1. ICON
Baird Healthcare Conference Mr. Ciaran Murray – CFO Mr. Brendan Brennan – VP Investor Relations
September 10th 2009

2. Forward Looking Statements
Certain statements contained herein including, without limitation, statements containing the words “believes,” “anticipates,” “intends,” “expects” and words of similar import, constitute forward-looking statements concerning the Company's operations, performance, financial condition and prospects. Because such statements involve known and unknown risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This presentation includes selected non-GAAP financial measures. For a presentation of the most directly comparable GAAP financial measures, please refer to the Quarter press release consolidated income statement headed Consolidated Income Statements (Unaudited) (US GAAP)

3. Global Full Service Clinical Development

4. ICONs Global Footprint

5. ICON Plc Staff Growth 1990 - Today

6. Market Environment

7. Market Fundamentals Still Intact
Outsourcing Penetration expected to increase
More Strategic approach to outsourcing
Cost containment
Globalisation of clinical research
Continued R&D Spending Growth.
Pipelines remain solid
Scientific innovation continues to expand
Increasing Regulation
More patients/ more studies
Post marketing surveillance

8. Increased Outsourcing
Clients are increasingly focused on their core competencies of
Discovery
Strategic Development
Marketing
Clients are engaging CROs at a more strategic level
Level of management engagement (Executive to executive)
Level of co-operative engagement i.e. sharing drug pipeline intentions
Deeper reliance on CRO scientific and therapeutic expertise
Reduced internal capacity in the companies of strategic partners e.g. staff or asset transfers/reductions
Clients likely to move their % outsourced from ≈ 30% to >50% over the next 5+ years

9. Market Fundamentals Still Intact
Outsourcing Penetration expected to increase
More Strategic approach to outsourcing
Cost containment
Globalisation of clinical research
Continued R&D Spending Growth.
Pipelines remain solid
Scientific innovation continues to expand
Increasing Regulation
More patients/ more studies
Post marketing surveillance

10. Clinical Compounds in Development

11. R&D Spending Growth

12. CRO Market Size 1996 – 2012 (E)

13. Total Biotech Funding ($ Millions)

14. Market Fundamentals Still Intact
Outsourcing Penetration expected to increase
More Strategic approach to outsourcing
Cost containment
Globalisation of clinical research
Continued R&D Spending Growth.
Pipelines remain solid
Scientific innovation continues to expand
Increasing Regulation
More patients/ more studies
Post marketing surveillance

15. ICON in this Market Environment
Opportunities…. but also Risks
ICON in this Market Environment

16. Net Volume of RFPs
2003 to Q2 2009
Net volume represents only those opportunities which were ultimately outsourced

17. Net New Business Wins and Book to Bill Ratio
Net Business Wins

18. Analysis of Business Wins
Q2 09 Net Wins
H1 09 Net Wins

19. Analysis of Backlog by client Q2 09

20. Total Backlog Level ($ Millions)
14%

21. Coverage of next 4 quarters from Backlog
Value of backlog forecast to be earned in next 4 quarters
% coverage of next 4 quarters forecast revenues

22. Projects of Longer duration lead
to slower backlog burn

23. Strategy

24. ICON’s Core Strategy is Organic Growth, with acquisitions made to add new services or scale
Capitalise on market fundamentals to drive organic growth in all business units.
Cross-sell services to grow sales and margin
Build Deep Strategic Relationships
Create Stronger differentiation across our services
Retain a flexible business model to respond to differing client outsourcing strategies
Pursue acquisitions to enhance depth and scale of current operations and to add additional complementary services e.g.
Safety/Late Phase
Imaging
Japan
Acquisitions to date – 13
Revenues acquired $130m
Staff acquired – 1,200
=> Organic growth >80%
Phase I
Bioanalytical / Biomarkers
Therapeutic specialists

25. Market Feedback

26. ICON in recent Surveys
“ICON is one of three CRO’s cited most frequently as sponsor’s favourite CRO vendors”
“Our confidence goes up that ICON is the right name to own in this environment, given their consistent quality”
““ ICON is a darling of the industry, the company's stunning growth in 2006 and 2007 surprised its peers. Now, the Dublin-based company is still outpacing just about everybody, but at a less accelerated clip.”

27. Financial Performance

28. Net Revenue CAGR of 28% since 2005
* Mid point of Guidance July 22nd

29. Earnings Per Share Growth
CAGR 35%
* Mid point of Guidance July 22nd

30. Cash Flow from Operations / Free Cash Flow
FCF Per Share
* Estimate assumes DSO of approx 60 days. Historic periods FCF exclude Head-office construction costs

32. Return on Equity

33. Recent Financial Performance ($ millions) Quarter 2 2009
30 June 09
30 June 08
% Increase
Net Revenue
220
218 1%
Direct Costs
125
123
1.8%
SG & A
EBITDA 58 37 64 31
(7.1%)
19%
D & A 8 7
13%
EBIT 29 24
20%
Net Income 23 19
21%
EPS (Inc SFAS 123R)
38c
31c
23%
Weighted Average no. of Shares (Inc SFAS123R)
59.7m
60.3m
(1.1%)

34. Recent Financial Performance ($ millions) H1 2009
30 June 09
30 June 08
% Increase
Net Revenue
440
420 5%
Direct Costs
249
236 6%
SG & A
EBITDA
119 71
125 59
21%
D & A 15 13
18%
EBIT 56 46
23%
Net Income 44 36
22%
EPS (Inc SFAS 123R)
73c
59c
24%
Weighted Average no. of Shares (Inc SFAS123R)
59.7m
60.2m
(0.7%)

35. Summary Balance Sheet and Cash Flow ($ millions)
H1 ended
Jun 30, 09
Full Year ended
Dec 31, 08
Dec 31, 07
Dec 31, 06
Cash
$147.3
$101.1
$118.6
$102.9
Debt
$64.1
$105.4
$94.8 $5
Net Cash/Debt
$83.2
($4.3)
$23.8
$97.9
Total assets
$897.5
$867.3
$693.1
$476.3
Total Liabilities
$389.5
$410.9
$304.9
$173.6
Shareholder’s equity
$507.9
$456.4
$388.4
$302.7
Cashflow from operations
$128
$81.3
$42.9
$50.4
Capital expenditures
$16.4
$67.9
$75.4
$31.5

36. ICON Key Financial Metrics ($ millions)
Qtr ended
Jun 30, 09
Full Year ended
Dec 31, 08
Dec 31, 07
Dec 31, 06
Sales Growth 5%
37%
38%
39%
EPS Growth
24%
41%
177%
EBITDA Margin
16.2%
14.7%
14%
13.8%
EBIT Margin
12.8%
11.5%
11.0%
10.5%
ROE
17.7%
17%
13%

37. ICON Plc Historic Share Price Performane
S&P 500
Nasdaq Composite

38. Investment Case Summary
Top Global Clinical CRO - #4
Deep customer relationships
Quality of staff
Experienced Management team
Excellent Reputation
Solid market fundamentals
Outstanding record of growth
Strong balance sheet