Toronto — The Canadian Press Published on Thursday, Nov. 05, 2009 12:48PM EST
Biovail Corp.'s BVF-T profit fell to $40.4-million (U.S.) in the third quarter, as the impact of special items offset a 17.3-per-cent increase in revenue generated by the Canadian pharmaceutical company's products.
The Toronto-area drug developer and manufacturer said Thursday that its revenue increased to $212.5-million, from $181.1-million in the third quarter of 2008.
The increase was attributed to higher revenue from its main antidepressant product, Wellbutrin XL, and the inclusion of revenue from Aplenzim, a newer antidepressant that was commercially launched in April, and recently acquired tetrabenazine products.
The company says tetrabenazine is useful for treating hyperkinetic diseases, such as Huntington's chorea and Tourette Syndrome, a neurological disorder that causes a person to make repeated and involuntary movements and sounds.
Despite the higher revenue, Biovail's diluted earnings per share fell to 25 cents, down from 31 cents or $48.4-million in the third quarter of 2008.
Biovail said its GAAP net income and earnings per share were affected by several expensed items, including $8.1-million related to acquired in-process research and development and $2.4-million in restructuring charges. Collectively, these items reduced net income by $10.7-million or 7 cents per share.
A year earlier, Biovail's special items reduced its profit by $7.4-million or 5 cents per share in the third quarter.
Shares in the company were down 34 cents or 2.4 per cent at $13.80 in midday trading on the TSX.
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