ICON Reports 38% Increase in Revenues, 40% Increase in EPS and Raises 2007 Guidance

ICON (NASDAQ:ICLR), a global provider of outsourced development
services to the pharmaceutical, biotechnology and medical device
industries, today reported its financial results for the third quarter
ended September 30, 2007.

Net revenues for the quarter were $166.9 million, representing a
38.3% increase over net revenues of $120.7 million for the same
quarter last year. Income from operations, after taking non-cash stock
compensation charge of $1.4 million, was $18.7 million or 11.2% of
revenue, compared to $12.6 million or 10.4% for the same quarter last
year. Net income was $14.5 million or 49 cents per share on a diluted
basis, compared with $10.1 million or 35 cents per share last year.

Year-to-date, net revenues were $450.1 million, representing a
37.8% increase over the same period last year. Income from operations,
after taking non-cash stock compensation charge of $4.0 million was
$49.5 million or 11% of revenue, compared to $34.0 million or 10.4%
last year. Net income was $40.1 million or $1.35 per share, compared
with $26.9 million or 94 cents per share, last year.

Days sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account, were 65 days at September
30, 2007, up from 57 days at September 30, 2006.

For the quarter ended September 30, 2007, cash provided by
operating activities was $0.6 million and capital expenditure was
$19.3 million. For the nine months, cash flow from operating
activities was $19.9 million and capital expenditure was $49.7
million. In addition, DOCS International was acquired in July 2007 for
consideration of $40.6 million. As a result, cash and short-term
investments, net of debt, amounted to $27.7million at September 30,
2007, compared to $97.9 million at December 31, 2006.

"We are delighted with ICON's third quarter performance",
commented Chairman Dr. John Climax. "Revenue growth was very strong
and operating margins continued to expand. Excellent net bookings of
$230 million producing a book to bill of 1.4, give us strong
confidence in the outlook for the remainder of the year. As a result
we are increasing our revenue guidance for 2007 to $615 - $625 million
and, our EPS guidance to $1.82 - $1.85"

The company will hold its third quarter conference call today,
October 23, 2007 at 9:00 EST (14:00 Ireland & UK). This call and
linked slide presentation can be accessed live from our website at
http://www.iconplc.com. A recording will also be available on the
website for 90 days following the call. In addition, a calendar of
company events, including upcoming conference presentations, is
available on our website, under "Investors". This calendar will be
updated regularly.

The statements made in this Press Release may contain
forward-looking statements that involve a number of risks and
uncertainties. In addition to the matters described in this Press
Release, the ability to maintain large client contracts or enter into
new contracts, maintain client relationships and the ability to manage
the opening of new offices, the integration of new business mergers
and acquisitions, as well as other risks and uncertainties detailed
from time to time in SEC reports filed by ICON, including its Form
20-F, F-1, S-8 and F-3, may affect the actual results achieved by
ICON. ICON disclaims any intent or obligation to update these
forward-looking statements.

The financial information presented herein has been prepared in
accordance with U.S. GAAP.

ICON plc is a global provider of outsourced development services
to the pharmaceutical, biotechnology and medical device industries.
The Company specializes in the strategic development, management and
analysis of programs that support clinical development - from compound
selection to Phase I-IV clinical studies. ICON teams have successfully
conducted over 1,900 development projects and over 2,300 consultancy
engagements across all major therapeutic areas. ICON currently has
approximately 5,400 employees, operating from 65 locations in 33
countries. Further information is available at www.iconplc.com

Source: ICON plc

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ICON plc

Consolidated Income Statements (Un-audited)

Three and Nine Months ended September 30, 2007 and September 30, 2006
(Dollars, in thousands, except share and per share data)

Three Months Ended Nine Months Ended
September September September September
30, 30, 30, 30,
2007 2006 2007 2006

Gross Revenue 231,819 171,109 625,942 465,497

Subcontractor costs 64,903 50,395 175,890 138,852

---------- ---------- ---------- ----------
Net Revenue 166,916 120,714 450,052 326,645

Costs and expenses
Direct costs 91,675 68,428 254,107 183,146
Selling, general and
administrative 51,518 35,800 132,864 98,477
Depreciation and
amortization 5,020 3,875 13,626 11,009

---------- ---------- ---------- ----------
Total costs and expenses 148,213 108,103 400,597 292,632

Income from operations 18,703 12,611 49,455 34,013

Interest income (net) 16 951 2,079 2,536

---------- ---------- ---------- ----------
Income before provision of
income taxes 18,719 13,562 51,534 36,549

Provision for income taxes 4,158 3,423 11,344 9,496
Minority interest 60 45 108 121
---------- ---------- ---------- ----------

Net income 14,501 10,094 40,082 26,932
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Net income per ordinary
share
Basic $0.50 $0.36 $1.40 $0.95
---------- ---------- ---------- ----------

Diluted $0.49 $0.35 $1.35 $0.94
---------- ---------- ---------- ----------

Weighted average number of
ordinary shares
Basic 28,760,726 28,351,525 28,669,798 28,333,823

Diluted 29,826,457 29,085,080 29,714,584 28,709,932
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Summary Balance Sheet Data

September 30, 2007 and December 31, 2006
(Dollars, in thousands)

September 30, December 31,
2007 2006
(Un-audited) (Audited)
Cash and short-term investments 98,206 102,861
Short-term debt (70,487) (5,000)
Net cash 27,719 97,861

Accounts receivable 136,696 108,216
Unbilled revenue 123,823 89,977
Payments on account (94,028) (90,394)
Total 166,491 107,799

Working Capital 127,945 160,321

Total Assets 631,780 476,341

Shareholder's Equity 359,986 302,738
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