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TORONTO--(BUSINESS WIRE)--Nov. 20, 2003--Biovail Corporation (NYSE:BVF) (TSX:BVF) today announced that it has received a letter from the United States Securities and Exchange Commission (SEC) advising the Company that it has initiated an informal inquiry pertaining to Biovail's "accounting and financial reporting practices for the fiscal year 2002 and quarterly periods to date for fiscal 2003." Biovail intends to fully comply with SEC requests for information. The Company has posted a copy of the letter on its website at www.biovail.com.

Biovail Corporation is an international full-service pharmaceutical company, engaged in the formulation, clinical testing, registration, manufacture, sale and promotion of pharmaceutical products utilizing advanced drug delivery technologies.

For further information, please contact Ken Howling at 905-286-3000 or send inquiries to ir@biovail.com.

"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995.

To the extent any statements made in this release contain information that is not historical, these statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We have based these forward-looking statements on our current expectations and projections about future events. Our actual results could differ materially from those discussed in, or implied by, these forward-looking statements. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements include, but are not necessarily limited to risks and uncertainties, including the difficulty of predicting FDA approvals, acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials and finished products, third parties, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission.

    CONTACT: Biovail Corporation
             Kenneth G. Howling, 905-286-3000

    SOURCE: Biovail Corporation