LAVAL, Que. — Bausch Health Companies Inc. had a smaller net loss in the second quarter and says it now expects 2019 revenue and adjusted earnings will be higher than the previous estimate.
The Quebec-headquartered company, which reports in U.S. dollars, says its second-quarter net loss attributable to shareholders was $170 million, reduced from $872 million a year earlier.
Bausch attributed the improvement to better operating results, lower interest expenses and a smaller loss on debt repayments.
The net loss amounted to 49 cents per share, down from $2.49 per share in last year’s second quarter.
Adjusted earnings (excluding taxes and other items) improved to $880 million from $868 million a year earlier.
Bausch’s second-quarter revenue was $2.15 billion, up one per cent from a year earlier due to its Salix business segment.
Analysts had estimated $2.14 billion of revenue, according to financial markets data firm Refinitiv.
The company now estimates full-year revenue will be about $500 million higher than its previous outlook of between $8.4 billion and $8.6 billion.
It also raised its adjusted earnings range by $25 million to between $3.425 billion and $3.575 billion.
Companies in this story: (TSX:BHC)
The Canadian Press