Bausch Health posts loss in quarter
Result linked to tax provision, asset impairment
Bausch Health Companies Inc. posted a net loss of $873 million (U.S.) in the second quarter as the company formerly known as Valeant Pharmaceuticals experienced a bigger operating loss and a bigger provision for income taxes than last year.
The company says it recorded a $138-million provision for income taxes that represented a $343-million increase from the same time last year, when Valeant recorded a tax benefit.
Its operating loss for the quarter ended June 30 was $245 million, which compared with a year-earlier operating profit of $175 million.
The operating loss was due primarily to an asset impairment linked to the company’s loss of exclusivity on a product.
The net loss amounted to $2.49 per share, compared with a loss of 11 cents per share in the second quarter of 2017.
Bausch Health’s adjusted net income fell to $327 million from $362 million a year ago, while revenue fell to $2.13 billion from $2.23 billion in the second quarter of 2018.
The adjusted net income was above the estimate of $272 million and revenue was above the estimate of $2.06 billion, ac- cording to Thomson Reuters Eikon.
The company says its estimate for 2018 full-year adjusted EBITDA earnings has been raised by $50 million to between $3.20 billion and $3.35 billion, while its revenue estimate is maintained at between $8.15 billion and $8.35 billion.
Bausch Health stock was at $31per share in early trading on the Toronto Stock Exchange, up $1.41 from Friday’s close.