Biovail Announces Intention to Make a Normal Course Issuer Bid.

Business Editors/Health/Medical Writers

TORONTO--(BUSINESS WIRE)--Nov. 21, 2003

Biovail Corporation (NYSE:BVF)(TSX:BVF) announced today that its Board of Directors has authorized the Company, subject to regulatory approval, to make a normal course issuer bid through the facilities of the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE). Under the bid, the Company will have the right to purchase for cancellation up to a maximum of 13,164,059 of its common shares, representing approximately 10% of the Company's public float, of which a maximum of 7,938,158 common shares, representing approximately 5% of the Company's outstanding common shares may be purchased through the facilities of the NYSE. Common shares will be purchased by the Company through open market transactions on the TSX and the NYSE following receipt of regulatory approval. The Company currently has 158,763,177 common shares issued and outstanding and its public float is 131,640,598 common shares.

The Company purchased 12,872,300 common shares at an average price per share of $38.82 between February 14, 2002 and July 25, 2002 pursuant to a normal course issuer bid made in accordance with the procedures of the TSX and the NYSE. The Company has not purchased any common shares in the last twelve months.

The normal course issuer bid will remain in effect until the earlier of one year from the date of commencement of the bid and the date on which the Company has purchased the maximum number of shares permitted under the bid or otherwise terminates the bid.

Management and the directors of the Company believe that common shares may become available during the term of the issuer bid at prices which would make them attractive investments for the Company and that the purchase of up to 13,164,059 common shares under the bid would be in the best interests of the Corporation.

Commenting on the recent U.S. Securities and Exchange Commission (SEC) informal inquiry, Biovail stated that it believes its accounting and financial reporting practices have, at all times, met or exceeded all applicable rules and regulations and are in full compliance with both U.S. and Canadian Generally Accepted Accounting Principles (GAAP). Biovail reaffirms its 2004 U.S. GAAP financial guidance of diluted earnings per share in the range of $2.00 to $2.20 excluding certain items and cash flow from operations in excess of $400 million.

Biovail Corporation is an international full-service pharmaceutical company, engaged in the formulation, clinical testing, registration, manufacture, sale and promotion of pharmaceutical products utilizing advanced drug delivery technologies.

For further information, please contact Ken Howling at 905-286-3000 or send inquiries to [e-mail].

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To the extent any statements made in this release contain information that is not historical, these statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We have based these forward-looking statements on our current expectations and projections about future events. Our actual results could differ materially from those discussed in, or implied by, these forward-looking statements. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements include, but are not necessarily limited to risks and uncertainties, including the difficulty of predicting FDA approvals, acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials and finished products, third parties, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission.