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Biovail Says Profit Fell in 4Q


Posted on 2007-03-16 08:53:00



Canadian specialty drug maker Biovail Corp. said Thursday that its fourth-quarter profit fell 4 percent on several charges while revenue topped Wall Street estimates.

Net income declined to $115.3 million, or 72 cents per share, from $119.7 million, or 75 cents per share, in the year-ago period. Results for the latest quarter include U.S. operations restructuring charges, a litigation settlement with GlaxoSmithKline and Watson Pharmaceuticals, a litigation settlement with Elan Corp., a contract loss provision, and a lost-profits provision. Excluding the charges, the company reported earnings of $148.4 million, or 93 cents per share, for the latest quarter.

Revenue rose 7 percent to $307.6 million from $287.6 million. Sales of the antidepressant Wellbutrin XL accounted for $148.1 million in revenue, up from $137.7 million in the year-ago period.

Analysts surveyed by Thomson Financial expected earnings per share of 77 cents on revenue of $280.5 million.

For the full year, the company posted net income of $203.9 million, or $1.27 per share, from $236.2 million, or $1.48 per share, in 2005. Revenue rose to $1.07 billion from $935.5 million.



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