Biovail Earnings Boosted By Tiazac

Improved profit margins for its calcium antagonist Tiazac (an improvedformulation of diltiazem) sparked a 22% rise in net income for the second quarter at Biovail International, the Toronto, Canada-based generics company. Profit increased to $7.1 million for the second quarter ended June 30, compared with $5.8 million for the same period a year earlier.

The company, which has a market capitalization of C$1 billion ($725.2 million), saw its shares rise C$1.30 to close at C$39.80 on the news.

Revenue was almost unchanged at $18.5 million compared with $18.3 million for the corresponding period in 1996, but operating income climbed 28% to $7.5 million, due for the most part to improved manufacturing margins for Tiazac.