N E W S R E L E A S E

[KING LOGO]





FOR IMMEDIATE RELEASE





          15-DAY EXTENSION FOR FORM 10-K FILED BY KING PHARMACEUTICALS



  NO MATERIAL CHANGES ANTICIPATED IN KING'S CONSOLIDATED FINANCIAL STATEMENTS,

       AS REPORTED IN YEAR-END 2002 NEWS RELEASE, EXCLUDING SPECIAL ITEMS



BRISTOL, TENNESSEE, March 31, 2003 - King Pharmaceuticals, Inc. (NYSE:KG) filed

a Form 12b-25 today providing for a 15-calendar-day extension for submitting its

Form 10-K for the year ended December 31, 2002, to the Securities and Exchange

Commission ("SEC").



As announced on March 11, 2003, the SEC is conducting an investigation of the

Company and has requested King to produce certain documents. In light of the SEC

investigation, and as recommended by King's management, the audit committee of

King's Board of Directors has initiated its own related internal review and has

retained independent legal counsel, who has retained an independent accounting

firm, to assist the audit committee. Because the audit committee's investigation

is not complete and no conclusions have been reached, the extension provides the

audit committee and its independent legal counsel with additional time to

conduct a more thorough review.



Although this investigation is not yet complete, management anticipates no

material changes in King's consolidated financial statements which were

presented in the Company's fourth-quarter and year-end 2002 news release on

February 18, 2003, with one exception. The one exception solely relates to the

previously reported estimated asset impairment charge resulting from the

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