Bausch Health Companies Inc. (BHC) topped revenue estimates for the fourth quarter of 2018, sending shares climbing by 2.8% in morning hours on Wednesday.
Total revenues dropped 2% year-over-year to $2.12 billion, but came ahead of consensus estimates of $2.08 billion.
On a GAAP basis, the company reported a net loss of $344 million, or $0.98 per share, compared to a net income of $513 million, or $1.45 per share, in the prior-year quarter. Adjusted net income grew 6% to $368 million. The company did not state an adjusted EPS number.
During the quarter, revenues in the Bausch + Lomb/International and Salix segments remained relatively flat on a year-over-year basis. The Ortho Dermatologics and Diversified Products segments posted revenue declines of 2% and 11%, respectively, hurt by lower volumes and decreases due to loss of exclusivity for a number of products.
For the full year of 2019, the company expects revenues to come in the range of $8.30 billion to $8.50 billion. Adjusted EBITDA is expected to range between $3.35 billion and $3.50 billion.
During the fourth quarter, Bausch entered into a “stalking horse” agreement to acquire certain assets of Synergy Pharmaceuticals Inc., including TRULANCE, and dolcanatide. TRULANCE is intended for the treatment of adults with chronic idiopathic constipation and irritable bowel syndrome with constipation, while dolcanatide is an investigational compound intended for the treatment of patients with multiple gastrointestinal conditions. If approved, the transaction is expected to close in March 2019.
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