"Millipore is honored to receive this award from the New England Clean Energy Council," said Madaus. "We firmly believe that as a multinational corporation, we have an opportunity and a responsibility to demonstrate environmental leadership through clean energy. Adopting environmentally friendly practices is not only the right thing to do--we see many business benefits from adopting energy efficiency initiatives and renewable energy technologies. It is my hope that more companies will start to transform by integrating sustainability principles into their operating practices, helping to mitigate the risks of global climate change we all face."

In 2008, Millipore formally announced an ambitious multi-year environmental effort aimed at reducing the company's global carbon footprint by 20 percent over five years. The company's initiative encompasses a wide range of programs focused on dramatically reducing the company's consumption of non-renewable resources, eliminating waste and adopting other changes that support long-term environmental sustainability.

A big part of its strategy to meet its carbon reduction goal is through the implementation of a comprehensive energy management program that includes a combination of energy efficiency and renewable energy projects. Most recently, the company completed a major solar panel installation at two of its Massachusetts facilities. Millipore is also an active participant in the Massachusetts Governor's Clean Energy Challenge.

David Newman, Director of Millipore's Sustainability Initiative, was also on hand to accept the award. "At Millipore, we take climate change and our responsibilities as a good corporate citizen very seriously. We set a goal a year and a half ago to reduce our greenhouse gas emissions by 20 percent over five years, and we plan to meet that while still growing our business. Already, through a combination of programs that save energy, drive down usage and even improve the reliability of our manufacturing processes, we have cut our energy use by 12 percent worldwide, and our greenhouse gas emissions by 15 percent."

For more information about Millipore's Sustainability Initiative, visit the Sustainability section of the company's website: http://www.millipore.com/sustainability/eco3/home

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 worldwide. For more information, visit www.millipore.com.

ADVANCING LIFE SCIENCE TOGETHER(R)

Research. Development. Production.

Safe Harbor Statement

Certain of 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 anticipate growth; failure to achieve anticipated returns on sustainability investments; failure to achieve design wins into our pharmaceutical and biotechnology customers' manufacturing design phase for a particular drug or vaccine; delay, suspension or termination of a customer's volume production; fluctuations in the timing of customers' orders; lack of availability of raw materials or component products on a timely basis; regulatory delay in the approval of new therapeutics; limitations on cash flow for operations and investment due to debt service obligations; the inability to establish and maintain necessary product and process quality levels; reduced demand for cell culture products using bovine serum; the inability to realize the expected benefits of development, marketing, licensing and other alliances; competitive factors such as new membrane or chromatography technology; risks relating to our concentration of principal manufacturing operations; the inability to successfully integrate acquired businesses; 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.

SOURCE: Millipore Corporation

Millipore Corporation 
For Media: 
Karen Marinella Hall 
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978-715-1567 
978-495-0829 
karen_hall@millipore.com 
or 
Investors: 
Joshua Young 
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978-715-1527 
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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."

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Net income for the nine months ended October 3, 2009 was $133.08 million, or $2.38 per diluted share, compared to $106.5 million, or $1.91 per diluted share.

Revenue was $1.23 billion, compared to $1.21 billion for the first nine months of 2008. Operating profit was $203.49 million, compared to $186.91 million in the first nine months of 2008.

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