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									       UBS
Global Life Sciences
    Conference
30th September 2004

                  www.iconclinical.com
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.
    ICON Overview
     4th Largest Clinical CRO in the World
       1.   Quintiles
       2.   PPD
       3.   Parexel
       4.   ICON
     Dedicated team model and quality ethos
      differentiates ICON from competitors
     Currently:
           37 operations in 23 countries on five continents from
            which we are managing over 300 projects in over 55
            countries
           Approx $300m in Net revenues in Fiscal year to 31 May
            2004
 Global Reach – 37 Operations In 23 Countries
 Managing Trials In Over 55 Countries
                                                           EUROPE (~1000)
                                                           Dublin
                                                           Manchester
                                                           Marlow
                                                           Southampton
                                                           Frankfurt
                                                           Paris
                                                           Amsterdam
                                                           Stockholm
                                                           Tel-Aviv
                                                           Riga
                                                           Moscow
USA (1400+)                                                Budapest
Philadelphia x2                                            Barcelona
Nashville
New York X 2
Wilmington
Raleigh
Tampa
Chicago
Houston
San Francisco
Irvine
Baltimore




                             REST OF WORLD (~150)
                     Buenos Aires    Singapore  Tokyo
                     Johannesburg    Sydney     Montreal
                     Chennai         Hong Kong Taipei
                     Mexico City     San Paulo
ICON’s Current Services in Drug Development

   Preclinical     Phase I     Phase II     Phase III     Registration      Launch   Phase IV



                                                                  Phase III b




             10%   Early Phase and Strategic Development Support




                                    8%            Central Lab (Global)




                                 82%      Later Phase Clinical Research and
                                                       Support
   ICON plc
  January 2003
Market Dynamics


             www.iconclinical.com
Three Elements Supporting Growth

 Growth in Underlying R&D spending
   • Total 2003 spend estimated at > $67bn; 10%
     growth forecast to continue
 Continued growth in outsourcing
   • Large Pharma estimated to outsource
     approximately 20% - 22% of R&D and growing
   • Increasing importance of biotech and specialty
     companies
 Pharma reducing supplier numbers
   • Fewer CROs servicing Large Pharma = Market
     share gains for Global and multi-service CROs
      ICON plc
     January 2003
Financial Performance
  (Fiscal Years ending May 31)


                           www.iconclinical.com
          Highlights                           Highlights
       12 Mths to May   2003                12 Mths to May   2004

   Revenue up 44% (33% Organic)        Revenue up 32% (21% Organic)

   Operating Income up 37%             Operating Income up 38%

   Margins: 11.0%                      Margins: 11.6%

   EPS up 29%                          EPS up 25%

   Pre-tax Return on Equity 20.0%      Pre-tax Return on Equity 16.0%

   Net New Business Wins: $272m        Net New Business Wins: $383m
Net Revenue CAGR of 41% over last 7 Years


             $350.0
                                                                                 $296.9
             $300.0

             $250.0                                                     $225.7
$ millions




             $200.0
                                                               $156.6
             $150.0
                                                      $116.2
             $100.0                           $80.8
                                      $59.9
                              $45.2
              $50.0   $26.6

               $0.0
                      FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004
7 Years of Earnings Per Share Growth….

              $2.10
                                                                                  $1.88
              $1.90
              $1.70
                                                                          $1.50
              $1.50
              $1.30                                               $1.16
 $ millions




              $1.10
                                                          $0.92
              $0.90
                                          $0.66   $0.70
              $0.70
                                  $0.48
              $0.50
              $0.30    $0.23

              $0.10
              -$0.10
                       FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004

Note: EPS excludes exceptionals
          Highlights                           Highlights
        3 Mths to Aug   2003                 3 Mths to Aug   2004

   Revenue up 47% (30% Organic)        Revenue up 14% (8% Organic)

   Operating Income up 46%             Operating Income up 24%

   Margins: 11.1%                      Margins: 12.1%

   EPS up 33%                          EPS up 18%

   Pre-tax Return on Equity 12.4%      Pre-tax Return on Equity 13.1%

   Net New Business Wins: $134m        Net New Business Wins: $46m
…. And each of the Last 21 Quarters Has Shown
Sequential Growth

 $0.55                                                                                                         51c     52c

                                                                                                         47c
                                                                                         43c   44c 45c
 $0.45
                                                                                   38c
                                                                             36c
 $0.35                                                                 33c
                                                                 31c
                                                           29c
                                                   27c 28c
                                             25c
 $0.25                                 23c
                               21c 22c
                     19c 20c
               17c
         15c
 $0.15


 $0.05


 -$0.05 Q1 Q2 Q3 Q4            Q1 Q2 Q3 Q4         Q1 Q2 Q3 Q4         Q1 Q2 Q3 Q4             Q1 Q2 Q3 Q4             Q1

          FY2000                FY2001               FY 2002             FY 2003                 FY 2004             FY 2005
Quarterly Revenue and Operating Income


                                                                                                                 $78.30
                                                                                                      $77.90
            $12.0                                                                       $73.2
                                                                                             $76.9
                                                                                $68.9
                                                                        $66.0
                                                                $59.3                             $9.60
            $10.0                                       $53.5
                                                                                               $8.8
                                                                                                                $9.50
                                                $46.9                                   $8.4
                                        $43.0
                                $39.6
                    $36.2 $37.8                                                 $7.6
             $8.0
 Millions




                                                                        $7.2
                                                        $6.3 $6.2

             $6.0                       $5.1    $5.2
                           $4.4 $4.6
                    $4.1
             $4.0

             $2.0

             $0.0
                    Q1 Q2 Q3 Q4                 Q1 Q2 Q3 Q4                     Q1 Q2 Q3 Q4                      Q1

                           FY 2002                      FY 2003                         FY 2004                FY 2005
ICON Has Traditionally Experienced Low
Cancellation Rates but……

 Cancellations as % of Opening Backlog
                                                                                                                10%
 11%
       8.8%

  8%

  6%
                                                        4.3%
              3.6%                 3.6%                                                    3.6%
  4%                                             3.0%                 3.0%
                                                                                                  2.3%
                     1.8%                                      1.8%                                      1.7%
                                          1.3%                               1.4%
  2%                        0.8%                                                    0.6%

  0%
       Q2     Q3     Q4     Q1     Q2     Q3     Q4     Q1     Q2     Q3     Q4     Q1     Q2     Q3     Q4     Q1
       01     01     01     02     02     02     02     03     03     03     03     04     04     04     04     05
ICON Net New Business Wins
                                                                            1.9
          Net Business Wins
         Book to Bill Ratio

                      1.3                                1.3         1.3
                                           1.2    1.2                                   1.2   1.2
                                    1.1                        1.1         $134
              $100
                                                                                        $91 $91
                             0.9                                     $88          0.9
               $90
               $80                                                                                   0.6
               $70                                      $67                       $67
                                                               $63
 $ millions




               $60                        $53    $54
               $50   $46           $45                                                               $46

               $40          $34
               $30
               $20
               $10
                $0
                     Q1     Q2     Q3     Q4     Q1     Q2     Q3    Q4    Q1     Q2    Q3    Q4      Q1
                            FY2002                      FY 2003                   FY 2003           FY 2004
Total Backlog
$Millions

               $500
               $450                                                                                                 $464
                                                                                                             $450           $453
               $400                                                                          $422 $427

               $350
                                                                                      $352
                                                                      $336 $327
               $300
  $ millions




               $250                                   $276 $282
                      $241 $246                $235
               $200                   $223

               $150
               $100
                $50
                 $0
                      May-01 Aug-01   Nov-01   Feb-02 May-02 Aug-02   Nov-02 Feb-03   May-03 Aug-03   Nov-03 Feb-04 May '04 04-Aug
Backlog To Be Earned in Next 12 Months

             $300
             $275
                                                                                                         70%     66%
             $250                                                                                                      67%
                                                                                  78%     71%    66%
             $225                                                                                       $241 $238
                                                                          73% $221                                     $224
             $200                                                80%+              $217 $219
                                                                         $195
$ millions




             $175                                         78% $184
                                                  78%
             $150                         77%
                           80% 76%+                      $153
             $125   80%                          $144
                                         $130
             $100          $118 $120
                    $110
              $75
              $50
              $25
               $0
                    May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 Nov-03 Feb-04 May-04 Aug-04




   Note: Percentage represents 12 month backlog as % of market forecasts, May ’04 excludes Beacon Biosciences, Inc.
Summary Balance Sheet and Cashflow
($ in millions)

                                   Aug 31, 2004   May 31, 2004
                                      (Quarter)         (Year)
Cash and cash equivalents                 $72.6          $78.8

Total assets                            $341.0         $335.3

Total debt                                 $7.0           $0.0

Shareholder’s equity                    $222.5         $216.8

Cashflow from operations                    $0           $43.6

Capital expenditures                       $4.5          $13.1

Fully diluted shares outstanding           14.1           13.7
      ICON plc
    January 2003
Current Opportunities
   and Challenges
                 www.iconclinical.com
ICON’s Current Services in Drug Development


   Preclinical     Phase I     Phase II     Phase III     Registration      Launch   Phase IV



                                                                  Phase III b




             10%   Early Phase and Strategic Development Support




                                    8%            Central Lab (Global)




                                 82%      Later Phase Clinical Research and
                                                       Support
    Current Positives
     Growth in Europe and ROW Clinical business is very
      robust
          33% in Q1


     Strategic Development Support (Consulting) gaining
      traction and enhancing ICON’s profile with Specialty
      and small / mid-size companies

     IVRS (Interactive Voice Response) division
      experiencing strong growth servicing Phase II - IV
    Current Challenges
     Growth in US Clinical business has stalled due to;
          High cancellations and delays
          Slower business flows from traditional strong customers
          Slow take off from new preferred provider relationships


     Central Lab is taking a long time to translate good
      business wins into meaningful revenue growth

     UK based Phase I has experienced slowdown due to
      client caution around new EU Clinical Trials
      Directive
RFP Volume / Value Trends
Q3/Q4 FY04 & Q1 FY05

       RFP Volume Growth            RFP Value Growth
     70.0%

     60.0%                       45.0%
              66%                               36%
     50.0%                 43%   35.0%

     40.0%
                                 25.0%
     30.0%                                             14%
                                 15.0%
     20.0%

     10.0%                        5.0%
             -5%
     0.0%                         -5.0%


                                          Q3


                                                  Q4


                                                       Q1
    -10.0%
             Q3


                    Q4


                           Q1




                                 -15.0%        -23%
    -20.0%
                                 -25.0%
    -30.0%
    Current Challenges
     Growth in US Clinical business has stalled due to;
          High cancellations and delays
          Slower business flows from traditional strong customers
          Slow take off from new preferred provider relationships


     Business Environment is Good and market is
      growing

     WE NEED TO WIN MORE BUSINESS IN US
    Current Challenges
     Growth in US Clinical business has stalled due to;
          High cancellations and delays
          Slower business flows from traditional strong customers
          Slow take off from new preferred provider relationships


     Central Lab is taking a long time to translate good
      business wins into meaningful revenue growth

     UK based Phase I has experienced slowdown due to
      client caution around new EU Clinical Trials
      Directive
ICON Labs Net New Business Wins
       Net Business Wins
                                               1.9     1.8
      Book to Bill Ratio
                                                                         1.5
                                 1.4
             $20          1.2
                                                                                  1.1
                                        0.97

             $15
                                                                 0.7
                                                       $12.0
                                                                          $11.3
$ millions




                                               $10.8
                   0.4
             $10                 $8.8
                          $7.4                                                     $6.90
                                        $6.6
                                                                  $4.9
              $5
                   $2.8


              $0
                   Q1     Q2     Q3      Q4     Q1      Q2         Q3      Q4       Q1

                           FY 2003                           FY 2004              FY 2005
    Current Challenges

     Central Lab is taking a long time to translate good
      business wins into meaningful revenue growth

     Business environment is Good

     We need current backlog to convert to revenue, and

     WE NEED TO WIN MORE BUSINESS
    Current Challenges
     Growth in US Clinical business has stalled due to;
          High cancellations and delays
          Slower business flows from traditional strong customers
          Slow take off from new preferred provider relationships


     Central Lab is taking a long time to translate good
      business wins into meaningful revenue growth

     UK based Phase I has experienced slowdown due to
      client caution around new EU Clinical Trials
      Directive
    Current Challenges

     UK based Phase I has experienced slowdown due to
      client caution around new EU Clinical Trials
      Directive

     Phase I Business environment is Good – capacity is
      constrained in US

     Uncertainty over EU Directive is waning

     WE NEED TO WIN MORE BUSINESS
       ICON plc
     January 2003
Strategic Development


                 www.iconclinical.com
Future Development

                   Increase business from current clients and win new clients

                   Sell more new services - IVRS / Lab / Consulting / Phase I

                   Develop cross-selling opportunities
  Organic
                   Expand global presence (Including Lower Cost Areas)

                   Broaden therapeutic range




                   Add new services and broaden existing ones
 Acquisitions          Phase IV
                         Bio Analysis
                         Phase I


    Goal            To be the best clinical CRO

								
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