Millipore (MIL) 8-K Millipore Reports Third Quarter Results

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 Reports Third Quarter Results

Billerica, Massachusetts, October 19, 2004 – Millipore Corporation (NYSE/MIL) announced today that third quarter revenues were $211 million, up 5 percent from the same period last year. For the first nine months of 2004, revenues were up 13 percent. In constant currency, revenues were up 1 percent for the quarter and 7 percent for the year to date.

Earnings per share in the third quarter were $0.50, the same as the third quarter of last year. Earnings results for the third quarter include a $0.02 per share expense associated with the transition of the CEO announced in the second quarter. For the year to date, earnings were $1.61 per share, which includes a total of $0.05 per share expense for the CEO transition. Cash flow from operations continues to be strong and through nine months is $108 million.

Fran Lunger, Millipore’s CEO, noted: “The revenue growth rate in the third quarter was less than that achieved in the first half of the year. This was due to a combination of a difficult comparison to an unusually strong third quarter of last year, the uneven timing of new drug ramp-ups and manufacturing, and a slowdown of sales to pharmaceutical companies in Europe and Japan.”

Lunger continued: “By market, third quarter revenues in biotechnology were down 1 percent in constant currency compared to last year. There was a single sale of more than $7 million in chromatography media in the third quarter of last year for a biotech drug process validation, which negatively affected quarter-to-quarter growth. The business remains fundamentally strong and is our highest growth opportunity over the next few years.”

He said: “Life sciences growth in constant currency was 7 percent in the third quarter compared to the third quarter of last year, a good performance. Revenue growth in other bioscience was 1 percent, with some weakness in Europe and Japan due to a slowdown in sales to pharmaceutical companies and laboratory funding issues.”

Lunger also noted: “Excellent progress has been made on the search for a new CEO, and we expect to make an announcement on my successor within a week’s time.”

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

Revenues by Geographic Area	Q3 2004		Q3 2003		% Growth		% Growth Constant Currency
Americas	$	90	$	85	6	%	6	%
Europe		84		82	2	%	(6	)%
Asia/Pacific		37		33	11	%	5	%
Total	$	211	$	200	5	%	1	%

Use of Non-GAAP Financial Measures

All references to “constant currencies” represent the foreign currency balances translated, in all periods presented, at Millipore’s predetermined budgeted exchange rates for 2004, thus excluding the impact of fluctuations in the actual foreign currency rates. In addition to analyzing financial results at actual rates of exchange, management uses this presentation because we believe that the constant currency results provide a clearer presentation of underlying business trends separate from the impact of foreign currency. The U.S. dollar results represent the foreign currency balances translated at actual exchange rates.

Quarterly Earnings Call

Millipore will have a Live Webcast Quarterly Earnings call today, October 19, 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						Nine Months Ended
	Oct 2, 2004			Sept 27, 2003			Oct 2, 2004			Sept 27, 2003
Net sales	$	210,724		$	200,053		$	657,861		$	583,872
Cost of sales		97,405			91,563			301,556			262,423
Gross profit		113,319			108,490			356,305			321,449
Selling, general and administrative expenses		64,021			60,030			198,779			181,869
Research and development expenses		15,149			14,030			47,183			41,908
Restructuring and other		—			(796	)		—			(1,400	)
Operating income		34,149			35,226			110,343			99,072
Interest income		584			441			1,225			1,205
Interest expense		(2,437	)		(3,980	)		(7,416	)		(12,317	)
Income before income taxes		32,296			31,687			104,152			87,960
Provision for income taxes		7,267			7,130			23,434			19,791
Net income	$	25,029		$	24,557		$	80,718		$	68,169
Diluted income per share	$	0.50		$	0.50		$	1.61		$	1.39
Diluted weighted average shares outstanding		50,392			49,356			50,192			48,899

Geoffrey E. Helliwell

Treasurer

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

Millipore Corporation

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

	October 2, 2004		December 31, 2003
Assets
Cash and cash equivalents	$	150,372	$	147,027
Accounts receivable, net		173,409		174,979
Inventories		138,808		137,757
Deferred income taxes		51,092		51,092
Other current assets		10,187		5,507
Total current assets		523,868		516,362
Property, plant and equipment, net		326,200		316,890
Deferred income taxes		77,226		77,226
Intangible assets, net		23,004		25,348
Goodwill		9,433		9,433
Other assets		6,736		6,014
Total assets	$	966,467	$	951,273
Liabilities and shareholders’ equity
Current portion of long-term debt	$	—	$	75,000
Accounts payable		52,642		60,836
Accrued expenses		72,131		69,819
Accrued retirement plan contributions		5,038		6,100
Accrued income taxes payable		12,716		7,294
Total current liabilities		142,527		219,049
Long-term debt		199,758		216,000
Other liabilities		57,691		55,183
Shareholders’ equity		566,491		461,041
Total liabilities and shareholders’ equity	$	966,467	$	951,273

Geoffrey E. Helliwell

Treasurer

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