Millipore (MIL) 8-K Millipore Revenues Up 16 Percent in Fourth Quarter

EXHIBIT 99.1

Investor Contact	Media Contact
Geoffrey Helliwell	Thomas Anderson
Treasurer	Vice President
(978) 715—1041	Corporate Communications
(800) 225—3384	(978) 715—1043
Geoffrey_Helliwell@Millipore.com	(800) 225—3384
	Thomas_Anderson@Millipore.com

Millipore Revenues Up 16 Percent in Fourth Quarter

Billerica, Massachusetts, January 26, 2004 – Millipore Corporation (NYSE/MIL) announced today that its fourth quarter sales were $216 million, up 16 percent from the same period of 2002. In local currency, revenue growth was 7 percent.

Fourth quarter earnings totaled $0.66 per share, compared to $0.41 per share last year. Earnings for the quarter include the positive impact of $12 million or $0.24 per share due to the reversal of tax valuation allowances as a result of a change in tax planning strategies during the quarter. Also, as previously reported in December, there was a charge related to severance costs and fixed asset write-offs taken in the fourth quarter that amounted to $8 million (pretax) or $0.11 per share. Excluding both of these items, one adding $0.24 per share and one subtracting $0.11 per share, earnings from continuing operations were $0.53 per share.

For the full year, revenues were $800 million, up 14 percent from the prior year. In local currency, revenue growth was 6 percent for the year. Cash flow from operations was $132 million compared to $108 million in 2002.

Fran Lunger, Millipore’s CEO, said: “Operating results for the fourth quarter were better than expected. Revenue growth in the US was particularly strong. In terms of markets, biotechnology grew 7 percent, life sciences 11 percent and “other bioscience” 6 percent, all in local currencies.”

Millipore’s fourth quarter revenue growth by geography was as follows($’s in millions):

Revenues by Geographic Area	Q4, 2003		Q4, 2002		% Growth		% Growth Local Currency
Americas	$	89	$	79	12	%	12	%
Europe		86		72	19	%	2	%
Asia/Pacific		41		35	18	%	7	%
Total	$	216	$	186	16	%	7	%
Millipore’s full year revenue growth by geography was as follows($’s in millions):
Revenues by Geographic Area	2003		2002		% Growth		% Growth Local Currency
Americas	$	336	$	314	7	%	7	%
Europe		319		260	22	%	5	%
Asia/Pacific		145		130	12	%	5	%
Total	$	800	$	704	14	%	6	%

Use of Non-GAAP Financial Measures

All references to “local currencies” represent the foreign currency balances translated, in all periods presented, at Millipore’s predetermined budgeted exchanged rates for 2003, thus excluding the impact of fluctuations in the actual foreign currency rates. The Company’s management uses this presentation for internal evaluation of the financial performances of the Company because it believes that the local currency results provide a clearer presentation of underlying business trends.

Quarterly Earnings Call

Millipore will have a Live Webcast Quarterly Earnings call today, January 26, 2004 at 5:30 p.m., Eastern Time. Please visit the Millipore web site atwww.millipore.com for details about this event. The replay of the webcast will be available online the day after the event.

About Millipore

Millipore is a multinational, high technology company that provides technologies, tools and services for the development and production of new therapeutic drugs. It serves the life science research, biotechnology and pharmaceutical industries. For more information about Millipore visitwww.millipore.com.

Millipore Forward Looking Statement Disclaimer

The matters discussed herein, as well as in future oral and written statements by management of Millipore Corporation that are forward-looking statements, are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Potential risks and uncertainties that could affect Millipore’s future operating results include, without limitation, foreign exchange rates; regulatory delay in the approval of new therapeutics and their ultimate commercial success; further consolidation of drug manufacturers; competitive factors such as new membrane technology; lack of availability of raw materials or component products on a timely basis; inventory risks due to shifts in market demand; change in product mix; conditions in the economy in general and in the bioscience markets in particular; potential environmental liabilities; the inability to utilize technology in current or planned products due to overriding rights by third parties; difficulties inherent in research and development activities; and the risk factors listed from time to time in Millipore’s filings with the SEC.

Millipore Corporation

Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2003			2002			2003			2002
Net sales	$	215,750		$	185,879		$	799,622		$	704,251
Cost of sales		106,751			87,301			369,174			308,146
Gross profit		108,999			98,578			430,448			396,105
Selling, general and administrative expenses		64,950			55,988			246,819			219,058
Research and development expenses		16,477			13,495			58,385			52,353
Restructuring and other		—			99			(1,400	)		1,124
Operating income		27,572			28,996			126,644			123,570
Loss on investments		—			—			—			(2,344	)
Interest income		830			471			2,035			1,347
Interest expense		(4,188	)		(3,946	)		(16,505	)		(18,981	)
Income before income taxes		24,214			25,521			112,174			103,592
(Benefit) provision for income taxes		(8,413	)		5,615			11,378			22,791
Income from continuing operations		32,627			19,906			100,796			80,801
Income on disposal of discontinued operations, net of taxes		—			—			—			2,900
Net income	$	32,627		$	19,906		$	100,796		$	83,701
Diluted income per share:
Continuing operations	$	0.66		$	0.41		$	2.06		$	1.67
Discontinued operations		—			—			—			0.06
Net income	$	0.66		$	0.41		$	2.06		$	1.73
Diluted weighted average shares outstanding		49,416			48,475			49,046			48,448

Geoffrey E. Helliwell

Treasurer

(800) 225-3384 or (978) 715-1041

Millipore Corporation

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

	December 31, 2003		December 31, 2002
Assets
Cash and cash equivalents	$	147,027	$	101,242
Accounts receivable, net		174,979		160,462
Inventories		137,757		111,332
Deferred income taxes		51,092		11,694
Other current assets		5,507		5,481
Total current assets		516,362		390,211
Property, plant and equipment, net		316,890		262,604
Deferred income taxes		77,226		99,542
Intangible assets, net		25,348		28,064
Goodwill		9,433		9,646
Other assets		6,014		7,881
Total assets	$	951,273	$	797,948
Liabilities and shareholders’ equity
Notes payable	$	—	$	1,500
Current portion of long-term debt		75,000		—
Accounts payable		60,836		57,596
Accrued expenses		69,819		58,431
Accrued retirement plan contributions		9,443		8,438
Accrued income taxes payable		7,294		8,964
Total current liabilities		222,392		134,929
Long-term debt		216,000		334,000
Other liabilities		51,840		41,515
Shareholders’ equity		461,041		287,504
Total liabilities and shareholders’ equity	$	951,273	$	797,948

Geoffrey E. Helliwell

Treasurer

(800) 225-3384 or (978) 715-1041