Investor Relations

Biovail Acknowledges Receipt of Wells Notice

TORONTO--(BUSINESS WIRE)--May 14, 2007--Biovail Corporation (NYSE, TSX: BVF) today acknowledged that the Company has received a "Wells Notice" from staff of the U.S. Securities and Exchange Commission (SEC) alleging violations of federal securities laws. The notice relates to the staff's investigation of Biovail's accounting and disclosure practices for the fiscal year 2003, and certain transactions associated with a corporate entity acquired by the Company in 2002, as previously disclosed.

These issues include whether the Company improperly recognized revenue and expenses for accounting purposes in relation to its financial statements in certain periods, disclosure related to those statements, and whether the Company provided misleading disclosure concerning the reasons for Biovail's forecast of a revenue shortfall in respect of the three-month period ending September 30, 2003.

Under the Wells process established by the Commission, the Company has the opportunity to respond in writing to the "Wells Notice" before the staff makes a formal recommendation regarding what action, if any, should be brought against the Company by the Commission.

Biovail continues to cooperate with the SEC in connection with this matter.

About Biovail Corporation

Biovail Corporation is a specialty pharmaceutical company, engaged in the formulation, clinical testing, registration, manufacture and commercialization of pharmaceutical products utilizing advanced drug-delivery technologies. For more information about Biovail, visit the Company's Web site at www.biovail.com.

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


    CONTACT: Biovail Corporation
             Nelson F. Isabel, 905-286-3000
             Vice-President, Investor Relations & Corporate
             Communications

    SOURCE: Biovail Corporation