February 25, 2010 / 12:44 PM / in 8 years

UPDATE 1-Biovail quarterly net income falls

* Q4 adjusted EPS $0.56

* Revenue up 33 pct to $241.1 mln (In U.S. dollars. Adds details)

TORONTO, Feb 25 (Reuters) - Biovail Corp BVF.TO BVF.N said on Thursday its fourth-quarter net income fell due to a series of one-time items that hurt results.

Biovail said it earned $73 million, or 46 cents a share, in the quarter, down from a year-earlier profit of $120.4 million, or 76 cents a share, when results were helped by a $66.2 million, or 42 cent per share, deferred income-tax benefit.

Excluding one-time items, the company said its quarterly earnings were 56 cents a share.

Fourth-quarter revenue rose 33 percent to $241.1 million. ($1= $1.05 Canadian) (Reporting by Scott Anderson, editing by Gerald E. McCormick)

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