Millipore (MIL) 8-K Millipore Reports Fourth Quarter and Full Year 2004 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 Fourth Quarter and Full Year 2004 Results

Billerica, Massachusetts, January 27, 2005 – Millipore Corporation (NYSE/MIL) announced today that its fourth quarter sales were $225 million, up 4 percent from the same period of 2003. In constant currency, quarterly revenue growth was 1 percent for the quarter.

Fourth quarter earnings totaled $0.49 per share, compared to $0.66 per share in the same quarter of last year. Earnings in each of the fourth quarters included unusual items. In 2004, the fourth quarter results included the impact of the CEO transition costs ($0.02 per share) and the write-off of assets related to terminated R&D projects ($0.05 per share). Also included in the fourth quarter was a lower than expected income tax rate that increased earnings $0.07 per share. There is an open question as to whether some or all of this tax benefit should have been recorded in an earlier period. The Company expects to resolve this question in the near future. The fourth quarter earnings in 2003 included charges related to severance costs and fixed asset write-offs (reducing earnings by $0.11 per share) and the reversal of tax valuation allowances (increasing earnings by $0.24 per share).

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

Revenues by Market Area	Q4 2004		Q4 2003		% Growth
Biotechnology	$	71	$	69	3	%
Life science		28		29	(2	%)
Other bioscience		103		102	—
Total constant currency net sales		202		200	1	%
Foreign exchange		23		16
Total U.S. dollar net sales	$	225	$	216	4	%

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

Revenues by Geographic Area	Q4 2004		Q4 2003		% Growth U.S. Dollars		% Growth Constant Currency
Americas	$	91	$	89	3	%	2	%
Europe		92		86	7	%	(1	%)
Asia/Pacific		42		41	3	%	—
Total	$	225	$	216	4	%	1	%

For the full year 2004, revenues were $883 million, up 10 percent from 2003. In constant currency, full year growth was 6 percent.

For the full year, earnings were $2.10 per share for 2004 compared with $2.06 per share last year. Earnings for 2004 included the impact of the CEO transition costs ($0.06 per share) and the write-off of assets related to terminated R&D projects ($0.05 per share). Also included was a lower than expected income tax rate that increased earnings $0.07 per share. There is an open question as to whether some or all of this tax benefit should have been recorded in an earlier period. The Company expects to resolve this question in the near future. Earnings for 2003 included charges related to severance costs and fixed asset write-offs (reducing earnings by $0.11 per share), the reversal of tax valuation allowances (increasing earnings by $0.24 per share) and other unusual credits (increasing earnings by $0.03).

Cash flow from operations was $167 million in 2004 compared to $132 million in 2003.

Millipore’s full year revenue growth by market area was as follows($’s in millions):

Revenues by Market Area	2004		2003		% Growth
Biotechnology	$	286	$	262	9	%
Life science		115		108	6	%
Other bioscience		408		395	3	%
Total constant currency net sales		809		765	6	%
Foreign exchange		74		35
Total U.S. dollar net sales	$	883	$	800	10	%

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

Revenues by Geographic Area	2004		2003		% Growth U.S. Dollars		% Growth Constant Currency
Americas	$	367	$	336	9	%	9	%
Europe		354		319	11	%	2	%
Asia/Pacific		162		145	12	%	5	%
Total	$	883	$	800	10	%	6	%

Use of Non-GAAP Financial Measures

In addition to analyzing U.S. GAAP financial results, management also analyzes “non-GAAP” and “pro forma” financial measures as we believe these measures may allow for a better understanding of the underlying business trends. “Constant currency” is a non-GAAP measure whereby foreign currency balances are 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. Pro forma basis financial results reflect U.S. GAAP results, translated at actual rates of exchange and adjusted for unusual or non-operating items.

Quarterly Earnings Call

Millipore will have a Live Webcast Quarterly Earnings call today, January 27, 2005 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

Condensed Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2004			2003			2004			2003
Net sales	$	225,402		$	215,750		$	883,263		$	799,622
Cost of sales		110,573			106,751			412,129			369,174
Gross profit		114,829			108,999			471,134			430,448
Selling, general and administrative expenses		72,017			64,950			270,796			246,819
Research and development expenses		15,302			16,477			62,485			58,385
Restructuring and other		—			—			—			(1,400	)
Operating income		27,510			27,572			137,853			126,644
Interest income		848			830			2,073			2,035
Interest expense		(2,031	)		(4,188	)		(9,447	)		(16,505	)
Income before income taxes		26,327			24,214			130,479			112,174
Provision (benefit) for income taxes		1,489			(8,413	)		24,923			11,378
Net income	$	24,838		$	32,627		$	105,556		$	100,796
Diluted net income per share	$	0.49		$	0.66		$	2.10		$	2.06
Diluted weighted average shares outstanding		50,373			49,416			50,240			49,046

Geoffrey E. Helliwell

Treasurer

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

Millipore Corporation

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

	December 31, 2004		December 31, 2003
Assets
Cash and cash equivalents	$	152,144	$	147,027
Accounts receivable, net		181,911		174,979
Inventories		143,714		137,757
Deferred income taxes		31,718		51,092
Other current assets		8,839		5,507
Total current assets		518,326		516,362
Property, plant and equipment, net		351,004		316,890
Deferred income taxes		94,451		77,226
Intangible assets, net		19,584		25,348
Goodwill		9,433		9,433
Other assets		7,745		6,014
Total assets	$	1,000,543	$	951,273
Liabilities and shareholders’ equity
Current portion of long-term debt	$	—	$	75,000
Accounts payable		66,970		60,836
Accrued expenses		83,320		81,587
Total current liabilities		150,290		217,423
Long-term debt		147,000		216,000
Other liabilities		62,675		56,809
Shareholders’ equity		640,578		461,041
Total liabilities and shareholders’ equity	$	1,000,543	$	951,273

Geoffrey E. Helliwell

Treasurer

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