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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Ju2bug2MwN77XYZNeSP3+xr4Ja9BnyrZ/ZeQtx4hZno2Vy5uQ3xXOAL/I3KcwUkX
 wadU/uUufYOBe9/JZb9hpA==

<SEC-DOCUMENT>0001181431-03-032813.txt : 20031125
<SEC-HEADER>0001181431-03-032813.hdr.sgml : 20031125
<ACCEPTANCE-DATETIME>20031125101227
ACCESSION NUMBER:		0001181431-03-032813
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031121
FILED AS OF DATE:		20031125

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			PFENNIGER RICHARD C JR
		CENTRAL INDEX KEY:			0001200796

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09623
		FILM NUMBER:		031022109

	BUSINESS ADDRESS:	
		STREET 1:		4400 BISCAYNE BOULEVARD
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33137
		BUSINESS PHONE:		305 575 6000

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IVAX CORP
		CENTRAL INDEX KEY:			0000772197
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				161003559
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		4400 BISCAYNE BLVD
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33137
		BUSINESS PHONE:		3055756000

	MAIL ADDRESS:	
		STREET 1:		4400 BISCAYNE BOULEVARD
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33137

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IVAX CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IVACO INDUSTRIES INC
		DATE OF NAME CHANGE:	19871213

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INLAND VACUUM INDUSTRIES INC
		DATE OF NAME CHANGE:	19870611
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd23751.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-11-21</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000772197</issuerCik>
        <issuerName>IVAX CORP</issuerName>
        <issuerTradingSymbol>IVX</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001200796</rptOwnerCik>
            <rptOwnerName>PFENNIGER RICHARD C JR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4400 BISCAYNE BOULEVARD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MIAMI</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33137</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock, $.10 Par Value Per Share</value></securityTitle><transactionDate><value>2003-11-21</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>81250</value></transactionShares><transactionPricePerShare><value>3.60</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>175815</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTra
nsaction></nonDerivativeTable><derivativeTable><derivativeTransaction><securityTitle><value>Employee Stock Option (Right to Buy)</value></securityTitle><conversionOrExercisePrice><value>3.60</value></conversionOrExercisePrice><transactionDate><value>2003-11-21</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>81250</value></transactionShares><transactionPricePerShare><value>3.60</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2003-11-21</value></exerciseDate><expirationDate><value>2004-12-30</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>81250</value></underlyingSecurityShares></underlyingSecurity><postTransactionA
mounts><sharesOwnedFollowingTransaction><value>0</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction></derivativeTable><ownerSignature><signatureName>Richard C. Pfenniger, Jr.</signatureName><signatureDate>2003-11-24</signatureDate></ownerSignature></ownershipDocument>



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