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ICON plc (ICLR)

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Thursday 21 February, 2008

ICON plc

ICON Reports Full-Year 2007 Revenue Growth of 3...

¶   Highlights - Full Year Fiscal 2007 and Fourth Quarter

¶   --  Full Year Net Revenues Increased 38% to $631 Million. Fourth
        Quarter Net Revenues Increased 40% Over the Comparative
        Quarter, to $181 Million.

¶   --  Full Year Operating Income Increased by 44.8% to $69.2
        Million. for the Quarter Income from Operations Increased by
        43%, to $19.8 Million.

¶   --  Full Year Diluted Earnings Per Share Increased to $1.88, a 41%
        Increase over Last Year. Diluted Earnings Per Share Increased
        by 36% for the Fourth Quarter to 53 Cents.

¶   --  Full Year Net Business Awards Totalled $1.027 Billion, a 54%
        Increase on Last Year. Record Net New Business Wins of $344
        Million Awarded to Icon During the Quarter, Producing a Book
        to Bill of 1.9.
                  Icon PLC
Investor Relations, 1-888-381-7923
or
Ciaran Murray, CFO, + 353 -1-291-2000
                  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.

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                               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
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                               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
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