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Biovail Ann.02 Cover Biov1008 biovail ann’02 cover biov1008 5/20/03 10:02 AM Page 1 Biovail 2002 Annual Report Making medicine easier to take Biovail 2002 Annual Report 7150 Mississauga Road, Mississauga, Ontario L5N 8M5 www.biovail.com Making medicine easier to take biovail ann’02 cover biov1008 5/20/03 10:02 AM Page 2 Corporate Profile Biovail Corporation is an international fully integrated pharmaceutical company specializing in the development, manufacture, sale and marketing of medications for the treatment of chronic medical conditions. Biovail has a number of proprietary drug Shareholder Information delivery technologies that it applies to brand name drugs to produce enhanced versions. >> While Biovail continually explores all therapeutic areas, the company’s main therapeutic areas are cardiovascular, central nervous system and pain management. Biovail currently markets more than 20 products in North America and a number of products throughout 55 other countries, both directly and through strategic marketing partnerships. Biovail’s direct marketing efforts in North America are supported by an extensive U.S. and Canadian sales force of more than 650 sales professionals. >> Biovail maintains an active drug development pipeline and its proprietary technology platforms are currently being applied to more than 30 promising pharmaceutical products. >> Biovail Corporation, with more than HEAD OFFICE AUDITORS HOW TO REACH US FOR MORE INFORMATION 1,800 employees worldwide, trades on the New York Stock Exchange and the Toronto Stock Exchange under the symbol BVF. Biovail Corporation Ernst & Young LLP 7150 Mississauga Road Chartered Accountants For additional copies of this report, Mississauga, Ontario Toronto, Canada the annual report on Form 20-F as Canada L5N 8M5 filed with the United States Securities and Exchange Commission, quarterly LEGAL COUNSEL reports or for further information, MANUFACTURING FACILITIES Osler, Hoskin & Harcourt LLP please contact Investor Relations. Steinbach, Manitoba Toronto, Ontario Carolina, Puerto Rico Mail Dorado, Puerto Rico Cahill, Gordon & Reindel LLP Biovail Corporation Chantilly, Virginia New York, New York 7150 Mississauga Road Mississauga, Ontario Canada L5N 8M5 RESEARCH AND REGISTRARS AND TRANSFER AGENTS Financial Highlights DEVELOPMENT FACILITIES CIBC Mellon Trust Company Phone Dublin, Ireland Toronto, Canada (905) 286-3000 Toronto, Ontario Mellon Investor Services LLC Fax Years ended December 31 [All dollar amounts expressed in thousands of U.S. dollars, except per share data] 2002 2001 2000 Chantilly, Virginia New York, New York (905) 286-3050 Total revenue $ 788,025 $ 583,263 $ 309,170 E-mail SALES AND MARKETING OPERATIONS [email protected] Net income (loss) 87,795 87,448 (147,976) THE ANNUAL MEETING OF Biovail Pharmaceuticals Canada SHAREHOLDERS Website 1 Net income excluding certain items 284,076 202,853 123,987 7150 Mississauga Road The annual meeting of shareholders www.biovail.com Cash flows from operating activities 334,104 284,121 102,494 Mississauga, Ontario will be held at 10:00 a.m. Diluted earnings (loss) per share $ 0.55 $ 0.58 $ (1.16) Canada L5N 8M5 Friday, June 20, 2003 The following words and logos are Toronto Stock Exchange Theatre Diluted earnings per share excluding certain items 1 $ 1.77 $ 1.35 $ 0.86 Biovail Pharmaceuticals Inc. trademarks of the Company and may 170 Southport Drive 130 King Street West be registered in Canada, the United Total assets $1,833,804 $ 1,331,483 $ 1,107,267 Morrisville, NC 27560 Toronto, Ontario M5X 1J2 States and certain other jurisdictions: Biovail, Cardizem®, Tiazac®, Teveten®, STOCK EXCHANGE LISTINGS Vasotec®, Vaseretic®, CEFORM™, ® Toronto Stock Exchange Shearform™, FlashDose , Instatab™, SportSafe™, DrinkUp™ and New York Stock Exchange Cardisense® TRADING SYMBOLS: Common Shares: BVF SHARES OUTSTANDING AT DECEMBER 31, 2002 158,120,144 Cash Flows Diluted Earnings Total from Operating per Share Revenue Activities (excluding Total Assets in $ millions in $ millions certain items) in $ in $ millions 309 583 788 102 284 334 0.86 1.35 1.77 1,107 1,331 1,834 00 01 02 00 01 02 00 01 02 00 01 02 DESIGN: BRYAN MILLS GROUPDESIGN: BRYAN WWW.BRYANMILLS.COM 1 Certain items consist of write-down of assets, acquired research and development, other income, debt conversion premiums, extraordinary item and cumulative effect of change in accounting principle. BVF 2002 ANNUAL REPORT 1 Making medicine better 2 At-a-Glance 16 Other Therapies 39 Consolidated Financial 4 Letter to Shareholders 18 Product Portfolio Statements and Notes 8 The Controlled-Release 19 Management’s Discussion 80 Eight-Year Financial Drug Market and Analysis Summary 10 Cardiovascular 38 Management Report, 81 Selected Quarterly Data 12 Central Nervous System Auditors’ Report 82 Board of Directors (CNS) and Officers 14 Pain Management ibc Shareholder Information Biovail a better understanding Controlled-Release Cardiovascular Drug Market Biovail Corporation is a world leader Biovail develops, manufactures and in the field of drug delivery technology. markets advanced controlled-release We apply our proprietary technologies medications for the treatment of to select drug compounds to produce diseases of the cardiovascular system. enhanced products that offer We have targeted the $13.5 billion IN 2002, BIOVAIL ACHIEVED significant clinical advances over antihypertensive and the $13 billion RECORD REVENUES IN EXCESS existing products. These advantages lipid lowering agent markets in OF $750 MILLION, SIGNIFICANTLY include more consistent drug delivery, particular. Our current cardiovascular EXPANDED ITS U.S. SALES FORCE superior efficacy and lower incidence portfolio includes some of the world’s AND LAUNCHED A NUMBER OF of side effects. Biovail’s drug delivery best selling medications, including ® ® NEW PRODUCTS INTO THE MARKET. technologies can be applied to improve Tiazac and the Cardizem line of WE ALSO COMPLETED DEVELOPMENT existing products and to create new, diltiazem products. The recent ® OF A NUMBER OF MAJOR NEW superior innovative products in select addition of Cardizem LA and Teveten PRODUCTS. REGULATORY APPROVAL therapeutic categories – HCT will further bolster this strong AND LAUNCH OF THESE EXCITING Cardiovascular, Central Nervous portfolio. A number of other PRODUCTS IN 2003 WILL System and Pain Management. cardiovascular products are currently FURTHER FUEL OUR GROWTH under development. IN SALES AND REVENUE. Controlled Release Cardiovascular Market* Market* in $ billions in $ billions 10.4 13.5 16.3 21.1 25.0 27.2 00 01 02 00 01 02 *oral long acting *includes antihypertensive and dyslipidemia markets BVF 2002 ANNUAL REPORT 3 Central Nervous System Pain Management Other Therapies (CNS) The lead product in Biovail’s current Through the application of proprietary Biovail’s mandate is to identify, CNS portfolio is Wellbutrin XL, a drug delivery technologies, Biovail develop, manufacture and market once-daily version of a market leading develops superior products for the once-daily controlled-release products antidepressant, co-developed in treatment of pain. Our tramadol ER using our delivery technologies in partnership with GlaxoSmithKline. will be a leading once-daily select additional therapeutic This new product will compete in the formulation for the treatment of the categories that fulfill our clinical $12 billion antidepressant market. signs and symptoms of osteoarthritis. and business criteria. We are currently Biovail has also partnered to develop Also under development is a developing, both independently a novel enhanced absorption FlashDose® formulation of and through strategic partnerships, formulation of Effexor, another leading sumatriptan, the market leading a number of carefully selected antidepressant. Other highly anti-migraine product. FlashDose controlled-release products that will successful antidepressants have also delivery technology is also being provide distinct therapeutic and been identified and are currently in applied to other pain products in the competitive advantages within their advanced development in the Biovail development pipeline. specific categories. In addition, we drug delivery pipeline. continue to investigate promising new opportunities in the international pharmaceutical community. Pain CNS Management Market* Market* in $ billions in $ billions 10.9 13.2 13.8 12.5 15.0 15.8 00 01 02 00 01 02 *includes depression *includes moderate and sleep disorders to severe pain, osteoarthritis, back problems and migraine 4 BVF 2002 ANNUAL REPORT Eugene Melnyk Chairman of the Board Chief Executive Officer Dear Fellow Shareholders: THE PAST YEAR HAS BEEN PERHAPS THE MOST EXCITING AND EXCEPTIONAL YEAR IN THE HISTORY OF BIOVAIL. IT WAS A YEAR MARKED NOT ONLY BY CONTINUED GROWTH IN BOTH SALES AND REVENUE, BUT ALSO BY A NUMBER OF SIGNIFICANT ACHIEVEMENTS AND MILESTONES THAT WILL POSITIVELY IMPACT BIOVAIL’S GROWTH AND PROSPERITY IN THE COMING YEAR AND THE FORESEEABLE FUTURE. BVF 2002 ANNUAL REPORT 5 During 2002 and the latter half of 2001, Biovail effectively completed its transition from a research and development and manufacturing based organization to a fully integrated international pharmaceutical company. This was achieved through a number of key strategic initiatives. A NORTH AMERICAN SALES NETWORK One of the most significant strategic activities in 2002 was the continued expansion of our North American sales operation. Through aggressive recruitment and intensive training in our sales and marketing divisions in Canada and the United States, Biovail has been able to establish an extensive
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