SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                -----------------

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                        Date of Report: October 6, 1998

                            NU SKIN ENTERPRISES, INC.
             (Exact name of Registrant as specified in its charter)




Delaware                           001-12421                      87-0565309
(State or other                   (Commission                  (I.R.S. Employer
jurisdiction of                   File Number)               Identification No.)
incorporation)



75 West Center Street, Provo, Utah                                         84601
(Address of principal executive offices)                              (Zip Code)



Registrant's telephone number, including area code:               (801) 345-6100
                                 --------------



         (Former name or former address, if changed since last report.)

                    The Index to Exhibits appears on page 4.


                                   Page 1 of 8


Item 5.  Other Events

          (i)  On October 6, 1998, The  Registrant  announced that it had signed
               an agreement with Generation  Health Holdings,  Inc.  pursuant to
               which the  Registrant  will  purchase  privately-held  Generation
               Health  Holdings,  the parent  company  of  Pharmanex,  Inc.  The
               transaction  is  subject  to certain  conditions,  including  the
               approval of the stockholders of Generation Health Holdings,  Inc.
               Reference  is made to the press  release  issued to the public by
               the  Registrant on October 6, 1998, the text of which is attached
               hereto as Exhibit 99.1 and incorporated herein by reference.

Item 7.  Financial Statements and Exhibits.

          (c)  Exhibits.

               99.1 Press release of Nu Skin Enterprises,  Inc. dated October 6,
               1998.

                                   Page 2 of 8


SIGNATURES

          Pursuant to the requirements  of the Securities  Exchange Act of 1934,
     the  registrant  has duly  caused this report to be signed on its behalf by
     the undersigned, thereunto duly authorized on the day indicated.


NU SKIN ENTERPRISES, INC.
(Registrant)


                                                By: /s/ M. Truman Hunt
                                                ----------------------
                                                M. Truman Hunt
                                                Vice President of Legal Affairs
                                                and Investor Relations


Dated: October 6, 1998

                                   Page 3 of 8

                                INDEX TO EXHIBITS

Exhibit        Description                                             Page
- -------        -----------                                            ------
 99.1          Text of press release of Nu Skin Enterprises, Inc.        5
               dated October 6, 1998















                                   Page 4 of 8


EXHIBIT 99.1
- ------------

FOR IMMEDIATE RELEASE






CONTACTS:

Nu Skin Enterprises                                 Financial Relations Board
Charles Allen (investors)                           Lynne Farris (general info)
(801) 345-6110                                      Jordan Goldstein (investors)
Larry Macfarlane (media)                            (415) 986-1591
(801) 345-2102


         NU SKIN ENTERPRISES ANNOUNCES PLANS TO ACQUIRE PHARMANEX, INC.
        Acquisition Combines One of the Largest Direct Selling Companies
             with Innovative Developer of Natural Health Supplements

PROVO,  Utah -- Oct.  6,  1998 -- Nu Skin  Enterprises,  Inc.  (NYSE:  NUS)  and
Generation  Health  Holdings,  Inc.  today  announced  that they have  signed an
agreement by which Nu Skin Enterprises will purchase  privately-held  Generation
Health Holdings,  the parent company of Pharmanex,  Inc., a leading research and
development company of natural health supplements.

     The purchase price is  approximately  4.1 million shares of Nu Skin Class A
common  stock.  Nu Skin will also assume or repay  approximately  $30 million in
liabilities.  The final  purchase  price may  include  up to  approximately  $33
million  in  additional  consideration  depending  upon the  performance  of the
capital  markets and Nu Skin's  stock  during the year  following  closing.  The
transaction is also subject to certain conditions, including the approval of the
stockholders  of  Generation  Health  Holdings,  Inc.,  and  is  expected  to be
completed by the end of October 1998.

     "We believe this  transaction  combines the most innovative  natural health
supplement  developer  with the  most  potent  distribution  channel  for  these
products,"  stated Steven J. Lund,  president and chief executive  officer of Nu
Skin  Enterprises.  "The  acquisition  of Pharmanex  reflects our  commitment to
product  innovation  and  differentiation  and moves us closer to  becoming  the
world's  leader in both natural health and direct  selling.  We are attracted to
Pharmanex because it 1) has a proven ability to develop new, proprietary natural
health supplements,  2) has an outstanding line of existing health products,  3)
has the ability to  substantiate  product  efficacy  through  unique  avenues of
clinical  testing and 4) will form the basis for a new business  opportunity  we
plan to introduce soon to our distributor force. In addition, Pharmanex's

                                     -more-

                                   Page 5 of 8



Nu Skin Enterprises
Oct. 6, 1998
Page 2

current product line and its research and  development  expertise in the natural
health  supplement  industry  will  complement  our   well-established   general
nutrition,  weight management and sports nutrition product lines.  Pharmanex has
forged many  important  relationships  in the  scientific  community,  including
strategic  relationships  in China;  they share our  unremitting  commitment  to
quality and  innovation;  and they will help  position  us for further  vertical
integration,   particularly  with  regard  to  the  cultivation,   sourcing  and
extraction of high quality, standardized ingredients."

     Henry Burdick, chairman and chief executive officer of Pharmanex, said, "We
generated approximately $12 million in sales through mass market channels during
the first nine months of 1998. We see this acquisition as an opportunity to make
Pharmanex health supplements available to a much larger market. Nu Skin's global
reach  and  approximately  500,000  distributors  not  only  will  increase  the
availability of Pharmanex  products,  but also will help educate consumers about
their benefits. We see direct selling as the optimal new channel of distribution
for our products." Mr. Burdick continued,  "Pharmanex's principal  stockholders,
including  the  Pritzker  organization,  Chase  Venture  Partners,  and Fidelity
Ventures,  are convinced there is significant synergy in the marriage of the two
companies."

     Professor Carl Djerassi, chairman of Pharmanex's scientific advisory board,
said,  "This  merger  totally  supports  and  further  strengthens   Pharmanex's
commitment  to  bringing  sophisticated  scientific  research  and high  quality
control to the dietary supplement industry.  The strength of Nu Skin's marketing
and  Pharmanex's  science is a  powerful  combination  to take this new  company
forward."

     Pharmanex's   products  are  made  from  naturally  occurring   plant-based
substances  that  have  been  proven  effective  through  extensive   scientific
research.   Pharmanex  currently  sells  33  standardized  botanicals  and  five
proprietary  natural  dietary  supplements  through retail outlets in the United
States.  Pharmanex's proprietary dietary health supplements,  some of which have
patent applications pending, include:

          Cholestin(TM),  made from Monascus purpureas Went (red yeast rice), is
          a  revolutionary  health  supplement  shown to help  maintain  healthy
          cholesterol levels in the body.
        
          CordyMax  Cs-4(TM),   derived  from  the  Tibetan  Cordyceps  sinensis
          mushroom, promotes vitality and stamina, reduces fatigue, and promotes
          healthy lung function.

          BioGinkgo(TM)  27/7,  made  using a  proprietary  Ginkgo  biloba  leaf
          extraction  process,  supports memory and  concentration  and promotes
          peripheral circulation.

                                     -more-

                                   Page 6 of 8



Nu Skin Enterprises
Oct. 6, 1998
Page 3

          TeGreen 97(TM), made from antioxidant-rich  Green Tea, provides potent
          anti-oxidant  support in the presence of pollution,  stress and toxins
          without the negative effects of caffeine.
              
          Bio St. John's Wort(TM), a proprietary  combination of St. John's Wort
          and  CordyMax,  promotes  positive  mental  outlook and mood,  reduces
          fatigue and promotes healthy emotional balance.

     Based in Simi Valley, Calif., Pharmanex maintains a raw material extraction
facility in Huzhou, China; a research and development center in Shanghai, China;
a clinical and pharmacology center at Beijing Medical  University;  and contract
cultivation areas in China and Chile. In addition, the company has collaboration
agreements with China's Institute of Materia Medica, Beijing Medical University,
Shanghai Medical University,  Columbia University,  the University of California
Los  Angeles  and Kansas  University.  "We believe  that  Pharmanex's  extensive
contacts and  familiarity  with the Greater China region will enhance our future
opportunities  for growth in the People's  Republic of China and also in Taiwan,
where we have only begun to penetrate the large health supplementation  market,"
Mr. Lund added.

     The Pharmanex  research  team  includes more than 40 M.D.- and  Ph.D.-level
scientists,  many with extensive pharmaceutical industry experience. Dr. Michael
Chang, chief scientific officer of Pharmanex, was formerly director of medicinal
chemistry at Rhone-Poulenc  Rorer and associate director of medicinal  chemistry
at Merck.  "We have a tremendous  team of researchers  and physicians  that have
been able to work with hundreds of nutrition and pharmaceutical industry experts
to advance  phytotechnology  research and  development," Dr. Chang said. "We use
biochemical research to `fingerprint' the molecular  compositions of the natural
substances  present in our  products,  which  allows us to achieve  unparalleled
product reliability."

     Mr. Lund  commented,  "By  applying  pharmaceutical-level  standards to our
business,  we are also committed to being the model natural healthcare  products
company with respect to regulatory agencies."

     Mr. Lund continued,  "Current industry trends are moving nutrition products
into a mass-market, commodity-driven business with eroding margins. In contrast,
Pharmanex differentiates its premier products through scientific standardization
and a  pharmaceutical-quality  development process. By acquiring  Pharmanex,  Nu
Skin is also  gaining the  capacity to control  herbal  products on a vertically
integrated  basis including the cultivation and extraction of raw materials that
result in safe, consistently high quality products with improved margins."

     Nu Skin officials said they plan to combine the company's existing Interior
Design(R) Nutritionals
                                   
                                     -more-


                                   Page 7 of 8


Nu Skin Enterprises
Oct. 6, 1998
Page 4

(IDN) business with the Pharmanex  business,  creating a new corporate entity to
be named  Pharmanex.  William  McGlashan  Jr.  will  continue  as  president  of
Pharmanex.  As part of its  divisional  restructuring,  Nu Skin also  expects to
introduce a new distributor compensation plan to coincide with the launch of the
Pharmanex division. 

     Mr. Lund concluded,  "The Pharmanex acquisition  strengthens our commitment
and  ability  to provide  new  products  and  high-growth  opportunities  to our
distributors  for many years to come. We believe the acquisition will be a solid
marriage that will bear the fruits of innovation and growth."

The Company

     Nu Skin  Enterprises,  Inc. is a leading  marketer of premium personal care
and  nutrition  products.  One of the largest  direct  selling  companies in the
world, Nu Skin Enterprises has operations in Asia,  Europe and the Pacific,  and
licenses the rights to  distribute  Nu Skin  products to private  affiliates  in
North America.  The company's  products are currently  sold in 26 countries.  Nu
Skin  Enterprises  is traded on the New York  Stock  Exchange  under the  symbol
"NUS." 

     Nu Skin  Enterprises news releases are available free of charge through the
Company News On-Call fax service.  For a menu of Nu Skin  Enterprises news or to
retrieve a specific release, call 1-800-758-5804, extension 119638.

Please  note:  This news release  contains  various  forward-looking  statements
within the meaning of Section 21E of the  Securities  Exchange Act of 1934 which
represent Nu Skin Enterprises' expectations or beliefs concerning future events,
including,  but not limited to, the proposed  acquisition by Nu Skin Enterprises
of Generation Health Holdings, Inc. and its subsidiary, Pharmanex, Inc., and the
effect of such  acquisition  on the business,  operations  and prospects of each
company.  Nu Skin Enterprises  cautions that these statements  involve risks and
uncertainties  that could cause actual results and outcomes to differ materially
from those discussed or anticipated.  The risks and uncertainties  include,  but
are not limited to: a failure to obtain  required  Generation  Health  Holdings,
Inc.  stockholder  and  third-party  consents;  the  inability  of  Nu  Skin  to
successfully integrate the business of Pharmanex and its products into Nu Skin's
operations  and  distribution  channel  without  undue  expense  and  management
resources;  regulatory restrictions and actions in Nu Skin's markets which could
delay or hinder the ability of the company to market Pharmanex's  products;  and
the  inability  of Pharmanex to continue to develop  innovative  and  marketable
dietary   supplements   in  a  timely  manner  and  to  maintain  its  strategic
relationships.   In  addition,   a  number  of   additional   risk  factors  and
uncertainties are set forth in Nu Skin Enterprises'  filings with the Securities
and Exchange Commission, including its most recent Form 10-K and Form 10-Q.

                                      # # #

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