Bausch Health tops revenue estimates and reiterates guidance

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Bausch Health Cos. Inc. shares rose 5% in premarket trade Tuesday, after the drug company’s better-than-expected revenue offset weaker-than-expected profit. Bausch, the former Valeant, posted net income of $71 million, or 20 cents a share, for the quarter, after a loss of $49 million, or 14 cents a share, in the year-earlier period. Revenue fell to $2.138 billion from $2.209 billion. The FactSet consensus was for EPS of $1.02 and revenue of $2.032 billion. The numbers, “clearly demonstrate our recovery from the COVID-19 pandemic is in progress,” said Chief Executive Joseph Papa. Revenue at the company’s core Bausch + Lomb/International segment fell 1% to $1.169 billion, and accounted for about 55% of the overall revenue. Salix sales fell 10% to $496 million, while Ortho Dermatologics sales fell 2% to $144 million. The company is still expecting full-year revenue to range from $7.80 billion to $8.00 billion, compared with a FactSet consensus of $7.9 billion. Shares have fallen 42% in the year to date, while the S&P 500 has gained 2.5%.
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