PAREXEL INTERNATIONAL CELEBRATES 20th ANNIVERSARY

BOSTON, MA, December 18, 2002 — PAREXEL International Corporation (Nasdaq: PRXL), one of the world’s largest biopharmaceutical companies in the world, is celebrating its twentieth anniversary. In 1982, Josef H. von Rickenbach and Anne B. Sayigh, Ph.D. founded PAREXEL as a regulatory consulting firm based in Cambridge, Massachusetts. Over the past twenty years, PAREXEL International has grown extensively through both internal expansion as well as strategic acquisitions, enabling the Company to provide a full range of services for clinical development, medical marketing, regulatory submissions and compliance, and advanced technologies. Now headquartered in Waltham, MA, the Company provides multiple solutions to biopharmaceutical clients with the goal of reducing the time, risk and cost associated with the development of new therapies and medical devices. The Massachusetts-based company has grown to have a global reach that extends to more than 4,800 employees in 37 countries around the world. PAREXEL was ranked #25 on the Boston Globe 2002 List for the Top 50 Massachusetts-based public companies, based on total worldwide workforce.

The Company is commemorating the occasion of its 20th anniversary with events taking place at each of its 57 locations around the world. These events were organized in recognition of the significant contributions of both current and former employees. An electronic commemorative book, capturing special moments and events over the past twenty years, will be launched in conjunction with these events.

To coincide with the anniversary celebration, PAREXEL announced an Annual Research Grant at the recent 12th Biennial International Pharmaco EEG Society Symposium in memory of Prof. Werner Herrmann, M.D., who passed away this year. Prof. Herrmann served PAREXEL as a member of the Board of Directors and was the Company’s Chief Scientific Officer and Senior Vice President, Worldwide Clinical Pharmacology from 1991 until his retirement in 2001. The Grant was established to encourage research in the field of neuropsychophysiology. This year’s grant was awarded to Florian Chapotot for his research contribution entitled, "Distinctive effects of modafinil and d-amphetamine on the homeostatic and circadian regulation of the human waking EEG".

"As it was in 1982, our employees are our strength. I want to congratulate and thank past and present colleagues for their hard work, dedication and contribution to PAREXEL’s twenty years of excellence," stated Josef H. von Rickenbach, Chairman and Chief Executive Officer. "In light of the ongoing evolution of the biopharmaceutical industry, I am more excited than ever about our future. Our goal is to continue maximizing returns on investment for clients and shareholders, while providing them with the very best and comprehensive solutions we can. I anticipate that PAREXEL will continue to play a significant role in bringing new therapies to market and contributing to ongoing improvements in worldwide healthcare."

PAREXEL is one of the largest biopharmaceutical outsourcing organizations in the world, providing a broad range of knowledge-based contract research, medical marketing and consulting services to the worldwide pharmaceutical, biotechnology and medical device industries. With a commitment to providing solutions that expedite time-to-market and peak market penetration, PAREXEL has developed significant expertise in clinical trials management, data management, biostatistical analysis, medical marketing, clinical pharmacology, regulatory and medical consulting, industry training and publishing and other drug development consulting services. Its information technology subsidiary, Perceptive Informatics, Inc., provides a variety of technology products and services, including web-based portal solutions and voice and data systems, which are designed to accelerate and enhance the clinical
development and launch processes. The Company’s integrated services, therapeutic area depth and sophisticated information technology, along with its experience in global drug development and product launch services, represent key competitive strengths. Headquartered near Boston, MA, PAREXEL operates in 57 locations throughout 37 countries around the world, and has approximately 4,860 employees.

This release contains "forward-looking" statements regarding future results and events, including statements regarding the Company’s existing capital resources and future cash flows from operations, and statements regarding expected financial results, future growth and customer demand that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words "believes", "anticipates", "plans", "expects", "intends", "appears", “estimates”, “projects” and similar expressions are intended to identify forward-looking statements. The Company's actual future results may differ significantly from the results discussed in the forward-looking statements contained in this release. Important factors that might cause such a difference include, but are not limited to, risks associated with: actual operating performance; actual expense savings and other operating improvements resulting from recent restructurings; the cancellation, revision, or delay of contracts, including those contracts in backlog; the Company's dependence on certain industries and clients; the Company's ability to win new business, manage growth, and attract and retain employees; the Company's ability to complete additional acquisitions and to integrate newly acquired businesses or enter into new lines of business; government regulation of certain industries and clients; competition and consolidation within the pharmaceutical industry; the potential for significant liability to clients and third parties; the potential adverse impact of health care reform; and the effects of exchange rate fluctuations and other international economic and political risks. Such factors and others are discussed more fully in the section entitled "Risk Factors" of the Company's Form 10-Q for the fiscal quarter ended September 30, 2002, as filed with the Securities and Exchange Commission, which “Risk Factors” discussion is incorporated by reference in this press release. The forward-looking statements included in this press release represent the Company’s estimates as of the date of this release. The Company specifically disclaims any obligation to update these forward-looking statements in the future. These forward-looking statements should not be relied upon as representing the Company’s estimates or views as of any date subsequent to the date of this press release.