IVAX Reports 3rd Quarter 2005 Results; Revenues up 41% to Record $617.7 Million; Net Income up 25% to $55.4 Million; EPS up 18% to $0.20

Business Wire, Nov 8, 2005

MIAMI -- IVAX Corporation (AMEX: IVX) (LSE: IVX.L) (WSE: IVX) reported third quarter 2005 revenues of $617.7 million, an increase of 41% over revenues of $439.1 million in the third quarter of 2004 and the highest quarterly revenues in IVAX' eighteen year history. Net income for the third quarter 2005 was $55.4 million, a 25% increase over net income of $44.4 million for the third quarter 2004. Third quarter earnings per share of $0.20 were 18% higher than $0.17 in the third quarter 2004. For the nine months ending September 30, 2005, revenues were $1.69 billion, and net income $134.5 million or $0.49 per share compared to revenues of $1.33 billion, and net income of $134.8 million or $0.51 per share in 2004.

Neil Flanzraich, vice chairman and president of IVAX Corporation said, "As this may well be our last quarter to report as an independent company, we would like to thank all our investors and employees for their loyalty and support throughout the years. This is the eleventh consecutive quarter of year-over-year quarterly increases of revenue and we are pleased that all major business regions contributed to this growth. In the third quarter 2005, North American revenues increased 39% from $213.0 million to $295.0 million. These were the highest revenues ever for our North American operations and the eleventh consecutive quarter of year-over-year quarterly revenue growth. European revenues increased 26% from $151.2 million to $190.9 million; this increase was largely attributable to recognition in this quarter of the previously disclosed deferred revenues from our licensing agreement with Mayne Group Limited for Paxene(R) and revenues of Polfa Kutno, acquired in December 2004. Latin American revenues increased 14% from $83.2 million to $94.6 million, the tenth consecutive quarter of year-over-year quarterly revenue growth.

"As announced on October 24, 2005, our third quarter earnings were decreased by approximately $0.04 per share by items related to our merger with Teva Pharmaceuticals Industries Ltd. These included merger-related costs (required to be expensed by acquirees, much of which is not tax deductible) and the dilutive effect of additional shares now outstanding or deemed outstanding in connection with options and convertible notes because of the recent rise in IVAX' stock price. On October 27, 2005, IVAX and Teva announced that their shareholders overwhelmingly approved the acquisition of IVAX by Teva; closing of the transaction is still expected in late 2005 or early 2006, after completion of the Hart-Scott-Rodino clearance process, obtaining other required antitrust approvals and satisfaction of other closing conditions of the merger agreement."

IVAX will conduct a conference call at 11:00 A.M. Eastern Time (Miami) to discuss the third quarter as well as other topics. Interested parties can access the conference call by dialing 1-888-400-7916 from anywhere in the U.S. or by dialing 703-925-2612 from non-U.S. locations. The conference call will also be webcast. To access and register for the webcast, go to IVAX' website at http://www.ivax.com at least fifteen minutes before the 11:00 A.M. conference call and click on the webcast link on IVAX' home page.

Replays of the conference call will be available starting at approximately 2:00 P.M. on November 8th and will continue through November 12th. To listen to the replay of the conference call, dial 800-475-6701 in the U.S. and internationally dial 320-365-3844, and then enter the ID #802382. Replays of the webcast via IVAX' website will be available.

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' website at www.ivax.com.

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. Investors are cautioned that forward-looking statements, including, among others, statements relating to goals, plans, expectations, estimates and projections regarding the company's financial position, results of operations, market position and business strategy involve risks and uncertainties that cannot be predicted or quantified and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, risks that could affect IVAX' earnings; that growth in any of the geographic areas in which IVAX operates may be less than anticipated; that the merger with Teva may not occur in late 2005 or early 2006 or at all; and that the change of control of the Company or regulatory issues arising from the proposed merger of the Company and Teva Pharmaceutical Industries Limited could affect the Company's relationships and/or agreements with third parties, including distributors, manufacturers, suppliers and customers. In addition to the risk factors set forth above, IVAX' forward looking statements may also be adversely affected by whether and when the proposed acquisition of IVAX by Teva Pharmaceutical Industries will be consummated and the terms of any conditions imposed in connection with such closing, including any required divestitures in connection with obtaining antitrust approvals, diversion of management time on merger-related issues, IVAX' ability to successfully develop and commercialize additional pharmaceutical products, the introduction of competitive generic products, the impact of competition from brand-name companies that sell or license their own generic products (so called "authorized generics") or successfully extend the exclusivity period of their branded products, regulatory changes that may prevent IVAX from exploiting exclusivity periods, potential liability for sales of generic products prior to completion of appellate litigation, including that relating to Neurontin(R), the difficulty in predicting the timing and outcome of legal proceedings, including patent-related matters such as patent challenge settlements and patent infringement cases, court and FDA decisions on exclusivity periods, the impact of pharmaceutical industry regulation and pending legislation that could affect the pharmaceutical industry, the difficulty of predicting U.S. Food and Drug Administration, European Medicines Association and other regulatory authority approvals, the regulatory environment and changes in the health policies and structure of various countries, exposure to product liability claims, dependence on patent and other protections for innovative products, significant operations outside the United States that may be adversely affected by fluctuations in currency, exchange and interest rates, operating results and other factors that are discussed in IVAX' Annual Report on Form 10-K and their other filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and IVAX undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Neurontin(R) is a registered trademark of Warner-Lambert Company, a unit of Pfizer Inc.