Biovail Corp. reports record 1996 fourth quarter and year end financial results.TORONTO, Canada--(BUSINESS WIRE)--Feb. 27, 1997--Biovail Corporation International (NYSE NYSE See: New York Stock Exchange , TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BVF BVF Biovail Corporation (stock symbol) BVF Berufsverband der Frauenärzte eV (Muenchen, Germany) BVF Bearing Versus Frequency ) today reported record fourth quarter and year end financial results for the period ended December 31, 1996. Revenues for the fourth quarter of 1996 increased 53% to $13.9 million, compared with $9.1 million reported for the fourth quarter of 1995. 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. increased to $6.4 million in the fourth quarter of 1996, compared to operating income of $2.8 million in 1995. Net income for the fourth quarter of 1996 was $6.5 million, or $0.26 per share, compared with net income of $2.9 million, or $0.12 per share in the comparable period of 1995. Revenues for the year end ended December 31, 1996 increased 239% to $66.4 million compared with $19.6 million in 1995. Operating income for the year ended December 31, 1996 of $23.6 million, compared with operating income of $2.6 million in 1995. Net income for the year ended December 31, 1996 was $23.3 million, or $0.92 per share, compared with net income of $5.9 million, or $0.23 per share, in 1995. Weighted average number of common shares outstanding for 1996 were 25,378,000 compared with 24,993,000 in 1995. 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, "The past year was marked by several major achievements for Biovail that will contribute significantly to the Company's revenue growth and positioning as an industry leader in the development of advanced controlled release drug systems and products for the global pharmaceutical marketplace. One of the most exciting accomplishments during the past year was the U.S. launch of Tiazac Tiazac® Diltiazem, see there (R), by our U.S. partner Forest Laboratories. Tiazac is Biovail's once-daily formulation formulation /for·mu·la·tion/ (for?mu-la´shun) the act or product of formulating. American Law Institute Formulation of the calcium channel blocker calcium channel blocker n. Any of a class of drugs that inhibit movement of calcium ions across a cell membrane, used in the treatment of cardiovascular disorders. diltiazem diltiazem /dil·ti·a·zem/ (dil-ti´ah-zem) a calcium channel blocker that acts as a vasodilator; used as the hydrochloride salt in the treatment of angina pectoris, hypertension, and supraventricular tachycardia. , a medication approved for the treatment of hypertension hypertension or high blood pressure, elevated blood pressure resulting from an increase in the amount of blood pumped by the heart or from increased resistance to the flow of blood through the small arterial blood vessels (arterioles). and recently submitted for approval in angina Angina Definition Angina is pain, "discomfort," or pressure localized in the chest that is caused by an insufficient supply of blood (ischemia) to the heart muscle. . We have also secured a number of international licensing agreements for Tiazac, including The DuPont Merck Pharmaceutical Company for the United Kingdom and Ireland, Laboratorios Alter for Spain and Pierre Fabre S Fabre is a surname, and may refer to:
"During the quarter, we entered into a Settlement Agreement with Elan (Emulated LAN) A virtual LAN in the ATM world. See LANE and virtual LAN. Elan - ["Top-down Programming with Elan", C.H.A. Koster, Ellis Horwood 1987]. Corp Plc., which resolves all claims and counterclaims with respect to patent infringement patent infringement n. the manufacture and/or use of an invention or improvement for which someone else owns a patent issued by the government, without obtaining permission of the owner of the patent by contract, license or waiver. as it relates to Elan's diltiazem patents. With the threat of patent infringement behind us, Biovail will accelerate its program of bringing generic versions of existing controlled release products to market, including the filing of ANDA's for Cardizem CD(R) and Verelan(R)," said Mr. Melnyk. "We achieved many significant milestones during the quarter including, Biovail shares beginning to trade on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. in December. This listing gives us the opportunity to achieve greater visibility and liquidity for our Company, as well as offering our current and potential shareholders the best trading environment for our common stock. We also submitted an ANDA ANDA abbr. abbreviated new drug application for our controlled release generic version of Trental(R) (pentoxifylline), a medication used for the treatment of peripheral vascular disease Peripheral Vascular Disease Definition Peripheral vascular disease is a narrowing of blood vessels that restricts blood flow. It mostly occurs in the legs, but is sometimes seen in the arms. . This submission represented the second ANDA filing for Biovail in 1996. The Company's twice-daily generic version of Cardizem SR, used in the treatment of hypertension was previously filed in the second quarter." "In 1997, we will continue to build on the success and momentum established in 1996. We remain confident that Tiazacr will continue to win widespread acceptance within the anti-hypertensive market place, and also look forward to achieving new milestones with respect to our product pipeline in the coming quarters," concluded Mr. Melnyk. Biovail Corporation International is an international full-service pharmaceutical company, engaged in the formulation, clinical testing, registration and manufacture of drug products utilizing advanced drug delivery technologies. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 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. 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. -0-
BIOVAIL CORPORATION INTERNATIONAL
CONSOLIDATED STATEMENTS OF INCOME
(All dollar amounts except per share data are
expressed in thousands of U.S. dollars)
Three Months Ended Year Ended
December 31, December 31,
1996 1995 1996 1995
REVENUE
Contract $ 1,187 $ 574 $ 4,374 $ 4,333
Manufacturing 11,157 6,685 54,313 7,915
Royalty and licensing 1,572 1,856 7,743 7,396
13,916 9,115 66,430 19,644
EXPENSES
Cost of contract revenue 788 461 3,417 2,732
Cost of manufactured goods sold 3,806 2,238 21,757 2,715
Research and product development 1,615 1,665 7,484 4,462
Selling, general and administrative 1,285 1,911 10,166 7,182
7,494 6,275 42,824 17,091
OPERATING INCOME 6,422 2,840 23,606 2,553
INTEREST INCOME (EXPENSE), net (5) 214 392 (99)
GAIN ON LICENSING SETTLEMENT - - - 3,617
INCOME BEFORE INCOME TAXES 6,417 3,054 23,998 6,071
PROVISION FOR INCOME TAXES (117) 164 714 201
NET INCOME $ 6,534 $ 2,890 $ 23,284 $ 5,870
EARNINGS PER SHARE $ 0.26 $ 0.12 $ 0.92 $ 0.23
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 25,378,000 24,993,000 25,378,000 24,993,000
BIOVAIL CORPORATION INTERNATIONAL
CONSOLIDATED BALANCE SHEETS
December 31, 1996 AND 1995
(All dollar amounts are expressed in thousands of U.S. dollars)
1996 1995
ASSETS
CURRENT
Cash and short-term deposits $ 4,526 $ 24,323
Accounts receivable 10,364 6,379
Inventories 8,134 3,868
Due from officers 2,512 -
Deposits and prepaid expenses 1,063 176
26,599 34,746
FIXED ASSETS, net 24,819 19,910
OTHER ASSETS, net 7,188 6,211
$ 58,606 $ 60,867
LIABILITIES
CURRENT
Accounts payable $ 5,468 $ 5,628
Accrued liabilities 1,738 3,043
Income taxes payable 808 968
Customer prepayments 6,681 22,167
Current portion of long-term debt 2,298 2,244
16,993 34,050
CUSTOMER PREPAYMENTS - 4,274
LONG-TERM DEBT 4,670 7,951
21,663 46,275
SHAREHOLDERS' EQUITY
Share capital 14,614 14,489
Retained earnings (deficit) 22,712 (572)
Cumulative translation account (383) 675
36,943 14,592
$ 58,606 $ 60,867
CONTACT: Biovail Corporation International Eugene Melnyk Chairman of the Board Bob Podruzny Chief Financial Officer (416) 285-6000 or Investor Relations Investor relations The process by which the corporation communicates with its investors. : DonnaStein/ Dan Durkin/Cindy Hintelmann Press: Michael McMullan Morgen-Walke Associates (212) 850-5600 |
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