Columbia Laboratories reports first profitable periods.

MIAMI--(BUSINESS WIRE)--July 19, 1995--Columbia Laboratories Inc. (ASE:COB) Wednesday reported net income of $5,008,095, or $.20 for the six months ended June 30, 1995 as compared to a loss of $5,770,960, or $.26, for the comparable 1994 period.

Sales for the six month period ended June 30, 1995 increased to $6,083,866 as compared to $3,877,732 in 1994. The 1995 results include $8 million of license fees received from Wyeth-Ayerst.

For the three months ended June 30, 1995, the company reported net income of $6,140,874, or $.24 per share, as compared to a loss of $2,304,249, or $.10, for the comparable 1994 period. Sales for the three month period ended June 30, 1995 increased to $2,878,500 as compared to $2,374,950 in 1994. The 1995 results include $8 million of license fees received from Wyeth-Ayerst.

In May 1995, Columbia announced the signing of a worldwide license and supply agreement with American Home Products Corp. (NYSE:AHP) under which the Wyeth-Ayerst division of AHP will market Crinone(tm), Columbia's natural progesterone product which is effective at lower dosages and with fewer side effects than synthetic progestins currently marketed for hormone replacement therapy (HRT). Under the terms of the agreement, Columbia receives up-front and milestone payments and a percentage of sales. Columbia will manufacture Crinone. Wyeth-Ayerst, the worldwide leader in women's health care, plans to launch Crinone later this year in the UK, where approval was received in June. A New Drug Application is expected to be filed in the U.S. next year.

"This is a major step towards long-term profitability of Columbia," said Chief Financial Officer, Margaret J. Roell. Over the short-term, Ms. Roell noted that quarterly earnings performance will fluctuate based on the timing of the receipt of milestone payments by Columbia, as set forth in the licensing agreement for Crinone.

Columbia Laboratories Inc. is a U.S.-based international pharmaceutical company, dedicated to the development of women's prescription and over-the-counter products including those which help prevent sexually transmitted diseases. Columbia's products primarily utilize the company's patented bioadhesive delivery technology. -0-

             COLUMBIA LABORATORIES INC. AND SUBSIDIARIES
                CONSOLIDATED STATEMENTS OF OPERATIONS
                            (Unaudited)

                           Six Months Ended     Three Months Ended
                                June 30,             June 30,
                            1995       1994      1995       1994

NET SALES                $6,083,866 $3,877,732 $2,878,500 $2,374,950

COST OF GOODS SOLD        3,197,014  2,029,088  1,565,201  1,325,359
 Gross profit             2,886,852  1,848,644  1,313,299  1,049,591

OPERATING EXPENSES:
 Selling and distribution 1,448,463  1,077,567    804,688    592,564
 General and
  administrative          1,572,054  1,573,311    919,764    786,887
 Research and
  development             2,925,085  4,287,422  1,395,573  1,649,681
    Total operating
      expenses            5,945,602  6,938,300  3,120,025  3,029,132

   Loss from operations (3,058,750)(5,089,656)(1,806,726)(1,979,541)

OTHER INCOME (EXPENSE):
 License fees, net        8,054,883     60,464  8,054,883     60,464
 Interest income             40,205     37,144     34,418     16,209
 Interest expense          (140,750)  (714,068)   (69,181) (357,516)
 Other, net                 112,507    (64,844)   (72,520)  (43,865)
                          8,066,845   (681,304) 7,947,600  (324,708)

  Net income (loss)  $5,008,095 $(5,770,960) $6,140,874 $(2,304,249)

NET INCOME (LOSS)
 PER COMMON SHARE             $.20      $(.26)      $.24      $(.10)

WEIGHTED AVERAGE
 NUMBER OF COMMON
 SHARES OUTSTANDING     25,123,000 22,199,000  25,113,000 22,232,000

CONTACT: Columbia Laboratories Inc., Miami

Margaret J. Roell, Chief Financial Officer

305/860-1692