Spring Valley, New York, March 26, 2003 — Pharmaceutical Resources, Inc. (NYSE:PRX) announced today that Par Pharmaceutical, its principal subsidiary, has entered into a licensing agreement with Roche to market torsemide, a generic version of Demadex®.

Par developed and filed an abbreviated new drug application (ANDA) for torsemide in conjunction with Kali Laboratories, a research and development-based company located in New Jersey. Par received a tentative approval letter from the FDA for its torsemide ANDA in November 2002.

According to IMS data Demadex^® had product sales of approximately $110 million prior to generic competition. Another generic company received 180 days of marketing exclusivity, which has recently expired. Par's ANDA is currently the only other ANDA tentatively approved by FDA.

Par will pay Roche a one-time fee and has received a non-exclusive license. Marketing of the drug is anticipated to begin next quarter.

Pharmaceutical Resources, Inc., a holding company, develops, manufactures, and distributes generic pharmaceuticals through its wholly owned subsidiary, Par Pharmaceutical. Through its Fine Tech unit, PRX also develops and utilizes synthetic chemical processes to design and develop intermediate ingredients used in the production of finished products for the pharmaceutical industry. PRX currently manufactures and distributes over 156 products representing various dosage strengths of 59 drugs. For press release and other Company information, visit http://www.parpharm.com.

Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent any statements made in this news release contain information that is not historical, these statements are essentially forward-looking and are subject to risks and uncertainties, including the difficulty of predicting FDA filings and approvals, acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, uncertainty of patent litigation filed against us, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission, such as the Company's Form 10-K, Form 10-Q, and Form 8-K reports.