THE CANADIAN PRESS

Stumble Upon

del.icio.us

Digg

Facebook

Print

Email

Speak Up

TORONTO - Biovail Corp.'s (TSX:BVF) net income fell to US$40.4 million in the third quarter, as the impact of special items offset a 17.3 per cent increase in revenues generated by the Canadian pharmaceutical company's products.

The Toronto-area drug developer and manufacturer said Thursday that its revenue increased to $212.5 million, from $181.1 million in the third quarter of 2008.

The increase was attributed to higher revenue from its main antidepressant product, Wellbutrin XL, and the inclusion of revenues from Aplenzim, a newer antidepressant that was commercially launched in April, and recently acquired tetrabenazine products.

The company says tetrabenazine is useful for treating hyperkinetic diseases, such as Huntington's chorea and Tourette Syndrome, a neurological disorder that causes a person to make repeated and involuntary movements and sounds.

Despite the higher revenue, Biovail's diluted earnings per share fell to 25 cents US, down from 31 cents or US$48.4 million in the third quarter of 2008.

Biovail said its GAAP net income and earnings per share were affected by several expensed items, including $8.1 million related to acquired in-process research and development and $2.4 million in restructuring charges. Collectively, these items reduced net income by $10.7 million or seven cents per share.

A year earlier, Biovail's special items reduced its net income by US$7.4 million or five cents per share in the third quarter.

Shares in the company were down 34 cents or 2.4 per cent at $13.80 in midday trading on the TSX.