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News from Reuters

Biovail profit lower on restructuring charges

05/11/09

n TORONTO (Reuters) - Biovail Corp reported a lower third-quarter profit on Thursday despite growing revenue, as restructuring charges hurt the Canadian drugmaker.

Canada's biggest publicly traded pharmaceutical company said it earned US$40.4 million or 25 cents a share during the quarter, down from $48.4 million or 31 cents a share for the same time last year.

Revenue grew 17 percent to $212.5 million.

The company said the quarter included $7.6 million in restructuring charges, including $5.1 million related to the closures of two Puerto Rico manufacturing facilities and a Dublin, Ireland, research facility.

($1=$1.06 Canadian)

(Reporting by Scott Anderson, editing by Gerald E. McCormick)

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