Posted AT 11:20 AM EST on 08/05/08
Biovail narrows focus, unveils stock buyback
Biovail Corp. will take charges of $80-million (U.S.) to $100-million in its next few quarters as a result of a number of changes in the company's strategy, including shutting down plants in Puerto Rico, a shift in focus to selling drugs that treat central nervous system disorders, and a buy-back of up to 14-million common shares.
The company also reported a sharp drop in first quarter profit Thursday, to $56.4-million from $93.8-million in the year-earlier quarter.
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