Bausch Health posts fourth-quarter loss as sales decline 2 percent

Headline results for the fourth quarter:

Revenue

$2.1 billion (in line with forecasts)

-2%

Loss

$344 million

Versus profit of $513 million

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

What the company said:

CEO Joseph Papa commented "2018 was a strong year…as we delivered organic revenue growth across the entire company while reducing our total debt by more than $1 billion," including $400 million in the fourth quarter.

Bausch Health noted that in the fourth quarter of 2017, the company benefited from an income tax gain of $1.3 billion.

Other results:

  • Salix segment: $426 million, flat versus the prior year, with organic growth offset by the loss of exclusivity for Uceris
    • Xifaxan: $308 million, up 12 percent
    • Relistor franchise: $21 million, down from $25 million in the prior year
  • Bausch + Lomb/International: $1.2 billion, flat versus the prior year, with organic growth impacted by divestitures and discontinuations
  • Diversified products: $325 million, down 11 percent, hit by the loss of exclusivity for a number of products
  • Ortho Dermatalogics: $165 million, down 2 percent, mainly due to lower volumes, partially offset by 32-percent growth in the Solta business
  • Full-year revenue: $8.4 billion, down 4 percent
  • Full-year loss: $4.1 billion, versus profit of $2.4 billion

Looking ahead:

Bausch Health expects revenue this year of between $8.3 billion and $8.5 billion, with adjusted earnings in the range of $3.35 billion to $3.5 billion. Analysts predict full-year sales of around $8.5 billion.

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