ICON

Clinical research group Icon will announce its third-quarter results on Thursday and it would be no surprise to see growth has continued as the pharma industry searches for a new generation of superdrugs.

As Davy put it last week, the company is likely to confirm "substantial internal investment to allow Icon to tap the future growth that has already been seen in industry demand".

With almost €160m of cash on the balance sheet, there's certainly scope to invest using the company's own funds.

The 7% downgrade in forecasts as part of the second-quarter results hit investor sentiment with the share prices down nearly a quarter since they were announced, and as a result it is trading at a significant discount to its peers. Davy argues that "top-line growth is only likely to emerge during 2011" and that the company is investing in preparation for this. But are the markets listening?

Icon's third-quarter results will be announced on Thursday.