursday, hovering around $80.
Last week, the Sunday Independent reported that Icon had been accused in a legal complaint of using millions of dollars’ worth of forfeited assets from former staff to reduce the costs of its own contributions to a US retirement plan – instead of using the money to reduce workers’ administrative expenses.
Icon told the newspaper the retirement plan allegations would be “vigorously challenged”.
Icon has always insisted it ‘intends to defend the action vigorously’
Icon is already facing a class action lawsuit in the US over allegations the company, its now former CEO, and its former CFO made misleading statements regarding the group’s financial performance and future business prospects in violation of the Securities Exchange Act in the US.
Last September, the complainants amended the complaint and named Icon’s current CEO in addition to the original defendants.
Icon has always insisted it “intends to defend the action vigorously”. Last November, it filed a motion to dismiss the securities litigation, although the US court action continues.
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