Biovail Reiterates Earnings Guidance; Reconfirms Comfort With EPS Growth in Excess of 30% for 2002 and 2003; Reconfirms R&D Spending of 8% to 10% of Revenues.Business & Health/Medical Editors TORONTO--(BW HealthWire)--April 25, 2002 Biovail Corporation (NYSE NYSE See: New York Stock Exchange :BVF BVF Biovail Corporation (stock symbol) BVF Berufsverband der Frauenärzte eV (Muenchen, Germany) BVF Bearing Versus Frequency ) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BVF) today announced strong first quarter 2002 earnings results and is reconfirming its comfort with diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) growth in excess of 30% for both 2002 and 2003 as per the following table:
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Range of Second Third Fourth
Results Quarter Quarter Quarter
Ending Ending Ending
6/30/02 9/30/02 12/31/02 2002 2003
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Total
Revenues
($US
Millions) $165-$185 $185-$210 $200-$230 $720-$775 $900-$1,000
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Diluted
EPS $0.35-$0.40 $0.45-$0.50 $0.55-$0.60 $1.70-$1.80 $2.25-$2.35
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Biovail will continue to develop its controlled-release and FlashDose(R) pipeline and expects to spend in the range of 8% to 10% annually of total revenues in 2002 and 2003 on these efforts. Biovail expects its rapidly expanding sales and marketing programs and the activities associated with the expansion of its sales force will result in selling, general and administrative expenses being in the range of 20% to 25% of total revenues. Eugene Melnyk, Chief Executive Officer and Chairman of the Board commented, "Following very the positive results of Biovail's first quarter 2002 where revenues grew 30% and net income grew 82%, Biovail's comfort with EPS growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. in excess of 30% for both 2002 and 2003 is predicated upon the opportunity to exploit numerous exciting products and a rapidly maturing pipeline. We expect to boost R&D spending during the balance of the year to complete in a timely manner our products under development." Biovail Corporation is a leading fully-integrated specialty pharmaceutical company engaged in the formulation, clinical testing, registration, manufacture, sale and promotion of pharmaceutical products utilizing advanced drug delivery technologies for chronic drug therapies. "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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