PAREXEL Reports Fourth Quarter and Fiscal 2002 Financial Results
--Fiscal Year revenue growth of 14.6%--
--Fourth consecutive quarter of operating margin improvement--

Boston, MA - August 15, 2002 PAREXEL International Corporation (Nasdaq: PRXL) today announced its financial results for the fourth quarter and fiscal year ended June 30, 2002.

For the three months ended June 30, 2002, PAREXEL's consolidated service revenue was $123.6 million compared with $106.7 million in the prior year period. Quarter-over-quarter, revenue grew 15.8%. Operating income as a percent of service revenue in the 2002 fourth quarter was $9.2 million versus an "as reported" operating loss of $6.6 million in the prior year quarter and pro forma operating income in the prior year quarter of $2.3 million. The basis for the presentation of the Fiscal 2001 pro forma results is set forth in the attached financial statements. Operating margin was 7.5% in the 2002 fourth quarter versus an "as reported" negative operating margin of 6.2% in the fourth quarter of 2001 and a pro forma operating margin of 2.2%. Net income for the 2002 fourth quarter was $4.0 million, or $0.16 per diluted share, compared with an "as reported" net loss of $3.6 million, or a loss of $0.14 per diluted share for the quarter ended June 30, 2001. On a pro forma basis, the fourth quarter in 2001 had net income of $2.7 million, or $0.11 per diluted share. During the fourth quarter in 2002, there was a negative impact of $0.01 on earnings per diluted share from the Perceptive Informatics strategic business unit versus a negative "as reported" impact of $0.04 per diluted share in the fourth quarter of 2001 and a negative pro forma impact of $0.03 per diluted share for the quarter.

For the fiscal year ended June 30, 2002, PAREXEL's consolidated service revenue was $444.3 million compared with $387.6 million in the prior year. Year-over-year, revenue increased 14.6%. Service-related operating income for Fiscal 2002 was $20.5 million versus an "as reported" operating loss of $6.9 million in the prior year and pro forma operating income of $2.1 million in the prior year, as detailed in the attached financial statements. Operating margin was 4.6% for Fiscal 2002 versus an "as reported" negative operating margin of 1.8% in Fiscal 2001 and a pro forma operating margin of 0.5% in Fiscal 2001. Net income for Fiscal 2002 was $13.2 million or $0.52 per diluted share, compared with an "as reported" net loss of $0.8 million, or a loss of $0.03 per diluted share, for the fiscal year ended June 30, 2001. On a pro forma basis, Fiscal 2001 net income was $5.4 million or $0.22 per diluted share. The Perceptive Informatics business unit had a negative impact on earnings of $0.06 per diluted share for the fiscal year ended June 30, 2002 contrasted with a negative "as reported" impact of $0.15 per diluted share for the fiscal year ended June 30, 2001 and a negative pro forma impact of $0.14 for the 2001 fiscal year.

On a segment basis, service revenue for the fourth quarter of 2002 grew both year-over-year and sequentially in each of the Company's strategic business units. Service revenue for the fourth quarter of 2002 was $72.8 million in Clinical Research Services, $26.6 million in the PAREXEL Consulting Group, $18.6 million in Medical Marketing Services, and $5.6 million in Perceptive Informatics, Inc.

For the six-month period from January to June 2002, PAREXEL reported net new business (gross new business less cancellations) of $228.6 million. Net new business for this period decreased 8.9% compared with the six-month period from June to December of 2001. Backlog at June 30, 2002 was $540 million, a decrease of 1.3% from the December 31, 2001 backlog, but an increase of 7.1% over the backlog at the end of Fiscal 2001, which was $504.4 million.

Mr. Josef H. von Rickenbach, PAREXEL's Chairman and Chief Executive Officer stated, "During Fiscal 2002, PAREXEL made substantial progress in achieving two key goals: increased revenue growth and improved profitability. During the year, our service revenue grew 14.6%, versus only 2.5% the previous year. Our gross margin grew 290 basis points from

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