Biovail Profits Decline; Company Shifts Focus

Drug maker Biovail(BVF Quote), which has been in the midst of a proxy battle with its founder and former chief executive, says its time for a change.

As sales of the company's top products continue to diminish, resulting in a 31% decline in first-quarter earnings, Biovail is refocusing its energy on developing treatments for central nervous-system disorders.

Shares of the company plummeted 14% to $9.86 after the company said earnings fell to $39 million, or 25 cents a share, from $56.4 million, or 35 cents a share a year earlier. Analysts expected earnings of 30 cents a share. ...