May 6, 2009 / 2:20 PM / 9 years ago

Biovail shares dive 15 pct on weak results

TORONTO, May 6 (Reuters) - Biovail Corp’s BVF.TO shares slumped almost 15 percent on Wednesday morning after the drugmaker reported a lower first-quarter profit and said it plans to cut its quarterly dividend by 76 percent.

The shares of Canada’s biggest publicly traded drug company were off 15 percent at C$11.41 on the Toronto Stock Exchange.

$1=$1.17 Canadian Reporting by Scott Anderson; editing by Rob Wilson

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