Noven Announces Stock Repurchase Program

-- Noven Pharmaceuticals, Inc. (NASDAQ: NOVN), a leading developer of advanced transdermal drug delivery technologies and prescription transdermal products, today announced that its Board of Directors has approved a stock repurchase program authorizing the company to buy back up to $25 million of the company’s common stock.

Purchases under the program may be made from time to time in the open market, through block trades, in privately negotiated transactions or otherwise, at the discretion of company management. Depending on market conditions and other factors, purchases may be commenced, suspended or recommenced at any time without prior notice. Noven cannot assure that any shares will be repurchased under the program.

As of February 28, 2003, Noven had approximately 22.6 million common shares outstanding.

About Noven
Noven Pharmaceuticals, Inc., headquartered in Miami, Florida, is a leading developer of advanced transdermal drug delivery technologies and prescription transdermal products. Together with Novartis Pharmaceuticals Corporation, Noven owns a women’s health products company called Novogyne Pharmaceuticals. Noven’s existing products include advanced estrogen transdermal delivery systems (including Vivelle-Dot®, licensed to Novogyne, and Estradot®, licensed to Novartis Pharma AG) and combination estrogen/progestin transdermal delivery systems (including CombiPatch®, licensed to Novogyne, and Estalis®, licensed to Novartis Pharma AG). With a range of additional products in development, including MethyPatch®, Noven is committed to becoming the world’s premier developer, manufacturer and marketer of transdermal drug delivery systems. For additional information, visit Noven’s website at www.noven.com.

This release contains forward-looking information related to the business of Noven that can be identified by the use of forward-looking terminology such as "may", "will" and similar words and phrases. Such statements are qualified by and subject to the risks and uncertainties specified in Noven's most recent filings with the Securities and Exchange Commission and those specified herein, including the risk that Noven may not repurchase all or any of the shares authorized because of the market price of Noven's stock from time to time, other investment opportunities presented to Noven from time to time, Noven’s cash flows from operations, general economic conditions and other factors.

Contact:
Investor & Media Contact
Joseph C. Jones
Vice President – Corporate Affairs
Noven Pharmaceuticals, Inc.
305-253-1916