Biovail Provides 2004 Guidance

Biovail Provides 2004 Guidance 


TORONTO, Oct. 30  /PRNewswire-FirstCall/ -- Biovail Corporation (NYSE, TSX: BVF)
today announced its revenue and earnings guidance for 2004. The financial
guidance presented today reflects the Company's overall strategy of capitalizing
on its drug delivery technologies to create value-added products that meet
patient needs.

The Company believes that the revenue guidance contained herein is conservative
and achievable. The expenses reflect the Company's strategic desire to invest in
its Research and Development and Sales and Marketing infrastructure to build
long-term sustainable organic growth.

Biovail's annual product sales revenue by major category, research and
development revenue, royalty and co-promote revenue and total revenue for 2004
is expected to grow approximately 10% and be within the following annual
ranges:

  -------------------------------------------------------------------------
  Product Categories                                    Ranges ($ millions)
  -------------------------------------------------------------------------
  Promoted products                                        225       285
  -------------------------------------------------------------------------
    Cardizem LA                                             90       120
  -------------------------------------------------------------------------
    Teveten                                                 35        45
  -------------------------------------------------------------------------
    Zovirax                                                100       120
  -------------------------------------------------------------------------
  Wellbutrin XL                                            160       210
  -------------------------------------------------------------------------
  Biovail Pharmaceuticals Canada                            95       110
  -------------------------------------------------------------------------
  Legacy Products                                          230       260
  -------------------------------------------------------------------------
  Generics                                                 110       135
  -------------------------------------------------------------------------

  -------------------------------------------------------------------------
  Total product sales revenues (1)                         850     1,000
  -------------------------------------------------------------------------
  Research & development revenues                           15        20
  -------------------------------------------------------------------------
  Royalty and co-promote revenues                           15        50
  -------------------------------------------------------------------------

  -------------------------------------------------------------------------
  Total Revenues (1)                                       880     1,070
  -------------------------------------------------------------------------
  (1) Does not necessarily add



Numerous factors may impact the Company's quarterly results including the rate
of growth for various products launched in 2003, associated promotional costs,
launch timing of new products, outlicensing of pipeline products, the growth and
variable supply price on Wellbutrin XL sold to GlaxoSmithKline (GSK), and the
erosion of revenues related to Legacy and Generic products due to competitive or
generic activity. Quarterly product revenue will likely increase throughout the
year on a quarter over quarter basis primarily due to Wellbutrin XL and other
factors and is expected to be within the following ranges:

  -------------------------------------------------------------------------
      2004                 Q1        Q2        Q3        Q4      Full year
  ($ millions)
  -------------------------------------------------------------------------
  Total Revenue Ranges   170-200   210-250   230-275   290-345   880-1,070
  -------------------------------------------------------------------------
  Wellbutrin XL           20-35     30-45     40-55     60-105    160-210
  -------------------------------------------------------------------------



Gross margins are forecast to be higher in 2004 than in 2003 and are expected to
be in the range of 76% to 80% of product sales revenue. Research and development
spending is forecast to be in the range of $80 million to $100 million
reflecting an expected increase in clinical activity. Selling, general and
administrative expenses are expected to be in the range of $260 million to $290
million (excluding amortization expense).

Amortization expense for 2004 will likely be in the range of $65 million to $70
million excluding amortization associated with a generic version of Prilosec.
The Company's tax rate is expected to remain in the 6% to 8% range, and could be
lower earlier in the year.

Fully diluted earnings per share(2) for 2004 are expected to be in the range of
$2.00 and $2.20. Quarterly earnings during 2004 will be impacted by the growth
of Wellbutrin XL and the increasing supply price that the company receives on
higher levels of end market sales by GSK.

Quarterly fully diluted 2004 earnings per share(2) guidance by quarter is as
follows:

  -------------------------------------------------------------------------
    2004         Q1          Q2           Q3           Q4        Full year
  -------------------------------------------------------------------------
  Earnings
   per
   share(2)  $0.25-0.35  $0.30-$0.40  $0.50-$0.65  $0.70-$0.80  $2.00-$2.20
  -------------------------------------------------------------------------
  (2) All earnings per share information assumes the Company will not have
      or are exclusive of any charges.




Biovail Corporation is an international full-service pharmaceutical company,
engaged in the formulation, clinical testing, registration, manufacture, sale
and promotion of pharmaceutical products utilizing advanced drug delivery
technologies. More information on Biovail Corporation can be found on
http://www.biovail.com/.

     "Safe Harbor" statement under the Private Securities Litigation
                           Reform Act of 1995.



To the extent any statements made in this release contain information that is
not historical, these statements are forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. We have based these
forward-looking statements on our current expectations and projections about
future events. Our actual results could differ materially from those discussed
in, or implied by, these forward-looking statements. Forward-looking statements
are identified by words such as "believe", "anticipate", "expect", "intend",
"plan", "will", "may" and other similar expressions. In addition, any statements
that refer to expectations, projections or other characterizations of future
events or circumstances are forward-looking statements. Forward-looking
statements include, but are not necessarily limited to risks and uncertainties,
including the difficulty of predicting FDA approvals, acceptance and demand for
new pharmaceutical products, the impact of competitive products and pricing, new
product development and launch, reliance on key strategic alliances,
availability of raw materials and finished products, third parties, the
regulatory environment, fluctuations in operating results and other risks
detailed from time to time in the company's filings with the Securities and
Exchange Commission. 

DATASOURCE: Biovail Corporation



CONTACT: Kenneth G. Howling, Vice President, Finance, [phone] or

send inquiries to .

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