Business Wire - Biovail Reports Record Fourth Quarter and Full Year 2002 Financial Results
Business Editors/Health/Medical Writers
TORONTO–(BUSINESS WIRE)–March 4, 2003
– Total revenue increased 34% for fourth quarter 2002 and 35% for full year 2002
– Excluding certain charges, 2002 diluted EPS was $1.77 reflecting an increase of 31%
Biovail Corporation (NYSE:BVF)(TSX:BVF) today reported record financial results for the fourth quarter and year ended December 31, 2002. Total revenues for the fourth quarter of 2002 increased 34% to $238.7 million, compared to $178.3 million reported for the fourth quarter of 2001. Total revenues for the year ended December 31, 2002 were $788.0 million reflecting an increase of $204.7 million or 35% over the year ended December 31, 2001 sales of $583.3 million.
These favourable results are primarily driven by a significant increase in product sales revenues through Biovail’s expanded U.S. sales and marketing organization, positive results from the U.S. Tiazac franchise, strong growth from the Company’s Canadian sales and marketing group, as well as the contributions related to U.S. co-promotion activities of Wellbutrin SR and a participating interest in the gross profit of the sales of a generic version of Prilosec.
Net income/loss and diluted earnings/loss per share for fourth quarter and full year 2002 and fourth quarter and full year 2001 in accordance with U.S Generally Accepted Accounting Principles (GAAP) are as follows:
Three Months Ended Twelve Months Ended
December 31 December 31
——————- ——————-
In $millions, except per
share data 2002 2001 2002 2001
———————— ——— ——— ——— ———
Net income (loss)
— US GAAP $(102.8) $(18.9) $87.8 $87.4
========= ========= ========= =========
Diluted earnings (loss)
per share — US GAAP $(0.65) $(0.13) $0.55 $0.58
========= ========= ========= =========
Net income (loss) — US GAAP $(102.8) $(18.9) $87.8 $87.4
Add (deduct) certain items
Write-down of assets 30.6 80.5 31.9 80.5
Acquired research and
development 167.8 - 167.8 -
Other income (0.2) - (3.4) -
Debt conversion premiums - 12.2 - 35.0
——— ——— ——— ———
Net income excluding
certain items $95.4 $73.8 $284.1 $202.9
========= ========= ========= =========
Diluted earnings per
share excluding certain
items $0.60 $0.46 $1.77 $1.35
========= ========= ========= =========
Fourth quarter 2002 net losses of $102.8 million compared to a net loss of $18.9 million for the fourth quarter of 2001. Excluding certain charges, 2002 fourth quarter net income of $95.4 million increased 29% over 2001 fourth quarter net income of $73.8 million. Net income for full year 2002 of $87.8 million compared to net income of $87.4 million for the prior year equivalent period. Excluding certain charges, net income for full year 2002 increased 40% to $284.1 million versus full year 2001 net income of $202.9 million.
Diluted loss per share of $0.65 for the fourth quarter 2002 compared to the diluted loss per share of $0.13 for the fourth quarter 2001. Excluding certain charges, 2002 fourth quarter diluted earnings per share increased 30% to $0.60 versus 2001 fourth quarter earnings per share of $0.46. Diluted earnings per share for full year 2002 were $0.55 versus full year 2001 diluted earnings per share of $0.58. Excluding certain charges, full year 2002 diluted earnings per share increased 31% to $1.77 versus $1.35 diluted earnings per share for full year 2001.
Eugene Melnyk, Chairman of the Board and Chief Executive Officer, commented, “Biovail continues to achieve earnings growth in excess of 30% however, very importantly, Biovail continues to execute on its operational mandate. Biovail’s U.S. sales organization more than doubled during 2002 and this sales force has already demonstrated its effectiveness by increasing monthly Teveten prescriptions over 90% from June to December 2002. As well, the Company has fully integrated the operational aspects of Zovirax, Teveten, Vasotec, Vaseretic and has begun developmental programs that will allow Biovail to further exploit these brands. During 2002, the Company has had numerous significant product development successes including the approval of Cardizem LA, the filing of Wellbutrin XL and numerous other clinical advancements. These clinical successes include favorable results from clinical programs related to once-daily versions of tramadol and metformin and successful Phase IV clinical programs related to Cardizem LA. The combination of Biovail’s clinical successes, sales force expansion programs and investments in early stage pipelines will continue to create a high level of future growth for Biovail and its shareholders.”
