Surprisingly, a majority of survey participants felt that smile
lines and jowls were most telling of their age-even more than the forehead, or
lip lines. Howard Sobel,
Cosmetic Dermatologic Surgeon.

About The Restylane Report
The Restylane Report was commissioned by Medicis Aesthetics, a leading
independent specialty pharmaceutical company dedicated to helping consumers
attain a healthy and youthful appearance and self-image. Sunbathing and cold outdoor
activities should be avoided until any redness or swelling disappear. No assurances can be given, however,
that these events will occur or that such results will be achieved. Also, there are a number of additional
important factors that could cause actual results to differ materially from
those projected, including the anticipated size of the markets , the
availability of product supply, the receipt of required regulatory approvals,
the ability to realize anticipated synergies and benefits of the Q-Med
transactions, the risks and uncertainties normally incident to the
pharmaceutical industry, dependence on sales of key products, the uncertainty
of future financial results and fluctuations in operating results, dependence
on Medicis' strategy including the uncertainty of license payments and/or
other payments due from third parties, the timing and success of new product
development by Medicis or third parties, product introductions, the risks of
pending or future litigation, and other risks described from time to time in
Medicis' SEC filings including its Annual Report on Form 10-K for the year
ended June 30, 2004. OMNICEF(R) is a registered trademark
of Abbott Laboratories, Inc.
"We are pleased to announce another strong quarter characterized
by continued strength in the RESTYLANE(R) brand and two pipeline
approvals," said Jonah Shacknai , Chairman and Chief Executive Officer
of Medicis.
Historically, Medicis has reported similar non -GAAP information to its
investors and believes that the inclusion of comparative numbers
provides consistency in the Company's financial disclosures.1%, and SYNALAR(R) (fluocinolone
acetonide), BUPHENYL (R) (sodium phenylbutyrate) and AMMONUL(R) (sodium
phenylacetate/sodium benzoate), prescription products indicated in the
treatment of Urea Cycle Disorder, and the over-the-counter brand
ESOTERICA(R ).

growths clayson

* The Ultimate Confidence Booster: 92% feel that looking younger affects
a woman's overall confidence, versus 83% for men. Overall, 76% of survey participants said
they preferred to "look naturally good, fit and healthy for their age. Upon injection, the NASHA(TM) gel
adds natural volume and lift to smooth wrinkles and folds.RestylaneUSA. This includes earnings
estimates, future financial performance and other matters. "In February, the U. At
the time of this release, the Company cannot, among other things,
assess the forthcoming results of the Company's research and
development projects and the risks associated with the FDA approval
process, risks associated with significant competition within the
Company's industry, nor can the Company validate its assumptions of
the full impact on its business of the approval of competitive generic
versions of the Company's core brands, in particular, the recent
approval of a generic LOPROX(R) Cream or a substitutable DYNACIN (R)
Tablet form, and any future competitive product approvals that may
affect the Company's brands .05%,
VANOS(TM) (fluocinonide) Cream, 0.37 $0.5% contingent convertible notes and
associated bond offering costs of $1.7 million and $1.

mastocytosis thighs

, Billions of dollars are spent
annually in the quest to turn back the hands of time from drugstore skin
creams to the most sophisticated cosmetic procedures . Restylane is gradually degraded by the body's own
mechanism. Medicis
cannot validate its assumptions of the full impact on its business of the
approval of competitive generic versions of its core brands , including
DYNACIN(R) Tablets and/or LOPROX(R), or any future competitive product
approvals that may affect its brands.
Third quarter fiscal 2005 revenues increased primarily as a result
of growth in each product segment category.8 million.8 million reported in the nine months ended March 31,
2005 , Medicis reported GAAP net income of $40.
At a September 29-30, 2004 meeting, the Emerging Issues Task Force
("EITF") reached a conclusion that the accounting for contingently
convertible debt instruments, commonly referred to as "CoCos," should
be included in diluted earnings per share computations (if dilutive)
regardless of whether the market price trigger has been met, effective
for periods ending after December 15, 2004.5%
Convertible Senior Notes meet the criteria for conversion and
regardless of whether the bondholders actually convert their bonds
into shares. It excludes
items, such as special charges for research and development, that may
have a material effect on the Company's net income and diluted net
income per common share calculated in accordance with GAAP. This includes earnings estimates, future
financial performance and other matters. For GAAP diluted net income per common share
for the nine months ended March 31, 2004, the dilutive shares relative
to the convertible notes are not included as they are anti-dilutive.

growths gustatory

According to a recent
nationwide poll, this could be money well spent; 88% of Americans surveyed
admitted to guessing a person's age in order to form a first impression. These statements
are based on certain assumptions made by Medicis based on its experience and
perception of historical trends, current conditions, expected future
developments and other factors it believes are appropriate in the
circumstances. Any such
projections or statements include the current views of Medicis with respect to
future events and financial performance. Forward -looking statements represent
the judgment of Medicis' management as of the date of this release, and
Medicis disclaims any intent or obligation to update any forward-looking
statements.3
million , or $0.1 million, or $0.4 million
($1.

mycosis xeroderma

"Given the popularity of Botox(R), consumers have been conditioned to
focus on their so-called frown lines, often at the expense of other facial
areas which may show more pronounced effects of aging," said Dr. The revenue growth in the
acne products category was due primarily to an increase in sales of
PLEXION(R) Cleansing Cloths.0 million
tax -effected special charge associated with a research and development
collaboration with aaiPharma reported in the first nine months of
fiscal 2005 totaling $27.
There can be no certainty in which periods these potential payments
could be made, nor if any payments such as these will be made at all. Such statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of
Medicis.64 $0.5% due 2032 169,155 169,157
Contingent convertible senior
notes 1.

Information about skin disorders and diseases.

growths pleva

About Medicis Aesthetics
Medicis Aesthetics Inc.
Comparatively, in the first nine months of fiscal 2004 , Medicis
reported revenues of $215.6 million reported in the nine months ended March 31, 2004, Medicis
reported GAAP net income of $7.31 $0.5% due 2033 283,910 283,910
Deferred tax liability 4,891 2,894
Stockholders' equity 461,615 555,303
---------- ----------
Total liabilities and
stockholders' equity $1,006,584 $1,078,384
========== ==========
Working capital $ 572,514 $ 666,743
========== ==========

hidradenitis suppurativa

Sobel.
This will normally last less than seven days., is a wholly-owned subsidiary of Medicis Pharmaceutical Corporation,
a leading independent specialty pharmaceutical company in the United States
focusing primarily on the treatment of aesthetic, dermatological, and
podiatric conditions.2 million,
or $0.71 per diluted share, absent a $37. Including the tax-effected special charges of $37.8 million, or approximately 35. Revenue growth
outpaced the increase in selling , general and administrative expenses
primarily due to the investment spending behind the RESTYLANE (R)
launch incurred in the first nine months of fiscal 2004.37 $0.

birthmarks dermnet

Restoring volume in these areas with an injectable filler is a
simple and effective way to take years off a patient's appearance in one
office visit. To ensure a reliable and
accurate representation of the U. The Company is dedicated to helping patients attain a
healthy and youthful appearance and self-image. There can be no assurance as to when or if any of the
holders of the Notes will have the right to convert or if the Notes will be
converted, and what impact the increase in the number of shares outstanding
will have on its results of operations.8 million with net income of $20.
For the nine months ended March 31, 2005, Medicis reported
revenues of $276.12
======== ======== ======== ========
Shares used in basic net
income per common share 54,251 56,042 55,506 55,198
Shares used in diluted net
income per common share 69,773 73,164 71,489 58,569

Cash flow from operations $ 33,848 $ 37,446 $ 79,313 $ 77,428
-------- -------- -------- --------
GAAP Net income (above) $ 19 ,371 $ 20,671 $ 40,595 $ 7,135
Special charge for R+D
(tax-effected) 4,976 (a) ---- 27,830(b) 1,575(c)
Loss on early
extinguishment of debt
(tax-effected ) ---- ---- ---- 37,474
-------- -------- -------- --------
Net income absent
special charge $ 24,347 $ 20,671 $ 68 ,425 $ 46,184
Interest expense
and associated bond
offering costs
(tax-effected ) 1,674(d) 1,666(d) 5,026(e) 5,143(e)
-------- ----- --- -------- --------
"If-converted" net
income absent special
charge and loss on early
extinguishment of debt $ 26,021 $ 22,337 $ 73,451 $ 51,327
======== ======== ======== ========
Shares used in
diluted net income per
common share 69,773 73,164 71,489 71,816
Diluted net income per
common share $0.03 $0.

pleva xeroderma

S.
Restylane is a prescribed medical device, so please speak with your healthcare
professional to see if it is right for you.31
per diluted share. At
the end of the third quarter, the Company's core brands included
DYNACIN(R), LOPROX(R), OMNICEF (R), PLEXION(R), RESTYLANE(R), TRIAZ(R)
and VANOS(TM).

Use of Non-GAAP Financial Information:

The Company has provided non-GAAP financial information in this
press release in order to provide meaningful supplemental information
regarding its operational performance and to enhance its investors'
overall understanding of its core financial performance. There can be no assurance as to when or if any of the holders of
the Notes will have the right to convert or if the Notes will be
converted, and what impact the increase in the number of shares
outstanding will have on its results of operations.7 million are
added back to GAAP net income for the three months ended March 31,
2005 and 2004, respectively, and divided by shares used in diluted net
income per common share .5% and 1.

pemphigoid suppurativa

Results can be seen immediately following treatment and last about
six months. under a license from Fujisawa Pharmaceutical Co.30 per diluted share for the third
quarter of fiscal 2005 .5 million tax-effected loss
associated with the early extinguishment of debt and absent a $1. As we look to the
fourth quarter and fiscal year-end, we anticipate a successful
VANOS(TM) launch to dermatologists, and continue advancing our
sophisticated research and development pipeline through its respective
developmental stages. The Company's
products have earned wide acceptance by both physicians and patients
due to their clinical effectiveness, high quality and cosmetic
elegance .
The Company's products include the prescription brands
RESTYLANE(R), DYNACIN(R) (minocycline HCl), LOPROX(R) (ciclopirox),
OMNICEF(R) (cefdinir), PLEXION(R) (sodium sulfacetamide/sulfur),
TRIAZ (R) (benzoyl peroxide), LIDEX(R) (fluocinonide) Cream, 0.31 $1.

(b) Reported R+D expenses include a special charge of $44.6
million ($27.8 million tax-effected) relating to research +
development collaborations.

stasis thighs

S., instead of a representative sample.

About Restylane
Restylane is the first dermal filler made of a crystal-clear gel called
NASHA(TM) (Non-Animal Stabilized Hyaluronic Acid), and is indicated for mid to
deep dermal implantation for the correction of moderate to severe facial
wrinkles and folds, such as nasolabial folds.4 million, or $0. The Company includes revenue derived from
authorized generics in the non-dermatological products category. Including the tax-effected special
charges of $27.9 million, or approximately 33. Both products enjoy sound intellectual
property protection and attractive market potential. For more information about Medicis, please visit the
Company 's website at www. under a license from
Fujisawa Pharmaceutical Co.

thyrotoxic rashes

The
Report polled a nationally representative sample of 825 participants, which
consisted of 635 women and 190 men during the period of January 7-10, 2005
using an e-mail invitation and online survey. All other marks (or brands) and names are the property of Medicis
or its Affiliates.12 per diluted share
for the first nine months of fiscal 2004. Providing value to our shareholders and the
physicians and patients we serve remains our paramount focus. Additionally, Medicis may acquire and/or
license products or technologies from third parties to enter into new
strategic markets. Management believes that Medicis' investors benefit
from seeing the Company's results on the same basis as management, in
addition to the GAAP presentation.

(c) Reported R+D expenses include a special charge of $2.

carcinomas stasis

Is Guessing Someone 's Age the New American Pastime?

"
"The popularity of new non-surgical procedures like Botox and Restylane is
owed largely to consumer demand for subtle, quick and effective options to
turn back the clock. With Botox and Restylane, patients can erase the most
visible signs of aging to restore a fuller more youthful contour to the face
in under an hour," added Dr. For more information on
Restylane, including complete product information, log on to
http://www.

64 per
diluted share for the first nine months of fiscal 2005.
For the first nine months of fiscal 2005, revenue increased
approximately 28% primarily as a result of growth in the Company's
core brands.2% of revenues, for the
third quarter of fiscal 2004, a decrease as a percentage of revenues
of approximately 2 percentage points, primarily due to various
operational efficiencies which resulted in less spending .44. The Company's business is subject to all risk factors
outlined in the Company's most recent annual report on Form 10-K and
other filed documents with the Securities and Exchange Commission. The
Company excludes such charges and the related tax benefits when
analyzing its financial results as the items are distinguishable
events and have no impact to the Company's ongoing results of
operations.

Management believes that by viewing the Company's results
of operations excluding these charges, investors are given an
indication of the ongoing results of the Company's operations. Medicis cannot validate its assumptions
of the full impact on its business of the approval of competitive
generic versions of its core brands, or any future competitive product
approvals that may affect its brands .

Medicis
Summary Statements of Operations
(in thousands, except per share data)

Three Months Ended Nine Months Ended
March 31, March 31,
--------------------- ----------- ----------
2005 2004 2005 2004
--------------------- ---------------------
Revenues $ 95,188 $ 81 ,839 $276,355 $215,767
Cost of sales 13,914 13,118 41,185 34,536
-------- -------- -------- --------
Gross profit 81 ,274 68,721 235,170 181,231
Operating expenses:
Selling, general
and
administrative 31,868 28,793 96,327 87,907
Research and
development 14,518(a) 3,084 60,934(b) 12,375(c)
Depreciation and
amortization 6,054 4,707 16,276 11,872
-------- -------- -------- ----- ---
Total operating
expenses 52,440 36,584 173,537 112,154
Operating income 28,834 32,137 61,633 69,077
Interest (income)
expense, net (331) 335 (83) 449
Loss on early
extinguishment of debt ---- ---- ---- 58,660
Income tax expense 9,794 11,131 21,121 2,833
-------- -------- -------- --------
Net income $ 19,371 $ 20,671 $ 40,595 $ 7,135
======== ======== ======== ========
Basic net income per
common share $0.

(d) To calculate diluted earnings per share, tax-effected net
interest on the 2.

toenails patella

The Company is the
exclusive marketer and distributor of Restylane in the U. In
this particular study, the chances are 95 in 100 that a survey result does not
vary, plus or minus, by more than 3. The NASHA(TM) gel
integrates into dermal tissue, then attracts and binds to water molecules to
help maintain volume.4 million tax-effected special charge
associated with the SubQ(TM) transaction, a $3.S."
The Company's current fiscal 2005 revenue guidance is
approximately $376 million with earnings per share guidance of $1 .
As a result of the EITF's conclusion, third quarter fiscal 2005
and third quarter fiscal 2004 diluted per share amounts and
year-to-date diluted per share amounts are calculated using the
"if-converted" method of accounting in accordance with GAAP regardless
of whether the outstanding 2.71
===== ===== ===== =====

(a) Reported R+D expenses include a special charge of $8.

dermnet gustatory

And surprisingly, it's just as important
for men to preserve their youthful appearance as women:

* The Key to the Corner Office: 78% feel that looking younger impacts a
woman's success at work, versus 64% for men. The Report,
which polled 825 men and women between the ages of 21 and 55, also provides
information regarding the facial features which Americans felt most revealed
their age.S. The
Company's products have earned wide acceptance by both physicians and patients
due to their clinical effectiveness, high quality and cosmetic elegance . Including the $5.8 million with net income of $46.6
million tax-effected special charge associated with a research and
development collaboration reported in the first nine months of fiscal
2004 .medicis. OMNICEF(R) is a
registered trademark of Abbott Laboratories, Inc. RESTYLANE(R) is a registered
trademark of HA North American Sales AB, a subsidiary of Medicis
Pharmaceutical Corporation.1 million are
added back to GAAP net income for the nine months ended March 31, 2005
and 2004, respectively , and divided by shares used in diluted net
income per common share.

toenails thyrotoxic

,
Ltd. The revenue growth in the non-acne
products category was due primarily to the launch of VANOS(TM).03
per diluted share , absent a $19. Management
measures the Company's performance using non-GAAP financial measures
such as those that are disclosed in this press release.5% contingent convertible notes and
associated bond offering costs of $5.0 million and $5.

growths dermnet

* The Secret to Happiness: 88% feel that looking younger is the key to
happiness for women, versus 77% for men.----Medicis
(NYSE:MRX) today announced third quarter fiscal 2005 net revenue
growth of approximately 16% to $95.7 million, or $0. In our view, the non-GAAP
adjustments are informative to investors, allowing them to focus on
the ongoing operations and the core results of Medicis' business.13
======== ======== ======== ========
Diluted net income
per common share $0 .

growths birthmarks

and Canada., the company that markets and sells Restylane in
the U.

NOTE: Full prescribing information for any Medicis prescription product
is available by contacting the Company.

Medicis Reports Third Quarter Fiscal 2005 Financial Results

Diluted per share amounts are calculated using
the "if-converted" method of accounting in accordance with GAAP.6 million, or $0.
Selling, general and administrative expenses for the third quarter
of fiscal 2005 were $31.5% of revenues,
compared to $28. For the first nine months of fiscal 2004, the dilutive
shares relative to the convertible notes do not impact GAAP earnings
per share, as they are anti-dilutive. This
information is not in accordance with, or an alternative for,
information prepared using GAAP in the United States.

Medicis is the leading independent specialty pharmaceutical
company in the United States focusing primarily on the treatment of
dermatological and podiatric conditions and aesthetics medicine. These statements are based on
certain assumptions made by Medicis based on its experience and
perception of historical trends, current conditions, expected future
developments and other factors it believes are appropriate in the
circumstances. Also, there are a number of
additional important factors that could cause actual results to differ
materially from those projected, including the anticipated size of the
markets, the availability of product supply, the receipt of required
regulatory approvals , the ability to realize anticipated synergies and
benefits of the Q-Med transaction, the risks and uncertainties
normally incident to the pharmaceutical industry, dependence on sales
of key products , the uncertainty of future financial results and
fluctuations in operating results, dependence on Medicis' strategy
including the uncertainty of license payments and/or other payments
due from third parties, the timing and success of new product
development by Medicis or third parties, product introductions and
other risks described from time to time in Medicis' SEC filings
including its Annual Report on Form 10-K for the year ended June 30,
2004. All other marks (or brands) and names are
the property of Medicis or its Affiliates.3 million
($5.5% and 1.

clayson seborrheic

Restylane uses a dual mechanism
of action to correct wrinkles and folds. Such statements are subject to a number of assumptions , risks
and uncertainties, many of which are beyond the control of Medicis.2 million with net income of $24. The
revenue growth in the non-dermatological products category was due
primarily to the approval of AMMONUL(R), and the increase in contract
revenue associated with fees derived from authorized generics launched
on the Company's behalf.
At the time of this disclosure, Medicis believes these objectives
are attainable based upon information currently available to the
Company.36 $0 .73 $0.30 $0.0 million tax-effected) relating to a research + development
collaboration.

patella surgerydoor

RESTYLANE(R) is a registered trademark of HA North American Sales AB, a
subsidiary of Medicis Pharmaceutical Corporation. Additionally, the Company's gross profit margin for
third quarter fiscal 2005 increased to approximately 85% from 84% for
third quarter fiscal 2004 primarily due to a favorable change in the
Company's product mix.4 million with net income of $68., Ltd.

dermnet growths

41 percentage points from the result that
would be obtained if interviews had been conducted with all persons aged 21-55
in the U. Medicis Pharmaceutical
Corporation has leading branded prescription products in a number of
therapeutic categories, including acne, eczema, fungal infections, psoriasis,
rosacea, seborrheic dermatitis and skin and skin-structure infections.9 million, or approximately 40.7% of revenues
for the first nine months of fiscal 2004, a decrease as a percentage
of revenues of approximately 6 percentage points.com

Except for historical information, this press release includes
"forward-looking statements" within the meaning of the Securities
Litigation Reform Act.

Balance Sheets

At March 31, 2005 At June 30, 2004
------------------- ----------------
(unaudited)
Assets
Cash, cash equivalents +
short-term investments $ 561,254 $ 634,040
Accounts receivable, net 48,004 47,858
Inventory, net 19,067 19,540
Other current assets 31 ,202 32,425
---------- -----------
Total current assets 659,527 733,863
Property and equipment, net 6,346 5,842
Intangible assets, net 329,497 331 ,144
Other assets 11,214 7,535
---------- -----------
Total assets $1,006,584 $1,078,384
========== ===========
Liabilities and stockholders'
equity
Current liabilities $ 87,013 $ 67,120
Contingent convertible senior
notes 2.

hidradenitis stasis

So just how much does age matter? A majority of Americans taking part in
this survey agreed that a youthful appearance greatly impacts confidence ,
happiness and professional success.

The findings were issued as part of The Restylane (R) Report on Age
Impressions, an annual survey conducted by The Kelton Group. "In my experience , the most common and
treatable sign of aging can be the loss of volume in the lower third of the
face which results in deep smile lines and downward lines at the corners of
the mouth. population aged 21-55, quotas were set on
completed interviews by three variables: age, sex, and geographic region. All statements included in this press release that address activities,
events or developments that Medicis expects, believes or anticipates will or
may occur in the future are forward-looking statements.0 million
tax-effected special charge associated with a research and development
collaboration with aaiPharma, compared to third quarter fiscal 2004
revenues of $81.4 million, or $1.
Selling , general and administrative expenses for the first nine
months of fiscal 2005 were $96.3 million , or approximately 34.9% of
revenues compared to $87.
The above estimated future guidance does not include the potential
payments associated with any such transactions. No
assurances can be given, however, that these events will occur or that
such results will be achieved.

NOTE: Full prescribing information for any Medicis prescription
product is available by contacting the Company.

(e) To calculate diluted earnings per share, tax-effected net
interest on the 2.

clayson gustatory

New National Survey Reveals Just How Age-Obsessed Americans Really Are

SCOTTSDALE, Ariz . If you
are pregnant, breastfeeding, or under 18, you shouldn't use Restylane.com. NASHA(TM) is a trademark of
Q-Med AB.0 million tax-effected special
charge associated with the research and development collaboration, the
Company reported Generally Accepted Accounting Principles ("GAAP" ) net
income of $19.5 million tax-effected
special charge associated with a research and development
collaboration with Ansata Therapeutics, and a $5. Food and Drug Administration
approved the Class I corticosteroid, VANOS(TM), and the Urea Cycle
Disorder drug, AMMONUL(R).5% Convertible Senior Notes and 1.
Medicis has leading branded prescription products in a number of
therapeutic categories , including acne, eczema, fungal infections,
hyperpigmentation, photoaging, psoriasis, rosacea, seborrheic
dermatitis and skin and skin-structure infections. All statements included in this press release
that address activities, events or developments that Medicis expects,
believes or anticipates will or may occur in the future are
forward-looking statements. Forward-looking
statements represent the judgment of Medicis' management as of the
date of this release, and Medicis disclaims any intent or obligation
to update any forward-looking statements.6 million tax-effected) relating to a research + development
collaboration.

birthmarks surgerydoor

"
In fact, when shown pre- and post-treatment photos of patients who had
their smile lines filled, in most cases, participants felt the procedures took
years off the given subject's face.S.
Except for historical information, this press release includes "forward -
looking statements" within the meaning of the Securities Litigation Reform
Act.

Business Editors

SCOTTSDALE, Ariz.37 per diluted share, absent a $5. The Company periodically makes up -front,
non-refundable payments to third parties for research and development
work which has been completed and periodically makes additional
non-refundable payments for the achievement of various milestones. This
information facilitates management's internal comparisons to the
Company's historical core operating results, comparisons to
competitors' core operating results and is a basis for financial
decision making.

fingernail clayson

Restylane does not require any allergy or skin test prior to
injection although it is contraindicated for patients with a history of
allergies to the trace amounts of gram positive bacterial proteins included in
the product. After your treatment, you might have some redness or swelling.5 million and
$1. Additionally, the Company's gross profit margin for the
nine months ended fiscal 2005 increased to approximately 85% from 84%
over the nine months ended fiscal 2004 primarily due to a favorable
change in the Company's product mix. Any such projections or statements include the current views
of Medicis with respect to future events and financial performance.