ICON reports Full-Year 2009 EPS growth of 18% and announces Revenue and EPS Guidance for 2010 Highlights - Full Year Fiscal 2009 and Fourth Quarter * Full year net revenues increased 3% to $888 million. Fourth quarter ne

reports Full-Year 2009 EPS growth of 18% and announces Revenue and EPS

- Full Year Fiscal 2009 and Fourth Quarter

year net revenues increased 3% to $888 million.

quarter net revenues increased 3% over the comparative quarter, to $227

year operating income increased by 17% to $116 million. Income from

operations for the fourth quarter increased by 12% to $29.6 million.

year diluted earnings per share increased to $1.53, an 18% increase over

last year. Diluted earnings per share, increased by 14% for the fourth

quarter to 40 cents.

quarter net business awards were $229 million, a book to bill of 1.0.

guidance for 2010 is in the range of $890-$940 million and EPS guidance

is in the range of $1.44 to $1.60

DUBLIN--(BUSINESS WIRE)--February 25, 2010--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 fourth quarter

ended December 31, 2009.

Net revenues for the quarter were $227.4 million, representing a 3%

increase over net revenues of $220.1 million for the comparative quarter

Income from operations increased by 12% to $29.6 million, compared to

$26.5 million for the same quarter last year. Operating margin increased

to 13.0% from 12.0%. Net income was $23.9 million, compared with $21.0

million last year an increase of 14%. Diluted EPS of 40 cents per share

represented an increase of 14% over 35 cents per share last year.

Full year net revenues were $887.6 million, representing a 3% increase

over last year. Income from operations was $116.3 million or 13.1% of

revenue, compared to $99.5 million or 11.5% last year; a 17% increase.

Net income also increased 17% to $91.6 million compared with $78.1

million last year. Diluted EPS of $1.53 per share represented an

increase of 18% over $1.30 last year.

After one time restructuring charges, net of tax credits, of $4.2

million in Q2 and a release of restructuring charges plus exceptional

tax credits of $7.0 million in Q4, US GAAP income from operations was

$107.5 million, compared to $99.5 million for 2008. US GAAP net income

was $94.3 million or $1.57 per share on a diluted basis, compared with

$78.1 million or $1.30 per share last year.

Days sales outstanding, comprising accounts receivable and unbilled

revenue less payments on account, were 33 days at December 31, 2009, on

a like for like basis compared to 69 days at December 31, 2008.

For the quarter ended December 31, 2009, cash provided by operating

activities was $56.7 million and capital expenditure was $7.8 million.

Full year 2009 cash flow from operating activities was $255 million and

capital expenditure was $33.8 million. As a result, the company's net

cash, amounted to $194 million at December 31, 2009, compared to $4.3

million of net debt at December 31, 2008.

Commenting on the results, CEO Peter Gray said "We are pleased with our

performance in what has been a challenging year. Revenues increased by

3%, margins improved significantly from 11.5% to 13.1% and EPS was up

18%. With our backlog at $1.84bn and with a strong balance sheet, we

have entered 2010 in a good position. While external factors are

challenging, and many governments are endeavouring to reduce healthcare

costs, including pharmaceutical prices, we remain positive, though

cautious, as 2010 commences. As a result we are issuing revenue guidance

for 2010 in the range of $890 - $940 million and EPS guidance in the

range of $1.44 - $1.60."

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 fourth quarter conference call today, February

25, 2010 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 68 locations in 38 countries and has

approximately 7,170 employees. Further information is available at www.iconplc.com.

Investor Relations 1-888-381-7923

Murray, Chief Financial Officer

Brennan, VP Corporate FP&A