Biovail reports Tiazac sales ahead of target; modification of Forest distribution practices to have no impact on Biovail's Tiazac revenues.TORONTO, Canada--(BUSINESS WIRE)--Dec. 4, 1996--Biovail Corporation International (AMEX AMEX See: American 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 ) management today confirmed that sales of its lead drug, Tiazac(R), a once daily dosage formulation of diltiazem, to Forest Laboratories (AMEX:FRX FRX Frame Relay Exchange (provides backbone connectivity for HUB sites) FRX Frequently Repeated Line FRX Fox Pro Report ), Biovail's U.S. marketing partner, remain ahead of target and are expected to remain strong. In a press release issued late yesterday, Forest announced its intention to modify certain historical trade practices. The discontinuation of trade incentives announced by Forest will not impact the growth and continued market expansion of Tiazac, which since its U.S. launch in February 1996 has met or exceeded all roll out expectations. There have been no changes, nor are any contemplated, in Forest's orders placed with Biovail for the product. Tiazac continues to exhibit a strong growth performance in all measurement criteria, including total prescriptions and total patients administered. To date, total new prescriptions have reached an all time high in excess of 6.5% for the most recent reporting period. Biovail is pleased with Tiazac's ongoing performance, indicating the product will continue to meet expectations and fuel earnings in keeping with analysts' most recent estimates. Biovail Corporation International is an international full-service pharmaceutical company, engaged in the 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: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the telecommunications 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. CONTACT: Biovail Corporation International, Toronto Eugene Melnyk Chairman of the Board Bob Podruzny Chief Financial Officer (416) 285-6000 or Morgen-Walke Associates, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Investor Relations Investor relations The process by which the corporation communicates with its investors. : Donna Stein/ Dan Durkin/Cindy Hintelmann Press: Michael McMullan (212) 850-5600 |
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