Bausch Health Companies Inc. (NYSE: BHC) reported a wider loss in the first quarter of 2020 due to lower income taxes benefit and higher costs and expenses. The top-line remained virtually unchanged from the last year, due to the negative impact of COVID-19 pandemic, unfavorable foreign exchange, the impact of 2019 acquisition, as well as divestitures and discontinuation.
Further, the company lowered its full-year 2020 revenue outlook to the range of $7.80-8.20 billion from the previous range of $8.65-8.85, and adjusted EBITDA forecast to the range of $3.15-3.25 billion from the prior range of $3.50-3.65 billion. This is primarily due to the actual and anticipated impacts of coronavirus pandemic.
The company is initiating a clinical trial program in Canada evaluating an investigational use of nebulized antiviral Virazole in combination with standard of care therapy to treat hospitalized adult patients with respiratory distress due to COVID-19. The company ramped up manufacturing of chloroquine and azithromycin and donated these products to local hospitals in Italy and Spain.
Bausch is working toward investigative trials in the US to evaluate Xifaxan in combination therapy to potentially address the symptoms of gastrointestinal distress and pulmonary compromise associated with COVID-19 infection. Supply chain and manufacturing facilities are operational, and to date, Bausch Health has not had any material COVID-19 related supply disruptions.
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The recent optimism about economic recovery waned slightly this week after jobless claims increased more-than-expected to about 778,000 amid concerns over a resurgence in coronavirus cases. With the healthcare system