ICON Reports Full-Year 2007 Revenue Growth of 38% Operating Income Growth of 45% and EPS Growth of 41% (NASDAQ:ICLR)

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 fourth
quarter ended December 31, 2007.

Full year, net revenues were $630.7 million, representing a 38.4%
increase over last year. Income from operations, after taking non-cash
stock compensation charge of $5.7 million was $69.2 million or 11% of
revenue, compared to $47.8 million or 10.5% last year. Net income was
$55.9 million or $1.88 per share, compared with $38.3 million or $1.33
per share, last year.

Net revenues for the quarter were $180.7 million, representing a
40.1% increase over net revenues of $128.9 million for the same
quarter last year. Income from operations, after taking non-cash stock
compensation charge of $1.8 million, was $19.8 million or 11.0% of
revenue, compared to $13.8 million or 10.7%for the same quarter last
year. Net income was $15.8 million or 53 cents per share on a diluted
basis, compared with $11.4 million or 39 cents per share last year.

Days sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account, were 66 days at December
31, 2007, compared to 65 days at September 30, 2007.

For the quarter ended December 31, 2007, cash provided by
operating activities was $23 million and capital expenditure was $25.7
million. Full year 2007, cash flow from operating activities was
$42.9million and capital expenditure was $75.4 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 $23.8million at December 31, 2007, compared to $97.9
million at December 31, 2006.

"2007 has been another outstanding year for ICON", commented
Chairman Dr. John Climax. "Revenue growth continued to be strong and
operating margins expanded. Record net bookings of $344m in the fourth
quarter led to bookings for the full year of over $1billion, another
major milestone for ICON. As a consequence, we have a record backlog
of $1.3 billion, which gives us confidence as we enter our new fiscal
year"

The company will hold its fourth quarter conference call today,
February 21, 2008 at 9:00 EST (14:00 Ireland & UK). This call and
linked slide presentation can be accessed live from our website at
http://www.iconclinical.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 5,600 employees, operating from 68 locations in 36
countries. Further information is available at www.iconclinical.com.

-0-
*T
ICON plc

Consolidated Income Statements

Three and Twelve Months ended December 31, 2007 and December 31, 2006
(Dollars, in thousands, except share and per share data)

Three Months Ended Twelve Months Ended
December December December December
31, 31, 31, 31,
2007 2006 2007 2006

Gross Revenue 241,531 184,329 867,476 649,826

Subcontractor costs 60,861 55,377 236,751 194,229

---------- ---------- ---------- ----------
Net Revenue 180,670 128,952 630,722 455,597

Costs and expenses
Direct costs 100,372 73,117 354,479 256,263
Selling, general and
administrative 55,129 38,092 187,993 136,569
Depreciation and
amortization 5,382 3,940 19,008 14,949

---------- ---------- ---------- ----------
Total costs and expenses 160,883 115,149 561,480 407,781

Income from operations 19,787 13,803 69,242 47,816

Interest income (net) 659 1,104 2,738 3,640

---------- ---------- ---------- ----------
Income before provision
of income taxes 20,446 14,907 71,980 51,456

Provision for income
taxes 4,486 3,428 15,830 12,924
Minority Interest 79 107 187 228
---------- ---------- ---------- ----------

Net income 15,881 11,372 55,963 38,304
========== ========== ========== ==========

Net income per ordinary
share
Basic $0.55 $0.40 $1.95 $1.35
---------- ---------- ---------- ----------

Diluted $0.53 $0.39 $1.88 $1.33
---------- ---------- ---------- ----------

Weighted average number
of ordinary shares
Basic 28,811,694 28,493,566 28,705,272 28,314,985

Diluted 29,975,050 29,427,297 29,747,964 28,863,334
*T

-0-
*T

ICON plc

Summary Balance Sheet Data

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

December December
31, 31,
2007 2006
(audited) (audited)
Cash and short-term investments 118,633 102,861
Debt 94,829 5,000
Net cash 23,804 97,861

Accounts receivable 129,865 108,216
Unbilled revenue 144,611 89,977
Payments on account (96,553) (90,394)
Total 177,923 107,799

Working Capital 193,271 160,321

Total assets 693,138 476,341

Shareholder´s equity 388,400 302,738

Source: ICON plc

Contact: Investor Relations 1-888-381-7923 or
Ciaran Murray CFO + 353 1
291 2000
both at ICON.

http://www.iconclinical.com
*T