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May 11 2006, 7:30 AM EST

Biovail Reports First-Quarter 2006 Financial Results; Company Records Total Revenues of $220.5 Million; Operating Margins of 35.1%; EPS From Continuing Operations of $0.43; Cash Flow From Operations of $94.7 Million

News source: Business Wire

Biovail Corporation (NYSE:BVF)(TSX:BVF) today announced financial results for the three-month period ending March 31, 2006. To the extent that this news release contains forward-looking statements, investors are cautioned that these are based on our current views, and actual outcomes are not certain. For more information, see the note on forward-looking information following the conference call details below.

Total revenues for the three months ended March 31, 2006 were $220.5 million, compared with $173.7 million for the first quarter of 2005, an increase of 27%. First-quarter 2006 net income, in accordance with United States Generally Accepted Accounting Principles (GAAP), was $64.5 million, compared with $11.1 million for the corresponding 2005 period. GAAP diluted earnings per share (EPS) for the first quarter of 2006 were $0.40, versus $0.07 for the first quarter of 2005.

GAAP net income and EPS figures for the first quarter of 2006 were negatively impacted by a $4.1-million loss from discontinued operations, which reflects ongoing operating losses and a write-down of assets related to an amended purchase-and-sale agreement for Biovail's Nutravail division. The loss from discontinued operations negatively impacted GAAP EPS by $0.03 in the first quarter of 2006. There were no specific items affecting operations in the first quarter of 2005.

"We have begun 2006 as we ended 2005, generating strong revenues and net income, and robust operating cash flows," said Biovail Chief Executive Officer Dr. Douglas Squires. "With the Company's realignment essentially complete, and with over $500 million in cash on hand, we are well positioned to execute against our financial and operational objectives for 2006."

Launch of Ultram(R) ER

In February 2006, pursuant to a November 2005 strategic alliance with Biovail, Ortho-McNeil Inc. (OMI) formally launched Ultram(R) ER, a once-daily formulation of tramadol developed by Biovail, to physicians in the U.S. In conjunction with OMI's launch, Biovail Pharmaceuticals, Inc.'s specialty sales force began co-promotion efforts for Ultram(R) ER to women's health practitioners. Ultram(R) ER is the first and only extended-release tramadol product approved in the U.S., and is indicated for moderate to moderately severe chronic pain.

TPD Approval of Wellbutrin(R) XL

In January 2006, Biovail's New Drug Submission for Wellbutrin(R) XL received approval from the Therapeutic Products Directorate (Canada) for the treatment of depression in adults. Wellbutrin(R) XL, which competes in the C$770-million depression market in Canada, was formally launched by the Biovail Pharmaceuticals Canada (BPC) sales force in April 2006.

New Leadership in Key Roles

Since the beginning of 2006, Biovail has added three senior executives to the Company's management team. In March, Greg Gubitz was named Senior Vice-President, Crystaal Pharmaceuticals, and assumed a leadership role in the proposed spin-off of Biovail's Legacy assets into a separate entity. In April, Gilbert Godin was named Senior Vice-President, Technical Operations/Drug Delivery. Mr. Godin's responsibilities will focus on Biovail's product-development capability, as well as manufacturing and contract-development services. Earlier this week, Dr. Peter Silverstone was named Senior Vice-President, Medical and Scientific Affairs. Dr. Silverstone will focus on the rapid clinical development and the effective registration of Biovail's pipeline products.

First-Quarter 2006 Financial Performance

Product revenues for the first quarter of 2006 were $209.7 million, compared with $160.5 million in the first quarter of 2005, an increase of 31% that reflects the strong performance of several product lines, including Wellbutrin XL(R), Legacy products and Biovail's portfolio of generic products. Partially offsetting factors included lower revenues fro

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