Biovail Reports Record 1999 Second Quarter and Year to Date Financial Results.TORONTO--(BW HealthWire)--July 28, 1999-- 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. 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 second quarter and six month financial results for the period ended June June: see month. 30, 1999. Revenue for the second quarter and first half of 1999 increased by 43% and 37% respectively to $36.2 million and $64.4 million, compared to second quarter 1998 revenue of $25.3 million and first half 1998 revenue of $47.1 million. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the quarter was $15.5 million and for the first half of 1999 was $27.1 million, representing increases of 53% and 46% respectively over the comparable periods of 1998. Net income of $12.1 million or $0.49 per share was achieved in the quarter, a 26% increase over the net income of $9.5 million or $0.36 per share earned in 1998. For the first half of 1999, net income of $20.4 million or $0.83 per share was achieved, a 17% increase over $17.4 million or $0.65 per share in the comparable period of 1998. Revenue and income improvements in both the second quarter and first half of 1999 are primarily attributable to increasing market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" of Tiazac Tiazac® Diltiazem, see there (R), Biovail's prescription drug prescription drug Prescription medication Pharmacology An FDA-approved drug which must, by federal law or regulation, be dispensed only pursuant to a prescription–eg, finished dose form and active ingredients subject to the provisos of the Federal Food, Drug, used in the treatment of angina Angina Definition Angina is pain, "discomfort," or pressure localized in the chest that is caused by an insufficient supply of blood (ischemia) to the heart muscle. and 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). , in the 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. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . In addition, the launch of a generic version of the angina/hypertension drug Verelan Verelan® Verapamil, see there in the United States and the Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. launches of Retavase, a fibrinolytic fibrinolytic pertaining to or emanating from fibrinolysis. fibrinolytic agent substances that stimulate or inhibit fibrinolysis. fibrinolytic inhibitors include e-aminocaproic acid and antiplasmin-a1. clot dissolving dis·solve v. dis·solved, dis·solv·ing, dis·solves v.tr. 1. To cause to pass into solution: dissolve salt in water. 2. product, Brexidol, used for the relief of pain and Celexa Ce·lex·a A trademark for the drug citalopram hydrobromide. citalopram hydrobromide Celexa Pharmacologic class: Selective serotonin reuptake inhibitor Therapeutic class: , an anti-depressant have all contributed to the company's increasing revenue and income performance. 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, "We are very pleased to report that the strategic initiatives undertaken at Biovail historically are today generating continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. improving financial results. Our pipeline of products is very strong and is expected to contribute significantly in the near future. In addition, completion of the recently announced merger agreement with Fuisz Technologies Ltd. will provide the combined operations For the department of the British War Office during World War II, see . In the military, combined operations are operations conducted by forces of two or more allied nations acting together for the accomplishment of a single mission. See also
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 An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act 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. -0-
BIOVAIL CORPORATION INTERNATIONAL
CONSOLIDATED BALANCE SHEETS
(All dollar amounts are expressed in thousands of U.S. dollars)
June 30, December 31,
1999 1998
-------- --------
(Unaudited) (Audited)
ASSETS
Current
Cash and short-term deposits $ 86,358 $ 78,279
Accounts receivable 36,521 42,768
Inventories 15,199 10,542
Executive stock purchase plan loans 3,025 2,924
Deposits and prepaid expenses 3,264 3,357
-------- --------
144,367 137,870
LONG-TERM INVESTMENTS 10,055 10,055
CAPITAL ASSETS, net 25,464 23,677
OTHER ASSETS, net 29,072 28,317
-------- --------
$208,958 $199,919
-------- --------
-------- --------
LIABILITIES
Current
Accounts payable $ 7,300 $ 12,244
Accrued liabilities 5,561 4,129
Income taxes payable 1,293 1,004
Customer prepayments 16,126 4,516
Current portion of long-term debt 751 653
-------- --------
31,031 22,546
LONG-TERM DEBT 125,856 126,182
-------- --------
156,887 148,728
-------- --------
SHAREHOLDERS' EQUITY
Share capital 21,019 19,428
Warrants 8,244 8,244
Retained earnings 22,059 24,748
Cumulative translation adjustment 749 (1,229)
-------- --------
52,071 51,191
-------- --------
$208,958 $199,919
-------- --------
-------- --------
BIOVAIL CORPORATION INTERNATIONAL
CONSOLIDATED STATEMENTS OF INCOME
(All dollar amounts except per share data are expressed in thousands
of U.S. dollars)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1999 1998 1999 1998
---------- ---------- ---------- ----------
REVENUE
Product Sales $ 24,979 $ 17,296 $ 37,541 $ 28,763
Research and development 8,635 4,109 15,352 11,953
Royalty and licensing 2,550 3,850 11,502 6,428
---------- ---------- ---------- ----------
36,164 25,255 64,395 47,144
---------- ---------- ---------- ----------
EXPENSES
Cost of goods sold 7,848 6,867 12,887 12,009
Research and development 6,459 4,103 11,783 8,132
Selling, general and
administrative 6,359 4,143 12,604 8,454
---------- ---------- ---------- ----------
20,666 15,113 37,274 28,595
---------- ---------- ---------- ----------
OPERATING INCOME 15,498 10,142 27,121 18,549
INTEREST EXPENSE (2,657) (89) (5,449) (157)
---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAXES 12,841 10,053 21,672 18,392
PROVISION FOR INCOME TAXES 775 510 1,308 1,001
---------- ---------- ---------- ----------
NET INCOME $ 12,066 $ 9,543 $ 20,364 $ 17,391
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
EARNINGS PER SHARE $ 0.49 $ 0.36 $ 0.83 $ 0.65
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
WEIGHTED AVERAGE NUMBER
OF COMMON SHARES
OUTSTANDING 24,533,987 26,849,900 24,533,987 26,849,900
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
BIOVAIL CORPORATION INTERNATIONAL
CONSOLIDATED STATEMENTS OF CASH FLOW
(All dollar amounts are expressed in thousands of U.S. dollars)
(Unaudited)
Six Months Ended
June 30,
1999 1998
-------- --------
NET INFLOW (OUTFLOW) OF CASH
RELATED TO THE FOLLOWING ACTIVITIES
OPERATING
Net income for the period $ 20,364 $ 17,391
Depreciation and amortization 3,154 2,346
-------- --------
23,518 19,737
Change in non-cash operating items 10,771 6,966
-------- --------
34,289 26,703
-------- --------
INVESTING
Additions to capital assets, net (2,785) (2,235)
Executive stock purchase plan loans 31 116
Acquisition of product rights (1,811) -
Acquisition of royalty interest - (15,000)
Increase in other assets - (170)
Long-term investments - (7,500)
-------- --------
(4,565) (24,789)
-------- --------
FINANCING
Acquisition of share capital (23,550) -
Issuance of share capital 2,088 3,858
Reduction in other long-term debt (300) (7,840)
Increase in other long-term debt - 14,706
-------- --------
(21,762) 10,724
-------- --------
Effect of exchange rate changes on cash 117 (31)
-------- --------
INCREASE IN CASH 8,079 12,607
-------- --------
CASH AND SHORT-TERM
DEPOSITS, BEGINNING OF PERIOD 78,279 8,275
-------- --------
CASH AND SHORT-TERM
DEPOSITS, END OF PERIOD $ 86,358 $ 20,882
-------- --------
-------- --------
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion