News Release

Highlights — First Quarter Fiscal 2013.

• Quarter 1 net revenue increased 26% year on year to $317 million.
• Income from operations, excluding restructuring and other items, was $27.4 million or 8.7% of revenue.
• Earnings per share, excluding restructuring and other items, was 36 cents.
• Gross Business wins were $481 million, representing a gross book to bill of 1.52, Net business wins were $422 million, representing a net book to bill of 1.33.

DUBLIN--(BUSINESS WIRE)-- ICON plc, (NASDAQ:ICLR), a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries, today reported its financial results for the first quarter ended March 31, 2013.

For the first quarter, net revenues grew 26% year on year to $316.8 million from $252.3 million in Q1 2012.

Income from operations, excluding restructuring and other items, was $27.4 million or 8.7% of revenue, compared to $11.7 million or 4.7% for the same quarter last year. Net income, excluding restructuring and other items, was $22.2 million or 36 cents per share on a diluted basis, compared with $8.9 million or 15 cents per share last year.

Days sales outstanding, comprising accounts receivable and unbilled revenue less payments on account, were 33 days at March 31, 2013, compared with 40 days at the end of December 2012.

For the quarter ended March 31, 2013, cash generated from operating activities was $69.4 million and capital expenditure was $9.4 million. The company's net cash amounted to $201 million at March 31, 2013, compared to net cash of $190 million at December 31, 2012.

During the quarter the company recorded a charge of $4.4 million in relation to restructuring costs and other items. US GAAP income from operations after these items amounted to $23 million or 7.3% of revenue. US GAAP net income for the quarter was $19 million or 31 cents per share.

CEO Ciaran Murray commented, "Q1 represents an encouraging start to 2013. Revenue increased year on year by 26%, and we continued to make progress in expanding our operating margins, reaching 8.7% in the quarter. We reported net new business of $422 million, a book to bill of 1.3, giving us a solid foundation upon which to build during the remainder of 2013."

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.

ICON will hold its first quarter conference call today, April 25, 2013 at 9:00 EST [14:00 Ireland & UK]. This call and linked slide presentation can be accessed live from our website at http://investor.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 reports filed with the US Securities and Exchange Commission 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 79 locations in 37 countries and has approximately 10,200 employees. Further information is available at www.iconplc.com.

Source: ICON plc

ICON/ICLR-F

ICON plc

Consolidated Income Statements (Unaudited)

(Before restructuring and other items)

Three Months ended March 31, 2013 and March 31, 2012

(Dollars, in thousands, except share and per share data)

																								Three Months Ended
																								March 31,								March 31,
																								2013								2012
Gross Revenue																								419,059								343,055
Reimbursable expenses																								102,270								90,722
Net Revenue																								316,789								252,333
Costs and expenses
Direct costs																								202,361								162,284
Selling, general and administrative																								75,564								67,515
Depreciation and amortization																								11,456								10,802
Total costs and expenses																								289,381								240,601
Income from operations																								27,408								11,732
Net interest expense																								(185)								(35)
Income before provision for income taxes																								27,223								11,697
Provision for income taxes																								(5,021)								(2,726)
Net income																								22,202								8,971
Net income per ordinary share
Basic																								$0.37								$0.15
Diluted																								$0.36								$0.15
Weighted average number of ordinary shares
Basic																								60,404,242								60,086,104
Diluted																								61,323,594								60,708,469

ICON plc

Consolidated Income Statements (Unaudited)

(US GAAP)

Three Months ended March 31, 2013 and March 31, 2012

(Dollars, in thousands, except share and per share data)

																				Three Months Ended
																				March 31,								March 31,
																				2013								2012
Gross Revenue																				419,059								343,055
Reimbursable expenses																				102,270								90,722
Net Revenue																				316,789								252,333
Costs and expenses
Direct costs																				202,361								162,284
Selling, general and administrative																				75,564								67,515
Depreciation and amortization																				11,456								10,802
Restructuring and other items																				4,412								-
Total costs and expenses																				293,793								240,601
Income from operations																				22,996								11,732
Net interest expense																				(185)								(35)
Income before provision for income taxes																				22,811								11,697
Provision for income taxes																				(3,766)								(2,726)
Net income																				19,045								8,971
Net income per ordinary share
Basic																				$0.32								$0.15
Diluted																				$0.31								$0.15
Weighted average number of ordinary shares
Basic																				60,404,242								60,086,104
Diluted																				61,323,594								60,708,469

ICON plc

Summary Balance Sheet Data

March 31, 2013 and December 31, 2012

(Dollars, in thousands)

																								March 31,																																December 31,
																								2013																																2012
																								(Unaudited)																																(Audited)
Net cash																								200,506																																190,230
Accounts receivable																								261,062																																285,419
Unbilled revenue																								115,431																																112,483
Payments on account																								(221,720)																																(219,467)
Total																								154,773																																178,435
Working Capital																								228,340																																250,326
Total Assets																								1,231,220																																1,202,108
Shareholder's Equity																								767,932																																754,575

ICON plc
Investor Relations 1-888-381-7923
or
Brendan Brennan, Chief Financial Officer
+ 353 —1-291-2000
or
Simon Holmes EVP Investor Relations and Corporate Development
+ 353 —1-291-2000
http://www.iconplc.com

Source: ICON plc

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