2023-08-03 14:11:57 ET
Bausch Health Companies ( NYSE: BHC ) is trading up ~2% in Thursday afternoon trading after posting Q2 2023 financial results that beat on both lines and increasing its 2023 revenue projection.
The company is now expecting revenue $8.45B - $8.65B, vs. $8.35B-$8.55B before. Consensus is $8.35B.
Adjusted EBITDA for the year remains unchanged at $3B-$3.15B.
In the quarter , Bausch Health ( BHC ) swung to net income of $27M compared to a loss of $139M in the prior-year period ($0.07 GAAP EPS vs. -$0.40).
The company also provided an R&D update. In Q4, it expects to submit to the US FDA an application for next-generation Fraxel, a fractionated laser device for skin resurfacing. A phase 2 trial on amiselimod for ulcerative colitis is expected to finish in Q4. And a FDA action date in October has been set for IDP-126 for acne vulgaris.
Regarding a potential Bausch + Lomb ( BLCO ) distribution, Bausch Health ( BHC ) said the following: "The Company's initial intent was to effectuate any potential distribution by way of plan of arrangement. The Company has since determined that the optimal way to implement the distribution may instead be through a tax-free reduction of capital, which also provides additional flexibility to the Company and Bausch + Lomb ( BLCO ) with respect to strategic alternatives after any distribution has occurred."
More on Bausch Health
What To Do After Bausch Health Stock Plunged By Nearly 9% Again
Bausch Health: Bullish On Long-Term Prospects, Awaiting Subsiding Headwinds
Bausch Health: There's Still Uncertainty
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Bausch Health rises on earnings beat, 2023 revenue outlook boost