Bausch Health lifts full-year forecast as third-quarter sales rise, loss narrows

Headline results for the third quarter:

Revenue

$2.2 billion (forecasts of $2.15 billion)

+3%

Loss

$49 million

Versus $350 million

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

What the company said:

"Bausch Health delivered another strong quarter with both reported and organic revenue growth," remarked CEO Joseph Papa. The executive noted that along with established brands, such as Xifaxan, the company's performance "was also strengthened by the success of newer products, such as Lumify and Thermage FLX." Moreover, he added that Bausch Health is "excited by the potential we see from the early days of the launch of Duobrii," which was introduced in the US around late June following FDA approval for plaque psoriasis earlier this year.

Other results:

  • Bausch + Lomb/International: $1.2 billion, up 2%, primarily driven by the global consumer, international prescription and global vision care business units
  • Salix segment: $551 million, up 20%, with Xifaxan sales climbing 24% to $394 million
  • Diversified products: $336 million, down 5%, hit by the loss of exclusivity for a basket of products
  • Ortho Dermatalogics: $147 million, down 16%, mainly as a result of the loss of exclusivity of ZoviraxSolodyn and Elidel, partially offset by 62% growth in the Solta business

Looking ahead:

Bausch Health now anticipates full-year revenue in the range of $8.475 billion to $8.625 billion, lifted from a previous estimate of $8.40 billion to $8.60 billion. Meanwhile, adjusted earnings are now forecast to be between $3.5 billion and $3.6 billion, boosted from a prior prediction of $3.43 billion to $3.58 billion.

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