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news.Canadian drug maker Biovail has reported disappointing second-quarter sales and profits due to strong generic antidepressant competition facing its Wellbutrin XL product.
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The company is now hoping to compensate for the disappointing results with the launch of its new drug pipeline which includes BVF-324, a sexual-dysfunction treatment, as well as a reversal of an FDA decision to reject bupropion, a component of a new antidepressant.
Biovail’s net income fell from $85.3 million in last year’s second quarter to $67.8 million this year. Diluted earnings per share were 42 cents compared to 53 cents in 2006.
Total revenues for the three months ended June 30, 2007 were $203 million, compared with $255.1 million for the second quarter last year. Total revenues for the six months ended June 30, 2007 were $450 million, compared with $477.8 million for the first six months of 2006.
One of the 10 new drugs in the pipeline, BVF-324, has prompted Biovail to sign a licensing deal with a privately held drug development company giving it exclusive rights for the sexual dysfunction product.
“As investors begin to appreciate what’s in the pipeline … I think they will begin to have confidence in what we have and in the growth of the company,” said Biovail CEO Douglas Squires at a conference.