ICON plc Baird 2006 Growth Stock Conference May 2006

1. ICON plcBaird 2006 Growth Stock ConferenceMay 2006

2. 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. www.iconclinical.com

3. ICON plc – NASDAQ: ICLR Global, full service Contract Research Organisation (CRO) providing comprehensive outsourcing solutions and services in Phase I – IV Clinical Research, for the Pharmaceutical, Biotech and Medical Device industries. www.iconclinical.com

4. Investment Highlights Top global CRO Strong market fundamentals Outstanding record of organic growth Strong balance sheet Growth accelerating Margins expanding

5. Company Overview • Approaching $400 million in annualized net revenues • 5 Year Net Revenue CAGR = 23% • 4th Largest CRO in Phase II – IV • Global coverage - 41 locations in 27 countries • Unique operating model with focus on quality and flexibility • > 3,200 staff worldwide • Note Change of Year End to 31 December

6. Global Full Service Clinical Development 6% Drug Development and Regulatory Support 5% Phase I 58% Trial Management, Monitoring & Pharmacovigilence 13% Data Management & Statistical Consulting 4% Interactive Technologies 9% Central Laboratory 2.5% Central Imaging Lab 2.5% Contract Staffing www.iconclinical.com

7. Market Environment

8. Fundamental R&D Spending Growth Trend ~ 10% 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 Strong Market Environment with…. www.iconclinical.com *Source: Tufts Centre for Study of Drug Development

9. Source : Pharmaprojects …. Improving Pipelines,….(% growth in # of projects v prior year) www.iconclinical.com

10. … while US Biotech Funding Environmentcontinues to grow, leading to….. Biotech fund raising ($bn) $Billion Source: Burrill and Company

11. …Mid-Size, Biotech and Specialty Pharma being increasingly significant customers of ICON. Currently estimated to be more compounds in development in biotech/specialty than in all of Top 20 Pharma 45% of awards came from such companies in last quarter. 42% 40% 39% 35% 26% 21% www.iconclinical.com

12. As a Result, Major CROs Quarterly Net Bookings* are trending upwards … $Billion Source: Company Reports; Bear Stearns * includes Quintiles, PPDI, Covance, Parexel, ICON

13. …with ICON’s Net New Business Wins growing strongly… Net Business Wins Book to Bill Ratio

14. …leading to ICON reaching record total Backlog levels.

15. Strategy

16. ICON’s Broad Strategy is to …… Capitalise on market fundamentals to drive organic growth. Expand geographic footprint Cross-sell our services to grow sales further and increase margins Pursue acquisitions to enhance depth and scale of current operations and to add additional complementary services

17. Cross-sell to leverage client relationships and capture more of the project spend. Strategic Product Development / Consulting 6% Phase I 5% Central Laboratory 9% Central Imaging Lab 2.5% Clinical Trial Management Phase II – IV 58% IVRS 4% Data Management & Biostatistics 13% Contract Staff 2.5%

18. 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 Recent offices opened in Warsaw, Milan, Santiago, Beijing, San Diego, Taipei, Seoul, Hong Kong Investing in Operations in Japan – significant opportunity for growth over next 10 years Creation of Data Management Operation in India – now 50 people and growing Partnership with Medidata Solutions in EDC – gaining traction Developing specialised Phase IV Division

19. Financial Performance

20. Recent Financial Performance ($millions, except EPS)

21. Net Revenue CAGR of 29% over last 4 Years, and strong growth forecast for 2006…. CAGR 29% * www.iconclinical.com *Mid point calendar year guidance issued April 28, 2006

22. … underpinned by strengthened forecast of value of Backlog to be earned in the next 12 months. (US$, & % of Forecasts)

23. Earnings Per Share Growth (E) www.iconclinical.com * *Mid point calendar year guidance issued April 28, 2006

24. Improving Margins

25. Quarterly Operating margins have been improving….

26. … driven by expanding Clinical margins as revenue growth has accelerated. These should continue to improve through 2006

27. Simultaneously, Lab losses are reducing, with breakeven forecast by end 2006, and profits in 2007…. Lab Losses

28. …As Lab revenues grow …. $Millions

29. …driven by strong Lab net new business wins… Net Business Wins Book to Bill Ratio www.iconclinical.com

30. Investment Highlights Top global CRO Strong market fundamentals Outstanding record of organic growth Strong balance sheet Growth accelerating Margins expanding