Biovail Increases 2002 Revenue Guidance.Business & Health/Medical Editors TORONTO--(BW HealthWire)--May 17, 2002 Biovail Corporation (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 announced that it has increased its quarterly and total 2002 product sales revenue guidance due to the acquisition of Vasotec(R) and Vaseretic(R) from Merck & Co., Inc. The revised quarterly products sales projections, are as follows:
(Millions)
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Q2 Q3 Q4
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Ranges Ranges Ranges
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$145 $170 $165 $195 $190 $225
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Biovail is also providing increased visibility in terms of total
2002 product sales revenue as per the following four categories:
(Millions)
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Products Ranges
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Tiazac(R) $50 $70
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Cardizem(R) $125 $135
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Generics $195 $215
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Biovail Pharmaceuticals - US and Canada $265 $300
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Total $640 $710
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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 and Chief Executive Officer commented, "The acquisition of the market leading angiotensin-converting enzyme angiotensin-converting enzyme /an·gio·ten·sin-con·vert·ing en·zyme/ (-ten´sin kon-vert´ing en´zim) see peptidyl-dipeptidase A. angiotensin-converting enzyme n. (ACE) inhibitors, Vasotec(R) and Vaseretic(R), allows Biovail to better maximize the market potential for its late stage enhanced enalapril product and gives Biovail immediate and incremental product sales revenue and profitability. Biovail will reinvest the incremental profitability from this acquisition for the advancement of its business strategies including the salesforce expansion and on going late stage Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA and Phase IV clinical programs. 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 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. |
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