Drug company Biovail Corp. said Thursday that its fourth-quarter earnings rose sharply as revenues hit a record.
The Toronto-based firm (TSX:BVF) said its made $119.7 million (75 cents a share), up from $46 million (29 cents a share) a year earlier. Biovail reports in US dollars.
Biovail's total revenue for the quarter reached $288 million, up four per cent from $275.4 million year-over-year.
The company said its product revenue for the fourth quarter of 2005 was $274.8 million, compared with $264.5 million in the fourth quarter of 2004. Biovail said the increase reflects good performance of its antidepressant Wellbutrin XL and blood pressure treatment Cardizem LA. The company said revenues declined for its portfolio of generic drugs and at Biovail Pharmaceuticals Canada.
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Looking ahead, the company is projecting overall revenue guidance for 2006 of $990 million to $1.07 billion, and diluted earnings per share of $2.30 to $2.40 before any charges. The company said the mid-point of that earnings range is 25 per cent higher than what it made last year.
Shares of Biovail rose 90 cents to close at $30.95 on the TSX.
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