Biovail Corporation International reports 1995 third quarter and nine month financial results.TORONTO--(BUSINESS WIRE)--Nov. 6, 1995--Biovail Corporation International (AMEX AMEX See: American 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 third quarter and nine month financial results for the period ended September September: see month. 30, 1995. Revenue for the third quarter of 1995 was $2,953,000 compared with $3,949,000 reported for the third quarter of 1994. The Company reported an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the third quarter of 1995 of $1,251,000, compared to an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $475,000 reported for the same period last year. Net income for the third quarter of 1995 was $1,038,000, or $0.13 per share, which includes a gain on licensing settlement of $2.5 million, or $0.31 per share, compared with net income of $267,000, or $0.04 per share in the comparable period of 1994. Although the Company reported a slight loss for the 1995 third quarter, this was fully anticipated due to the fact that the Company did not sign a license and supply agreement for Tiazac Tiazac® Diltiazem, see there , its once-daily formulation formulation /for·mu·la·tion/ (for?mu-la´shun) the act or product of formulating. American Law Institute Formulation of 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. , until the end of the quarter. As a result, there were no manufacturing revenues during this period. Revenues for the nine months ended September 30, 1995 increased 25% to $11,357,000 compared with $9,095,000 reported for the same period of 1994. The Company reported an operating loss for the nine months ended September 30, 1995 of $264,000 as compared to an operating loss of $48,000 reported for the same period last year. Net income for the nine months ended September 30, 1995 was $2,747,000, or $0.33 per share, which includes a gain on licensing settlement of $3.7 million, or $0.44 per share, compared with net income of $7,374,000, or $1.10 per share which includes a gain on debt settlement of $8.3 million, or $1.24 per share, reported in the comparable period last year. Weighted average number of common shares outstanding for the first nine months of 1995 increased 24% to 8,293,402 shares from 6,701,374 shares in the same period last year. Beginning with the first quarter of 1995, Biovail Biovail TSX: BVF NYSE: BVF is Canada's largest pharmaceutical company, operating internationally in all aspects of pharmaceutical products. Its major production facility is located in Steinbach, Manitoba. began reporting all of its financial results in U.S. dollars. As a result, the above figures are in U.S. dollars including prior year amounts which have been restated to reflect this new policy. "The third quarter was a period of significant accomplishment for Biovail," stated 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. Several major goals were accomplished which we feel will be critical in the growth and success of our Company in the years to come. First, we received approval from the 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. to market Tiazac , our once-daily formulation of Diltiazem used 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). . Receipt of this approval enables Biovail to compete in the $3.2 billion 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. market. Second, we announced that Forest Laboratories made a cash tender offer to purchase approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 20% of Biovail's outstanding shares at a significant premium to market. In conjunction with this tender offer, Biovail entered into a license and supply agreement for Tiazac with Forest which will provide Biovail attractive royalty and manufacturing revenues as well as significant advanced payments towards these manufacturing supplies." "In addition," Mr. Melnyk continued, "we acquired through an asset purchase Puerto Rico-based Galephar P.R. Inc., a drug delivery company specializing in the development of controlled-release products and the co-developer of Tiazac . With this transaction, we acquired, among other things, the technology for the development of future controlled-release products, additional territorial rights to Tiazac and a 22,000 square foot research, development and manufacturing facility in Carolina, Puerto Rico Carolina (kah-ro-LEE-nah) is a city located in the northern part of Puerto Rico, bordering the Atlantic Ocean; north of Gurabo and Juncos; east of Trujillo Alto and San Juan; and west of Canóvanas and Loíza. ." "All of the above," concluded Mr. Melnyk, "have clearly strengthened our position as an international full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. pharmaceutical company. Going forward we will continue to aggressively pursue the approval of Tiazac , and other formulations of Diltiazem, throughout the world. In addition, we will continue to commit significant resources to the development of other controlled release products. For now, however, recent product developments, the status of our current business and our financial strength cause us great optimism Optimism See also Hope. Bontemps, Roger personification of cheery contentment. [Fr. Lit.: “Roger Bontemps” in Walsh Modern, 66] Candide beset by inconceivable misfortunes, hero indifferently shrugs them off. [Fr. for the remainder of the year and beyond." Biovail Corporation International is an international full-service pharmaceutical company, engaged in the formulation, clinical evaluation clinical evaluation Medtalk An evaluation of whether a Pt has symptoms of a disease, is responding to treatment, or is having adverse reactions to therapy , registration and manufacture of drug products utilizing advanced drug delivery technologies. -0-
BIOVAIL CORPORATION INTERNATIONAL
CONSOLIDATED STATEMENTS OF INCOME
(All dollar amounts are expressed in U.S. dollars)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
REVENUE
Contract $ 936,380 $1,145,818 $3,850,243 $2,748,435
Manufacturing -- 246,937 1,278,449 503,366
Royalty and
licensing 2,017,070 2,556,631 6,228,561 5,843,458
2,953,450 3,949,386 11,357,253 9,095,259
EXPENSES
Cost of
contract revenue 618,901 916,567 2,322,198 2,270,728
Cost of manufactured
goods sold -- 138,749 495,569 282,724
Research and
product development 1,351,383 614,088 2,838,436 1,838,316
Selling and
administrative 2,106,671 1,457,421 5,388,626 4,110,218
Royalty and commission 127,627 347,666 576,344 640,821
4,204,582 3,474,491 11,621,173 9,142,807
OPERATING INCOME (LOSS) (1,251,132) 474,895 (263,920) (47,548) INTEREST EXPENSE, net (90,643) (112,452) (318,686) (378,951) GAIN ON LICENSING SETTLEMENT 2,509,504 -- 3,662,061 -- GAIN ON DEBT SETTLEMENT -- -- -- 8,315,427 REORGANIZATION EXPENSES -- -- -- (291,806) INCOME BEFORE INCOME TAXES 1,167,729 362,443 3,079,455 7,597,122 PROVISION FOR INCOME TAXES 129,430 95,213 332,331 222,993 NET INCOME $1,038,299 $ 267,230 $2,747,124 $7,374,129 EARNINGS (LOSS) PER SHARE Income (loss) before gains on Debt and/or Licensing settlement $ (0.18) $ 0.04 $ (0.11) $ (0.14) Net income $ 0.13 $ 0.04 $ 0.33 $ 1.10 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 8,293,402 6,701,374 8,293,402 6,701,374
Effective January 1, 1995, the Company has commenced reporting its
financial statements in U.S. dollars, while the currency of
measurement will remain Canadian dollars. For purposes of this
presentation, Canadian dollar amounts, including the 1994 amounts
shown for purposes of comparison, have been translated into U.S.
dollars at the respective period end rates of exchange.
BIOVAIL CORPORATION INTERNATIONAL
CONSOLIDATED BALANCE SHEET
(All dollar amounts are expressed in U.S. dollars)
September 30, December 31,
1995 1994
(Unaudited)
ASSETS
CURRENT
Cash and short-term deposits $ 24,119,309 $ 2,818,462
Trade accounts receivable 3,061,468 5,346,000
Inventories 2,745,713 479,851
Deposits and prepaid expenses 174,555 57,229
30,101,045 8,701,542
FIXED ASSETS, net 18,909,236 14,182,445
GOODWILL AND PRODUCT RIGHTS, net 6,343,422 2,745,557
$ 55,353,703 $ 25,629,544
LIABILITIES
CURRENT
Accounts payable and accrued
liabilities $ 7,173,385 $ 4,657,777
Income taxes payable 1,096,181 736,511
Deferred revenue 20,042,808 1,238,623
Amount due on acquisition 2,899,016 955,243
Current portion of long-term debt 1,492,407 566,711
32,703,797 8,154,865
LONG-TERM DEBT
Non-interest bearing and
forgivable interest
government loans 5,012,057 4,716,687
Other 6,379,448 5,065,713
11,391,505 9,782,400
44,095,302 17,937,265
SHAREHOLDERS' EQUITY
Share capital 14,299,793 13,415,031
Deficit (3,694,961) (6,442,085)
Cumulative translation adjustment 653,569 719,333
11,258,401 7,692,279
$ 55,353,703 $ 25,629,544
Effective January 1, 1995, the Company has commenced reporting its
financial statements in U.S. dollars, while the currency of
measurement remains Canadian dollars. For purposes of this
presentation, Canadian dollar amounts, including the 1994 amounts
shown for purposes of comparison, have been translated into U.S.
dollars at the respective period end rates of exchange.
CONTACT: Eugene Melnyk Chairman of the Board (416) 285-6000 or Investor Relations Investor relations The process by which the corporation communicates with its investors. : Donna Stein/ Sue Rodney/Courtney Levi Levi (lē`vī), in the Bible. 1 Son of Jacob and Leah and eponymous ancestor of the Levites. His name appears infrequently—at his birth, when he and Simeon massacred the Shechemites out of revenge, when Jacob migrated to Press: Stacy Stacy may refer to: Places:
Morgen-Walke Associates (212) 850-5600 |
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