Biovail Q1 results

Biovail Corporation's revenue for the first three months of 2004 were $186.6m versus $191.4m for the three months of 2003. First quarter 2004 net income in accordance with U.S. Generally Accepted Accounting Principles (GAAP) was $21.1m as compared with first quarter 2003 net income of $57.6m. This included an $8.6m acquired research & development charge associated with the acquisition of the remaining interest in BNC-Pharmapass.

Eugene Melnyk, chairman of the board and chief executive officer commented: 'This was an important quarter for Biovail as it demonstrates that commercial operations are executing well against their 2004 corporate objectives. Biovail's 2004 first quarter financial performance was complimented by the filing of two NDAs for novel pain medications and the completion of our sales force realignment and optimisation initiative.'