Spring Valley, New York, September 16, 2003 — Par Pharmaceutical, Inc., the principal subsidiary of Pharmaceutical Resources, Inc. (NYSE:PRX), announced today that its partner, Dr. Reddy's Laboratories, has received approval from the U.S. Food and Drug Administration for nefazodone hydrochloride tablets in 50 mg, 100 mg, 150 mg, 200 mg, and 250 mg dosages. Par will start shipping the product immediately.

Nefazodone is the generic version of Bristol-Myers Squibb's Serzone®, which is indicated for the treatment of depression. The Serzone® brand has annual sales of approximately $220 million

Pharmaceutical Resources, Inc., a holding company, develops, manufactures, and distributes generic pharmaceuticals through its wholly owned subsidiary, Par Pharmaceutical. Through its FineTech 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 170 products representing various dosage strengths of 70 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.