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Strategies & Market Trends : Technical analysis for shorts & longs

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To: Johnny Canuck who wrote (42792)	11/11/2005 3:00:18 PM
From: Johnny Canuck	Read Replies (1) of 69896

Biovail boosts guidance after upbeat Q3 By Ottawa Business Journal Staff Fri, Nov 11, 2005 8:00 AM EST Drug manufacturer Biovail is increasing its financial guidance after reporting a better-than-expected third quarter. Biovail says Q3 revenues rose 21 per cent to US$258 million, or 64 cents a share, compared to US$213.6 million in the third quarter of 2004. Analysts had expected earnings of 60 cents a share. A restructuring charge related to the realignment of Biovail's U.S. commercial operations and a write-down of assets held for disposal reduced net income by US$7.2 million, or five cents a share. "Biovail's record financial performance in the third quarter was complemented by continued execution on the research-and-development front," CEO Dr. Douglas Squires said in a statement. "With FDA approval and the ideal marketing partner for our once-daily tramadol formulation now in place, Biovail anticipates the commercial launch of this innovative product to the U.S. analgesia market in early 2006. With robust cash flows and a strong balance sheet, we remain well positioned to execute our long-term growth strategy." Biovail said it's increasing its diluted EPS guidance range from $1.75 to $1.80 to a range of $1.80 to $1.85. In addition, Biovail is increasing its 2005 cash flow from operations range from $300 million to $340 million to between $350 million and $380 million.

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