Biovail reports earnings, revises guidance

Biovail (TSE:BVF; BVF) reported first quarter 2005 GAAP diluted EPS of $0.07, meeting the Street's estimate but down from $0.13 in the same period last year. Revenue for the first quarter was $175.3 million, down from $186.6 million last year. The company lowered its 2005 revenue guidance to $860-$930 million from $925 million-$1 billion but raised its EPS guidance to $1.70-$1.75 from $1.50-$1.60. The changes in guidance reflect lower revenues and cost savings related to a restructuring announced Tuesday, which included the sale of cardiovascular drugs Teveten and Teveten HCT to Kos (KOSP). The Street is expecting 2005 EPS of $1.47. ...