1

ICON plc

27th September 2006

2

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.

Forward Looking StatementsForward Looking Statements

3

Investment HighlightsInvestment Highlights

Top global CRO

Strong market fundamentals

Outstanding record of organic growth

Strong balance sheet

Growth accelerating

Margins expanding

4

Company OverviewCompany Overview

Approx. $430 million in annualized net revenues

6 Year Net Revenue CAGR = 30%

4th Largest CRO in Phase II – IV

Global coverage - 45 locations in 30 countries

Unique operating model with focus on quality and flexibility

> 3,700 staff worldwide

Note Change of Year End to 31 December

5

Global Reach: EU – 16 Offices

www.iconclinical.comwww.iconclinical.com

Riga

Amsterdam

Frankfurt

MarlowStockholm

Dublin

Manchester

Eastleigh

ParisTel Aviv

Moscow

Barcelona

Budapest

Milan

Warsaw

Vilnius

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Global Reach – USA – 15 Offices

www.iconclinical.comwww.iconclinical.com

Chicago

Houston

Nashville

Tampa

San Francisco

Irvine

Baltimore

Raleigh-Durham

New York City

Long Island

Philadelphia

Delaware

Doylestown

San Diego

Salt Lake City

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Offices: ROW – 15 Offices

www.iconclinical.comwww.iconclinical.com

Sydney

Buenos Aires

Johannesburg

Taiwan

Seoul

Bangkok

Singapore

Chennai

Tokyo

Hong Kong

Montreal

Sao Paulo

Santiago

Mexico City

Beijing

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Global Full Service Clinical Development

Pre-clinical Phase I Phase II Phase III Launch Phase IV

5% Drug Development and Regulatory Support

4% Phase I

13% Data Management & Statistical Consulting

2% Contract Staffing

3% Central Imaging Lab

5% Interactive Technologies

10% Central Laboratory

58% Trial Management, Monitoring & Pharmacovigilence

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Market Environment

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Strong Market Environment with...

Fundamental R&D Spending Growth Trend ~ 6%- 8% p.a.

Phase II / III pipelines strengthening

Increased Outsourcing

Growth c.15% p.a. since 2001*

Being accelerated by activity & funding in Biotech / Speciality

Evidence emerging that projects where CROs are engaged complete faster than “internal only” studies*

Regulatory Environment

Globalisation favouring large CROs *Source: Tufts Centre for Study of Drug Development

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…US Biotech Funding Environment continuing to grow, leading to...

$16.4

$38.9

$19.5$17.9

$25.3

$30.8

$34.5

$15.6

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

$40.0

$45.0

1999 2000 2001 2002 2003 2004 2005 Q12006

Source: Burrill and Company

$Bil

lio

n

Biotech fund raising ($billions)

12

…strong RFP growth at ICON RFP Volume / Value Trends – Global Clinical

13%

100%

0%

20%

40%

60%

80%

100%

120%

No. Value

H1 2006 Growth

40%

75%

0%

20%

40%

60%

80%

100%

120%

No. Value

2005 Growth

13

ICON Gross Business Wins - Last 8 Quarters ($ millions)

$93

$122$115

$106

$127

$165

$186 $189

Aug-04 Nov-04 Feb-05 May-05 Aug-05 Nov-05 Mar-06 Jun-06

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ICON’s Net New Business Wins growing strongly…

$166m$171m

$140m

$122m

$101m$106m

$120m

$46m

$91m

Q2 2004 Q3 2004 Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006

1.2

1.3

1.4

1.6 1.6

1.2

1.7

1.5

0.6

Net Business Wins

Book to Bill Ratio

15

…leading to record total backlog levels ($ millions)

$707

$772

$633

$568$528

$509$488

$453$464

Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06

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…and strong forecast coverage of next 4 quarters revenues.

$238

$224

$248 $252$262

$279

$296$307

$360

$200

$250

$300

$350

$400

Q2 '04 Q3 '04 Q4 '04 Q1 '05 Q2 '05 Q3 '05 Q4 '05 Q1 '06 Q2 '06

66%67%

70% 70%

76%76%

71%

76%

71%

Value of backlog forecast to be earned in next 4 quarters

% coverage of next 4 quarters forecast revenues

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Improving Client Concentration

42.6%

37.0%

62.7%

53.0%

81.4%

72.9%

9.9%12.3%

FY To May 2005 H1 2006

Largest Client

Top 5

Top 10

Top 25

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Strategy

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ICON’s Broad Strategy

Capitalise on market fundamentals to drive organic growth.

Expand geographic footprint

Pursue acquisitions to enhance depth and scale of current operations and to add additional complementary services

Cross-sell services to grow sales and margin

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Cross-sell to leverage client relationships and capture more of the project spend.

Strategic ProductDevelopment /

Consulting 5%

Strategic ProductDevelopment /

Consulting 5%

Clinical Trial ManagementPhase II – IV

58%

Clinical Trial ManagementPhase II – IV

58%

Phase I4%

Phase I4%

Central Laboratory

10%

Central Laboratory

10%

IVRS5%

IVRS5%

Contract Staff2%

Contract Staff2%

Central Imaging Lab3%

Central Imaging Lab3%

Data Management &

Biostatistics13%

Data Management &

Biostatistics13%

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Examples of some detailed strategic initiatives

Creating Therapeutic Specialist Groups (TAGs) in key therapeutic areas to leverage our experience and build further scale e.g. Oncology

Investing in Operations in Japan – significant opportunity for growth over next 10 years

Creation of Data Management Operation in India – circa 100 people and growing

Partnership with Medidata Solutions in EDC – gaining traction

Developing specialised Phase IV Division and acquisition of Ovation

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Financial Performance

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Recent Financial Performance ($ millions, except EPS)

Q2 ’06 Q2 ’PY % Increase

Net Revenue 107.4 86.0 25.0

Direct Costs 59.4 47.5 24.9

SG & A 31.9 27.5 15.9

D & A 3.7 3.6 4.0_____ _____ _____

Operating Income 12.4 7.4 68.3

Net Income 10.3 5.9 73.7_____ _____ _____

EPS (ex FAS123R) 71c 42c 69.0

Weighted Average no. of Shares

14.5 14.1 2.8

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Recent Financial Performance ($ millions, except EPS)

H1 ’06 H1 ’PY* % Increase

Net Revenue 205.9 168.8 22.0

Direct Costs 113.6 93.5 22.6

SG & A 61.8 54.9 12.5

D & A 7.1 7.0 2.3_____ _____ _____

Operating Income 23.4 13.4 74.5

Net Income 18.8 10.9 71.4_____ _____ _____

EPS (ex FAS123R) 130c 78c 66.6

Weighted Average no. of Shares*Excluding One-time charge of $11.5m

14.5 14.1 2.8

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$116

$157

$226

$297

$327

$430

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

FY2001 FY2002 FY2003 FY2004 FY2005 2006(E)

Mil

lio

ns

Net Revenue CAGR of 30% over last 6 Years, and strong growth forecast for 2006

CAGR 30%

** Mid point calendar year guidance issued July 26, 2006

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32.2%

24.4%22.8%

13.3%11.0% 10.1%

7.6%

ICON PRA PPD CRO Ind KNDL CVD PRXL

Revenue Growth v Peers: Net Revenue CAGR between 2000 and 2005

* Source SEC Filings

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$360m

$307m$296m

$279m

$262m$252m$248m

$224m

$238m

Q2 2004 Q3 2004 Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006

2006 forecast growth is underpinned by strong forecast coverage of next 12 months revenues. (US$, & % of Forecasts)

76%76%76%

71%70%71%

70%

66%67%

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$0.92

$1.16

$1.50

$1.88$1.70

$2.75

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

FY2001 FY2002 FY2003 FY2004 FY2005 2006 (E)

Earnings Per Share Growth

(E)

** Mid point guidance issued July 26, 2006 before FAS123R Stock Compensation

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Summary Balance Sheet and Cash Flow ($ millions)

May 31, 05(Year)

Dec 31, 05(7 mths)

Jun 30, 06(H1)

Net Cash $78.4 $82.3 $101.0

Total assets $347.6 $349.1 $392.6

Total debt $0.0 $4.8 $0.0

Shareholder’s equity $233.1 $241.6 $269.3

Cashflow from operations $23.8 $11.7 $30.4

Capital expenditures $15.6 $7.8 $10.8

Fully diluted shares outstanding

14.2 14.3 14.5

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Improving Margins

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7.3%

8.6%

9.7%10.2%

11.2%11.5%

Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006

Quarterly Operating margins have been improving….

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10.2%

11.7%

12.7% 12.8% 13.0%12.5%

Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006

… driven by expanding Clinical margins as revenue growth has accelerated, and…….

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…..Lab returning to profit in Q2….

$0.5$0.6

$0.4

-$0.6

-$1.2

-$1.6

-$2.1

-$1.8-$1.9($2)

($1)

($0)

$1

Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06(E) Q4 06(E)

$ m

illio

ns

Lab Results

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…As Lab revenues grew strongly (at last!) …. $ millions

$11.5

$9.3

$8.1

$7.2

$6.1$6.4

$6.5

Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06

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…driven by strong Lab net new business wins

Net Business Wins Book to Bill Ratio

$12.0

$4.9

$11.3

$6.9

$9.3

$11.8

$21.6

$18.6

$12.9 $12.5

21.7

Q4 03 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06

1.8

1.1

1.9

3.5

1.61.4

2.6

1.3

1.5

0.7

1.9

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Investment HighlightsInvestment Highlights

Top global CRO

Strong market fundamentals

Outstanding record of organic growth

Strong balance sheet

Growth accelerating

Margins expanding