Headline results for the first quarter:
|Revenue||$2 billion (in line with forecasts)||Unchanged|
|Loss||$152 million||Versus loss of $52 million|
Note: All changes are versus the prior-year period unless otherwise stated
What the company said:
Bausch Health reported that sales during the quarter were negatively impacted by approximately $35 million due to COVID-19. CEO Joseph Papa commented that while the pandemic has presented "significant challenges to our business, Bausch Health has a global, diversified and durable business model, and we believe the company is well-positioned to return to growth after the impact of the pandemic fades."
The company noted that the wider loss was primarily driven by decreases in the benefit from income taxes and by income from certain operations.
Bausch Health lowered its revenue guidance for 2020, "primarily due to the actual and anticipated impacts of the COVID-19 pandemic." The company now expects sales this year to range from $7.8 billion to $8.2 billion, down from a previous forecast of between $8.65 billion and $8.85 billion. Analysts anticipate sales of $8.4 billion for 2020.
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