November 6, 2008 / 1:07 PM / in 9 years

UPDATE 1-Biovail results hit by generics, charges

* Earnings $0.31 vs $0.41

* Revenue $181.1 mln vs $188.9 mln

* Restructuring charges to linger (Adds details; figures are in U.S. dollars)

TORONTO, Nov 6 (Reuters) - Biovail Corp BVF.TO BVF.N reported a lower third-quarter profit on Thursday as generic versions of its key Wellbutrin anti-depressant and restructuring charges bit into results and it warned that the hangover from the restructuring would linger for the next few quarters.

Canada’s biggest publicly traded drugmaker earned $48.4 million, or 31 cents a share, compared with $65.9 million, or 41 cents a share.

The 2008 results included restructuring costs of $7.6 million, or 5 cents a share, related to the closure of two plants in Puerto Rico and a research facility in Ireland. This will result in a 20 percent reduction in staff at the company when completed.

Revenue was $181.1 million, down from $188.9 million.

Analysts had expected an average of 28 cents a share before items and revenue of $163.1 million, according to Reuters estimates. ($1=$1.17 Canadian) (Reporting by Scott Anderson, editing by Maureen Bavdek)

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