v3.26.1
Segment Disclosures
 6 Months Ended
Jun. 30, 2026
Segment Disclosures [Abstract]  
Segment Disclosures Segment Disclosures
Information about the one reportable segment, significant segment expenses and a reconciliation to condensed consolidated net income is as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Revenue, net$707,331 $603,311 $1,413,935 $1,161,881 
Operating expenses:
Direct service costs, excluding depreciation and amortization - Employee compensation163,089 147,942 327,692 291,869 
Direct service costs, excluding depreciation and amortization - Other segment items (a)39,466 37,884 73,137 71,773 
Reimbursed out-of-pocket expenses303,139 237,472 615,143 439,876 
Total direct costs505,694 423,298 1,015,972 803,518 
Selling, general and administrative48,103 46,664 96,020 104,561 
Depreciation6,555 6,777 13,306 13,471 
Amortization155 237 310 473 
Total operating expenses560,507 476,976 1,125,608 922,023 
Income from operations146,824 126,335 288,327 239,858 
Other income (expense), net:
Miscellaneous (expense) income, net(147)(2,875)824 (4,691)
Interest income, net4,986 1,078 10,103 7,541 
Total other income (expense), net4,839 (1,797)10,927 2,850 
Income before income taxes151,663 124,538 299,254 242,708 
Income tax provision30,301 34,278 54,022 37,853 
Segment net income$121,362 $90,260 $245,232 $204,855 
Reconciliation of profit or loss
Adjustments and reconciling items— — — — 
Condensed consolidated net income$121,362 $90,260 $245,232 $204,855 
(a) Direct service costs, excluding depreciation and amortization - Other segment items includes costs related to inventory, leases, project subcontractors and other direct service costs.
Revenue by Category
The following table disaggregates the Company’s revenue by major source (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Therapeutic Area
Metabolic$219,067 $147,873 $456,625 $295,888 
Oncology209,372 188,558 410,611 359,034 
Other98,279 118,062 191,597 213,898 
Central Nervous System82,858 61,129 163,065 116,030 
Cardiology59,982 58,584 116,243 116,863 
AVAI37,773 29,105 75,794 60,168 
Total revenue$707,331 $603,311 $1,413,935 $1,161,881