Biovail Reports First-Quarter 2005 Financial Results.TORONTO -- 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 )(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BVF): --Company Records Total Revenues of $175.3 Million; GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). 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. of $0.07 --Cash Flow From Operations of $67.4 Million Biovail Corporation (NYSE:BVF)(TSX:BVF) today announced financial results for the three-month period ending March 31, 2005. Total revenues for the three months ended March 31, 2005 were $175.3 million, compared with $186.6 million for the first quarter of 2004. First-quarter 2005 net income, in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP), was $11.1 million, compared with $21.1 million for the corresponding 2004 period. GAAP 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) for the first quarter of 2005 were $0.07, versus $0.13 for the first quarter of 2004. "The first quarter of 2005 was an important one for Biovail as we executed against our financial objectives while finalizing the development of a new strategic plan," said Biovail Chief Executive Officer Dr. Douglas Squires. "The transaction with Kos and the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of our approach to commercializing products in the primary-care market of the U.S. are only the first steps in establishing a foundation upon which to pursue long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth opportunities. The next steps include continued pipeline advancement and execution on the partnering front. We will highlight these activities for the investment community on June 28, 2005." Strategic Alliance with Kos Pharmaceuticals, Inc. Earlier this week, Biovail announced that it has restructured its approach to selling and marketing products in the primary-care market in the United States and, in conjunction with this change, has entered into a strategic alliance with Kos Pharmaceuticals, Inc. (Kos). Biovail's restructured approach to commercializing products in the U.S. market will result in significant cost savings, which will more than offset a reduction in gross profit, and will favourably impact profitability over the balance of 2005. As part of the agreement with Kos, Biovail divested the Teveten Tev·e·ten A trademark for the drug eprosartan mesylate. eprosartan mesylate Teveten Pharmacologic class: Angiotensin II receptor antagonist Therapeutic class: (R) and Teveten(R) HCT Hct abbr. hematocrit HCT Hematocrit, see there products and entered into a supply agreement for Cardizem Car·di·zem A trademark for the drug diltiazem hydrochloride. diltiazem hydrochloride Adizem (UK), Angitil (UK), Apo-Diltiaz (CA), Apo-Diltiazem (CA), Calcicard (UK), Cardizem, Cardizem CD, Cardizem LA, Cartia XT, (R) LA in the U.S. and Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. . Accordingly, Biovail will no longer have an economic interest in the Teveten(R) products, but will manufacture, supply and sell Cardizem(R) LA to Kos for distribution at contractually determined prices, which exceed 30% of Kos's net selling price. Through the supply price, Biovail retains a significant ongoing financial interest in Cardizem(R) LA. In consideration for these items and other elements of the transaction, Kos paid $104 million to Biovail. As the transaction has a material impact on Biovail's business forecast for the remainder of 2005, the Company has updated its financial guidance (see separate news release -- Biovail Updates 2005 Guidance). First-Quarter 2005 Financial Performance Product revenues for the first quarter of 2005 were $161.2 million, compared with $175.1 million in the first quarter of 2004, an 8% decrease that reflects the anticipated first-quarter decline in Wellbutrin Well·bu·trin A trademark for the drug bupropion hydrochloride, used to treat depression. bupropion hydrochloride Budeprion SR, Budeprion XL, Wellbutrin, Wellbutrin SR, Wellbutrin XL, Zyban XL(R) revenues and a decline in product revenues related to Biovail's portfolio of generic products. Mitigating mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. these declines were increased revenues from the Company's Legacy products and a strong performance from Biovail Pharmaceuticals Canada (BPC BPC British Potato Council BPC Brewton-Parker College (Mt Vernon, GA) BPC Bible Presbyterian Church BPC Bangladesh Petroleum Corporation (Chittagong, Bangladesh) BPC British Pharmaceutical Codex ). In the first quarter of 2005, Cardizem(R) LA generated revenues of $11.4 million, compared with $14.4 million for the corresponding period in 2004. This decline reflects an increase in product returns during the first quarter of 2005. Prescription volume for Cardizem(R) LA increased 24% for the first quarter of 2005, relative to the comparable period in 2004, as Cardizem(R) LA continued to gain market share in the once-daily 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. market. Cardizem(R) LA captured 8.8% of total prescription volume for the class in the first quarter of 2005, compared with 6.8% in the first quarter of 2004. The Teveten(R) line of products generated revenues of $5.5 million in the first quarter of 2005 compared with $4.7 million in the prior year period, an increase of 17%. Total prescriptions for the Teveten(R) line of products increased 22% in the first quarter of 2005 compared with the first quarter of 2004. First-quarter 2005 revenues for Biovail's Zovirax Zo·vi·rax A trademark for the drug acyclovir. acyclovir sodium Alti-Acyclovir (CA), Avirax (CA), Zovirax Pharmacologic class: Acyclic purine nucleoside analogue Therapeutic class: franchise were $27.1 million, compared with $27.9 million in the prior-year period, a decrease of 3% that matches the franchise's total prescription volume in the period. In the first quarter of 2005, Zovirax Ointment ointment /oint·ment/ (oint´ment) a semisolid preparation for external application to the skin or mucous membranes, usually containing a medicinal substance. oint·ment n. and Zovirax Cream held a combined 66.5% share of the topical topical /top·i·cal/ (top´i-k'l) pertaining to a particular area, as a topical antiinfective applied to a certain area of the skin and affecting only the area to which it is applied. top·i·cal adj. herpes Herpes Any virus of the herpesvirus group, which comprises a family of 70 species, 5 of which are pathogenic to humans; the term also refers to any infection caused by these viruses. market, an increase of 3.6 percentage points in market share versus first-quarter 2004 levels. In total, revenues from Biovail's promoted products (Cardizem(R) LA, Teveten(R), Teveten(R) HCT, Zovirax Ointment and Zovirax Cream) were $44.0 million in the first quarter of 2005, compared with $47.0 million in the corresponding period in 2004. Total prescriptions for Biovail's promoted products increased 14% in the first quarter of 2005, compared with the first quarter of 2004. Product revenues for Wellbutrin XL(R), launched in September 2003, were $36.8 million in the first quarter of 2005, compared with $42.0 million in the first quarter of 2004. First-quarter 2005 Wellbutrin XL(R) revenues were impacted by a reduction in safety stock levels at our marketing partner, GlaxoSmithKline (GSK GSK GlaxoSmithKline plc (pharmaceutical company) GSK Glycogen Synthase Kinase GSK Gruppentraining Sozialer Kompetenzen (Germany) GSK Greenland Shark (FAO fish species code) ), following an increase in the fourth quarter of 2004. As per the tiered-pricing agreement with GSK, Biovail's supply price reverts to the lowest tier at the beginning of the year. In March 2005, Wellbutrin XL(R) captured 55.7% of the new prescriptions written for the Wellbutrin brand (including generics). Revenues from BPC were $25.0 million in the first quarter of 2005 compared with $22.9 million in the first quarter of 2004. The key performance drivers for BPC were Wellbutrin(R) SR and Tiazac Tiazac® Diltiazem, see there (R). Total prescription volume for Wellbutrin(R) SR increased 14% in the first quarter of 2005 versus the comparable 2004 period. Despite the regulatory approval of a generic formulation formulation /for·mu·la·tion/ (for?mu-la´shun) the act or product of formulating. American Law Institute Formulation on January 7, 2005, total prescriptions for Wellbutrin(R) SR decreased only modestly (3%) relative to the fourth quarter of 2004. Total prescription volume for Tiazac(R) increased 14% in the first quarter of 2005 compared with the first quarter of 2004. In January 2005, Biovail formally launched Tiazac(R) XC -- a once-daily extended-release extended-release /ex·tend·ed-re·lease/ (ek-stend´ed-re-les´) allowing a twofold or greater reduction in frequency of administration of a drug in comparison with the frequency required by a conventional dosage form. formulation of diltiazem 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). -- to physicians in Canada. Legacy products generated revenues of $30.4 million for the first quarter of 2005, compared with $26.2 million in the first quarter of 2004, representing an increase of 16%. This performance is largely attributable to a reduction of wholesaler inventories in 2004 and an increase in generic Tiazac(R) product revenues. Partially offsetting this growth were the expected year-over-year declines in total prescription volumes for these mature products, and the termination of the sub-licensing agreement for Cedax in August 2004. Biovail continues to evaluate options to maximize the value of its Legacy products portfolio and expects to provide an update in this regard at the Company's Annual General & Special meeting (AGM AGM annual general meeting AGM n abbr (= annual general meeting) → AG f AGM n abbr (= annual general meeting) → JHV f ) scheduled for Tuesday, June 28, 2005 at the TSX Broadcast & Conference Centre in Toronto. Product revenue for Biovail's portfolio of generic products was $25.0 million in the first quarter of 2005, compared with $37.0 million in the first quarter of 2004. The decrease reflects the restocking of inventory levels at Biovail's distribution partner, Teva Pharmaceutical Industries Teva Pharmaceutical Industries Ltd. (Hebrew: טבע תעשיות פרמצבטיות בע"מ), NASDAQ: TEVA is an international pharmaceutical company headquartered in Ltd., in the first quarter of 2004. In 2004, pharmaceutical wholesalers in the U.S. underwent a significant change in their business models, adopting a fee-for-service model that resulted in a reduction in the level of inventories they hold. This industry change impacted Biovail's product revenues in 2004, resulting in inconsistencies between reported revenues and prescription volume. In late 2004 and early 2005, Biovail entered into distribution service agreements (DSAs) with its three major U.S. wholesalers. As a result, going forward, Biovail's quarterly revenues are expected to more closely reflect underlying prescription demand. The following table summarizes Biovail's product revenue performance in the first quarter of 2005: ($000s) Q1/05 Revenues Q1/04 Revenues Growth Rate ---------------------------------------------------------------------- Cardizem LA 11,380 14,424 (21%) Teveten 5,481 4,679 17% Zovirax 27,120 27,853 (3%) ---------------------------------------------------------------------- Promoted Products 43,981 46,956 (6%) Wellbutrin XL 36,756 42,027 (13%) Biovail Pharmaceuticals Canada 25,039 22,935 9% Legacy Products 30,417 26,209 16% Generics 24,975 36,970 (32%) ---------------------------------------------------------------------- Total Product Revenues 161,168 175,097 (8%) ---------------------------------------------------------------------- The following table summarizes total prescription volume in the first quarter of 2005: Q1/05 Total Rx Q1/04 Total Rx Growth Rate ---------------------------------------------------------------------- Cardizem LA 401,466 323,412 24% Teveten 142,274 116,956 22% Zovirax 367,897 357,531 3% ---------------------------------------------------------------------- Promoted Products 911,637 797,899 14% Wellbutrin XL 2,881,026 1,793,183 61% Biovail Pharmaceuticals Canada 767,557 746,154 3% Legacy Products 621,228 861,387 (28%) Generics 1,817,742 1,902,357 (4%) ---------------------------------------------------------------------- Total Prescriptions 6,999,190 6,100,980 15% ---------------------------------------------------------------------- Source: IMS Royalty and other revenue was $6.6 million in the first quarter of 2005, compared with $7.3 million in the corresponding period in 2004, representing a decrease of 10% that reflects the conclusion of Biovail's economic interest in the sales of a generic formulation of Prilosec, and lower royalties for Tiazac(R) due to generic competition. Cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold for the first quarter of 2005 was $42.1 million, compared with $52.1 million in the first quarter of 2004. Gross margins on product revenues were 74% for the first quarter of 2005, compared with 70% for the first quarter of 2004. Overall gross margins in the first quarter of 2005 were favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted by improved manufacturing efficiency for Wellbutrin XL(R) and product mix. Research-and-development expenditures for the first quarter of 2005 were $20.5 million, compared with $18.0 million for the first quarter of 2004. The 14% increase reflects the ongoing development of Biovail's product pipeline. Within the next few days, Biovail anticipates hearing from the U.S. Food and Drug Administration (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. ) with regard to the Company's New Drug Application for Tramadol ODT See SCO Open Desktop. ODT - Open Desktop , an orally disintegrating formulation of the analgesic analgesic (ăn'əljē`zĭk), any of a diverse group of drugs used to relieve pain. Analgesic drugs include the nonsteroidal anti-inflammatory drugs (NSAIDs) such as the salicylates, narcotic drugs such as morphine, and synthetic drugs tramadol hydrochloride tramadol hydrochloride Warning - High-alert drug! Dromadol (UK), Larapam (UK), Mabron (UK), Tramake (UK), Ultram, Ultram ER, Zamadol (UK), Zydol (UK) Pharmacologic class: Opioid agonist . Biovail is actively engaged in late-stage partnership negotiations for Tramadol ODT, and Tramadol ER, a once-daily, extended-release formulation of this compound. Biovail is also currently in discussions with potential partners to commercialize Glumetza(TM), a once-daily, extended-release formulation of metformin hydrochloride metformin hydrochloride Warning - High-alert drug! Apo-Metformin (CA), Fortamet, Glucophage, Glucophage XR, Glycon (CA), Metsol (UK), Novo-Metformin (CA), Riomet Pharmacologic class: for the treatment of Type II diabetes Type II diabetes Type II diabetes is the most common form of diabetes and usually appears in middle aged adults. It is often associated with obesity and may be delayed or controlled with diet and exercise. Mentioned in: Diabetic Ketoacidosis , developed in conjunction with Depomed, Inc. In the first quarter of 2005, Biovail received an Approvable Letter for Glumetza(TM), and in April 2005, submitted a Complete Response to the FDA. Biovail anticipates a response from the FDA regarding Glumetza(TM) in the second quarter of 2005. Biovail expects to provide additional visibility into its product-development pipeline as part of a complete review of its business at an Investor Event that will be held in conjunction with the Company's AGM on June 28, 2005. Selling, general and administrative (SG&A) expenses for the first quarter of 2005 were $75.6 million, compared with $59.5 million in the first quarter of 2004, an increase of 27% that reflects increased headcount in Biovail's U.S. commercial operations and the initiation of marketing programs in support of Cardizem(R) LA, Teveten(R), Teveten(R) HCT and the Zovirax product line. As a percentage of total revenue, SG&A expenses were 43.1% in the first quarter of 2005, compared with 31.8% in the corresponding period in 2004. Amortization expense in the first quarter of 2005 was $16.0 million, compared with $17.1 million in the first quarter of 2004, a decrease of 6% that reflects the final $1.1 million in amortization associated with Biovail's economic interest in a generic formulation of Prilosec in the first quarter of 2004. Specific Items Affecting Operations There were no specific items affecting operations in the first quarter of 2005. In the first quarter of 2004, Biovail incurred an $8.6-million acquired R&D charge (which impacted diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. EPS by $0.05) related to the acquisition of the remaining interest in BNC-PHARMAPASS, a limited liability company created with Pharma Pass II, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control to develop enhanced formulations of three products. Balance Sheet & Cash Flow At the end of the first quarter of 2005, Biovail had cash balances of $83.9 million. The Company's debt-to-equity ratio debt-to-equity ratio The relationship between long-term funds provided by creditors and funds provided by owners. A firm's debt-to-equity ratio is calculated by dividing long-term debt by owners' equity. Both items are shown on the balance sheet. stood at 0.4 at the end of the first quarter of 2005, compared with 0.5 at December 31, 2004. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses was $67.4 million in the first quarter of 2005, compared with $63.8 million in the first quarter of 2004. Net capital expenditures in the first quarter amounted to $5.1 million. In February 2005, Biovail announced a $27.6-million expansion project to further enhance the manufacturing capability of the Company's manufacturing facility located in Steinbach, Manitoba
Steinbach is a city of approximately 12,000 people (2007 est.) (11,066 - 2006 census) in the province of Manitoba, Canada, a short distance from the capital Winnipeg. . Construction on the Steinbach expansion project is now under way, and will include the addition of approximately 75,000 square feet, bringing the total to 220,000 square feet. Biovail expects the work to be completed in late 2006. Conference Call Biovail management will host a conference call and Webcast on Thursday, May 5, 2005, at 8:30 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT for company executives to discuss 2005 first-quarter earnings. Following the discussion, Biovail executives will address inquiries from research analysts. A live Webcast of this call will be available through the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the Biovail Web site, www.biovail.com. To access the call live, please dial 416-405-9328 (Toronto and International callers) and 1-800-387-6216 (U.S. and Canada). Listeners are encouraged to dial in 10 minutes before the call begins to avoid delays. A replay of the conference call will be available until 7 p.m. EDT on Thursday, May 12, 2005, by dialing 416-695-5800 (Toronto and International callers) and 1-800-408-3053 (U.S. and Canada), using access code, 3149277. About Biovail Corporation Biovail Corporation is a specialty pharmaceutical company, engaged in the formulation, clinical testing, registration, manufacture and commercialization of pharmaceutical products utilizing advanced drug-delivery technologies. For more information about Biovail, visit the company's Web site at www.biovail.com. For further information, please contact Ken Howling at 905-286-3000 or send inquiries to ir@biovail.com. "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 forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended. We have based these forward-looking statements on our current expectations and projections about future events. Our actual results could differ materially from those discussed in, or implied by, these forward-looking statements. Forward-looking statements are identified by words such as "believe," "anticipate," "expect," "intend," "plan," "will," "may" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or are forward-looking statements. Forward-looking statements include, but are not necessarily limited to, risks and uncertainties, including the difficulty of predicting U.S. Food and Drug Administration and Canadian Therapeutic Products Directorate Therapeutic Products Directorate (TPD) is a Canadian federal authority that regulates pharmaceutical drugs and medical devices for human use, a role performed by the Food and Drug Administration in the United States. 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 and finished products, the regulatory environment, tax rate assumptions, the outcome of legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. , fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission and the Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. . Biovail undertakes no obligation to update or revise any forward-looking statement.
BIOVAIL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(All dollar amounts are expressed in thousands of U.S. dollars, except
per share data)
(Unaudited)
Three Months Ended
March 31
---------------------------
2005 2004
------------- -------------
REVENUE
Product sales $161,168 $175,097
Research and development 7,526 4,216
Royalty and other 6,567 7,313
------------- -------------
175,261 186,626
------------- -------------
EXPENSES
Cost of goods sold 42,091 52,141
Research and development 20,487 17,991
Selling, general and administrative 75,605 59,458
Amortization 16,034 17,105
Acquired research and development - 8,640
------------- -------------
154,217 155,335
------------- -------------
Operating income 21,044 31,291
Interest income 378 404
Interest expense (8,897) (11,394)
Foreign exchange gain (loss) (538) 962
Other income (expense) (270) 1,143
------------- -------------
Income before provision for income taxes 11,717 22,406
Provision for income taxes 585 1,300
------------- -------------
Net income $11,132 $21,106
------------- -------------
------------- -------------
Diluted earnings per share $0.07 $0.13
------------- -------------
------------- -------------
Diluted weighted average number of common
shares
outstanding (000s) 159,447 159,281
------------- -------------
------------- -------------
BIOVAIL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(All dollar amounts are expressed in thousands of U.S. dollars)
(Unaudited)
March 31 December 31
2005 2004
------------- -------------
ASSETS
Cash and cash equivalents $83,922 $34,324
Other current assets 247,829 280,327
Long-term investments 65,557 68,046
Property, plant and equipment, net 184,950 186,556
Goodwill 100,294 100,294
Intangible assets, net 961,771 978,073
Other assets, net 59,324 63,440
------------- -------------
$1,703,647 $1,711,060
------------- -------------
------------- -------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $194,078 $190,237
Long-term obligations 430,722 445,471
Other long-term liabilities 20,575 21,439
Shareholders' equity 1,058,272 1,053,913
------------- -------------
$1,703,647 $1,711,060
------------- -------------
------------- -------------
BIOVAIL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(All dollar amounts are expressed in thousands of U.S. dollars)
(Unaudited)
Three Months Ended
March 31
---------------------------
2005 2004
------------- -------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $11,132 $21,106
Adjustments to reconcile net income to net
cash provided by
operating activities
Depreciation and amortization 22,914 22,594
Amortization of deferred financing costs 812 1,887
Amortization of discounts on long-term
obligations 784 941
Acquired research and development - 8,640
Other 49 (2,965)
Changes in operating assets and liabilities 31,697 11,636
------------- -------------
Net cash provided by operating activities 67,388 63,839
CASH FLOWS FROM INVESTING ACTIVITIES (6,026) (17,372)
CASH FLOWS FROM FINANCING ACTIVITIES (11,715) (111,733)
Effect of exchange rate changes on cash and
cash equivalents (49) (46)
------------- -------------
Net increase (decrease) in cash and cash
equivalents 49,598 (65,312)
Cash and cash equivalents, beginning of
period 34,324 133,261
------------- -------------
Cash and cash equivalents, end of period $83,922 $67,949
------------- -------------
------------- -------------
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion