Biovail Reports Record 1997 Fourth Quarter and Year End Financial Results.TORONTO--(BW HealthWire)--Feb. 25, 1998--Biovail Corporation International (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 reported record fourth quarter and year end financial results for the period ended December December: see month. 31, 1997. Revenue for the fourth quarter of 1997 increased 89% to $26.3 million compared with $13.9 million reported for the fourth quarter of 1996. Net income for the fourth quarter of 1997 was $13.2 million, or $0.52 per share, compared with net income of $6.5 million, or $0.26 per share in the comparable period of 1996. Revenues for the year ended December 31, 1997 increased 24% to $82.4 million compared with $66.4 million in 1996. Net income increased 52% for the year ended December 31, 1997 to $35.2 million, or $1.38 per share, compared with net income of $23.2 million, or $0.92 per share, in 1996. 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 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. that contribute significantly to the Company's revenue growth and positions Biovail as an industry leader in the development and commercialization of controlled release drug products for the global marketplace." "We have had a very exciting and rewarding year in which record profits were earned, additional international licensing agreements for Tiazac Tiazac® Diltiazem, see there (R) were finalized See finalization. ; regulatory approval for the sale of Tiazac(R) in Canada was received; scientific milestones were achieved with the ANDA ANDA abbr. abbreviated new drug application filing of major products with 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. , including 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, CD, Verelan Verelan® Verapamil, see there and recently Adalat Ad·a·lat A trademark for the drug nifedipine. CC and Procardia Pro·car·di·a A trademark for the drug nifedipine. nifedipine Adalat CC, Adalat PA (CA), Adalat XL (CA), Adipine (UK), Afeditab CR, Angiopine (UK), Apo-Nifed (CA), Calchan (UK), Cardilate MR (UK), Cordacten (UK), XL; and the licensing of certain of the Company's ANDA pipeline in Canada. In October we were very successful in raising approximately $75 million through Intelligent Polymers Limited to fund NDA (Non Disclosure Agreement) An agreement signed between two parties that have to disclose confidential information to each other in order to do business. In general, the NDA states why the information is being divulged and stipulates that it cannot be used for any product development. This tremendous year was capped off in December with a major marketing alliance between Biovail and Teva Pharmaceutical Industries Teva Pharmaceutical Industries Ltd. (Hebrew: טבע תעשיות פרמצבטיות בע"מ), NASDAQ: TEVA is an international pharmaceutical company headquartered in Ltd. for the U.S. distribution of Biovail's controlled release generic products." Biovail Corporation International is an international full-service pharmaceutical company, engaged in the formulation formulation /for·mu·la·tion/ (for?mu-la´shun) the act or product of formulating. American Law Institute 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 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 are expressed in thousands of U.S. dollars)
Three Months Ended Year Ended
December 31, December 31,
1997 1996 1997 1996
____ ____ ____ ____
REVENUE
Research and
development $ 12,513 $ 1,187 $ 19,559 $ 4,374
Manufacturing 11,429 11,157 50,333 54,313
Royalty and licensing 2,363 1,572 12,487 7,743
__________ __________ __________ __________
26,305 13,916 82,379 66,430
__________ __________ __________ __________
EXPENSES
Research and development 2,934 2,403 14,386 10,901
Cost of manufactured
goods sold 5,343 3,806 16,471 21,757
Selling, general and
administrative 3,914 1,285 13,989 10,166
__________ __________ __________ __________
12,191 7,494 44,846 42,824
__________ __________ __________ __________
OPERATING INCOME 14,114 6,422 37,533 23,606
INTEREST INCOME (EXPENSE),
net (143) (5) (351) 392
__________ __________ __________ __________
INCOME BEFORE INCOME TAXES 13,971 6,417 37,182 23,998
PROVISION FOR INCOME TAXES 767 (117) 1,941 714
__________ __________ __________ __________
NET INCOME $ 13,204 $ 6,534 $ 35,241 $ 23,284
__________ __________ __________ __________
__________ __________ __________ __________
EARNINGS PER SHARE $ 0.52 $ 0.26 $ 1.38 $ 0.92
__________ __________ __________ __________
__________ __________ __________ __________
WEIGHTED AVERAGE NUMBER
OF COMMON SHARES
OUTSTANDING 25,606,000 25,378,000 25,606,000 25,378,000
__________ __________ __________ __________
__________ __________ __________ __________
BIOVAIL CORPORATION INTERNATIONAL
CONSOLIDATED BALANCE SHEETS
December 31, 1997 and 1996
(All dollar amounts are expressed in thousands of U.S. dollars)
1997 1996
__________ __________
ASSETS
Current
Cash and short-term deposits $ 8,275 $ 4,526
Accounts receivable 33,114 10,364
Inventories 16,609 8,134
Executive loans 2,933 2,512
Deposits and prepaids 2,053 1,063
__________ __________
62,984 26,599
Fixed Assets, net 24,172 24,819
Other Assets, net 6,583 7,188
__________ __________
$ 93,739 $ 58,606
__________ __________
__________ __________
LIABILITIES
Current
Accounts payable 4,579 5,468
Accrued liabilities 6,002 1,738
Income taxes payable 1,013 808
Customer prepayments 1,840 6,681
Current portion of long-term debt 1,887 2,298
__________ __________
15,321 16,993
Long-Term Debt 2,960 4,670
__________ __________
18,281 21,663
__________ __________
Shareholders' Equity
Share capital 18,465 14,614
Retained earnings 57,953 22,712
Cumulative translation adjustment (960) (383)
__________ __________
75,458 36,943
__________ __________
$ 93,739 $ 58,606
__________ __________
__________ __________
CONTACT: Biovail Corporation International Eugene Melnyk or Bob Podruzny, 416/285-6000 |
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