Bausch Health Companies (BHC) reported a 5% decline in revenues to $2.12 billion for the second quarter of 2018 compared to the same period last year. Organic revenue grew 3%. The company managed to beat analyst expectations on revenue numbers. Shares rose over 2% premarket.
Net loss for the quarter was $873 million or $2.49 per share compared to $38 million or $0.11 per share in the prior-year period, impacted by a bigger operating loss and a higher provision for income taxes. Adjusted net income was $327 million.
Bausch maintained its revenue guidance for full-year 2018 while raising the outlook for adjusted EBITDA. The company expects revenues to be $8.15 billion to $8.35 billion. Adjusted EBITDA is now expected to come in at $3.20 billion to $3.35 billion in 2018 versus the prior range of $3.15 billion to $3.30 billion.
During the quarter, the company completed its name change to Bausch Health Companies Inc. and realigned into four reporting segments – Bausch + Lomb/International, Salix, Ortho Dermatologics and Diversified Products.
Bausch Health saw revenue declines across all its segments expect Salix. Revenues in Salix grew 14% mainly driven by higher sales of XIFAXAN, RELISTOR and other promoted products across the segment. XIFAXAN revenue grew 26% while RELISTOR franchise revenue rose 43% during the quarter. Revenue in the Global Solta business improved by 14% during Q2 2018.
The FDA accepted the New Drug Application for loteprednol etabonate ophthalmic gel with a PDUFA action date of February 25, 2019.
Related: Earnings Preview: Bausch Health looks for cure in Q3
Related: Q1 Earnings Infographic
Most Popular
United Parcel Service (UPS) seems on track to regain lost strength
Cargo giant United Parcel Service, Inc. (NYSE: UPS) ended fiscal 2023 on a weak note, reporting lower revenues and profit for the fourth quarter. The company experienced a slowdown post-pandemic
IPO Alert: What to look for when Boundless Bio goes public
Boundless Bio is preparing to debut on the Nasdaq stock market this week, and become the latest addition to the list of biotech firms that have launched IPOs this year.
Nike (NKE) bets on innovation and partnerships to return to high growth
Sneaker giant Nike, Inc. (NYSE: NKE) has been going through a rough patch for some time, with sales coming under pressure from weak demand and rising competition. Post-pandemic, the company