ICLR ICON PLC

ICON (NASDAQ:ICLR)(ISIN:IE0005711209), 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, 2011.

Net revenues for the quarter grew 7% to $241 million compared to $225 million in the same quarter last year. Year-to-date, net revenues were $703 million, representing a 5% increase over the same period last year.

In Q3 US GAAP losses from operations were $3.6 million. During the quarter the company undertook a number of cost reduction steps which led to restructuring costs of $4.8 million. Before restructuring charges operating income was $1.1 million or 0.5% of revenue compared to $17.6 million or 7.8% of revenue for the same period last year. The year to date income from operations before restructuring charges was $32.6 million or 4.6% of revenue compared to $70 million or 10.5% of revenue last year.

US GAAP net loss in the quarter was $2.7 million or 4c per share. Excluding restructuring charges net income was $1.5 million or 2 cents per share on a diluted basis, compared to $19.9 million or 33 cents per share last year. Year to date net income before restructuring charges was 27.4 million or 45c per share compared to $65 million or $1.07 per share last year.

Days sales outstanding, comprising accounts receivable and unbilled revenue less payments on account, were 52 days at September 30, 2011, compared to 49 days at June 30 2011.

Net cash at September 30 2011 amounted to $166 million, compared to net cash of $215 million at the end of June 2011. During the quarter ICON acquired Firecrest Clinical Ltd for an initial cash consideration of $24.4 million. Firecrest Clinical provides a comprehensive site performance management system that is used to improve compliance, consistency and execution of activities at investigative sites.

The Board of Directors have approved a share buy-back programme of up to $50 million to commence in Q4.

CEO Ciaran Murray commented, “Our success in developing significant strategic partnerships has resulted in a milestone quarter of record net new business of $431m. To position ourselves for the future growth that will result from our backlog increasing by 16% over last year we have added circa 500 staff during the quarter which has impacted profitability. Looking forward, we will continue to invest in both our existing business and in our strategic relationships to provide quality services to our customers. For 2012, we expect revenue growth to be in the region of 15% to 20% and EPS to be in the range of $0.90 to $1.10.”

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release contains certain non-GAAP financial measures, including non-GAAP operating and net income and non-GAAP diluted earnings per share. While non-GAAP financial measures are not superior to or a substitute for the comparable GAAP measures, ICON believes certain non-GAAP information is useful to investors for historical comparison purposes.

The company will hold its third quarter conference call today, October 27, 2011 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.

ICON plc is a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries. The Company specialises 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 79 locations in 39 countries and has approximately 8,350 employees. Further information is available at www.iconplc.com.

Source: ICON plc

ICON/ICLR-F

  ICON plc             Consolidated Income Statements (Unaudited) (Before restructuring charges)   Three and Nine Months ended September 30, 2011 and September 30, 2010 (Dollars, in thousands, except share and per share data)   Three Months Ended Nine Months Ended

September 30,

September30,

September 30,

September 30,

2011 2010 2011 2010   Gross Revenue 335,332 323,230 958,575 945,868   Reimbursable expenses 94,560 98,135 255,461 277,910             Net Revenue 240,772 225,095 703,114 667,958   Costs and expenses Direct costs 158,343 139,460 453,679 401,647 Selling, general and administrative 71,629 60,008 188,856 171,225 Depreciation and amortization 9,667 8,002 27,969 25,005             Total costs and expenses 239,639 207,470 670,504 597,877   Income from operations 1,133 17,625 32,610 70,081   Net interest income /(expense) 131 276 303 145             Income before provision for income taxes 1,264 17,901 33,913 70,226   Provision for income taxes 202 1,998 (5,559) (5,255)               Net income 1,466   19,899 27,354   64,971   Net income per ordinary share Basic $0.02   $0.33 $0.45   $1.09   Diluted $0.02   $0.33 $0.45   $1.07   Weighted average number of ordinary shares Basic 60,471,985 59,940,045 60,381,814 59,576,777   Diluted 61,063,020 60,743,403 61,096,464 60,576,058                 ICON plc   Consolidated Income Statements (Unaudited) (US GAAP)   Three and Nine Months ended September 30, 2011 and September 30, 2010 (Dollars, in thousands, except share and per share data)   Three Months Ended Six Months Ended

September 30,

September 30,

September 30,

September 30,

2011 2010 2011 2010   Gross Revenue 335,332 323,230 958,575 945,868   Reimbursable expenses 94,560 98,135 255,461 277,910             Net Revenue 240,772 225,095 703,114 667,958   Costs and expenses Direct costs 158,343 139,460 453,679 401,647 Selling, general and administrative 71,629 60,008 188,856 171,225 Depreciation and amortization 9,667 8,002 27,969 25,005 Restructuring Charges 4,815   - 9,817   - Total costs and expenses 244,454 207,470 680,321 597,877   (Loss)/Income from operations (3.682) 17,625 22,793 70,081   Net interest income /(expense) 131 276 303 145             (Loss) /Income before provision for income taxes (3,551) 17,901 23,096 70,226   Provision for income taxes 888 1,998 (4,329) (5,255)               Net income (2,663)   19,899 18,767   64,971   Net income per ordinary share Basic ($0.04)   $0.33 $0.31   $1.09   Diluted ($0.04)   $0.33 $0.31   $1.07   Weighted average number of ordinary shares Basic 60,471,985 59,940,045 60,381,814 59,576,777   Diluted 61,063,020 60,743,403 61,096,464 60,576,058             ICON plc   Summary Balance Sheet Data     September 30, 2011 and December 31, 2010 (Dollars, in thousands)   September 30, December 31, 2011 2010 (Unaudited) (Audited)     Net cash 166,087 255,706   Accounts receivable 196,810 164,907 Unbilled revenue 133,211 101,431 Payments on account (137,460) (134,240) Total 192,561 132,098   Working Capital 277,078 329,350   Total Assets 1,045,655 949,538   Shareholder's Equity 697,442 669,999     Source: ICON plc   Contact: Investor Relations 1-888-381-7923 or

Brendan Brennan CFO + 353 1 291 2000

Sam Farthing VP IR +353 1 291 2000

http://www.iconplc.com