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NEW YORK - Canadian drug developer Biovail Corp. said Thursday its profit fell more than 35 percent in the third quarter on lower sales of its blockbuster antidepressant Wellbutrin and higher restructuring costs.
| BVF | 10.59 |  -0.07 |
Net income for the period ended Sept. 30 was $48.4 million, or 31 cents per share, down from $65.9 million, or 41 cents per share, in the same period last year.
Revenue fell to $181.1 million from $188.9 million as Wellbutrin lost sales to lower-priced generic versions.
Earnings were also hurt by $7.6 million in restructuring costs, including the closing of plants in Ireland and Puerto Rico.
Biovail said it was considering a number of possible acquisitions or licensing agreements.
"The recent financial market turmoil is likely to create opportunities in terms of business development for companies like Biovail with a strong balance sheet and cash flows," Biovail Chief Executive Bill Wells said.
Shares of Biovail rose 8 cents Thursday to $9.18 in morning trading.
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