Exhibit 11

Noven Pharmaceuticals, Inc.
Computation of Earnings per Share
(in thousands except per share amounts)

	2003		2002		2001
Basic earnings:
Net income	$	11,196	$	13,879	$	12,091
Weighted average number of common shares outstanding		22,544		22,532		22,367
Basic earnings per share	$	0.50	$	0.62	$	0.54
Diluted earnings:
Net income	$	11,196	$	13,879	$	12,091
Weighted average number of common shares outstanding		22,544		22,532		22,367
Potential dilution on exercise of stock options		445		789		1,144
Weighted average number of common shares outstanding, as adjusted		22,989		23,321		23,511
Diluted earnings per share	$	0.49	$	0.60	$	0.51