SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Chouinard Michel

(Last)

(First)

(Middle)

C/O BIOVAIL CORPORATION,

7150 MISSISSAUGA ROAD

(Street)

MISSISSAUGA

L5N 8M5

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
01/01/2010

3. Issuer Name and Ticker or Trading Symbol
BIOVAIL CORP INTERNATIONAL [ BVF ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	COO, Biovail Labs. Int'l SRL

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, no par value	2,470	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Stock Options (right to purchase)	⁽¹⁾	03/15/2010	Common Stock, no par value	2,000	$16.97⁽²⁾	D
Stock Options (right to purchase)	⁽³⁾	03/30/2011	Common Stock, no par value	8,000	$24.51⁽⁴⁾	D
Stock Options (right to purchase)	⁽⁵⁾	03/22/2012	Common Stock, no par value	32,250	$22.05	D
Restricted Share Units	03/12/2011	03/12/2011	Common Stock, no par value	3,744⁽⁶⁾	⁽⁷⁾	D
Stock Options (right to purchase)	⁽⁸⁾	04/01/2013	Common Stock, no par value	25,000	$10.83	D
Restricted Share Units	02/25/2012	02/25/2012	Common Stock, no par value	4,588⁽⁹⁾	⁽⁷⁾	D
Stock Options (right to purchase)	⁽¹⁰⁾	03/09/2014	Common Stock, no par value	12,988	$10.86	D
Stock Options (right to purchase)	⁽¹¹⁾	03/09/2014	Common Stock, no par value	52,500	$10.86	D
Restricted Share Units	08/05/2014	08/05/2014	Common Stock, no par value	50,306⁽¹²⁾	⁽⁷⁾	D

Explanation of Responses:

1. On March 15, 2005, the Reporting Person was granted Stock Options, all of which are currently exercisable.

2. Converted from Cdn. $20.50 using the Bank of Canada exchange rate of $0.8280 (exchange rate on the grant date).

3. On March 30, 2006, the Reporting Person was granted 8,000 Stock Options, all of which are currently exercisable.

4. Converted from Cdn. $28.50 using the Bank of Canada exchange rate of $0.8601 (exchange rate on the grant date).

5. On March 22, 2007, the Reporting Person was granted Stock Options, of which 21,500 Stock Options are currently exercisable. The remaining 10,750 Stock Options will vest and become exercisable on March 1, 2010.

6. Includes an initial grant of 3,125 Restricted Share Units (granted on March 12, 2008) and additional Restricted Share Units that were allocated to the Reporting Person as dividend equivalents on the payment date(s) of dividends on Common Stock, no par value, of Biovail Corporation (the "Common Stock").

7. Each Restricted Share Unit represents a contingent right to receive one share of Common Stock.

8. On April 1, 2008, the Reporting Person was granted Stock Options. 12,500 Stock Options will vest and become exercisable on each of April 1, 2010 and 2011.

9. Includes an initial grant of 4,375 Restricted Share Units (granted on February 25, 2009) and additional Restricted Share Units that were allocated to the Reporting Person as dividend equivalents on the payment date(s) of dividends on Common Stock.

10. On March 9, 2009, the Reporting Person was granted 12,988 Stock Options. 4,329 Stock Options will vest and become exercisable on each of March 9, 2010 and 2011 and the remaining 4,330 Stock Options will vest and become exercisable on March 9, 2012.

11. On March 9, 2009, the Reporting Person was granted 52,500 Stock Options, which will vest and become exercisable in three equal annual installments commencing on the first anniversary of the grant date.

12. Includes an initial grant of 50,000 performance based Restricted Share Units (granted on August 5, 2009) and additional Restricted Share Units that were allocated to the Reporting Person as dividend equivalents on the payment date(s) of dividends on Common Stock.

Remarks:

See Exhibit 24.1 - Power of Attorney

	/s/ Angie Palmer, by Power of Attorney	01/05/2010
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.