N E W S  R E L E A S E



[KING PHARMACEUTICALS LOGO]





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FOR IMMEDIATE RELEASE





                          KING PHARMACEUTICALS REPORTS

                      THIRD-QUARTER 2003 FINANCIAL RESULTS



BRISTOL, TENNESSEE, October 28, 2003 - King Pharmaceuticals, Inc. (NYSE:KG)

announced today that total revenues increased 34% to $424.2 million during the

third quarter ending September 30, 2003, compared to $315.7 million during the

third quarter of 2002. Net earnings during the third quarter ending September

30, 2003, including special items, totaled $106.1 million, or $0.44 per diluted

share, each increasing 26% in comparison to net earnings of $84.2 million and

diluted earnings per share of $0.35 in the same period of the prior year.

Excluding special items, net earnings increased 17% to $99.1 million and diluted

earnings per share grew 17% to $0.41 during the third quarter ending September

30, 2003, from net earnings of $84.7 million and diluted earnings per share of

$0.35 during the third quarter of 2002.



For the nine months ending September 30, 2003, total revenues increased 33% to

$1,138.8 million compared to $856.3 million during the first nine months of

2002. During the nine months ending September 30, 2003, including special items,

net earnings equaled $63.9 million, or $0.26 per diluted share, each decreasing

70% in comparison to net earnings of $214.0 million and diluted earnings per

share of $0.87 in the same period of the prior year. Excluding special items,

net earnings increased 13% to $262.6 million and diluted earnings per share

increased 16% to $1.09 during the nine months ending September 30, 2003, from

net earnings of $233.1 million and diluted earnings per share of $0.94 during

the first nine months of 2002.



King recorded special items during the third quarter ending September 30, 2003,

the net of which resulted in income totaling $11.1 million, or $7.0 million net

of tax. More specifically, special items during the third quarter of 2003

include income in the amount of $10.3 million due to a gain on the sale of the

Company's animal health products; income in the amount of $9.3 million due to a

decrease in the valuation allowance for Novavax, Inc. convertible notes held by

the Company resulting from an increase in the share price of Novavax common

stock during the third quarter of 2003; and charges totaling $8.6 million,

primarily related to professional fees associated with the ongoing Securities

and Exchange Commission ("SEC") investigation of the Company and the completed

internal review conducted by the Audit Committee of King's Board of Directors.

King recorded special items totaling $0.7 million, or $0.5 million net of tax,

during the third quarter ending September 30, 2002, primarily due to a charge

related to an increase in the reserve for King's voluntary recall during 2001 of

products manufactured for the Company by a contract manufacturer, offset by

income resulting from a decrease in the valuation allowance for Novavax

convertible notes held by the Company. During the first six months of 2003, King

recorded special items totaling $308.4 million, or $205.7 million net of tax,

primarily due to charges for acquired in-process research and development,

professional fees associated with the previously mentioned SEC investigation and

completed internal review, a product recall, and a decrease in the valuation

allowance for Novavax convertible notes held by the Company; and an intangible

asset impairment charge. During the six month period ending June 30, 2002, King

recorded special charges totaling $29.8 million, or $18.7 million net of tax,

that primarily related to an increase in the valuation allowance for Novavax

convertible notes held by King and the Company's voluntary recall of two of its

smaller products.





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Under Generally Accepted Accounting Principles ("GAAP"), "net earnings" and

"diluted earnings per share" include special items. In addition to the results

determined in accordance with GAAP, King provides its net earnings and diluted

earnings per share results for the third quarter and nine months ending

September 30, 2003, excluding special items. King also provides below the

Company's diluted earnings per share for the fourth quarter and year ending

December 31, 2002, excluding special items. These non-GAAP financial measures

exclude special items which are those particular material income or expense

items that King considers to be unrelated to the Company's ongoing, underlying

business, non-recurring, or not generally predictable. Such items include, but

are not limited to, merger and restructuring expenses; non-capitalized expenses

associated with acquisitions, such as in-process research and development

charges and one-time inventory valuation adjustment charges; charges resulting

from the early extinguishment of debt; asset impairment charges; expenses of

drug recalls; and gains and losses resulting from the divestiture of assets.

King believes the identification of special items enhances an analysis of the

Company's ongoing, underlying business and an analysis of the Company's

financial results when comparing those results to that of a previous or

subsequent like period. However, it should be noted that the determination of

whether to classify an item as a special item involves judgments by King's

management. A reconciliation of non-GAAP financial measures referenced herein

and King's financial results determined in accordance with GAAP is provided

below.



The 34% increase in King's revenues during the third-quarter ending September

30, 2003 in comparison to the same period of the prior year is attributable

primarily to the acquisition of Sonata(R) and Skelaxin(R) (metaxolone) from Elan

Corporation, plc on June 12, 2003, the acquisition of Meridian on January 8,

2003, and increased net sales of certain branded pharmaceutical products, in

particular Thrombin-JMI(R) (thrombin, topical, bovine, USP).



Net revenue from branded pharmaceuticals, including royalty income, totaled

$380.2 million for the third quarter of 2003, a 23% increase over the third

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