Biovail Reports Third-Quarter 2007 Financial Results



    Third-Quarter 2007 Revenues of $189 Million;

    Year-to-Date 2007 Revenues of $639 Million;

    Third-Quarter 2007 Net Income of $66 Million; U.S. GAAP EPS of $0.41

    TORONTO, November 8 /CNW/ - Biovail Corporation (NYSE:  BVF)(TSX:BVF) today
announced financial results for the three-month and nine-month periods ending
September 30, 2007. To the extent that this news release contains
forward-looking statements, investors are cautioned that these statements are
based on the Company's current views, and actual outcomes are not certain. For
more information, see the note on forward-looking information following the
conference-call details at the end of this news release.

    Total revenues for the three months ended September 30, 2007 were $188.9
million, compared with $282.3 million for the third quarter of 2006. Total
revenues for the nine months ended September 30, 2007 were $638.9 million,
compared with $760.1 million for the first nine months of 2006. In accordance
with United States Generally Accepted Accounting Principles (GAAP), Biovail
reported net income of $65.9 million in the third quarter of 2007, compared
with a net loss of $60.1 million for the corresponding 2006 period. For the
nine months ended September 30, 2007, net income was $227.5 million, compared
with $93.7 million for the same period a year earlier. For the third quarter
of 2007, Biovail reported GAAP earnings per share (EPS) of $0.41, versus a net
loss per share of $0.37 for the third quarter of 2006. In the first nine
months of 2007, GAAP EPS were $1.41, versus EPS of $0.59 for the first nine
months of 2006.

    Specific Items Affecting Third-Quarter Results

    GAAP net income and EPS figures for the third quarter of 2007 were
negatively impacted by a $2.1-million legal settlement and a $0.4-million
equity loss related to an investment in Western Life Sciences Venture Fund
(WLS), partially offset by $0.9 million in cost recoveries, primarily related
to the December 2006 restructuring of the Company's U.S. operations. These
items negatively impacted net income and EPS in the third quarter of 2007 by
$1.6 million and $0.01, respectively. GAAP net income and EPS figures for the
third quarter of 2006 were negatively impacted by a $147.0-million non-cash
write-down of intangible assets, a $40.0-million charge related to a contract
loss in the Wellbutrin XL(R) agreement with GlaxoSmithKline (GSK), a
$6.8-million charge related to a lost-profits provision in the Company's
agreement with Kos Pharmaceuticals, Inc. (Kos) pertaining to Cardizem(R) LA,
and a $0.2-million equity loss related to the investment in WLS; partially
offset by a $4.0-million gain related to the termination of the Athpharma
agreement. These charges negatively impacted net income and EPS in the third
quarter of 2006 by $190.0 million and $1.19, respectively.

    Specific Items Affecting Year-To-Date Results

    In addition to the items in the third quarter of 2007, Biovail incurred a
charge of $1.5 million associated with the December 2006 restructuring of the
Company's U.S. commercial operations, and a loss of $12.5 million on the
extinguishment of the Company's Senior Subordinated Notes, which included a
$7.9-million premium for the early redemption, and the write-off of $4.6
million in deferred financing and other associated costs. Biovail also
recorded a $0.9-million equity loss in the first half of 2007 relating to the
Company's investment in WLS. Offsetting these items was a $15.7-million gain
associated with the April 2007 sale of a portion of the Company's interest in
Ethypharm S.A., and a $1.6-million reversal in accrued contract-cost
provisions, primarily related to the Wellbutrin XL(R) agreement as a result of
additional sample purchases by GSK in the second quarter of 2007. These items
had an aggregate positive impact to net income of $0.9 million, or $0.01 per
share.

    In addition to the items in the third quarter of 2006, GAAP net income
and EPS for the first nine months of 2006 were negatively impacted by an
initial $4.5-million, contract-cost provision related to the sample-supply
allowance with GSK, and a $0.3-million equity loss in the first half of 2006
relating to the Company's investment in WLS. These items had an aggregate
negative impact to net income of $194.8 million, or $1.22 per share.

    "Biovail's third-quarter results reflect the impact of our December 2006
restructuring, and our ongoing efforts to reduce costs, and to maximize
operational efficiencies across the organization," said Biovail Chief
Executive Officer Dr. Douglas Squires. "However, our commitment to research
and development is unwavering, and we will continue to invest heavily in our
development pipeline. We are also exploring a number of acquisition
opportunities to supplement Biovail's organic growth initiatives, and to
better position the Company for long-term growth."

    2007 Financial Performance

    Product revenues for the third quarter of 2007 were $178.3 million,
compared with $270.0 million in the third quarter of 2006, a decrease that
primarily reflects lower revenues for Wellbutrin XL(R) as a result of generic
competition. Product revenues for the nine months ended September 30, 2007
were $607.1 million, compared with $725.3 million for the nine months ended
September 30, 2006. Excluding Wellbutrin XL(R), total product revenues were
$439.1 million in the nine months ended September 30, 2007, a 4% increase
compared with $423.0 million in the corresponding period in 2006.

    Product revenues for Wellbutrin XL(R) were $53.5 million in the third
quarter of 2007, and $168.0 million in the first nine months of 2007, compared
with $123.3 million and $302.2 million in the corresponding periods in 2006,
respectively. These decreases reflect the December 2006 introduction of
generic competition for the 300mg dosage strength of the product. Under the
terms of a comprehensive settlement agreement entered into with a number of
generic pharmaceutical companies, a generic version of the 150mg strength of
Wellbutrin XL(R) could be launched commencing May 30, 2008, or potentially
sooner upon the occurrence of specified events, including an adverse decision
of Biovail's appeal of the non-infringement summary judgment previously
granted to Anchen Pharmaceuticals LLP, and/or when new prescriptions for
BVF-033 exceed 35% of new prescription volume for Wellbutrin XL(R) 150mg.

    Launched in February 2006 by marketing partner Ortho-McNeil Inc. (OMI),
Biovail recorded revenues of $13.8 million for Ultram(R) ER in the third
quarter of 2007, compared with $18.6 million in the corresponding period in
2006. The decrease reflects lower inventory levels at OMI for the product, and
the backorder of certain lots, which were shipped in October 2007. In the
first nine months of 2007, Ultram(R) ER generated revenues of $63.3 million,
compared with $34.6 million in the corresponding period in 2006.
Year-over-year performance was also impacted by higher prescription volumes,
an increase in Biovail's supply price from 27.5% to 37.5% of OMI's net selling
price , and a price increase in January 2007. In the third quarter of 2007,
Ultram(R) ER captured 6.2% of total prescription volume for the tramadol
market (including generics).

    Revenues for Biovail's Zovirax(R) franchise were $31.0 million in the
third quarter of 2007, and $103.5 million in the first nine months of 2007,
representing increases of 12% and 27%, respectively, compared with $27.8
million and $81.3 million in the prior-year periods. Revenue increases reflect
the timing of wholesaler inventory purchases and the implementation of price
increases in 2007. Total prescription volume for the Zovirax(R) franchise
decreased 2% in the third quarter of 2007, compared with the third quarter of
2006. In the third quarter of 2007, Zovirax(R) Ointment and Zovirax(R) Cream
held a combined 73.8% share of the topical herpes market.

    Third-quarter 2007 revenues for Biovail Pharmaceuticals Canada (BPC) were
$14.7 million, compared with $13.7 million in the prior-year period. BPC
revenues for the first nine months of 2007 were $42.6 million, compared with
$53.0 million in the first nine months of 2006. The year-over-year decrease
reflects the impact of generic competition for Wellbutrin(R) SR and Tiazac(R).
Total prescription volume for Wellbutrin(R) SR and Tiazac(R) decreased 62% and
51%, respectively, in the third quarter of 2007, versus the comparable 2006
period. Partially offsetting this decline was the continued growth of
Tiazac(R) XC, for which prescriptions increased 33%, compared with the third
quarter of 2006, and the strong performance of Wellbutrin(R) XL (launched
April 2006), which captured 34.5% of bupropion prescriptions in the third
quarter of 2007.

    In the third quarter of 2007, Cardizem(R) LA generated revenues of $14.4
million, compared with $14.3 million for the corresponding period in 2006. In
the first nine months of 2007, Cardizem(R) LA generated revenues of $61.1
million, compared with $44.1 million in the first nine months of 2006, a 38%
increase that reflects the fulfillment of backorders of 120mg and 180mg
strength tablets in the first quarter of 2007. The amortization of deferred
revenues associated with the May 2005 Kos transaction positively impacted
Cardizem(R) LA revenues by $3.8 million and $11.3 million in the third quarter
and first nine months, respectively, of both 2006 and 2007.

    Biovail's Legacy products generated revenues of $30.6 million for the
third quarter of 2007, compared with $38.7 million in the third quarter of
2006, a decrease of 21%. In the first nine months of 2007, Legacy products
generated revenues of $101.2 million, compared with $110.9 million in the
first nine months of 2006, a decrease of 9%. This performance is largely
attributable to lower sales of Tiazac(R) (both branded and generic products)
as a result of increased generic competition, partially offset by price
increases implemented for other Legacy products in 2007.

    Product revenue for Biovail's portfolio of generic products (distributed
by a subsidiary of Teva Pharmaceutical Industries Ltd.) was $20.3 million in
the third quarter of 2007, compared with $33.7 million in the third quarter of
2006. The decrease reflects lower prescription volumes due to increased
competition, and the impact of an $8.5-million increase in the estimate for
future returns, rebates and chargebacks associated with these products. In the
first nine months of 2007, revenues were $67.5 million, compared with $100.1
million in the corresponding 2006 period, reflecting a loss of market share,
in addition to price adjustments by Teva.

    Performance Summary

    The following table summarizes Biovail's product revenue performance in
the third quarter and first nine months (YTD) of 2007:

    
    ($000s)            Q3/07     Q3/06    Change  YTD/07   YTD/06   Change
                       Revenues  Revenues  (%)   Revenues  Revenues  (%)
    ----------------------------------------------------------------------
    Wellbutrin XL(R)     53,516   123,294   (57)  167,969   302,248   (44)
    Ultram(R) ER         13,765    18,581   (26)   63,346    34,572     83
    Zovirax(R)           31,017    27,765     12  103,517    81,337     27
    Biovail
     Pharmaceuticals
     Canada              14,654    13,695      7   42,551    53,002   (20)
    Cardizem(R) LA       14,429    14,270      1   61,064    44,131     38
    Legacy Products      30,606    38,683   (21)  101,163   110,941    (9)
    Generics             20,334    33,727   (40)   67,479   100,108   (33)
    Teveten                   -         -      -        -   (1,058)     NM
    ----------------------------------------------------------------------
    Total Product
     Revenues           178,321   270,015   (34)  607,089   725,281   (16)
    ----------------------------------------------------------------------
    

    N/M - Not meaningful

    Research-and-development revenue increased 10% and 27% in the third
quarter and first nine months of 2007 to $6.2 million and $18.5 million,
respectively, compared with the corresponding periods of 2006. This
performance reflects increased activity levels at Biovail's Contract Research
Division, and a $1.9-million payment from Kos in the second quarter of 2007
related to development activity for Vasocard(TM) prior to the project's
termination.

    Royalty and other revenue were $4.3 million in the third quarter of 2007
and $13.4 million in the first nine months of 2007, compared with $6.6 million
and $20.2 million in the corresponding periods in 2006, respectively. The
year-over-year decreases reflects lower royalties related to Tiazac(R) and
Cardizem(R) CD, and the elimination of co-promotion revenues associated with
Ultram(R) ER and Zoladex(R) 3.6mg.

    Cost of goods sold for the third quarter of 2007 was $50.5 million,
compared with $55.8 million in the third quarter of 2006. Gross margins based
on product sales were 72% and 73% in the third quarter and first nine months
of 2007, respectively, compared with 79% and 78% in the third quarter and
first nine months of 2006, respectively. The decline in 2007 reflects lower
gross margins associated with Wellbutrin(R) XL revenues, which remain at the
lowest tier of pricing as per the supply-and-distribution agreement with GSK;
the inclusion of Biovail's one-third share of the costs associated with GSK's
license agreement with Watson Pharmaceuticals, Inc. related to Wellbutrin
XL(R) 150mg; and lower gross margins associated with the Company's generic
products. These items were partially offset by price increases implemented
across a number of product lines, and the increase in Biovail's supply price
for Ultram(R) ER from 27.5% of net sales in 2006 to 37.5% in 2007.

    Research-and-development expenditures were $30.7 million for the third
quarter of 2007 and $88.8 million for the first nine months of 2007, compared
with $26.4 million and $67.1 million for the corresponding periods in 2006,
respectively. The year-over-year changes reflect increased spending for
BVF-033 (bupropion salt); BVF-146 (combination of tramadol and a non-steroidal
anti-inflammatory drug, or NSAID); BVF-012 (enhanced absorption,
alcohol-resistant venlafaxine); BVF-324 (undisclosed product for the treatment
of a prevalent sexual dysfunction); and a number of feasibility programs. In
October 2007, based on feedback from the U.S. Food and Drug Administration
(FDA), Biovail submitted a Complete Response to the Non-Approval Letter for
BVF-033 it received in July, which included new analyses of the data in the
original NDA, but no new clinical data. The Company anticipates a response
from the FDA in the near term. With respect to BVF-324, a recent meeting with
the FDA has raised a number of issues that impact the development path for the
product. Biovail is currently evaluating FDA feedback to determine the most
appropriate course of action.

    Selling, general and administrative (SG&A) expenses for the third quarter
of 2007 were $33.7 million, compared with $50.2 million in the third quarter
of 2006. This 33% decrease reflects the December 2006 restructuring of the
Company's U.S. commercial operations, lower legal expenses (net of insurance
recoveries), lower stock-based compensation expenses, and overall
cost-containment initiatives. SG&A expenses for the first nine months of 2007
were $129.6 million, compared with $173.4 million in the first nine months of
2006, a decrease of 25%.

    Amortization expense in the third quarter and first nine months of 2007
was $12.0 million and $35.9 million, compared with $14.8 million and $44.5
million in the corresponding periods in 2006, respectively. The decrease
primarily reflects the third-quarter 2006 write-down of intangible assets
associated with Vasotec(R) and Glumetza(TM).

    Balance Sheet & Cash Flow

    At the end of the third quarter of 2007, Biovail had cash balances of
$411.9 million, marketable securities of $33.7 million, no long-term
obligations and no outstanding borrowings under its credit facility. Biovail
currently has $27.0 million invested in auction-rate securities that are rated
Aaa/AAA and pay cash interest. Given ongoing liquidity issues in the market
for these securities, Biovail has recorded these securities at their estimated
fair value of $24.3 million, and has recognized an unrealized loss of $2.7
million in other comprehensive income. These securities are now classified as
non-current assets on the Company's consolidated balance sheet.

    Cash flows from continuing operations were $43.4 million in the third
quarter of 2007 and $261.5 million in the first nine months of 2007, compared
with $81.4 million and $286.9 million in the corresponding periods of 2006.
Operating cash flows in the third quarter of 2007 reflect a decrease of $37.2
million in accrued liabilities related to the settlement of the $16.0-million
price adjustment related to charge-backs for the Company's generic products,
and the payment of $14.4 million related to litigation settlements accrued at
December 31, 2006.

    Net capital expenditures were $10.6 million in the third quarter of 2007,
and $23.6 million in the first nine months of 2007, which reflects the ongoing
expansion of the Company's corporate headquarters in Mississauga, Ontario, and
upgrades to the Company's manufacturing facility in Dorado, Puerto Rico.

    Conference Call

    Biovail management will host a conference call and Webcast on Thursday,
November 8, 2007, at 8:30 a.m. EST for Company executives to discuss 2007
third-quarter earnings. Following the discussion, Biovail executives will
address inquiries from research analysts.

    A live Webcast of this call will be available through the Investor
Relations section of the Biovail Web site, www.biovail.com. To access the call
live, please dial 416-641-6136 (Toronto and International callers) and
1-866-225-9256 (U.S. and Canada). Listeners are encouraged to dial in 10
minutes before the call begins to avoid delays.

    A replay of the conference call will be available until 7 p.m. EST on
Thursday, November 15, 2007, by dialing 416-695-5800 (Toronto and
International callers) and 1-800-408-3053 (U.S. and Canada), using access
code, 3240214#.

    Caution Regarding Forward-Looking Information and "Safe Harbor" Statement
Under the Private Securities Litigation Reform Act of 1995

    To the extent any statements made in this release contain information
that is not historical, these statements are forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and may be
forward-looking information within the meaning of the "safe harbor" provisions
of applicable Canadian provincial securities legislation (collectively,
"forward-looking statements"). These forward-looking statements relate to,
among other things, our objectives, goals, targets, strategies, intentions,
plans, beliefs, estimates and outlook, including, without limitation,
statements concerning the timing of commercial launch of a generic version of
the 150 mg dosage strength of Wellbutrin XL(R) and the timing of a response
from the FDA regarding BVF-033, and can generally be identified by the use of
words such as "believe," "anticipate," "expect," "intend," "plan," "will,"
"may" and other similar expressions. In addition, any statements that refer to
expectations, projections or other characterizations of future events or
circumstances are forward-looking statements.

    Although Biovail believes that the expectations reflected in such
forward-looking statements are reasonable, such statements involve risks and
uncertainties, and undue reliance should not be placed on such statements.
Certain material factors or assumptions are applied in making forward-looking
statements, and actual results may differ materially from those expressed or
implied in such statements. Important factors that could cause actual results
to differ materially from these expectations include, among other things: a
decrease in sales of Wellbutrin XL(R), the difficulty of predicting U.S. Food
and Drug Administration and Canadian Therapeutic Products Directorate
approvals, acceptance and demand for new pharmaceutical products, the impact
of competitive products and pricing, new product development and launch,
reliance on key strategic alliances, availability of raw materials and
finished products, the regulatory environment, tax rate assumptions, the
outcome of legal proceedings, fluctuations in operating results and other
risks detailed from time to time in the Company's filings with the Securities
and Exchange Commission and the Canadian Securities Administrators, as well as
the Company's ability to anticipate and manage the risks associated with the
foregoing. Additional information about these factors and about the material
factors or assumptions underlying such forward-looking statements may be found
in the body of this news release, as well as under the heading "Risk Factors"
contained in Item 3(D) of Biovail's most recent Annual Report on Form 20-F/A.

    The Company cautions that the foregoing list of important factors that
may affect future results is not exhaustive. When relying on Biovail's
forward-looking statements to make decisions with respect to the Company,
investors and others should carefully consider the foregoing factors and other
uncertainties and potential events. Biovail undertakes no obligation to update
or revise any forward-looking statement.

    About Biovail Corporation

    Biovail Corporation is a specialty pharmaceutical company, engaged in the
formulation, clinical testing, registration, manufacture and commercialization
of pharmaceutical products utilizing advanced drug-delivery technologies. For
more information about Biovail, visit the Company's Web site at
www.biovail.com.

    For further information, please contact Nelson F. Isabel at 905-286-3000
or send inquiries to ir@biovail.com.

    
                             BIOVAIL CORPORATION
              CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (All dollar amounts are expressed in thousands of U.S. dollars, except
                                per share data)
                                 (Unaudited)

                                   Three Months Ended   Nine Months Ended
                                      September 30        September 30
                                   ------------------- -------------------
                                     2007      2006      2007      2006
                                   --------- --------- --------- ---------
    REVENUE
    Product sales                  $178,321  $270,015  $607,089  $725,281
    Research and development          6,237     5,691    18,456    14,551
    Royalty and other                 4,332     6,596    13,377    20,242
                                   --------- --------- --------- ---------
                                    188,890   282,302   638,922   760,074
                                   --------- --------- --------- ---------
    EXPENSES
    Cost of goods sold               50,458    55,809   161,408   161,569
    Research and development         30,674    26,350    88,843    67,080
    Selling, general and
     administrative                  33,660    50,168   129,583   173,388
    Amortization                     11,979    14,824    35,942    44,473
    Legal settlement                  2,062         -     2,062         -
    Restructuring costs (recovery)     (820)        -       712         -
    Contract costs (recovery)          (123)   46,800    (1,735)   51,300
    Asset impairments, net of gain
     on disposal                          -   143,000         -   143,000
                                   --------- --------- --------- ---------
                                    127,890   336,951   416,815   640,810
                                   --------- --------- --------- ---------
    Operating income (loss)          61,000   (54,649)  222,107   119,264
    Interest income                   3,789     7,577    19,620    18,889
    Interest expense                   (245)   (8,951)   (9,375)  (26,460)
    Gain on disposal of investment        -         -    15,716         -
    Loss on early extinguishment of
     debt                                 -         -   (12,463)        -
    Foreign exchange gain (loss)      5,255      (135)    5,730      (522)
    Equity loss                        (432)     (205)   (1,325)     (473)
                                   --------- --------- --------- ---------
    Income (loss) from continuing
     operations before provision
     for income taxes                69,367   (56,363)  240,010   110,698
    Provision for income taxes        3,500     3,700    12,500    13,200
                                   --------- --------- --------- ---------
    Income (loss) from continuing
     operations                      65,867   (60,063)  227,510    97,498
    Loss from discontinued
     operation                            -         -         -    (3,848)
                                   --------- --------- --------- ---------
    Net income (loss)               $65,867  $(60,063) $227,510   $93,650
                                   --------- --------- --------- ---------

    Basic and diluted earnings
     (loss) per share
    Income (loss) from continuing
     operations                       $0.41    $(0.37)    $1.41     $0.61
    Loss from discontinued
     operation                            -         -         -     (0.02)
                                   --------- --------- --------- ---------
    Net income (loss)                 $0.41    $(0.37)    $1.41     $0.59
                                   --------- --------- --------- ---------

    Weighted average number of
     common shares outstanding
     (000s)
    Basic                           161,020   160,232   160,777   159,990
                                   --------- --------- --------- ---------
    Diluted                         161,020   160,232   160,824   160,015
                                   --------- --------- --------- ---------
    

    
                             BIOVAIL CORPORATION
                    CONDENSED CONSOLIDATED BALANCE SHEETS
       (All dollar amounts are expressed in thousands of U.S. dollars)
                                 (Unaudited)

                                                       At          At
                                                  September 30 December 31
                                                      2007        2006
                                                  ------------ -----------
    ASSETS
    Cash and cash equivalents                         $411,906    $834,540
    Other current assets                               203,106     223,084
    Marketable securities                               29,143       5,677
    Long-term investments                               26,900      56,442
    Property, plant and equipment, net                 235,233     211,979
    Intangible assets, net                             654,822     697,645
    Goodwill                                           100,294     100,294
    Other long-term assets, net                         50,310      62,781
                                                  ------------ -----------
                                                    $1,711,714  $2,192,442
                                                  ------------ -----------

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current liabilities                               $228,438    $410,287
    Long-term obligations                                    -     399,379
    Other long-term liabilities                        104,026      80,519
    Shareholders' equity                             1,379,250   1,302,257
                                                  ------------ -----------
                                                    $1,711,714  $2,192,442
                                                  ------------ -----------
    

    
                             BIOVAIL CORPORATION
               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
       (All dollar amounts are expressed in thousands of U.S. dollars)
                                 (Unaudited)

                                   Three Months Ended   Nine Months Ended
                                      September 30        September 30
                                   ------------------- -------------------
                                     2007      2006      2007      2006
                                   --------- --------- --------- ---------
    CASH FLOWS FROM OPERATING
     ACTIVITIES
    Net income (loss)               $65,867  $(60,063) $227,510   $93,650
    Adjustments to reconcile net
     income (loss) to net cash
     provided by continuing
     operating activities
    Depreciation and amortization    21,220    24,119    67,481    70,413
    Amortization and write-down of
     deferred financing costs           117       532     4,691     1,769
    Amortization and write-down of
     discounts on long-term
     obligations                          -       297       962     1,090
    Stock-based compensation          1,734     2,878     8,771    12,640
    Accrued contract costs           (8,123)   46,800    (9,735)   51,300
    Gain on disposal of investment        -         -   (15,716)        -
    Premium paid on early
     extinguishment of debt               -         -     7,854         -
    Equity loss                         432       205     1,325       473
    Asset impairments                     -   147,000         -   147,000
    Gain on disposal of intangible
     assets                               -    (4,000)        -    (4,000)
    Loss from discontinued
     operation                            -         -         -     3,848
    Other                             1,737       122     2,816     2,085
    Changes in operating assets and
     liabilities                    (39,569)  (76,508)  (34,439)  (93,388)
                                   --------- --------- --------- ---------
    Net cash provided by continuing
     operating activities            43,415    81,382   261,520   286,880
    Net cash used in continuing
     investing activities           (41,214)   (2,469)  (16,542)  (33,371)
    Net cash used in continuing
     financing activities           (59,881)  (20,980) (668,212)  (68,854)
    Net cash used in discontinued
     operation                            -         -         -      (558)
    Effect of exchange rate changes
     on cash and cash equivalents       128       241       600       114
                                   --------- --------- --------- ---------
    Net increase (decrease) in cash
     and cash equivalents           (57,552)   58,174  (422,634)  184,211
    Cash and cash equivalents,
     beginning of period            469,458   571,326   834,540   445,289
                                   --------- --------- --------- ---------
    Cash and cash equivalents, end
     of period                     $411,906  $629,500  $411,906  $629,500
                                   --------- --------- --------- ---------
    




For further information:

For further information: Biovail Corporation Nelson F. Isabel,
905-286-3000 Vice-President, Investor Relations & Corporate Communications

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BIOVAIL CORPORATION

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