* Biovail Q2 EPS $0.21 vs $0.15 a year ago
* Biovail Q2 adjusted EPS $0.34 vs consensus view of $0.26
* Paladin Q2 EPS C$0.24 vs C$1.71
* Paladin Q2 adj EPS C$0.24 vs consensus view of C$0.16 (In U.S. dollars, unless noted)
TORONTO, Aug 5 (Reuters) - Canada's Biovail Corp and Paladin Labs Inc quarterly profits beat analyst estimates on Thursday, driven by stronger drug sales.
Biovail, Canada's biggest publicly traded drugmaker, said net income was $34 million, or 21 cents a share, up from a year-ago profit of $24.1 million, or 15 cents a share, on strong sales of its antidepressant drug Wellbutrin and its portfolio of generic products.
Biovail, which is in the process of acquiring U.S.-based Valeant Pharmaceuticals, said second-quarter earnings excluding one-time items rose to 34 cents a share. This topped the analyst consensus of 26 cents a share, according to Thomson Reuters I/B/E/S.
Toronto-based Biovail said quarterly revenue rose 23 percent to $238.8 million.
Biovail said it is on track to close its $3.3 billion deal for Valeant before year-end, subject to necessary approvals.
Montreal-based Paladin's net income fell to C$4.7 million, or 24 Canadian cents a share for the period ended June 30, down from C$27.7 million, or C$1.71 a share a year earlier. The company had posted a C$26 million extraordinary gain last year.
The maker of emergency contraceptive drug Plan B said second-quarter earnings before one-time items climbed to 24 Canadian cents a share from 11 Canadian cents a share.
Analyst had expected 16 Canadian cents a share based on Thomson Reuters I/B/E/S data.
Paladin revenue was up 26 percent to C$32.9 million from C$26.3 million, helped by sales growth of painkillers Tridural, Metadol, cancer drug Trelstar, testosterone replacement drug Testim, and Plan B. ($1=$1.01 Canadian) (Reporting by Solarina Ho and Euan Rocha, editing by Dave Zimmerman)