BIOVAIL REPORTS RECORD 1999 4TH QTR/YEAR-END RESULTS.Biovail Corporation (NYSE NYSE See: New York Stock Exchange :BVF BVF Biovail Corporation (stock symbol) BVF Berufsverband der Frauenärzte eV (Muenchen, Germany) BVF Bearing Versus Frequency )(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BVF), Toronto, has reported record fourth quarter and year end financial results for the period ended December 31, 1999. Revenue for the fourth quarter of 1999 increased 81% to $66.5 million compared with $36.7 million reported for the fourth quarter of 1998. Revenue for the year increased by 56% to $176.5 million from $112.8 for the previous year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the quarter was $30.2 million and $78.7 million for the year, representing increases of 81% and 60% respectively over the comparable periods of 1998. Net income before goodwill amortization for the three months ended December 31, 1999 was $28.0 million, or $0.48 per share, compared with net income before goodwill amortization of $14.9 million, or $0.28 per share in the comparable period of 1998. After deducting goodwill amortization, net income for the 1999 fourth quarter was $25.0 million, or $0.43 per share, compared with net income of $14.8 million, or $0.28 per share in the comparable 1998 period. Goodwill amortization, net of tax, primarily arising from the acquisition of Biovail Technologies Ltd. (formerly Fuisz Technologies Ltd.) was $3.1 million, or $0.05 per share, for the quarter and year ended December 31, 1999. Net income before goodwill amortization for the year ended December 31, 1999 was $65.7 million, or $1.28 per share, compared with net income before goodwill amortization of $45.6 million, or $0.86 per share for the 1998 year. After deducting goodwill amortization, net income for the year ended December 31, 1999 was $62.5 million or $1.22 per share, an increase of 38% over the net income of $45.4 million, or $0.85 per share for the year ended December 31, 1998. Net income excluding the net gain on disposal of long-term investments for the 1999 fourth quarter and 1999 year are $23.0 million or $0.39 per share and $60.5 million or $1.18 per share respectively. Revenue and income increases in both the 1999 fourth quarter and year are attributable to a number of events including the launch of a generic version of Verelan in the second quarter of 1999 and record product sales of Tiazac(R), Biovail's prescription drug prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, used in the treatment of angina and hypertension, in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and in Canada. In December, Biovail successfully launched its generic version of Cardizem CD through its US marketing partner TEVA TEVA Tucson Electric Vehicle Association Pharmaceuticals USA Inc. Crystaal, Biovail's Canadian sales and marketing division, continued to gain market share through an expanded portfolio of products which, along with Tiazac(R), includes Retavase, Brexidol, Celexa and Cardiac STATus. Eugene Melnyk Eugene Melnyk (born May 27, 1959 in Toronto, Ontario) is a Canadian businessman of Ukrainian origin who now resides in Barbados. He is the chairman and chief executive officer of Biovail Corporation. , chairman of the board commented, "Biovail has advanced considerably after a busy and rewarding year that involved the addition of many new products to our portfolio, the acquisition of Fuisz Technologies Ltd., a public share offering and the acquisition of a new 120,000 sq. ft. manufacturing facility. During the year, we successfully launched our generic versions of Cardizem CD and Verelan and we received tentative approval for our generic version of Adalat CC. These products, and those under FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. review including Procardia XL and Dilacor XR, will contribute to our future growth. Our NDA (Non Disclosure Agreement) An agreement signed between two parties that have to disclose confidential information to each other in order to do business. In general, the NDA states why the information is being divulged and stipulates that it cannot be used for any pipeline is moving forward with a once-daily version of Buspirone in Phase III clinical trials and the expectation that Phase III clinical trials will be initiated on 2 additional products over the next 18 months." Biovail also announced the commencement of a tender for any and all of its outstanding 107/8% Senior Notes due 2005, together with the solicitation of consents to the amendment of the related Indenture. The initial expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. for the tender offer is March 20, 2000. The per share price per $1,000 Senior Note is $1,109.51. Holders who tender on or prior to the Consent Date (initially March 6, 2000) will receive an additional $20 per $1,000 principal amount. Biovail Corporation is an international full-service pharmaceutical company, engaged in the formulation, clinical testing, registration and manufacture of drug products utilizing advanced drug delivery technologies. For more information, call 416/285-6000. |
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