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Bausch Health slashes Q1 losses, raises outlook

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Bausch HealthShares in Bausch Health (NYSE:BHC) got a bump today when the company reported a drastic reduction in first-quarter losses and raised its outlook for the rest of the year.

Laval, Quebec-based Bausch reduced its losses by -98.0% to -$52.0 million, or -15¢ per share, on sales growth of 1.1% to $2.02 billion for the three months ended March 31, compared with the same period last year.

Adjusted to exclude one-time items, earnings per share were $1.03, well ahead of the 86¢ consensus on Wall Street, where analysts were looking for sales of $2.03 billion.

“Bausch Health is off to a strong start in 2019 with the continued growth of Xifaxan which grew 11% in the quarter, the launch of Bryhali, the successful acquisition of Trulance, and the approval of Duobrii and expected launch in June. We believe that our promising pipeline and focus on Project CORE (cost optimization and revenue enhancements) has positioned the company to build on our growth in 2019 and beyond. Strong operational execution is leading us to raise our full-year 2019 revenue and adjusted EBITDA (non-GAAP) guidance,” chairman & CEO Joseph Papa said in prepared remarks. “With nearly 60% of our revenues coming from a diversified mix of medical devices, OTC products and prescription and branded generic products that are not exposed to the U.S. branded prescription drug pricing environment, we believe that Bausch Health is uniquely positioned to grow in health care.”

Bausch said it now expects to report full-year adjusted earnings before interest, taxes, depreciation & amortization of $3.40 billion to $3.55 billion, up from $3.35 billion to $3.50 billion previously, on sales of $8.35 billion to $8.55 billion, compared with prior guidance of $8.30 billion to $8.50 billion.

BHC shares were up 1.5% to $23.80 apiece today in pre-market trading.

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