(RTTNews) -  Thursday, specialty pharmaceutical company Biovail Corporation (BVF: News ,BVF.TO: News ) reported a profit for the second quarter compared with a loss last year, helped mainly by higher revenue and lower restructuring costs.

For the quarter, net income was $24.09 million or $0.15 per share, compared with a loss of $25.29 million or $0.16 per share in the same quarter last year.

Special items had a $0.19 per share impact on second quarter net income, much lower than last year's $0.53 per share impact.

Second quarter results include, among other special items, $30.4 million related to the collaboration agreement with ACADIA Pharmaceuticals, Inc. for pimavanserin and $11.4 million in restructuring costs. On the other hand, the prior-year quarter results included, among other items, $51.8 million charge related to the closure of facilities and a charge of $24.6 million related to an agreement with the U.S. Attorney's Office for the District of Massachusetts related to their investigation into the 2003 commercial launch of Cardizem LA.

On an average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share for the quarter. Analysts' estimates typically exclude special items.

Toronto, Canada-based Biovail's total revenue for the quarter was $193.54 million, up from $186.10 million in the comparable quarter last year. Analysts expected the company to report revenue of $190.71 million.
Product sales increased 7% to $187.72 million from $175.67 million, helped by higher revenues from Wellbutrin XL and the inclusion of revenues from Xenazine/Nitoman and Aplenzin.

Research and development revenue was $3.26 million, lower than $5.70 million a year ago, due to lower volumes of clinical research and laboratory testing services provided to external customers, as well as negative impact of the weakening of the Canadian dollar against the U.S. dollar.

Royalty and other revenue declined to $2.56 million from $4.73 million last year, reflecting lower revenue based on sales of fenofibrate tablets.

Cash earnings for the quarter was $0.59 per share, up from $0.44 per share in the year-ago quarter. Excluding specific items, the company reported cash earnings of $0.50 per share for the quarter.

For the six month period, net income surged to $63.09 million or $0.40 per share from $31.09 million or $0.19 per share in the prior-year period. Year-to-date, revenue was $366.85 million, lower than $394.59 million last year.

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