Exhibit 11

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

	2004		2003		2002
Basic earnings:
Net income	$	11,224	$	11,196	$	13,879
Weighted average number of common shares outstanding		23,332		22,544		22,532
Basic earnings per share	$	0.48	$	0.50	$	0.62
Diluted earnings:
Net income	$	11,224	$	11,196	$	13,879
Weighted average number of common shares outstanding		23,332		22,544		22,532
Potential dilution on exercise of stock options		973		445		789
Weighted average number of common shares outstanding, as adjusted		24,305		22,989		23,321
Diluted earnings per share	$	0.46	$	0.49	$	0.60