First Quarter Results

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First Quarter Results

• Millipore Conference Call, April 20, 2004

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Forward-looking statements/risk factors

• In order to take advantage of the safe harbor
  provisions of the private securities litigation
  reform act of 1995, you should understand that we
  will be making forward-looking statements in this
  conference. These statements involve a number of
  risks and uncertainties, all of which are set
  forth in detail in our annual report on form
  10-K, subsequent quarterly reports on form 10-Q,
  and our other SEC filings. We assume no
  obligation to update any forward-looking
  statement based on new information, future events
  or any other reason.

3
Q1 2004 - better than expected

• 19 revenue growth over Q1 2003
• 10 revenue growth in local currency
• 25 earnings per share growth
• Biotechnology - 15 growth in local currency
• Life sciences - 13 growth in local currency
• Other bioscience - 7 growth in local currency
• Use of Non-GAAP Financial Measures
• All references to "local 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 local 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.

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Q1 2004 revenues (in local currencies)
Equipment 17
Asia/Pacific 20
Biotechnology 34
Other Bioscience Applications 51
Americas 44
Consumables and Services 83
Europe 36
Life Science 15
Q1 FY 2004
Q1 FY 2004
Q1 FY 2004
5
Q1 revenue growth - by geographic region
Growth Q1 Local in millions
Q1 2004 Q1 2003 Growth Currency
Americas 89 78 14 13 Europe 90 74 22 6
Asia/Pacific 43 35 23 12 Total U.S.
dollar 222 187 19 10
6
Q1 Revenue growth - by market
Q1 in millions Q1 2004 Q1 2003
Growth
Biotechnology 70 61 15 Life
Science 30 27 13 Other Bioscience 103 96 7 Tot
al local currency 203 184 10 Foreign
Exchange 19 3 Total U.S. dollar 222 187 19
7
Biotechnology quarterly revenue growth and
trends (in local currencies)
Revenues by Quarter Q1 2000 Q1 2004
Quarterly Growth Q1 2000 Q1 2004
millions
00 01 02
03 04
00 01 02
03 04
8
Biological pipeline
Over 500 therapeutic antibodies in pipeline or
launched
Over 2000 biologicals in pipeline or launched
1228
387
405
355
222
74
87
47
22
19
Pharmaprojects V5, from PJP Publications, NYC
London, April, 2004 Embrel is classified as a
fusion protein in Pharmaprojects, was added to
query totals
9
Life science quarterly revenue growth and
trends (in local currencies)
Revenues by Quarter Q1 2000 Q1 2004
Quarterly Growth Q1 2000 Q1 2004
millions
00 01 02 03
04
00 01 02 03
04
10
Other bioscience quarterly revenue growth and
trends (in local currencies)
Revenues by Quarter Q1 2000 Q1 2004
Quarterly Growth Q1 2000 Q1 2004
millions
00 01 02 03
04
00 01 02 03
04
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Q1 income statement

Actual Dollars (In millions, except EPS)
Q1 2004 Q1 2003 Growth Sales 222.5
187.5 19 Gross Profit 121.6 105.1 16 of
Sales 54.6 56.1 SGA 67.8 60.0 13 of Sales
30.5 32.0 RD 16.0 13.8 16 of Sales
7.2 7.4 Operating income
37.8 31.3 21 of
Sales 17.0 16.7 Net income 27.2
21.3 28 EPS 0.55 0.44 25
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Currency effects
Yen/Dollar, 1/2/04 - 4/2/04
Euro/Dollar, 1/2/04 - 4/2/04
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Guidance, 2004

• Revenue growth
• Actual dollar 10 to 12
• Local currency 6 to 8
• Revenue growth by market - local currency
• Biotechnology 7 to 9
• Life Sciences 8 to 10
• Other Bioscience 5 to 7
• Gross Margins averaging 54 of revenue

• SGA averaging 30 of revenue
• RD between 7 and 7.5 of revenue
• Contribution approximately 17 of revenue
• EPS 2.19 to 2.29 per share
• Capital Expenditures 65 - 70M
• Depreciation and amortization 44M
• Cash from operations 130 - 135M

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