Citing "better-than-expected performance in the second quarter," Biovail raised its profit guidance by to five cents US a share for the year, to a range of $1.75 US to $1.80 US. It also raised revenue guidance by $10 million US.
In trading on the TSX, Biovail closed up 10.9 per cent or $2.16 at $21.95. The 52-week range is $16.90 to $24.80.
The company raised its guidance while releasing second-quarter results.
Two special charges related to a restructuring of U.S. operations slashed the company's profit.
Biovail recorded $50.1 million US in writedowns and restructuring charges related to a deal with Kos Pharmaceuticals in May.
- FROM MAY 3, 2005: Biovail selling some U.S. operations, cutting roughly 500 jobs
Under the Kos deal, that company will take over Biovail's Teveten blood pressure drug and sell another blood pressure drug, Cardizem LA, in the U.S. and Puerto Rico. Biovail will continue to make Cardizem LA under contract for Kos.
After the charges, Biovail profit for the three months ended June 30 was $3.7 million US (two cents US a diluted share), compared with $44.2 million US (28 cents US) a year earlier.
Revenue was $217.4 million US, compared with $206.3 million US.
Kos paid Biovail $104 million US for the drugs.
Biovail said the Kos deal will save it more money than it loses from the sales of Cardizem LA and Teveten.
Profit for the six months ended June 30 was $14.8 million US (nine cents US a diluted share), compared with $65.3 million US (41 cents US) a year earlier.
Revenue was $392.7 million US, compared with $392.9 million US.
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