ICON plcGoldman Sachs

25th Annual Healthcare Conference

June 8, 2004www.iconclinical.com

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

ICON OverviewICON Overview

4th Largest Clinical Research CRO in the World

Unparalleled track record in managing Phase II to IV clinical

research studies

Dedicated team model and quality ethos differentiates ICON

from competitors

Currently: 33 operations in 20 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

REST OF WORLD (100)Buenos Aires Singapore TokyoJohannesburg Sydney Montreal

Bangalore Hong KongTaipei

EUROPE (900+)DublinManchesterMarlowSouthamptonFrankfurtParisAmsterdam

StockholmTel-AvivRigaMoscowBudapestBarcelona

USA (1400+)PhiladelphiaNashvilleNew York X 2WilmingtonRaleighTampa ChicagoHoustonSan FranciscoIrvine Baltimore

Global Reach – 34 Operations In 21 Countries Global Reach – 34 Operations In 21 Countries Managing Trials In Over 55 CountriesManaging Trials In Over 55 Countries

LaunchPhase I Phase II Phase III Phase IVPreclinical Registration

Phase III b

Later Phase Clinical Research and Support

77%

Central Lab (Global)10%

ICON’s Current Services in Drug DevelopmentICON’s Current Services in Drug Development

Early Phase and Strategic Development Support13%

www.iconclinical.com

January 2003ICON plc

Market Dynamics

Three Elements of GrowthThree Elements of 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• Biotech and specialty players utilizing CROs more than

big pharma

Pharma reducing supplier numbers• Fewer CROs servicing Large Pharma = Market share

gains for Global, multi-service CROs

Biotech and specialty companies account for a growing percentage of projects in development: 55% of 2002 Clinical trials are derived from biotech companies.

Currently estimated to be more compounds in development in biotech/specialty than in all of Top 20 Pharma

ICON’s sales to non Top 20 pharma companies have been rising strongly:

16% 14%23% 22%

15%

5% 12%

12% 17% 27%

0%

10%

20%

30%

40%

50%

FY2000 FY2001 FY2002 FY2003 FY2004(YTD)

% o

f IC

ON

re

ve

nu

es

Non-Bio / Non-Big Pharma Biotech

21%26%

35%39%

While Bio-Tech, Mid-Sized and Japanese companies are While Bio-Tech, Mid-Sized and Japanese companies are emerging as significant outsourcersemerging as significant outsourcers

42%

Fewer CROs Servicing Large PharmaFewer CROs Servicing Large Pharma

Over the course of the last few years, ACCELLERATING IN LAST 9 MONTHS, most large pharma, as well as some biotechs, have concentrated their CRO relationships – for example;

Company# Preferred Providers

Previously

AZ 6 ?

BMS 3 ?

J&J 8 72

GSK 8 159

Abbott 8 ?

Wyeth 5 ?

Novartis 6 ?

Pfizer (Still in Progress) 12 >100

P&G Europe 3 ?

Preferred Provider TrendsPreferred Provider Trends

THREATS

Not making / being dropped from key “Lists”

Price concessions – Preferred rates / Rebates

Not penetrating account even when listed

“Race to the bottom”

Preferred Provider TrendsPreferred Provider Trends

OPPORTUNITIES

Market share growth v smaller CRO’s

Market share growth v larger CRO’s – Penetrating new major Pharma’s / Re-establishing old relationships.

Higher staff utilisation rates due to steady opportunity flow = improved margins

Lower Costs of doing business due to streamlined business development and operating profits

Preferred Provider TrendsPreferred Provider Trends

OPPORTUNITIES

More global business, with better margin mix

Opportunity to “bundle” range of services including higher margin ones

Utilize cheaper locations

Develop / Acquire further value added services to include in mix

Preferred Provider TrendsPreferred Provider Trends

ICON View

Opportunities outweigh threats.

Strong contract management essential

Clear margin goals needed to avoid unprofitable business

www.iconclinical.com

January 2003ICON plc

Financial Performance(Fiscal Years ending May 31)

HighlightsHighlights9 Mths to February9 Mths to February 20042004

Revenue up 37% (24% Organic)

Operating Income up 40%

Margins: 11.3%

EPS up 30%

Pre-tax Return on Equity 17.1%

Net New Business Wins: $292m

HighlightsHighlights9 Mths to February9 Mths to February 20032003

Revenue up 41% (32% Organic)

Operating Income up 35%

Margins: 11.1%

EPS up 27%

Pre-tax Return on Equity 20.0%

Net New Business Wins: $184m

7 Years of Net Revenue CAGR of 41%7 Years of Net Revenue CAGR of 41%

$45.2$59.9

$80.8

$116.2

$156.6

$225.7

$298.0

$26.6

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY 2004

$ m

illio

ns

CAGR 41%

Est.

7 Years of Earnings Per Share Growth….7 Years of Earnings Per Share Growth….

$0.48

$0.66 $0.70

$0.92

$1.16

$1.50

$1.84

$0.23

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00

FY1997 FY1998 FY1999 FY2000 FY2001 FY2002 FY2003 FY2004

$ m

illio

ns

CAGR =35%

Note: EPS excludes exceptionals

Est.

15c

47c 48c45c44c43c

38c36c

33c31c

29c28c27c25c

23c22c21c20c19c17c

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY2000 FY2001 FY 2002 FY 2003

……. and In the Last 5 Years Every Quarter Has . and In the Last 5 Years Every Quarter Has Shown Sequential GrowthShown Sequential Growth

FY 2004

(Est.)

Summary Balance Sheet and Cashflow Summary Balance Sheet and Cashflow ($ in millions)($ in millions)

May 31, 2003 Feb 29,2004 Estimate @ May 31,2004

Cash and cash equivalents $18.3 $67.1 $74.0

Total assets $235.0 $320.1 $325.0

Total debt $7.1 $0.0 $0.0

Shareholder’s equity $136.9 $207.0 $213.0

Cashflow from operations $21.5 $30.8 $39.0

Capital expenditures $15.8 $9.7 $12.0

Fully diluted shares outstanding 11.8m 13.6m 13.6m

3.6% 3.6%

3.0%

4.3%

3.0%

3.6%

2.30%

0.6%

1.8%

0.8%

1.4%1.8%

1.3%

0%

1%

2%

3%

4%

5%

Q3 01 Q4 01 Q1 02 Q2 02 Q3 02 Q4 02 Q1 03 Q2 03 Q3 03 Q4 03 Q1 04 Q2 04 Q3 04

Cancellations as % of Opening Backlog

ICON Has Experienced Consistently Low ICON Has Experienced Consistently Low Cancellation RatesCancellation Rates

$35 $37 $40$45 $46

$34

$45

$53 $54

$67$63

$91$134

$88

$67

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

$ m

illi

on

s

1.3 1.3

1.11.2

1.3

1.9

0.9

1.21.31.3

1.4

1.11.2

0.9

ICON Net New Business WinsICON Net New Business Wins

FY2001 FY 2002 FY 2003 FY 2004

Net Business Wins

Book to Bill Ratio

$2.8

$7.4$8.8

$6.6

$10.8$12.0

$4.9

$13.5

$0

$5

$10

$15

$20

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

$ m

illio

ns

0.4

0.97

1.8

0.7

1.2

1.4

1.7

1.9

ICON Labs Net New Business WinsICON Labs Net New Business Wins

FY 2003 FY 2004

Net Business Wins

Book to Bill Ratio

Est

Total Backlog $MillionsTotal Backlog $Millions

$241 $246$223

$235

$276 $282

$336 $327$352

$422 $427$450

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 Nov-03 Feb-04

$ m

illio

ns

Backlog To Be Earned in Next 12 MonthsBacklog To Be Earned in Next 12 Months

$110$118 $120

$130$144

$153

$184$195

$221 $217 $219

80%80%

77%78%

78%

73%

78% 71% 66%$241

70%

80%+

76%+

$0

$25

$50

$75

$100

$125

$150

$175

$200

$225

$250

$275

$300

May-01 Aug-01 Nov-01 Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 Nov-03 Feb-04

$ m

illio

ns

Note: Percentage represents 12 month backlog as % of market forecasts.

68.2%

57.6% 59.6%51.3%

41.1%

0.0%

20.0%

40.0%

60.0%

80.0%

FY2000 FY2001 FY2002 FY2003 9 Mths toFeb 04

Client ConcentrationClient ConcentrationTop 5 Clients % of Total RevenueTop 5 Clients % of Total Revenue

www.iconclinical.com

January 2003ICON plc

Strategic Development

PRAI, a Consulting CRO based in San Francisco; $6m in revenues

YRCR, a Regulatory CRO based in UK; $2.5m in revenues

UCT, a central laboratory organization based in New York; $12m in revenues

BPA and MCS, specialist CRO’s based in New York; $21m in revenues

Medeval Group, a specialist provider of Phase I clinical trials, based in Manchester, UK; $15m in revenues

Globomax, a Strategic Consulting CRO based in Baltimore; $11m in revenues

PRAI, a Consulting CRO based in San Francisco; $6m in revenues

YRCR, a Regulatory CRO based in UK; $2.5m in revenues

UCT, a central laboratory organization based in New York; $12m in revenues

BPA and MCS, specialist CRO’s based in New York; $21m in revenues

Medeval Group, a specialist provider of Phase I clinical trials, based in Manchester, UK; $15m in revenues

Globomax, a Strategic Consulting CRO based in Baltimore; $11m in revenues

2000

2001

2002

2003

ICON’s Acquisition HistoryICON’s Acquisition History

OrganicOrganicOrganicOrganic

Increase business from current clients and win new clients

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

Develop cross-selling opportunities

Expand global presence (Including Lower Cost Areas)

Broaden therapeutic range

Increase business from current clients and win new clients

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

Develop cross-selling opportunities

Expand global presence (Including Lower Cost Areas)

Broaden therapeutic range

AcquisitionsAcquisitionsAcquisitionsAcquisitions

Add new services and broaden existing ones

Centralised Image Management

Phase IV

Bio Analysis

Phase I

Add new services and broaden existing ones

Centralised Image Management

Phase IV

Bio Analysis

Phase I

GoalGoalGoalGoal To be the best clinical CRO To be the best clinical CRO

Future DevelopmentFuture Development