Ivax Corporation reported first quarter 2005 net revenues of $491.6 million as against $425.2 million in the corresponding period of last year, registering a rise of 15.6 per cent. Net income, however, declined to $ 33.5 million from $ 42.3 million.

Ivax' earnings per share in the first quarter 2005 were reduced by the impact of a recent accounting pronouncement relating to contingently convertible debt which resulted in approximately ten million additional IVAX shares considered outstanding. The EPS impact of the rule change will be almost entirely eliminated in future quarters as a result of the exchange offer we completed during the first quarter 2005.

Neil Flanzraich, vice chairman and president of IVAX Corporation, said, "As announced previously, we anticipated lower earnings in the first quarter 2005 that would be followed by higher earnings later in the year. In fact, first quarter results exceeded our expectations, and we now believe that our earnings this year will be between the middle to upper end of our previously announced guidance range. Our North American revenues in the first quarter 2005 increased 34.1% to $227.9 million from $170.0 million in 2004. Our US generic business was the major contributor to this growth and promises to perform even better during the remainder of the year because of new product introductions. "

"Revenues from the sale of our branded products in North America also grew. Sales of QVAR(R), our CFC-free aerosol corticosteroid for asthma continued to increase. Our albuterol HFA product, launched December 2004, has moved into second place among albuterol HFA products in total prescriptions (TRx) and new prescriptions (NRx) and is the fastest growing of the albuterol HFA products. We believe that our albuterol HFA breath operated inhaler product, when approved, will permit us to obtain a significant part of the large albuterol inhaler market," he added.