SICOR Delivers Net Income and Positive Earnings

Irvine, California (PROTEXT) - -- Net Income Was $2.3 Million Before Special Charges -- Diluted Earnings Per Share Were $0.03 Before SpecialCharges -- Special Charges for Divestiture of Certain Interest in

Metabasis Therapeutics, Inc. -- Gross Profit Up 48 Percent Over Prior Year and Up 41Percent Over Prior Quarter SICOR Inc. (Nasdaq: SCRI) today announced positive operatingresults for the second quarter ended June 30, 1999. SICORreported a net profit, after the payment of preferred dividendsand special charges related to the divestiture of partialinterest in Metabasis Therapeutics, Inc., a proprietary researchand development subsidiary. Net income for the second quarter, before special charges,was $2.3 million, or $0.03 earnings per share on a dilutedbasis. SICOR's 1999 second quarter results include specialcharges totaling $1.8 million related to the divestiture ofcertain interest in Metabasis. Earnings for the quarter endedJune 30, 1999, including special charges, were $0.5 million, or$0.01 earnings per share on a diluted basis, compared to a netloss of $2.5 million, or a loss of $0.03 per share in the secondquarter ended June 30, 1998. Total operating revenue for the three months ended June 30,1999 increased 14% to $54.7 million compared to $48.0 millionfor the three months ended June 30, 1998. The second quarter of1998 included revenue from Metabasis of $1.9 million. Excludingthe 1998 revenue attributable to Metabasis, total revenueincreased 19% for the quarter ended June 30, 1999. Total costs and operating expenses for the second quarter of1999, before the amortization of intangibles, were $47.7million, up slightly from $45.2 million in the second quarter of1998. This increase was almost entirely made up of cost of salesthat support the increase in product sales. Gross marginsincreased from 32% in the second quarter of 1998 to 39% in thesecond quarter of 1999 due to a more profitable product mix. Net income for the six months ended June 30, 1999, excludingthe special charges, was $0.6 million or $0.01 earnings pershare, compared to a net loss of $7.4 million, or a loss of$0.09 per share for the six months ended June 30, 1998. Net lossfor the first half of 1999, including the special charge, was$1.2 million, or a loss of $0.01 per share. For the six months ended June 30, 1999, total revenueincreased 18% to $108.4 million compared to $91.6 million forthe six months ended June 30, 1998. "This is indeed a significant quarter for SICOR as we finallybreak out of the historic red ink and deliver a positiveearnings report to our shareholders", said Carlo Salvi,president and chief executive officer. "We have made notableprogress in the areas we had targeted as financial prioritiesfor 1999. Our revenues continued to increase from the additionof new products, our gross profit margins on product salesimproved significantly and our total operating expenses remainedin line with expectations. We believe that these results are aclear demonstration of our focus on delivering shareholder valuethrough improved operating results, while also developing ourproduct pipeline for long-term growth." Mr. Salvi continued, "During the quarter we also achievedother significant milestones; we raised additional capital toretire portions of our short and long term debt; we receivedfour new product approvals from the Food and DrugAdministration; and we divested a partial interest in Metabasis.We also began shipping propofol during the quarter, which was asignificant factor in our improved financial results. Propofolproduction is currently ahead of expectations and current marketacceptance remains at high levels." SICOR Inc. is a vertically integrated specialtypharmaceutical company with proven expertise in the development,manufacturing and marketing of multi-source injectablepharmaceuticals. With a strategy of combining both theproduction of active pharmaceutical ingredients utilizingchemical synthesis or fermentation and state of the artmanufacturing facilities, SICOR's primary focus is on theworldwide injectable pharmaceutical market, which currentlyincludes oncology, anesthesiology, cardiology and othertherapeutic areas. SICOR operates several manufacturingfacilities in Europe, Mexico and the U.S.A., while maintainingits corporate headquarters in Irvine, California. This press release contains forward looking statements thatare subject to risks and uncertainties that could cause actualresults to differ materially from those set forth in the forwardlooking statements, including whether propofol production willcontinue to proceed ahead of expectations and remain on track toachieve significant results, whether market acceptance forpropofol will remain at high levels, whether financial resultsfor 1999 will continue to improve, whether we can be profitablein the future, and those matters set forth in the risk factorssection of SICOR's filings on Forms 10-K and 10-Q with theSecurities and Exchange Commission. These forward lookingstatements represent the Company's judgment as of the date ofthis press release. The Company disclaims any intent orobligation to update these forward looking statements. For more information on the Company, visit SICOR's web siteat www.gensiasicor.com. News releases are also available at nocharge through PR Newswire's News On-Call fax service. For amenu of available news releases or to retrieve a specificrelease made by SICOR, call 800-758-5804, extension 354050.Please retain these numbers for future reference.

SICOR Inc.

PRESS RELEASE SUMMARY

Second Quarter ended June 30, 1999

($000's) Balance Sheet Data:

6/30/99

12/31/98

(AUDITED) Assets:

Cash and cash equivalents

$38,131

$24,461

Other current assets

115,584

116,079

Property and equipment, net

108,013

105,067

Other assets

12,095

11,243

Intangibles, net

111,807

114,964

Total assets

$385,630

$371,814 Liabilities and Stockholders' Equity:

Current liabilities

$110,335

$123,208

Other liabilities

53,532

58,144

Deferred taxes

20,719

21,453

Stockholders' equity

201,044

169,009

Total liabilities and equity

$385,630

$371,814 Statement of Operations Data: Three months ended Six monthsended

June 30,

June 30,

1999

1998

1999 1998 Revenue: Product sales

$54,691 $44,515 $103,048$85,786 Contract research and license fees

--

3,477

5,303 5,810

Total revenue

54,691 47,992 108,35191,596 Costs and expenses: Cost of sales

33,499

30,187 66,786 58,323 Research and developmen

3,605

5,256

8,927 10,489 Selling, general & administrative

10,644

9,714 20,267 19,440

Total costs and expenses 47,748

45,157 95,980 88,252 Amortization of intangibles 1,524

1,498

3,052 2,886 Operating income

5,419

1,337

9,319 458 Interest and other income (expense), net

(1,896) (1,239) (4,491)(2,941) Charge related to divestiture of business

(1,777)

-- (1,777)(1,130) Minority interest

--

472

31 759 Income/(loss) before income taxes

1,746

570

3,082(2,854) Income tax (expense)/benefit

259

(1,527) (1,242)(1,544) Net income (loss) before dividends

2,005

(957) 1,840(4,398) Dividends on preferred stock (1,504) (1,504) (2,992)(2,992) Net income (loss) applicable to common shares

$501 $(2,461) $(1,152)$(7,390) Net income (loss) per common share - basic

$0.01 $(0.03) $(0.01)$(0.09) Net income (loss) per common share - diluted

$0.01 $(0.03) $(0.01)$(0.09) Weighted average number of common shares - basic

84,092

79,440 81,965 79,318 Weighted average number of common shares - diluted

84,223

79,440 81,965 79,318ots Original Text Service: SICOR Inc. Internet:http://www.newsaktuell.de Contact: Laurie W. Little of SICORInc., (USA) 949-455-4879; or Carolyn Bass, or Jim Byers, (USA)415-296-7383, or Patricia Walsh, or Eric Gonzales, (USA) 212-850- 5600, all of Morgen-Walke Associates, Inc., for SICOR Inc.Web site: http://www.gensiasicor.com

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