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ICON plc (ICLR)

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Tuesday 22 July, 2008

ICON plc

Half-Yearly Report

Icon PLC
                  ICON reports 49% increase in revenue and 52% increase in operating income and
raises 2008 guidance (NASDAQ:ICLR) (ISIN:IE0005711209)

Highlights - Second Quarter Fiscal 2008

* Second quarter net revenues increased 48.5%, to $218.3 million.

* Income from operations increased by 51.9%, to $24.4 million.

* Diluted earnings per share increased to 62 cents from 45 cents.

* Net new business wins of $337 million, a book-to-bill of 1.5x.

* 2008 guidance for revenue and EPS increases to $870 - $890 million and $2.46 -
$2.52 respectively.

ICON (NASDAQ:ICLR), a global provider of outsourced development services to the
pharmaceutical, biotechnology and medical device industries, today reported its
financial results for its second quarter ended June 30, 2008.

Net revenues for the quarter were $218.3 million, representing a 48.5% increase
over net revenues of $147 million for the comparative quarter last year.
Year-to-date, net revenues were $419.6 million, representing a 48.2% increase
over the same period last year.

Income from operations was $24.4 million, compared to $16.1 million for the same
quarter last year. Operating margin increased to 11.2% from 10.9%. Net income
was $18.8 million or 62 cents per share on a diluted basis, compared with $13.3
million or 45 cents per share last year.

Year-to-date income from operations was $45.9 million, compared to $30.7 million
last year representing a margin of 10.9% in both periods. Net income was $35.7
million or $1.19 per share, compared with $25.6 million or 86 cents last year.

Days sales outstanding were 58 days at June 30, 2008, compared to 66 days at
December 31, 2007.

For the quarter ended June 30, 2008, cash provided by operating activities was
$40.7 million and capital expenditure was $18.9 million. As a result, the
company's net cash amounted to $6.9 million at June 30, 2008, compared to net
debt of $20.2 million at March 31, 2008.

'We are delighted with ICON's second quarter performance', commented Chairman
Dr. John Climax. 'Revenue growth was very strong and operating margins showed
good progress.'

'It was another quarter of excellent bookings, which were $393 million gross and
$337 million net' said CEO Peter Gray. 'As a result of these strong business
wins we continue to expand our global capability through opening new offices and
hiring new staff and we now have in excess of 6500 staff working in 71 offices
in 38 countries. The strength of demand for our global services has led us to
increase our revenue guidance for 2008 to $870 - $890 million, and our EPS
guidance to $2.46 - $2.52.'

The company will hold its second quarter conference call today, July 22, 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.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. With headquarters in Dublin, Ireland, ICON currently,operates
from 71 locations in 38 countries and has approximately 6,500 employees. Further
information is available at www.iconplc.com.

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

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                                            ICON plc

                           Consolidated Income Statements (Unaudited)

                   Three and Six Months ended June 30, 2008 and June 30, 2007
                    (Dollars, in thousands, except share and per share data)

                                           Three Months Ended            Six Months Ended
                                            June 30,    June 30,       June 30,       June 30,
                                                2008        2007           2008           2007

   Gross Revenue                             316,592     207,383        600,445        394,123

   Subcontractor costs                        98,292      60,336        180,801        110,987

                                         ----------- -----------    ----------- --------------
   Net Revenue                               218,300     147,047        419,644        283,136

   Costs and expenses
   Direct costs                              122,976      83,875        236,165        162,432
   Selling, general and administrative        64,289      42,662        124,834         81,346
   Depreciation and amortization               6,641       4,450         12,739          8,606

                                         ----------- -----------    ----------- --------------
   Total costs and expenses                  193,906     130,987        373,738        252,384

   Income from operations                     24,394      16,060         45,906         30,752

   Interest (expense) income                   (476)       1,019          (519)          2,063

                                         ----------- -----------    ----------- --------------
   Income before provision of income
    taxes                                     23,918      17,079         45,387         32,815

   Provision for income taxes                  4,891       3,758          9,138          7,186
   Minority interest                             206           6            534             48
                                         ----------- -----------    ----------- --------------

   Net income                                 18,821      13,315         35,715         25,581
                                         =========== ===========    =========== ==============

   Net income per ordinary share
   Basic                                       $0.65       $0.46          $1.23          $0.89
                                         ----------- -----------    ----------- --------------

   Diluted                                     $0.62       $0.45          $1.19          $0.86
                                         ----------- -----------    ----------- --------------

   Weighted average number of ordinary
    shares
   Basic                                  29,106,694  28,684,201     29,004,662     28,624,350

   Diluted                                30,156,563  29,685,489     30,083,989     29,597,671
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                                         ICON plc

                                Summary Balance Sheet Data


                           June 30, 2008 and December 31, 2007
                                 (Dollars, in thousands)

                                                        June 30,              December 31,
                                                            2008                      2007
                                                     (Unaudited)                 (Audited)
Cash and short-term investments                          114,389                   118,633
Debt                                                   (107,400)                  (94,829)
Net cash                                                   6,989                    23,804

Accounts receivable                                      221,480                   129,865
Unbilled revenue                                         146,152                   144,661
Payments on account                                    (165,218)                  (96,553)
Total                                                    202,414                   177,973

Working Capital                                          201,862                   193,271

Total Assets                                             843,968                   693,138

Shareholder's Equity                                     447,157                   388,400


Source:                                   ICON plc

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

                                          http://www.iconplc.com
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