New York, Feb 12, 2026, 10:04 EST — Regular session
Shares of ICON plc (NASDAQ: ICLR) tumbled on Thursday after the contract research firm disclosed an audit committee investigation into its accounting and pushed out its 2025 results. The stock was down 42% at $77.73 at 10:04 a.m. EST, after touching $67.19.
ICON said it now expects to release fourth-quarter and full-year 2025 earnings on or before April 30 and withdrew its 2025 full-year guidance while the review runs. The delay yanks a key update out of the earnings calendar and puts a question mark over how investors should read the company’s recent trajectory. (ICON plc)
Preliminary indications are that revenue in 2023 and 2024 may have been overstated by less than 2% in each year, the company said, with the focus on revenue recognition — how and when it books sales. It also expects to report one or more material weaknesses, a significant control gap that can raise the risk of errors in financial statements. (MarketScreener)
The audit committee launched the investigation in late October after concerns were reported through management, according to the company. Outside legal counsel is conducting the work with support from forensic and technical accounting firms. (TipRanks)
ICON said the investigation has not identified any impact to customers from the practices under review. Chair Ciaran Murray said the board was “committed to transparency, accountability and strong governance,” while CEO Barry Balfe said the company was “implementing a series of corrective actions.” (ICON plc)
Evercore ISI analyst Elizabeth Anderson suspended her rating on the shares after the disclosure, estimating that even a 1% revenue adjustment in 2023 could cut earnings per share by up to 80 cents. She also flagged a wide range of potential outcomes for 2024, the report said. (Investors)
Leerink Partners analyst Michael Cherny downgraded ICON to market perform from outperform and cut his price target to $105 from $220. He wrote that the stock may be “overly penal,” but added he “cannot pitch this stock” until revised financials are released. (Streetinsider)
But the scope of the review — and whether the preliminary findings hold as work continues — is still unknown. Any wider restatement or further delay could keep the shares under pressure and sharpen investor scrutiny around governance and controls. (RTTNews)
Investors are now looking to April 30 for the next hard catalyst: the company’s delayed 2025 results, and any update on the audit committee investigation and the timing of its annual Form 20-F filing. (Stock Titan)
