Biovail posts robust 1Q results

05/11/06 - newratings.com

NEW YORK, May 11 (newratings.com) – Canada-based drug manufacturer Biovail Corp (BVF) Thursday reported a sharp increase in its first quarter profits due to increased sales and a sharp decline in labour costs.

Ontario-based Biovail’s quarterly net income increased to $64.5 million or $0.40 per share, from $11.1 million or $0.07 per share in the year-ago period. The company’s latest quarter’s earnings were negatively impacted by a $4.1 million loss from discontinued operations. The company’s revenues for the three-month period were up 27% to $220.5 million. Biovail’s total costs declined 24% due to the trimming of its workforce. The sales of the company’s antidepressant, Wellbutrin, increased 77% during the three-month period.