IVAX Comments On Fourth Quarter ONXOL Sales and Recent Stock Repurchases

Business Wire, Jan 16, 2001

Business Editors/Health & Medical Writers

MIAMI--(BUSINESS WIRE)--Jan. 16, 2001

In response to investor questions, IVAX Corporation (AMEX:IVX) said that, as previously estimated, IVAX did sell in excess of $30 million of ONXOL(TM), its generic version of Taxol(R), during the ten-week period ending December 31, 2000. IVAX began shipping ONXOL(TM) on October 23, 2000.

"We expect to provide an update on our plans to increase our ONXOL(TM) sales in the next few weeks," said Neil Flanzraich, vice chairman and president of IVAX. IVAX plans to announce its fourth quarter and fiscal 2000 earnings in early February.

Because the company believes its present stock price represents a buying opportunity, it has continued to repurchase shares under the 10-million-share repurchase program authorized by IVAX' Board of Directors in August 2000. Under the program, the company has repurchased 1.7 million shares of its common stock, and has sold 2.9 million put options, of which 2.4 million remain outstanding. IVAX currently has approximately 158.6 million common shares outstanding.

IVAX Corporation, headquartered in Miami, Florida, is a holding company with subsidiaries engaged in the research, development, manufacturing and marketing of branded and generic pharmaceuticals and veterinary and diagnostic products in the U.S. and international markets.

Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect IVAX' business and prospects, including the risks that adjustments required by generally accepted accounting practices may negatively impact the final year-end calculation of net revenues from ONXOL(TM); that IVAX' announcement of year-end financial results may not occur by early February; that IVAX may not announce plans to increase its volume of ONXOL(TM) sales in the next few weeks or ever; that Onxol(TM) sales may not increase or that the amount of any increase may not be significant; that the price of IVAX common stock may decline below its current level; and other risks and uncertainties that may cause results to differ materially from those set forth in the forward-looking statements. In addition to the risk factors set forth above, investors should consider the economic, competitive, governmental, technological and other factors discussed in the Company's Annual Report on form 10KA and other filings with the Securities and Exchange Commission. Taxol(R) is a registered trademark of the Bristol-Myers Squibb Company.