--* Net revenue of $220 million.

--* Income from operations increased by 12%, to $30.4 million.

--* Operating margins expanded from 12% to 13.8%.

--* EPS increased by 14% to 40 cents.

--* Gross new business wins of $296 million in the quarter and net wins of $186 million.

--* Strong cashflows with net cash now at $145 million.

--* EPS Guidance for 2009 raised to $1.48 - $1.52, excluding previously booked one time net charge.

ICON (ICLR )(ISIN:IE0005711209), a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries, today reported its financial results for its third quarter ended September 30, 2009.

Net revenues for the quarter were $220.3 million, representing a 2.3% decrease over net revenues of $225.5 million for the comparative quarter last year. On a constant organic dollar basis revenues were similar to prior year. Year-to-date, net revenues were $660.2 million, representing a 2.3% increase over the same period last year.

Income from operations increased by 12% to $30.4 million, compared to $27.1 million for the same quarter last year. Operating margin increased to 13.8% from 12%. Net income was $24 million, compared with $21.4 million last year an increase of 12%. EPS of 40 cents per share on a diluted basis represented an increase of 14% over 35 cents per share last year.

Year-to-date income from operations, before one time net charges, was $86.6 million, compared to $73.0 million last year representing an operating margin increase to 13.1% from 11.3%. Net income before one time net charges was $67.7 million or $1.13 per share, compared with $57.1 million or 93 cents per share last year representing an increase in EPS of 22%.

Days sales outstanding, comprising accounts receivable and unbilled revenue less payments on account, were 39 days at September 30, 2009, compared to 69 days at December 31, 2008.

For the quarter ended September 30, 2009, cash provided by operating activities was $70 million and capital expenditure was $9.6 million. As a result, the company’s net cash amounted to $145 million at September 30, 2009, compared to net debt of $4.3 million at December 31, 2008.

Chairman Dr. John Climax commented "I am very pleased with ICON’s performance for the first nine months of 2009. Our growth in margins, operating income and earnings was very encouraging. Year to date earnings per share were up 22% over the first nine months of 2008."

"Despite the economic and industry headwinds," said CEO Peter Gray "ICON has continued to improve margins, grow earnings and significantly improve cashflows enabling us to again raise earnings guidance for 2009. While higher than normal cancellations held back net business awards, the levels of business opportunity continue to be strong and we remain optimistic for the future".

The company will hold its third quarter conference call today, October 21, 2009 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.

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 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 68 locations in 38 countries and has approximately 7,000 employees. Further information is available at www.iconplc.com.

Source: ICON plc

 ICON plc
 Consolidated Income Statements (Unaudited) (Before one time net
 charges)
 Three and Nine Months ended September 30, 2009 and September 30,
 2008
 (Dollars, in thousands, except share and per share data)
                                             Three Months Ended            Nine Months Ended
                                             September 30,  September 30,  September 30,  September 30,
                                             2009           2008           2009           2008
 Gross Revenue                               317,179        313,637        936,686        914,082
 Reimbursable expenses                       96,818         88,126         276,493        268,927
 Net Revenue                                 220,361        225,511        660,193        645,155
 Costs and expenses
 Direct costs                                127,179        127,948        376,493        364,113
 Selling, general and administrative         54,369         62,494         173,637        187,328
 Depreciation and amortization               8,404          7,937          23,420         20,676
 Total costs and expenses                    189,952        198,379        573,550        572,117
 Income from operations                      30,409         27,132         86,643         73,038
 Interest expense                            (693)          (224)          (2,304)        (743)
 Income before provision for income taxes    29,716         26,908         84,339         72,295
 Provision for income taxes                  5,765          5,355          16,687         14,493
 Minority interest                           -              173            -              707
 Net income                                  23,951         21,380         67,652         57,095
 Net income per ordinary share
 Basic                                       $0.41          $0.37          $1.15          $0.98
 Diluted                                     $0.40          $0.35          $1.13          $0.93
 Weighted average number of ordinary shares
 Basic                                       58,624,028     58,451,960     58,579,402     58,156,869
 Diluted                                     59,953,574     61,847,265     59,781,092     61,357,893

 ICON plc
 Consolidated Income Statements (Unaudited) (US GAAP)
 Three and Nine Months ended September 30, 2009 and September 30,
 2008
 (Dollars, in thousands, except share and per share data)
                                             Three Months Ended            Nine Months Ended
                                             September 30,  September 30,  September 30,  September 30,
                                             2009           2008           2009           2008
 Gross Revenue                               317,179        313,637        936,686        914,082
 Reimbursable expenses                       96,818         88,126         276,493        268,927
 Net Revenue                                 220,361        225,511        660,193        645,155
 Costs and expenses
 Direct costs                                127,179        127,948        376,493        364,113
 Selling, general and administrative         54,369         62,494         173,637        187,328
 Depreciation and amortization               8,404          7,937          23,420         20,676
 One -time net charges                       -              -              8,941          -
 Total costs and expenses                    189,952        198,379        582,491        572,117
 Income from operations                      30,409         27,132         77,702         73,038
 Interest expense                            (693)          (224)          (2,304)        (743)
 Income before provision for income taxes    29,716         26,908         75,398         72,295
 Provision for income taxes                  5,765          5,355          11,973         14,493
 Minority interest                           -              173            -              707
 Net income                                  23,951         21,380         63,425         57,095
 Net income per ordinary share
 Basic                                       $0.41          $0.37          $1.08          $0.98
 Diluted                                     $0.40          $0.35          $1.06          $0.93
 Weighted average number of ordinary shares
 Basic                                       58,624,028     58,451,960     58,579,402     58,156,869
 Diluted                                     59,953,574     61,847,265     59,781,092     61,357,893

ICON plc
Summary Balance Sheet Data
September 30, 2009 and December 31, 2008
(Dollars, in thousands)
                                                      September 30,          December 31,
                                                      2008                   2008
                                                      (Unaudited)            (Audited)
Cash and short-term investments                       172,872                101,104
Debt                                                  (28,270)               105,379
Net cash/(debt)                                       144,602                (4,275)
Accounts receivable                                   191,962                210,535
Unbilled revenue                                      118,398                141,727
Payments on account                                   (172,699)              (121,935)
Total                                                 137,661                230,327
Working Capital                                       215,658                185,957
Total Assets                                          922,140                867,285
Shareholder’s Equity                                  540,854                456,366
Source:                         ICON plc
Contact:                        Investor Relations 1-888-381-7923 or
                                Ciaran Murray CFO + 353 1 291 2000
                                Brendan Brennan Corp FP&A + 353 1 291 2000
                                all at ICON.
                                http://www.iconplc.com 

ICON/ICLR-F

SOURCE: ICON

ICON 
Investor Relations 
1-888-381-7923 
or 
Ciaran Murray, Chief Financial Officer 
+ 353 --1-291-2000 
or 
Brendan Brennan, Corporate FP&A 
+ 353 --1-291-2000