Biovail 'never better,' reports $600 million of cash on hand

By Lisa Kerner

Charlotte, N.C., Oct. 5 - Biovail Corp. has never been better, according to remarks made by vice president of finance and corporate affairs Kenneth Howling at the 5th CIBC Annual Institutional Investor Conference in Montreal on Thursday.

"The financial capability and strength of the company has never been stronger," Howling said.

"We have well over $600 million in cash on hand and we have a revolving term credit facility that we can ratchet up to $400 million if we felt there was a significant need to capitalize on."

Howling reviewed Wellbutrin litigation and discussed the potential "genericizing" of the product. Regardless of the outcome, Howling stressed that Biovail can still maintain profitability.

The company continues to develop its Bupropion Salt product for the significant U.S. antidepressant market. One benefit of the salt formulation is that it does not react to alcohol as do other drugs of its type because its rate of absorption is slowed down by Biovail's Smart Coat technology.

Biovail is a specialty pharmaceutical company based in Toronto.

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