IVAX Reports Sales and Earnings for Third Quarter of 2002

Business Wire, Oct 29, 2002

Business Editors/Health & Medical Writers

MIAMI--(BUSINESS WIRE)--Oct. 29, 2002

IVAX Corporation (AMEX:IVX) (LSE:IVX.L) today reported net income of $30.8 million, or $.16 per share, for the third quarter of 2002. Net income in the third quarter of last year was $61.5 million, or $.30 per share. For the nine-month period ended September 30, 2002, net income was $86 million, or $.44 per share. Net income for the comparable period of 2001 was $189.5 million, or $.91 per share. Net revenues for the third quarter of 2002 were $319.4 million. In the third quarter of 2001 they were $322 million. Net revenues for the first nine months of 2002 were $872.0 million. For the first nine months of 2001 they were $883.7 million.

Commenting on the third quarter's financial results, Neil Flanzraich, vice chairman and president of IVAX Corporation said, "The lower income for the third quarter and the first nine months of 2002 compared to 2001 is primarily attributable to reduced revenue from paclitaxel. As previously reported, paclitaxel has not been a significant product for IVAX during 2002 owing to a substantial decline in its pricing. We are pleased that, despite the decline in paclitaxel revenue and the continuing negative impact of foreign exchange rates on revenues, our third quarter revenues increased 14% over the second quarter of this year. The majority of this increase came from a 16% increase in North American revenues and a 17% increase in European revenues. We also managed to decrease our operating expenses during the third quarter from the second quarter of 2002."

"We continue to purchase our securities. So far this year we have purchased approximately 3.6 million shares of our common stock and $77 million face value of our convertible debentures. Under the current authorization, about 6.7 million shares can still be purchased. On a more comprehensive basis, since February 1998, we have purchased approximately 53.3 million shares of our common stock and since the beginning of the third quarter of 2001, we have purchased $142 million face value of our convertible debentures," stated Mr. Flanzraich.

IVAX will host a conference call and simultaneous webcast at 10:00 a.m. Eastern (Miami) Time today to discuss third quarter results and other topics. Interested parties can access the conference call by dialing 888-428-4474 from anywhere in the U.S. or by dialing 651-291-0618 from non-U.S. locations. To access the webcast, go to IVAX' web site at http://www.ivax.com and click on the webcast link on the home page at least 15 minutes before the call begins to register and download or install any necessary software.

A replay of the conference call will be available starting at approximately 1:30 p.m. on October 29th through November 5th. To listen to the replay, dial 1-800-475-6701 and enter the ID # 657109. A replay of the webcast will be available from October 29th through November 5th.

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.> 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 Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that cannot be predicted or quantified and, consequentially, actual results may differ materially from the preliminary results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the uncertainty that the definitive financial results reported by the Company may differ from the preliminary results provided, due to, among other things, currency adjustments and final GAAP adjustments made by the Company. IVAX' forward looking statements may also be adversely affected by the other risks and uncertainties discussed in IVAX' Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.