Bausch Health lifts annual earnings guidance despite posting Q3 loss, sales decline

Headline results for the third quarter:

Revenue

$2.1 billion (in line with forecasts)

-4%

Loss

$350 million

Versus profit of $1.3 billion

Note: All changes are versus the prior-year period unless otherwise stated

What the company said:

"In addition to another consecutive quarter of overall organic growth, the company delivered organic growth across all reporting segments," commented CEO Joseph Papa, continuing "these results demonstrate that our progress toward transformation is on track as we continue to execute within our core businesses, launch new products, resolve legacy issues and reduce the total quantum of our debt."

 "As we look to the end of the year, we are maintaining our full-year revenue guidance range and raising our full-year adjusted EBITDA guidance range," Papa added.

Other results:

  • Salix: $460 million, up 2 percent
    • Xifaxan: $318 million, up 11 percent
    • Relistor franchise: $32 million, up 88 percent
  • Bausch + Lomb/International: $1.1 billion, down 7 percent, primarily attributable to divestitures, discontinued products and currency effects
  • Diversified products: $352 million, down 1 percent, with lower revenue partially offset by growth in generics
  • Ortho Dermatalogics: $177 million, no change versus prior-year period

Looking ahead:

Bausch Health maintained its full-year revenue guidance of $8.15 billion to $8.35 billion, with analyst predictions of around $8.3 billion. The company said full-year adjusted earnings are now projected to be in the range of $3.3 billion to $3.45 billion, up from a prior forecast of between $3.2 billion and $3.35 billion.

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