IVAX Reports Sales and Earnings for First Quarter of 2002; Expects Improvement in Subsequent Quarters

Business Wire, April 30, 2002

Business Editors/Health & Medical Writers

MIAMI--(BUSINESS WIRE)--April 30, 2002

IVAX Corporation (AMEX:IVX) (LSE:IVX.L) today reported net income for the first quarter of 2002 of $23.5 million, or $.12 per share, on net revenues of $272.2 million. This compares to net income of $60.1 million, or $.29 per share, on net revenues of $259.9 million in the same quarter a year ago.

Commenting on the first quarter's financial results, Neil Flanzraich, vice chairman and president of IVAX Corporation said, "The operating environment this quarter was extremely challenging. While our net revenues increased over the prior year's quarter, these gains were not enough to offset the rapid price erosion in the United States from brand and generic competition for ONXOL(TM), our brand-equivalent paclitaxel product, a significant currency devaluation in Argentina, reductions in government purchases of our products in Mexico and continued pricing pressures in the United Kingdom."

Net income for the prior year's quarter reflected a gain on the partial sale of IVAX Diagnostics, Inc. of $.05 per share. Net income for the first quarter of 2002 included $.02 per share from the early retirement of debt and $.02 per share due to the impact of FASB 142, related to the treatment of goodwill.

Mr. Flanzraich continued, "Had the pricing of ONXOL been the same as a year ago, sales during the first quarter would have produced an additional $.08 per share. Also, had the Argentinean peso not been devalued, our net income would have been $.03 per share higher. These unaudited calculations give a sense of the impact these events had on the quarter's results. As discussed below, we have already moved aggressively to address the issues that contributed to the relative weakness of the first quarter. We expect significant improvement in subsequent quarters and plan to update investors on our progress periodically through IVAX Webcast meetings."

In the United States:

-- IVAX recently hired a new general manager with substantial industry
experience and a track record of success to lead its Mexican operation

-- IVAX has already implemented cost cutting strategies

-- IVAX is introducing new products from acquisitions and its research pipeline
through a growing sales force to increase sales to the private sector and
reduce reliance on government purchases. On May 7th, in connection with the
international celebration of World Asthma Day, IVAX-Mexico is launching
Beclazone(TM) (beclomethasone) and Aerosial(TM) (budesonide) in the company's
Easi-Breathe(TM) inhaler

In Argentina:

-- IVAX recently hired a new general manager with substantial industry
experience and a track record of success to lead its Mexican operation

-- IVAX has already implemented cost cutting strategies

-- IVAX is introducing new products from acquisitions and its research pipeline
through a growing sales force to increase sales to the private sector and
reduce reliance on government purchases. On May 7th, in connection with the
international celebration of World Asthma Day, IVAX-Mexico is launching
Beclazone(TM) (beclomethasone) and Aerosial(TM) (budesonide) in the company's
Easi-Breathe(TM) inhaler

In Mexico:

-- IVAX recently hired a new general manager with substantial industry
experience and a track record of success to lead its Mexican operation

-- IVAX has already implemented cost cutting strategies

-- IVAX is introducing new products from acquisitions and its research pipeline
through a growing sales force to increase sales to the private sector and
reduce reliance on government purchases. On May 7th, in connection with the
international celebration of World Asthma Day, IVAX-Mexico is launching
Beclazone(TM) (beclomethasone) and Aerosial(TM) (budesonide) in the company's
Easi-Breathe(TM) inhaler

In the United Kingdom:

-- IVAX-UK is improving its operating efficiency and is expanding

activities in India to reduce the cost of developing

brand-equivalent products

As a reflection of the Board and management's confidence in the future of IVAX, the company continues to repurchase its securities. Since February 1998, IVAX has repurchased more than 51 million shares of its common stock at an average price of $10.16 per share. In addition, starting in the third quarter of 2001, IVAX has repurchased $100 million in face value of its convertible debentures.

Dr. Phillip Frost, chairman and chief executive officer of IVAX Corporation concluded, "We believe the real news about IVAX is not our first quarter financial results, but in the progress we have made in building an important multinational pharmaceutical company."

IVAX Corporation, headquartered in Miami, Florida, discovers, develops, manufactures, and markets branded and brand equivalent (generic) pharmaceuticals and veterinary products in the U.S. and internationally.

Copies of this and other news releases may be obtained free of charge from IVAX' web site at http://www.ivax.com. Shareholders and prospective investors can register to automatically receive the company's press releases via email at http://www.ivax.com/ComNewsv2.htm.>