TORONTO (CP) - Biovail Corp. (TSX:BVF) has high hopes for new drugs, including a secret sexual-dysfunction remedy, while reporting sagging second-quarter sales and profits.
Second-quarter research and development expenditures were $28.4 million, up from $18.4 million a year earlier. Meanwhile, selling, general and administrative costs were cut to $46.3 million from $66.7 million.Product sales were down 22 per cent to $190.8 million, largely reflecting the December launch of generic competition for Wellbutrin XL, whose sales fell to $53 million, from $114 million a year ago. Revenue from generic products crumbled to $11.3 million from $32.8 million.
Partly offsetting those declines were rising sales of painkiller Ultram ER, herpes treatment Zovirax and angina drug Cardizem LA. read more
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