Bausch Health Companies Inc. (NYSE: BHC) beat revenue and earnings expectations for the third quarter of 2019, allowing the shares to gain 3.9% in premarket hours on Monday.
Total revenues of $2.20 billion was up 3% from the same period last year and above estimates of $2.16 billion. On an organic basis, revenues grew 4%.
GAAP net loss was $49 million, or $0.14 per share, compared to a loss of $350 million, or $1.00 per share, last year. Adjusted net income grew 5% to $425 million. On an adjusted basis, EPS amounted to $1.19, beating the consensus target of $1.09.
“In addition to organic revenue growth in both the Bausch + Lomb/International and Salix segments due to higher revenues in several of our durable, established brands, such as XIFAXAN, BioTrue ONEday and Bausch + Lomb ULTRA, our performance was also strengthened by the success of newer products, such as LUMIFY and Thermage FLX. Additionally, we are excited by the potential we see from the early days of the launch of DUOBRII, the newest product in our dermatology portfolio,” Joseph C. Papa, chairman and CEO, said in a statement.
During the quarter, revenues in the Bausch + Lomb/International segment grew 2%, helped by growth in the Global Consumer, International Rx and Global Vision Care business units. Salix segment revenues increased 20%, driven mainly by XIFAXAN.
In the Ortho Dermatologics segment, revenues fell 16% due to lower volumes caused mainly by the loss of exclusivity of ZOVIRAX, SOLODYN and ELIDEL. Revenues in the Diversified Products segment fell 5% due to loss of exclusivity for a basket of products.
For full year 2019, the company raised its guidance and now expects total revenues of $8.47 billion to $8.62 billion versus the prior outlook of $8.40 billion to $8.60 billion.
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