Medpace Holdings
A hired crew that runs drug trials from start to finish for small biotech companies, which have a promising drug but no staff to test it.
The scores
Growth3/4 ↓
Revenue grew 20% in 2025 but service revenue 11.5%, led by a few metabolic programmes, and the guide implies a slower second half.
Business quality3/4 →
Share gains with small sponsors who pay heavily for delay, but no lock-in: contracts end on 30 days' notice and large rivals bid.
Financial position4/4 →
No debt, $502.7M of cash and operating cash flow of $752.7M against $46.0M of capital spending.
Execution record3/4 →
Beat EPS estimates eight quarters running and raised the 2026 guide, but the 2025 win rate fell and Q1 2026 bookings slipped.
Per share capture4/4 →
Diluted shares fell about 22% since 2021 on cash buybacks while stock pay stayed near 1.4% of revenue.
Potential2/4 →
A large market, but growth rests on a backlog clients can cancel and on biotech funding outside Medpace's control.
Risk profile3/4 ↓
Top ten customers are 40% of revenue, small sponsors depend on funding, and the founder controls 19% with related-party ties.
Valuation3/4 ↓
About 35 times earnings needs about 6% growth for ever, near what the plan and consensus describe if bookings hold.
Evidence quality3/4 →
Filed figures carry the numbers, but the burn-rate history, win rate and metabolic roll-off are management's or analysts' words.
The Verdict
We rate Medpace neutral. It runs complete drug trials for small biotech companies, and the business is solid: it has been winning work from bigger rivals, has no debt and keeps buying back its own shares. The price is fair, not cheap: about 35 times a year's profit, which asks for steady growth for many years. The view hinges on orders. Revenue has grown faster than new orders because Medpace has been working through its order book unusually fast, so orders must now pick up. A few more quarters of strong orders would make today's price cheap.
The long caseSmall biotechs keep raising money and outsourcing whole trials, and Medpace keeps winning them faster than larger rivals.
The evidence under this - 7 claims
- Much of Medpace's growth came from a few large metabolic programmes (C16, C17), so some of the gap is mix rather than repeatable wins.
- IQVIA and ICON sell mainly to large pharmaceutical companies, so part of the gap is which sponsors spent more in 2025.
The chief executive attributes much of the rise to stricter gating of what enters backlog, which lifts the rate without faster work, so the two rates are not strictly comparable.
Management expects conversion to drift down slowly rather than snap back (C12), and pre-backlog that has grown faster than backlog would refill it (C40).
- Free cash flow of about $706.7M in the year to June 2026 is a 4.1% yield, which needs about 4.9% growth at the same return, but it is lifted by advance billings.
- The 9% required return is an assumption; at 8% the implied growth is about 5%.
- 2026-10-21editedQ3 2026 release added a second quarter of awards above revenue.
- 2026-10-22editedthird-quarter call confirmed the award figures; no change to the claim
The company
Medpace is a contract research organisation: a company drug makers hire to run the trials that prove a medicine works and is safe. It designs the study, signs up hospitals, enrols patients, runs the lab tests and scans, and prepares the file for the regulator.
Its customers are mostly small biotech companies, 82% of 2025 revenue, which usually have one promising drug and no trial staff. Without Medpace they would hire their own team, or juggle a big rival such as IQVIA or ICON with several specialist suppliers.
The evidence under this - 4 claims
The 10-K gives no win rate, and the chief executive said on the Q2 2026 call that the 2025 win rate was below its historical level (C40).
How it makes money
Medpace is paid by the trial, as the work gets done. About 59% of 2025 revenue was fees for its own staff's work, and 41% was hospital and travel costs it passes on to the sponsor at little or no profit.
New trials are won as awards and then sit in an order book, called backlog, of about $3.0B. Clients can cancel on about 30 days' notice, so the order book is a list of likely work, not a promise.
The evidence under this - 4 claims
Pass-through costs are real revenue under ASC 606 and the company reports the 20.0%; the 11.5% is this thesis's subtraction of two filed lines, not a figure the company states.
Where the money comes from, stream by stream
| Stream | Share of sales (FY2025) | How it earns it |
|---|---|---|
| Service fees: trial management, monitoring, lab, imaging, data and regulatory work | 59.0% | Fees for the work Medpace's own staff do, recognised as the trial progresses; this is what carries the margin. |
| Reimbursed out-of-pocket costs | 41.0% | Payments to hospitals and investigators, patient travel and other third-party costs passed through to the sponsor at little or no margin. |
| Metabolic trials (within both lines) | 29.4% | Mostly obesity and related drugs; the fastest-growing area, $745.0M in 2025. |
| Oncology trials (within both lines) | 29.5% | Cancer drugs, $747.6M in 2025; over half of Q2 2026 bookings. |
Who runs it
August Troendle founded Medpace in 1992 and still runs it as chief executive and chairman. He owns about 19% of the company, though he sold heavily this autumn near the highs, without a pre-set plan. The long-serving president left in April 2026 and has not been replaced.
Half of the executives' yearly bonus rides on profit against the company's own forecast and a quarter on revenue; none on orders. Medpace also earns about 2% of revenue from drug companies linked to Troendle.
The evidence under this - 5 claims
Troendle still holds about 19% and Medpace Investors, an entity he controls, holds 16.8%, so the sales leave him the dominant owner.
Why it wins, and who could beat it
Why customers come back
For a small sponsor, delay is the expensive thing. Researchers at Tufts estimate one day's delay costs a drug about $800,000 of lost sales, far more than the gap between two firms' fees. So sponsors pick the firm they trust to finish on time.
Medpace's record with small sponsors seems to be winning: in 2025 its own service revenue grew 11.5%, while IQVIA's trial business grew 4.3% and ICON's revenue 0.8%. Nothing locks a client in, though; the record has to be re-earned on every trial.
The evidence under this - 5 claims
Contracts end on 30 days' notice (C04), so the record has to be re-earned on each award; it is a reputation, not a lock-in.
- Much of Medpace's growth came from a few large metabolic programmes (C16, C17), so some of the gap is mix rather than repeatable wins.
- IQVIA and ICON sell mainly to large pharmaceutical companies, so part of the gap is which sponsors spent more in 2025.
The threat
IQVIA, ICON, Thermo Fisher's PPD and Fortrea run the same kind of trials, are larger, and bid for the same awards. The other threat is the client itself: when a big drug maker buys a small biotech, its trials can move to the buyer's own staff.
The evidence under this - 4 claims
The rivals: ICLR, IQV, FTRE, TMO, and 1 more that is private, in-house or listed abroad.
Who else does this, rival by rival
| Ticker | Rival | How far along | Priced against it |
|---|---|---|---|
| ICLR | ICONPriced against it: Yes | On sale | Yes |
| IQV | IQVIA Research & Development SolutionsPriced against it: Yes | On sale | Yes |
| FTRE | FortreaPriced against it: No usable figure | On sale | No usable figure |
| TMO | PPD, part of Thermo FisherPriced against it: One segment only | On sale | One segment only |
| In-house | Sponsors' own trial teamsPriced against it: In-house | On sale | In-house |
How big it could get
How big this could get
Drug and biotech companies started about 2,185 mid- and late-stage trials in 2025, up slightly after three years of decline, inside roughly $145B a year of trial spending. Medpace's own service revenue was about $1.5B of that.
Nobody publishes how much small sponsors spend on outsourced trials, so the market Medpace actually serves cannot be measured in dollars.
The evidence under this - 3 claims
Where the growth is coming from, business by business
Where the growth is coming from
| Business | Share of revenue | Growth: last quarter | Last half-year | Last year | Share in 3 years at its half-year rate |
|---|---|---|---|---|---|
| Oncology | 32% | +19.4% | +15.2% | +16.2% | 32% |
| Metabolic | 29% | +5.0% | +23.4% | +48.2% | 35% |
| Other | 14% | -6.1% | -11.7% | -10.3% | 6% |
| Central Nervous System | 12% | +27.5% | +31.4% | +38.6% | 17% |
| Cardiology | 9% | +3.3% | +2.8% | +2.6% | 6% |
| Antiviral And Anti Infective | 4% | -12.9% | +6.0% | +10.9% | 3% |
| Whole company | 100% | +8.5% | +12.7% | +20.4% | 100% |
On the filed split through 2026-09-30, if each business keeps its last half-year's growth, the company grows about 14% next year and 17% in year 3, against 24.7% over the last twelve months. A scenario, not a forecast: no business holds its rate.
How we read it: The blend, not metabolic: its largest programmes are winding down and new metabolic awards are smaller, so carrying its rate forward would overstate growth.
The results
The numbers
Sales grew 20% over the twelve months to Sep 2026, about the same pace as the 20% in the year to Dec 2025.
Operating margin is 21%, up from 18% in the year to Dec 2023.
Yearly sales growth has ranged from +12% to +29% over the last 5 years.
Each dollar put into the business earns 114% a year after tax, up from 20% in the year to Dec 2021.
It turned 24% of sales into free cash, $668M over the last twelve months.
Free cash flow was 1.3 times net income.
The share count fell 25% in 4.8 years, and pay in shares costs 0.8% of sales.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-22. Fiscal years end in December.
| Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | 12 mo to Sep 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $1.14B | $1.46B | $1.89B | $2.11B | $2.53B | $2.84B |
| Sales growth | +23% | +28% | +29% | +12% | +20% | +20% |
| Profit | ||||||
| Operating margin | 17% | 19% | 18% | 21% | 21% | 21% |
| Net margin | 16% | 17% | 15% | 19% | 18% | 18% |
| What growth costs, per sales dollar | ||||||
| Selling, general and admin | 9.5% | 9.0% | 8.6% | 8.5% | 7.8% | 6.8% |
| Pay in shares | 1.3% | 1.5% | 1.1% | 1.2% | 1.4% | 0.8% |
| Capital spending | 2.5% | 2.5% | 1.9% | 1.7% | 1.2% | 2.0% |
| Cash | ||||||
| Cash from operations | $263M | $388M | $433M | $609M | $713M | $723M |
| Free cash flow | $235M | $351M | $397M | $572M | $682M | $668M |
| Balance sheet | ||||||
| Cash and short-term investments | $461M | $28.3M | $245M | $669M | $497M | $705M |
| Debt | $0 | $50.0M | $0 | - | - | - |
| Net cash | $461M | −$21.7M | $245M | - | - | - |
| Returns and shares | ||||||
| Return on capital | 20% | 35% | 57% | 55% | 69% | 114% |
| Shares (diluted) | 37.7M | 33.7M | 31.8M | 32.0M | 29.5M | 28.4M |
What growth costs
Growth has been making Medpace more profitable. Overheads take a smaller share of each sales dollar than five years ago, pay in shares stays small, and staff numbers grew far slower than revenue, though pass-through costs flatter that last comparison.
The evidence under this - 3 claims
The last report (22 Jul)
Quarter ended June 2026, filed figures.
In the September 2026 quarter revenue grew 8.5% to $716.0M and earnings per share rose to $4.84 from $3.86. Medpace signed $873.4M of new work, about 1.2 times its sales, and its backlog of future work grew 5.6% to $3.17B. Management raised the earnings forecast and narrowed the sales forecast to the same midpoint.
On the call the chief executive said cancellations were toward the high end of normal but not a worry, and blamed failed drugs, not lack of funding. He gave no 2027 forecast until February, saying it is close to what analysts expect.
What it did to the thesisThe call answers the open question on cancellations: contained, not gone. The 2027 comment sits close to the growth line we watch, so the view stays Neutral.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $4.25 against $3.98 expected; $4.25 as filed, with no adjustments.
The evidence under this - 6 claims
- 2026-10-21editedQ3 2026 release added a second quarter of awards above revenue.
- 2026-10-22editedthird-quarter call confirmed the award figures; no change to the claim
The guide implies far slower growth in the second half than the first (C15), so the raise may reflect a strong first half rather than an improving year.
- 2026-10-21editedQ3 2026 release moved the guide: earnings up, revenue range narrowed to the same midpoint.
Medpace beat EPS estimates in eight straight quarters and raised the 2026 guide once already (C41), so the implied slowdown may be caution.
- 2026-10-21editedRe-derived from the Q3 2026 guide and nine-month revenue.
- 2026-10-21editedQ3 2026 release: cash and repurchase authorization.
- The same executive attributed the weaker revenue growth of recent years primarily to cancellations, so a quarter 'toward the higher end' is the failure mode the thesis watches, described by the person with most reason to play it down.
- No cancellation amount or rate was given on the call, so 'within range' cannot be checked against the 10-Q's backlog roll-forward until it is read.
- An analyst on the call put consensus 2027 revenue growth near 6%, which is the 5% line of the thesis's third invalidation criterion with little room, and another noted that the implied growth is lower than Medpace usually delivers; 'no disconnect' therefore says management expects growth only just above that line.
- The chief executive added that how much 2027 revenue is delivered depends on fourth-quarter awards and cancellations, which means the statement is conditional.
What management did with the money
Medpace spends its spare cash on its own shares. It bought $912.9M of stock in 2025 and $294.7M more in the second quarter of 2026, with no debt and no acquisitions, so the share count has fallen about a fifth since 2021.
Insiders in 2026Q3: 10 purchases and 41 sales, from their Form 4 filings.
The evidence under this - 2 claims
- 2026-10-21editedQ3 2026 release: cash and repurchase authorization.
The price, and where we disagree
In short. Fair. The price pays for the business as it is plus several years of solid growth, which is reachable only if orders keep growing faster than they have.
The shares have swung hard this year. They fell to $393.42 in April after cancellations spiked, then recovered above $600 as orders came back. Most analysts now rate them a hold, and the founder sold near the top.
The next test is the fourth-quarter report in February, with the first 2027 forecast. Management says its 2027 view rises month by month but depends on fourth-quarter orders and cancellations.
The evidence under this - 6 claims
- 2026-10-21editedQ3 2026 release added a second quarter of awards above revenue.
- 2026-10-22editedthird-quarter call confirmed the award figures; no change to the claim
Troendle still holds about 19% and Medpace Investors, an entity he controls, holds 16.8%, so the sales leave him the dominant owner.
- An analyst on the call put consensus 2027 revenue growth near 6%, which is the 5% line of the thesis's third invalidation criterion with little room, and another noted that the implied growth is lower than Medpace usually delivers; 'no disconnect' therefore says management expects growth only just above that line.
- The chief executive added that how much 2027 revenue is delivered depends on fourth-quarter awards and cancellations, which means the statement is conditional.
How we read the multiple
Investors pay about $17.08B for Medpace. What has to be true:
1. Over the last year it earned $491.5M, so the price is about 35 times that profit. 2. A buyer wanting 9% a year, a common yardstick for a share, then needs profit to grow about 6% a year for ever. 3. Analysts expect about 10% a year for the next two years.
That is reachable if orders keep growing. It is not if revenue slows to match the order book.
Against its own history. Buyers pay a little less for each dollar of sales than a year ago, though sales per share grew a lot; the rating lagged the growth.
The evidence under this - 4 claims
- Free cash flow of about $706.7M in the year to June 2026 is a 4.1% yield, which needs about 4.9% growth at the same return, but it is lifted by advance billings.
- The 9% required return is an assumption; at 8% the implied growth is about 5%.
Priced against its rivals
The competitors its own annual report names, each confirmed against the rival's filing. Measured on price for each $1 of yearly profit, cheapest first:
| Ticker | Company | price for each $1 of yearly profit |
|---|---|---|
| IQV | IQVIA Holdings | 32.0× |
| MEDP | Medpace Holdings | 35.2× |
| ICLR | ICON | 38.3× |
The middle of the other 2 is 35.1. Medpace Holdings, Inc. is 2nd cheapest of 3.
Rivals' figures come from a data provider, so read the spread of the group rather than any single pair.
On profit it sits in the middle of its listed rivals, but it grows much faster and earns more on its capital, so that middle position looks earned.
Private or foreign rivals that cannot be priced: numerous specialty and regional CROs.
Where we disagree with the market
Most analysts rate Medpace a fine business at a full price, and treat the record second-quarter orders as the end of this year's scare.
Revenue has run ahead of orders, so growth must slow unless orders keep climbing; the price leaves little room if they do not.
Our worry is arithmetic, not quality. Medpace has been converting about 24% of its order book into revenue each quarter against about 18% historically, and management expects that to drift down. If it does, revenue can only keep growing if the order book grows faster than its recent 4.9%.
The evidence against us is real: orders hit a record in the second quarter, management says its pipeline of not-yet-booked work grew faster than the order book, and it has beaten forecasts eight quarters in a row.
What analysts say, and the evidence
The evidence under this - 6 claims
- 2026-10-21editedQ3 2026 release added a second quarter of awards above revenue.
- 2026-10-22editedthird-quarter call confirmed the award figures; no change to the claim
The chief executive attributes much of the rise to stricter gating of what enters backlog, which lifts the rate without faster work, so the two rates are not strictly comparable.
Management expects conversion to drift down slowly rather than snap back (C12), and pre-backlog that has grown faster than backlog would refill it (C40).
Medpace beat EPS estimates in eight straight quarters and raised the 2026 guide once already (C41), so the implied slowdown may be caution.
- 2026-10-21editedRe-derived from the Q3 2026 guide and nine-month revenue.
What could go wrong, and how we would know
The risks
- Orders can vanish fast. Clients can cancel on about 30 days' notice, and early 2026 showed how quickly cancellations can turn a strong quarter weak.
- Obesity trials are winding down. Metabolic work, mostly obesity drugs, carried much of 2025's growth, and the largest programmes are now shrinking.
- A few clients matter more. The ten largest customers were about 40% of revenue in the year to June 2026, up from 35% in 2025.
- Small biotechs need money. Most clients depend on investors to fund their trials; when funding dries up, trials are delayed or cancelled.
- The founder decides. Troendle controls about a fifth of the shares, sells at will, has no named second-in-command, and has business ties with some clients.
The evidence under this - 8 claims
The rise is mainly a few large metabolic programmes the chief executive says are now reducing (C17), so concentration may fall back as they finish.
- 2026-10-22editedthird-quarter call gave the concentration for the year to September: 31% and 39%
Q2 2026 metabolic revenue still grew 48% on the prior year (C16), so the roll-off had not yet shown in revenue.
- 2026-10-22editedthird-quarter call read: oncology mix and lower metabolic demand confirmed in C49
Troendle still holds about 19% and Medpace Investors, an entity he controls, holds 16.8%, so the sales leave him the dominant owner.
What we still do not know
- How much of the order book sits with the few large obesity-drug clients, and how fast it runs off.
- Whether Medpace's win rate against IQVIA and ICON has recovered after falling in 2025.
- Whether AI tools at drug companies will cut the amount of trial work they hire out, or its price.
- Who will run the company after its 69-year-old founder.
The evidence under this - 4 claims
Q2 2026 metabolic revenue still grew 48% on the prior year (C16), so the roll-off had not yet shown in revenue.
- 2026-10-22editedthird-quarter call read: oncology mix and lower metabolic demand confirmed in C49
He also said cancellations are beyond his ability to forecast, and Q1 2026 cancellations had been the highest in over a year (C09).
- 2026-10-22editedthird-quarter call read: win-rate fixes called successful; wording of the claim stands
What would change our view
- Neutral→AttractiveA cheaper price with bookings holding
It needs all of:
- ○The shares fall to 26 times the last year's profit.about $457.28 today, 25% below the last close
- ○Third-quarter new orders at least match revenue.checked at the next results, due by 8 Feb
- Neutral→AttractiveBookings catch up with revenue
It needs all of:
- ○The order book grows 10% or more on a year earlier.checked at the next results, due by 8 Feb
- ○In the same quarter, new orders reach 1.15 times revenue or more.checked at the next results, due by 8 Feb
- Neutral→UnattractiveThe order book shrinks
It needs any of:
- ○New orders fall below revenue in any quarter.checked at the next results, due by 8 Feb
- ○The order book grows less than 2% on a year earlier.checked at the next results, due by 8 Feb
We would also be wrong if
- The 2027 forecast, due about February, implies revenue growth below 5%.
- The ten largest customers reach more than 45% of revenue.
What is coming
- 21 October 2026 Q3 2026 results: Whether net book-to-bill stays above 1.1 and backlog growth picks up as management's expected bookings ramp arrives.
Every dated event ahead
- 21 October 2026 Q3 2026 results: Whether net book-to-bill stays above 1.1 and backlog growth picks up as management's expected bookings ramp arrives.
- 10 February 2027 Q4 2026 results and the first 2027 guide: How fast management expects revenue to grow once metabolic programmes roll off and conversion slows.
- 15 May 2027 2027 annual meeting and proxy: Whether a successor president or a succession plan for the founder is named.
Since we wrote this
- 22 OctEarningsCall: cancellations high-normal; no 2027 guide, near consensusThe call read the open cancellations question as contained, not gone, and said 2027 sits near analysts' estimates, so the Neutral view held.
- 21 OctEarningsQ3 orders ran at 1.22 times sales; backlog up 5.6%Both lines of the test cleared; cancellations and the call are unread, so the Neutral view held.
- 10 OctThesis writtenNeutral, medium convictionWritten eleven days before Q3 2026 results, after a record bookings quarter and a 55% recovery from the April low.
Also checked 1 time with nothing new to act on.
Sources 19
Sources - 19
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-02-10business description, customer mix and concentration, cancellation terms, backlog, competitors, risk factors, income statement, revenue by therapeutic area, buybacks, related partiesbacksC01C02C03C04C05C06C08C16C18C21C28C38C39
- S02primarycompany release2026-02-09Q4 2025 awards and book-to-bill, the first 2026 guidebacksC08C14
- S03primarycompany release2026-07-22Q2 2026 results, awards, backlog, cash, buybacks and the raised 2026 guidebacksC01C07C10C14C19C20C21C22C41C42
- S04primarycompany filing2026-07-23revenue by therapeutic area, balance sheet, share count, backlog conversion outlook, buyback pricesbacksC07C16C19C20C22
- S05primarytranscript2026-07-23Medpace Q2 2026 earnings call transcriptcancellations, customer concentration, conversion rate against its history, metabolic roll-off, pre-backlog, win rate, pass-through mix; questions from Baird, TD Cowen, Leerink, Jefferies and others
The business environment was strong in Q2 26. Cancellations were well behaved, and supported a record quarter for net bookings.
backsC05C10C11C12C17C40C44 - S06primarytranscript2026-04-23Medpace Q1 2026 earnings call transcriptQ1 2026 cancellations, book-to-bill of 0.88, RFPs, concentration and the president's departure
Quarter 1 of 2026 saw cancellations rise again with backlog cancels reaching their highest point in over a year.
backsC05C09C43 - S07primarycompany filing2026-04-01leaders, beneficial ownership, bonus design and paybacksC29C43C46
- S08primarycompany filing2026-09-28the founder's holding after his August and September sales, and their pricesbacksC27
- S09secondaryvendor data2026-10-10Research pack, frozen 2026-10-10 (FMP market data, filed cohort, FINRA short interest)daily closes, the price decomposition, analyst estimates and split, short interest, earnings history, cohort multiples, headcountbacksC09C22C23C24C25C26C41C42C44
- S10primaryindustry data2024-08-01what a day of trial delay costs a sponsor, in sales and in direct costs
At this time, the value of a single day of delay is worth approximately $800,000 in unrealized or lost prescription drug sales and $40,000 in direct daily clinical trial costs. ... Phase III clinical trials had the highest direct cost per day at $55,716.
backsC33 - S11primarygovernment data2026-10-10ClinicalTrials.gov API v2, industry-sponsored interventional Phase 2 and 3 trials by start year U.S. National Library of Medicinehow many industry trials of the kind Medpace runs started each year
AREA[LeadSponsorClass]INDUSTRY AND AREA[Phase](PHASE2 OR PHASE3) ... totalCount 2345 (2022), 2231 (2023), 2104 (2024), 2185 (2025)
backsC35 - S12primaryindustry data2026-05-01IQVIA Institute for Human Data Science, 'Global R&D Trends 2026' IQVIA Institutefunding, R&D spending and trial starts across the industry in 2025
Biopharma funding and large pharma R&D expenditure slowed, but remained well-above pre-pandemic levels.
backsC36 - S13primarycompany filing2026-02-13the largest rival's clinical trial revenue and growth
Research & Development Solutions’ revenues were $8,896 million in 2025, an increase of $369 million, or 4.3%
backsC23C30 - S14primarycompany filing2026-02-26the second rival's revenue and growth
Revenue for the year ended December 31, 2025 increased by $62.4 million, or 0.8%, to $8,251.3 million
backsC23C31 - S15primarycompany filing2026-03-02a competitor's statement of the size of the clinical development market
Phase I-IV clinical development spend by the pharmaceutical and biotechnology industry is forecast to be ~$145 billion in 2026
backsC37 - S16primarycompany filing2026-10-10open-market sales and purchases and the Rule 10b5-1 flag on eachbacksC27
- S20primarycompany filing2026-10-10five years of revenue, operating income, SG&A, stock pay, cash flow and diluted sharesbacksC18C19C21C23C41C45
- S21primarycompany filing2026-10-21Q3 revenue, net new awards, backlog, cash and the 2026 guidance.backsC10C14C20
- S22primarytranscript2026-10-22management's prepared remarks on awards, backlog conversion, customer concentration, cash and the updated guidance; and ten analysts' questions, which produced the cancellation reading, why 2027 is not guided, the Cincinnati cost, margin drivers, pass-through mix and the win-rate fixes. The vendor text garbles some names and phrases
Our cancellations, backlog cancellations this quarter were not something to call out, but also not a help. They were toward the higher end, but within the kind of range we would expect.
backsC05C10C40C47C48C49C50