Biovail Comments On Media Reports.

Business & Health/Medical Editors

TORONTO--(BW HealthWire)--May 16, 2002

Citing reports today in the Wall Street Journal, The Globe and Mail and the National Post, Biovail Corporation (NYSE:BVF) (TSX:BVF) called upon Bank of America Securities (NYSE:BAC) to launch a full-scale investigation into the stock and options trading and equity holdings of pharmaceutical analyst Jerry Treppel, his former colleagues and associates, and to make the results of that investigation public.

Biovail stated that after reviewing the trading records reported on by the Wall Street Journal, it was clear that Mr. Treppel held a substantial, previously undisclosed, equity interest in a direct competitor -- Andrx Group (Nasdaq:ADRX). The records also showed unsolicited buy and sell orders for options in Andrx both prior and concurrently with Mr. Treppel issuing his analyst reports on Andrx and Biovail.

"We have been concerned by the contradictory coverage of both Andrx and Biovail," Michael Sitrick, a Biovail spokesman, said. "The information made public today is alarming and we believe calls into question the objectivity of all reporting by Mr. Treppel." Biovail also confirmed that it does not currently have any banking relationship with Bank of America Corporation nor has it since March 2000.

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

"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995.

To the extent any statements made in this release contain information that is not historical, these statements are essentially forward looking and are subject 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, 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.