Icon is paying $12 billion to snap up rival CRO PRA Health, and its quarterly figures show that looks like a good deal for future growth.
PRA saw revenue jump a little over 17% for the quarter on the year-ago period, reaching $933.8 million. Much of this came from its Clinical Research unit, which ground out the bulk of cash, making $866.6 million, a jump of 19.3%.
The Data Solutions segment, meanwhile, generated revenues of $67.1 million, an increase of 16.6%. Icon, which posted similar growth percentages, is looking to integrate its new buy by the summer.
“I am delighted to report double-digit revenue and earnings growth for the first quarter of 2021,” said Colin Shannon, PRA’s president and CEO. “The year has started on a strong note and we continue to be well-positioned for the remainder of 2021. We are working diligently preparing to close our merger with ICON, which is anticipated to close in July of this year.”