The new buyback mandate replaces a previous program that still held $527 million in unspent capacity. Medpace reported a third-quarter profit of $137.5 million, or $4.84 per share, marking a significant increase over the $111.1 million, or $3.86 per share, recorded during the same period last year. These results topped the $4.44 per share consensus forecast from FactSet analysts.

Revenue for the quarter climbed to $716 million, edging past the anticipated $714.5 million. Bolstered by this momentum, the company raised its full-year guidance, now projecting revenue between $2.835 billion and $2.855 billion. Medpace also lifted its earnings outlook to a range of $17.97 to $18.32 per share, well above the $17.61 projected by analysts. Despite the positive financial updates, shares retreated 1.4% to $653.00 in late trading.