Revenues for the third quarter grew 4 percent from the previous year, totaling $412 million. Excluding a 3 percent unfavorable impact from changes in foreign currency, Millipore generated organic revenue growth of 7 percent. On a divisional basis, excluding changes in foreign currency, Millipore’s Bioprocess Division generated organic revenue growth of 8 percent, while the Company’s Bioscience Division generated organic revenue growth of 4 percent from the previous year.

Millipore’s third quarter earnings per share were $0.71 per share, compared to $0.68 per share in the third quarter of 2008. Non-GAAP earnings per share were $0.95, compared to $0.93 per share in the third quarter of 2008. A reconciliation of GAAP to non-GAAP financial measures is provided in the Company’s financial tables accompanying this press release.

“Our performance in the third quarter continued the trend of healthy organic revenue growth and exceptional cash flow that we have experienced throughout 2009,” said Martin Madaus, Chairman & CEO of Millipore. “Our top-line growth is being driven by our Bioprocess Division, which is benefitting from increased spending from large biotechnology customers, strong demand for products used to manufacture the H1N1 flu vaccine, and expanded sales in Asia. We continue to drive above-market growth in our Bioscience Division due to the resiliency of our consumable product portfolio and strength at academic customers. This growth is being partially offset by weakness at large pharmaceutical accounts, particularly for drug discovery services and laboratory instrumentation.

“The overall health of our business is enabling us to invest in innovation at a time when many of our competitors are constrained by weakness in their businesses. We significantly increased our R&D spending in the third quarter and we are expanding our presence in fast-growing markets such as disposable manufacturing, virus filtration and multiplex immunoassays. I am excited about the potential of this investment to further expand our competitive position and drive attractive growth in 2010 and beyond.”

Through the first nine months of 2009, Millipore’s revenues grew 2 percent totaling $1.2 billion. Excluding a 6 percent unfavorable impact from changes in foreign currency and a 1 percent contribution from acquisitions, organic revenue growth in the period was 7 percent. On a divisional basis, excluding changes in foreign currency and acquisitions not in the base period, Millipore’s Bioscience Division grew 3 percent, while the Company’s Bioprocess Division grew 9 percent from the previous year. Net income attributable to Millipore was $133 million, or $2.38 per share. Non-GAAP net income attributable to Millipore was $168 million, or $3.00 per share, resulting in approximately 13 percent earnings per share growth over the first nine months of 2008.

“We generated $112 million of free cash flow in the third quarter, which puts us on pace to surpass our cash flow expectations for the full year,” said Charles Wagner, Chief Financial Officer of Millipore. “This exceptional performance is primarily the result of working capital initiatives we put in place over the past 18 months to reduce our inventory, improve our cash collections, and more effectively manage our capital spending. I am pleased with how quickly and effectively the organization has executed these programs.”

Q3 2009 Highlights

• Bioprocess Division generated 8 percent organic revenue growth. The division grew in all geographies and saw strength for its chromatography media, virus filtration, and Mobius® disposable manufacturing products.
• Bioscience Division generated 4 percent organic revenue growth. The performance was highlighted by solid performance for multiplex immunoassays and increasing demand from customers conducting protein and neuroscience research.
• Completed the acquisition of BioAnaLab to extend the Company’s biopharmaceutical services offering to the European market.
• Generated approximately $112 million of free cash flow, representing 74 percent growth over the third quarter of 2008.
• Paid down $57 million of borrowings under the Company’s $678 million primary revolving credit facility, leaving approximately $14 million drawn against it at the end of the quarter.
• Received Supplier Consistency Award from Amgen in recognition of Millipore’s efforts to drive improvements in delivery, support and service.
• Millipore’s innovation strategy produced the following key product launches: FlowCellect™ kits for benchtop flow cytometry, MilliTrace™ stem cell lines, which express green fluorescent protein under the control of various embryonic and neural stem cell markers, and LC-Pak^™, which is an accessory for the Milli-Q® lab water instruments.
• Advanced the Company’s sustainability strategy with the completion of a solar energy project, which is one of the largest solar photovoltaic projects ever completed in Massachusetts and is the first renewable energy project the Company has implemented in the United States.

Millipore will host a conference call and webcast to discuss its financial results, business outlook, and related corporate and financial matters at 4:45 p.m. Eastern Standard Time today. The call can be accessed through Millipore’s website: http://www.millipore.com. A replay of the call will be archived on the Investor Relations section of the website and will also be available via telephone by dialing 800-642-1687 or 706-645-9291 and entering confirmation code: 35709281. The telephonic replay will be available beginning at 6:45 p.m. Eastern Standard Time on November 5, 2009 until 11:59 p.m. Eastern Standard Time on November 9, 2009.

About Millipore

Millipore (NYSE: MIL) is a life science leader providing cutting-edge technologies, tools, and services for bioscience research and biopharmaceutical manufacturing. As a strategic partner, we collaborate with customers to confront the world's challenging human health issues. From research to development to production, our scientific expertise and innovative solutions help customers tackle their most complex problems and achieve their goals. Millipore Corporation is an S&P 500 company with more than 5,900 employees in 30 countries worldwide.

Advancing Life Science Together™
Research. Development. Production.

Use of Non-GAAP Financial Measures

The non-GAAP financial measures used in this press release are non-GAAP gross profit, gross profit margin, operating profit, operating margin, pre-tax income, net income attributable to Millipore, diluted earnings per share, and free cash flow. Non-GAAP gross profit, gross profit margin, operating profit, operating margin, pre-tax income, net income attributable to Millipore and diluted earnings per share exclude costs related to global supply chain initiatives, acquisition and related integration expenses, amortization of acquired intangible assets, inventory fair value adjustments related to business acquisitions, curtailment gain related to modifications to our postretirement benefit plan, gain on business acquisition, and non-cash interest expense on convertible debt. We define free cash flow as net cash provided by operating activities less additions to property, plant, and equipment. There are limitations in using non-GAAP financial measures as they are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies.

We believe that the non-GAAP financial measures provide useful and supplementary information to investors regarding our quarterly performance. It is our belief that these non-GAAP financial measures have been particularly useful to investors over the last few years because of the significant changes that have occurred outside of our day-to-day business in accordance with the execution of our new strategy. This strategy includes strengthening our leadership position with biopharmaceutical customers, becoming a strategic supplier in bioscience research markets, leading our industry in product quality and manufacturing effectiveness, and becoming a magnet for talent. The financial impact of certain elements of these activities, particularly acquisitions, are often large relative to our overall financial performance and most of the related charges are recorded in one or two fiscal quarters but not in other fiscal quarters, which can adversely affect the comparability of our results from period to period. Our global supply chain initiatives will significantly reduce our cost structure and improve operational efficiency primarily through the consolidation of manufacturing locations. Non-cash interest expense on convertible debt is the incremental interest expense as a result of a change in accounting principles. This interest expense is non-cash and we can not control the amount of this expense without modifying our capital structure. We believe free cash flow is a useful measure to evaluate our business as it indicates the amount of cash generated after additions to property, plant, and equipment that is available for, among other things, strategic acquisitions, investments in our business, and repayment of debt.

We regularly use non-GAAP financial measures internally to understand, manage, and evaluate our business results and make operating decisions. We also measure our employees and compensate them, in part, based on such non-GAAP measures. For the same reasons, we also use this information for our forecasting activities. The non-GAAP financial measures presented herein also facilitate comparisons to our historical operating results, which have consistently been presented in this manner.

Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material effect on our reported results and, therefore, should not be relied upon as the sole financial measures to evaluate our financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, GAAP financial measures. Investors are encouraged to review the reconciliation of the financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release. Our earnings guidance, however, is only provided on a non-GAAP basis. It is not feasible to provide GAAP diluted earnings per share guidance because the items excluded, other than amortization expense and non-cash interest expense, are difficult to predict and estimate and are primarily dependent on future events.

Forward Looking Statements:

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, failure to achieve design wins into our pharmaceutical and biotechnology customers’ manufacturing design phase for a particular drug; delay, suspension or termination of a customer’s volume production; lack of availability of raw materials or component products on a timely basis; regulatory delay in the approval of customers’ therapeutics; limitations on cash flow available for operations and investment due to increased debt service obligations; the inability to establish and maintain necessary product and process quality levels; reduced demand for animal-derived cell culture products; the inability to realize the expected benefits of development, marketing, licensing and other alliances; competitive factors such as new membrane or chromatography technology; the inability to achieve anticipated cost benefits of our supply chain initiatives; risks relating to our concentration of principal manufacturing operations; the inability to utilize technology in current or planned products due to overriding rights by third parties; potential environmental liabilities; conditions in the economy in general and in the bioscience and bioprocess markets in particular; foreign exchange fluctuations; reduced private and government research funding; exposure to product liability claims; and difficulties inherent in transferring or outsourcing of manufacturing operations. Please refer to our filings with the SEC, including our most recent Annual Report on Form 10-K, for more information on these and other risks that could cause actual results to differ.

Contacts:

Joshua Young
Director, Investor Relations
Millipore Corporation
(978) 715 - 1527
(800) 225 - 3384
joshua_young@millipore.com

Karen Hall
Director, Corporate Communications
Millipore Corporation
(978) 715 – 1567
karen_hall@millipore.com