Biovail Declares Quarterly Dividend

    TORONTO, March 15 /CNW/ - Biovail Corporation (NYSE:  BVF)(TSX:BVF) today
announced that the Company's Board of Directors has declared a quarterly cash
dividend of US$0.375 per share payable on April 3, 2007, to shareholders of
record at the close of business on March 26, 2007.

    Important Income-Tax Information for Canadian Resident Shareholders

    Biovail Corporation designates the entire amount of this taxable dividend
to be an "eligible dividend" for purposes of the Income Tax Act (Canada), as
amended from time to time. This notice meets the requirements of the Income
Tax Act (Canada). Please contact your tax advisor if you have any questions
with regard to the designation of the eligible dividend.

    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

    For further information, please contact Nelson F. Isabel at 905-286-3100
or send inquiries to

For further information:

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

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