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PHARMACEUTICAL RESOURCES REPORTS HIGHER SALES AND EARNINGS

 SPRING VALLEY, N.Y., May 14 /PRNewswire/ -- Pharmaceutical Resources, Inc. (NYSE, PSE: PRX), today reported a profit for its fiscal second quarter ended April 3, 1993.
 Net sales for the quarter were $20,360,000, an increase of 61 percent over net sales of $12,682,000 for the same quarter in fiscal 1992. Net income for the quarter was $1,952,000, or $.12 per share, as compared with net income of $887,000, or $.06 per share, a year earlier.
 For the six months ended April 3, 1993, the company recorded net income of $6,229,000, or $.40 per share, on sales of $44,038,000 as compared to net income of $1,560,000, or $.11 per share, on sales of $24,210,000 for the six months ended March 28, 1992. Net income for the current quarter and current six-month period, as well as for the prior year periods, included the benefits of an extraordinary tax credit.
 Approximately 70 percent of the increase in sales was attributable to sales of two products covered by an October 1992 distribution agreement with a Canadian pharmaceutical manufacturer. Kenneth I. Sawyer, president of Pharmaceutical Resources, Inc., said that "the improvement in sales and net income from this quarter and the current six months as compared with the prior year demonstrate the positive results of our efforts to build and develop the company. I am excited about these results as well as the potential for additional sales that may result from our new distribution arrangement." As previously announced, the company earlier this month agreed in principle to be the exclusive U.S. distributor of at least five generic pharmaceutical products for an international pharmaceutical group affiliated with the Canadian pharmaceutical manufacturer under the October 1992 distribution agreement. The products covered by the May 1993 arrangement are pending with and must be approved first by the U.S. Food and Drug Administration.
 Mr. Sawyer also noted that sales and profits for the second quarter decreased 14 percent and 54 percent, respectively, from the previous quarter ended Jan. 2, 1993. This decrease was principally attributable to the decline, as previously predicted, in sales after the company's introduction of the two pharmaceutical products distributed under its October 1992 distribution agreement. Additionally, the decrease in profits resulted from inventory write-offs from the most recent quarter.
 The company also announced that Richard J. Nadler is no longer affiliated with the company. Pharmaceutical Resources, Inc., through its subsidiaries, manufactures and markets prescription and over-the- counter generic pharmaceuticals.
 PHARMACEUTICAL RESOURCES, INC.
 Second quarter ended 4/3/93 3/28/92
 Net sales $20,360,000 $12,682,000
 Income before extraordinary credit 1,152,000 587,000
 Extraordinary credit (A) 800,000 300,000
 Net income $ 1,952,000 $ 887,000
 Earnings per share:
 Before extraordinary credit $.07 $.04
 Extraordinary credit (A) .05 .02
 Net income $.12 $.06
 Average shares and equivalents (B) 15,962,000 15,014,000
 Six months ended 4/3/93 3/28/92
 Net sales $44,038,000 $24,210,000
 Income before extraordinary credit 3,929,000 1,010,000
 Extraordinary credit (A) 2,300,000 550,000
 Net income $ 6,229,000 $ 1,560,000
 Earnings per share:
 Before extraordinary credit $.25 $.07
 Extraordinary credit (A) .15 .04
 Net income $.40 $.11
 Average shares and equivalents (B) 15,709,000 14,704,000
 (A) -- Tax benefit of utilization of net operating loss carryforward.
 (B) -- Includes, in 1992, 515,000 common shares and 2,000,000 preferred shares to be issued in connection with settlement of litigation.
 -0- 5/14/93
 /CONTACT: Kenneth I. Sawyer, president of Pharmaceutical Resources, 914-425-7100, or fax, 914-425-7907/
 (PRX)


CO: Pharmaceutical Resources, Inc. ST: New York IN: MTC SU: ERN

GK-PS -- NY053 -- 8699 05/14/93 14:25 EDT
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Date:May 14, 1993
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