Bausch Health’s 2Q loss widens, but revenue beats Street estimates
Bausch Health Cos Inc (NYSE: BHC), formerly known as Valeant Pharmaceuticals, reported a wider-than-expected loss in the second quarter Tuesday despite beating Wall Street revenue estimates.
For the quarter ended June 2018, the well-diversified pharma company swung to a loss of US$873 mln, or US$2.49 a share, wider than the loss of US$38mln, or US$0.11 a share, posted in the year-earlier period. Revenue was approximately US$2.128bn. The consensus earnings estimate called for EPS of US$0.80 on revenue of US$2.063bn.
Investors gave the drug maker a pass after it explained that the loss was mostly due to an asset impairment linked to the loss of exclusivity on a product it didn’t name. A trio of drugs are hitting the market this year with the goal of replacing sales that are reliant on keystone drugs poised to face greater competition from generics.
As a result, shares of Bausch Health were buoyant, up over 6% to US$23.92.
All eyes were aptly focused on sales in the company’s biggest business, Bausch + Lomb which logged revenues of US$1.209bn for the second quarter, a decrease of US$14mln, or 1% from compared to the same period last year.
“The company delivered overall organic growth, driven by solid results in our Salix and Bausch + Lomb/International segments, which together represented 78% of our business in the quarter,” Bausch Health CEO Joseph C Papa said in a statement.
The Canada-based company said it realigned into four reporting segments in the quarter, namely Bausch and Lomb/International, its eye treatments; Salix, its gastroenterology business; Ortho Dermatologics; and diversified products.
Bausch Health said sales of its potential blockbuster gastrointestinal drug Xifaxan grew 26% and contributed the most to the Salix segment’s US$441mln kitty.
The company said it still expects full-year revenue of US$8.15bn to US$8.35bn.
Contact Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/202407/bausch-healths-2q-loss-widens-but-revenue-beats-street-estimates-202407.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).