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Biovail is Canada's largest pharmaceutical company, operating internationally in all aspects of pharmaceutical products.
Corporate governance
Current members of the board of directors of Biovail are: Wilfred Bristow, Michael Van Every, Eugene Melnyk, Laurence Paul, Sheldon Plener, Jamie Sokalsky, Douglas Squires, and William Wells.
Accounting Troubles
Near the end of 2002, Biovail acknowledged that it had employed aggressive accounting for the "Teveten transaction." Teveten was a hypertension-relief product, and Biovail had licensed the U.S. rights to it from Solvay Pharmaceuticals for US$94 million. It marked the whole of this price as the value of the license as an asset on its balance sheet. A more conservative approach would have subtracted $20 millon (the marketing allowance) from that amount, listing a $74 million asset on the balance sheet.
What made the balance sheet look better, had negative consequences for the income statement. Biovail committed to an additional $1 million per year amortization expense over the period of the license, 2004 to 2021.
The company's accounting for its transaction with GlaxoSmithKline regarding the research, development, and co-promotion of Wellbutrin Once-Daily has also become grist for controversy.
External link
"Biovail"