Biovail to Present at JPMorgan Healthcare Conference; Company Provides Update on Corporate Governance.

TORONTO -- Biovail Corporation (NYSE:BVF)(TSX:BVF) announced today that Dr. Douglas Squires, Chief Executive Officer (CEO), will present at the JPMorgan 23rd Annual Healthcare Conference at the Westin St. Francis Hotel in San Francisco on Wednesday, January 12, 2005, at 4 p.m. PST. A live Webcast of the presentation can be accessed through the Investor Relations section of the Biovail Web site at www.biovail.com.

Dr. Squires joined Biovail as CEO on November 15, 2004, and assumed all commercial, operational and general-management responsibilities for the Company. During his 29-year pharmaceutical industry career, he has provided strategic and operational leadership to pharmaceutical businesses and companies in Canada, the Pacific Rim and the United States. Dr. Squires is based in the U.S., where he has lived and worked since 1990.

Commitment to Enhance Investor Confidence

Biovail's Board of Directors is actively engaged with management in a comprehensive review of Biovail's corporate-governance practices. This action reflects a commitment made by Chairman Eugene Melnyk in June 2004 to enhance investor confidence in the Company.

Toward that end, the Company announced the separation of the roles of Chairman and Chief Executive Officer in October 2004, and the appointment of Dr. Squires to the latter role. Mr. Melnyk had held both positions since December 2001. With Dr. Squires assuming his new responsibilities, Mr. Melnyk significantly reduced the level of his involvement in the Company's day-to-day operational activities. As Chairman, he focuses primarily on leading the Board's contribution to set the broad vision and strategy for Biovail's long-term growth and success, and on governance-related matters, including the initiative to enhance investor confidence.

"Our review of governance practices is focusing on Board structure, composition, processes, practices and recruitment," Mr. Melnyk said. "Anticipated reforms will be designed to strengthen the independence and effectiveness of the Board, provide transparency and increase the Board's impact in the interests of all shareholders."

To ensure that the Board is able to draw upon the most current practices, the Company has retained the services of Carol Hansell of the law firm Davies Ward Phillips & Vineberg LLP. Ms. Hansell is a recognized authority on corporate governance and the author of such works as What Directors Need to Know: Corporate Governance and Directors and Officers in Canada: Law and Practice.

Renewing the Board of Directors

Biovail is also moving to establish a succession process designed to ensure the ongoing renewal of its Board. This will enable the Board to evolve with the Company's changing needs and to achieve the appropriate representation of the skills and experiences that will enhance its effectiveness.

The Corporate Governance Committee of the Board has retained Egon Zehnder International, a leading global executive search firm with considerable experience in governance advisory and board recruitment assignments, to assist in the recruitment of new directors over time. The firm has conducted a thorough assessment of the composition of the Biovail Board. It has held detailed conversations with current directors and senior executives of the Company. And it has developed, with the Board, profiles for director candidates who could make a positive contribution to the oversight function and the enhancement of shareholder value. It has also established a process to identify and recruit new directors to support the Board's succession requirements.

"We're acting on our stated commitment to enhance investor confidence in Biovail," Mr. Melnyk said. "We're pursuing this goal, in part, by working to strengthen the independence and effectiveness of the Board and of individual directors. I believe the actions we've taken, and will take, reflect our dedication to an effective, transparent and accountable governance environment."

About Biovail Corporation

Biovail Corporation is an international full-service pharmaceutical company, engaged in the formulation, clinical testing, registration, manufacture, sale and promotion 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 [e-mail].

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995

To the extent any statements made in this release contain information that is not historical, these statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, 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 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 ("FDA") and Canadian Therapeutic Products Directorate ("TPD") 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, third parties, 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 ("SEC") and the Ontario Securities Commission ("OSC"). Biovail Corporation undertakes no obligation to update or revise any forward-looking statement.