Shares of ICON PLC (ICLR) soared 16.55% in pre-market trading on Thursday, building on the previous day's after-hours gains following the release of its better-than-expected second-quarter 2025 financial results and raised full-year guidance. The clinical research organization's stock price surge was further bolstered by an analyst upgrade.

ICON reported adjusted earnings of $3.26 per share for the quarter, surpassing the analyst consensus estimate of $3.20. While this represents a decrease from $3.75 per share in the same quarter last year, it demonstrates the company's ability to maintain profitability above market expectations. Quarterly revenue came in at $2.02 billion, exceeding analyst estimates of $1.98 billion, despite a 4.8% year-over-year decrease. The company also reported impressive gross business wins of $2,966 million, up 10.6% from the previous quarter, and a book-to-bill ratio of 1.02.

In response to the strong results, ICON raised its full-year guidance, now expecting revenue between $7,850 million and $8,150 million, and adjusted diluted earnings per share between $13.00 and $14.00. This optimistic outlook has significantly boosted investor confidence. Adding to the positive sentiment, Baird upgraded ICON to Outperform from Neutral, raising its price target to $224 from $150. The combination of strong quarterly performance, raised guidance, and analyst upgrade appears to be driving the substantial pre-market stock price increase, reflecting renewed enthusiasm in ICON's growth prospects and financial health.