Biovail total revenues up 27% to $173.7 million

By Lisa Kerner

Erie, Pa., May 11 - Biovail Corp. reported total revenues for the three months ended March 31 of $220.5 million, a 27% increase from the $173.7 million reported for the first quarter of 2005.

Net income on a GAAP basis was $64.5 million, up from $11.1 million for the corresponding 2005 period.

GAAP diluted earnings per share for the first quarter were $0.40, up from $0.07 for the first-quarter 2005.

The company had product revenues totaling $209.7 million, a 31% increase from the $160.5 million reported in the first-quarter 2005. Biovail attributes the increase to the strong performance of several product lines, including Wellbutrin XL, legacy products and generic products.

Biovail reported operating income of $77.5 million for the quarter, up from $22.0 million in the corresponding period in 2005. As a percentage of revenues, operating income was 35.1% in the first quarter of 2006, compared with 12.6% in the first quarter of 2005.

At March 31, Biovail had cash balances of $512.8 million.

Cash flow from operations increased 40% to $94.7 million in the first quarter of 2006, from $67.8 million in prior year.

Company highlights for the quarter include the launch of Ultram with Ortho-McNeil Inc., Canadian approval of a new drug submission for Wellbutrin and the addition of three senior executives.

Biovail is a pharmaceutical company located in Toronto.

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