August 5, 2010 / 11:45 AM / 7 years ago

UPDATE 1-Biovail profit climbs on stronger sales

* Q2 EPS $0.21 vs $0.15 a year ago

* Q2 Adjusted EPS $0.60 vs $0.52 a year ago (All figures in U.S. dollars, unless noted)

TORONTO, Aug 5 (Reuters) - Biovail Corp BVF.TO BVF.N, Canada’s biggest publicly traded drugmaker, said second-quarter earnings rose, driven by strong sales of its antidepressant drug Wellbutrin and its portfolio of generic products.

Net income was $34 million, or 21 cents a share, up from a year-ago profit of $24.1 million, or 15 cents a share.

Biovail, which is in the process of acquiring U.S.-based Valeant Pharmaceuticals (VRX.N), said earnings excluding one-time items rose to 60 cents a share from 52 cents a year earlier.

Toronto-based Biovail said quarterly revenue rose 23 percent to $238.8 million.

Biovail said it is on track to close its $3.3 billion deal for Valeant before year-end, subject to necessary approvals. (Reporting by Euan Rocha; editing by John Wallace)

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