Note: All changes are versus the prior-year period unless otherwise stated
"Bausch Health entered 2021 with strong momentum as our recovery from the COVID-19 pandemic continues," remarked CEO Joseph Papa, adding "many of our leading products have increased market share in key markets." The company noted that first-quarter revenues took a hit of about $100 million as a result of the pandemic. Excluding a favourable foreign exchange impact of $33 million, and a $10-million impact from divestitures and discontinuations, it said quarterly sales fell $8 million compared with a year ago.
Bausch Health attributed its greater loss during the first quarter mainly to an "unfavourable change in our operating results." Quarterly results also included a $469-million goodwill impairment charge in its Ortho Dermatologics business, as well as an impairment of $71 million related to a product line in that division.
Bausch Health reaffirmed that it expects revenue this year in the range of $8.6 billion to $8.8 billion, with adjusted earnings between $3.4 billion and $3.55 billion.
The company also provided an update to the planned spin-off of its eye health business, saying that Papa will serve as CEO of Bausch + Lomb following the separation, while Sam Eldessouky, who is set to take over duties of chief financial officer at Bausch Health on June 1, will head the eye spin-off's financial operations.
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