Bausch Health Companies Inc. (NYSE: BHC) missed revenue expectations for the first quarter of 2019 and did not provide a number for adjusted EPS. The company raised its full-year 2019 guidance, allowing shares to gain 2.6% in premarket hours on Monday.
Total revenues of $2.01 billion were up 1% compared to the same period last year. Organic sales growth was 5%.
GAAP net loss was $52 million, or $0.15 per share, compared to $2.5 billion, or $7.36 per share, in the year-ago quarter. Adjusted net income increased 15% to $358 million.
Revenues in the Bausch + Lomb/International segment increased 1% year-over-year to $1.11 billion while revenues in the Salix segment grew 5% to $445 million.
In the Ortho Dermatologics segment, revenues fell 1% to $138 million, due to lower volumes primarily driven by the loss of exclusivity of ELIDEL, ZOVIRAX and SOLODYN. In Diversified Products, revenues dropped 5% to $315 million, mainly due to a loss of exclusivity for a basket of products.
For the full year of 2019, the company now expects revenues to be $8.35 billion to $8.55 billion compared to the prior outlook of $8.30 billion to $8.50 billion.
Bausch completed the acquisition of certain assets of Synergy Pharmaceuticals Inc., including TRULANCE and dolcanatide for a cash purchase price, including restructuring, of approx. $190 million and the assumption of certain liabilities.
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