-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 PPQbF97oQBY1fE0omsFU2A+yw6EiLQrGNfmmcQLizyEPNx8ftpym85+ZH3Ji4qAc
 gj+POCrulNSr1O2z0W/wOw==

<SEC-DOCUMENT>0001209191-04-028614.txt : 20040528
<SEC-HEADER>0001209191-04-028614.hdr.sgml : 20040528
<ACCEPTANCE-DATETIME>20040528160311
ACCESSION NUMBER:		0001209191-04-028614
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040527
FILED AS OF DATE:		20040528

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MCCLARY THOMAS
		CENTRAL INDEX KEY:			0001188561

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09623
		FILM NUMBER:		04838621

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

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>bmi89464_bmi01tmc.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-05-27</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000772197</issuerCik>
        <issuerName>IVAX CORP</issuerName>
        <issuerTradingSymbol>IVX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001188561</rptOwnerCik>
            <rptOwnerName>MCCLARY THOMAS</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4400 BISCAYNE, M.D.</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MIAMI</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33137-3227</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>CAO- VP International Finance</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Employee Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>24.11</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-05-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2005-04-27</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2014-05-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The options are exercisable in four annual increments of 625 shares each, beginning on May 27, 2005.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Thomas McClary</signatureName>
        <signatureDate>2004-05-27</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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