Biovail needs new tricks to end Wellbutrin dependence

By Scott Anderson - Analysis

TORONTO (Reuters) - The best way for Biovail Corp (BVF.TO: 株価, 企業情報, レポート) (BVF.N: 株価, 企業情報, レポート) to staunch the blood-letting of its share price might be to show that it is more than a one-trick pony.

But chances for a quick fix look dim as new products or acquisitions aimed at weaning it off its reliance on the Wellbutrin XL anti-depressant treatment are a few quarters away.

Biovail shares have lost 42 percent of their value so far this year, touching a year-low of C$13.77 on the Toronto Stock Exchange last week. It settled at C$14.33 on Monday.

"Biovail has not been able to sustain the aggressive growth that we were used to," said Claude Camire, a biotechnology analyst at Paradigm Capital.

"It is partly due to that inability to find new products and new opportunities to fill that gap and unfortunately Biovail has not been able to sustain it."

The problem is that the company has come to depend on Wellbutrin. The treatment has proved a steady earner since its launch in September 2003 and through December 2006, making up about two-fifths of Biovail's total consolidated product sales.

COMPETITION FROM GENERICS