Spring Valley, New York, November 11, 2004 — Par Pharmaceutical Companies, Inc. (NYSE:PRX), a leading developer, manufacturer and marketer of generic pharmaceuticals, has won the 2004 DIANA Award for Best Overall Pharmaceutical Products Manufacturer With Sales to HDMA Distributors Over $300 million. This year's DIANA awards were presented on Saturday, November 6 at the Healthcare Distribution Management Association (HDMA) Annual Meeting.

"Par is very proud to accept this award from the HDMA," said Nick DiMaio, executive vice president, sales and marketing. "It is quite a distinction to join the impressive list of industry leaders that have won this DIANA. We are especially delighted to be the first generic pharmaceutical company to win this award in recent years. To be named best overall pharmaceutical products manufacturer requires a commitment to operational excellence throughout an organization - - from manufacturing and distribution, to marketing, sales and customer service."

Every year since 1959, the HDMA has recognized manufacturers' excellence in new product introductions and promotional programs for healthcare distributors through its DIANA Awards. Winning companies serve as a model for HDMA member trading partners and establish the standard of excellence to improve the industry's performance. HDMA solicits nominations for Best Overall Manufacturer awards from a survey mailed to all HDMA members. The nominated companies are scored on a variety of criteria, including the quality of their sales professionals and customer service. Recent winners include GlaxoSmithKline plc, Aventis Pharma SA and Schering-Plough Corporation.

Par Pharmaceutical Companies, Inc. develops, manufactures and markets generic pharmaceuticals through its principal subsidiary, Par Pharmaceutical, Inc., and its recently acquired subsidiary, Kali Laboratories, Inc. The company is also developing an additional line of branded pharmaceutical products for specialty markets and expects to introduce the first of these in 2005. Through its FineTech subsidiary, Par also develops and utilizes synthetic chemical processes to design and develop intermediate ingredients used in the production of finished products for the pharmaceutical industry. Par currently manufactures, markets or licenses more than 80 prescription drugs. For press release and other company information, visit http://www.parpharm.com.