Biovail Corp. said Tuesday second-quarter revenue rose 17 per cent on a strong showing from its heart and anti-depression drugs although write-offs of acquired research and development result in a net loss for the period.
During the quarter, Toronto-based Biovail reported a net loss of $1-million (U.S.) or 1 cent a share, compared with earnings of $62.6-million or 39 cents in the same period a year earlier.
Biovail stock was down 9.5 per cent or $5.59 (Canadian) to close at $53.40 in Toronto.However, excluding charges, earnings in the most recent quarter rose to $83.2-million (U.S.) or 52 cents, the drug maker said.
Quarterly revenue rose to $217.3-million, from $185.1-million in last year's second quarter.
Helping the results, Biovail — which also reaffirmed its earlier earnings-per-share guidance — said, was the launch of its Cardizem LA treatment in April and contributions from its anti-depression treatment Wellbutrin XL, which received an approval letter in June.
Growth in Canadian sales and profits from its interest in a generic version of heartburn drug Prilosec also contributed.
"The dramatic increase in market share for Biovail's Cardizem franchise from 7 per cent to over 11 per cent in the 16 weeks since the launch of Cardizem LA has surpassed our expectations," Biovail chairman and chief executive officer Eugene Melnyk said.
"The recent confirmation of September 3, 2003 as the Food and Drug Administration's target date for the approval of Wellbutrin XL, the first and only once-daily anti-depressant with a low incidence of sexual dysfunction and weight gain, should contribute to strong organic growth for Biovail in the coming quarters."
