Bausch Health posts 10% in Q2 sales, swings to profit
03 Aug 2023
Drug ApprovalAcquisitionFinancial StatementBiosimilar
Headline results for the second quarter:
Revenue: $2.2 billion, up 10%
Profit: $26 million, versus a loss of $145 million
Note: All changes are versus the prior-year period unless otherwise stated
What the company said:
CEO Thomas Appio highlighted Bausch Health's "strong performance in the second quarter as we continue to see the results from our focus on commercial excellence and investments in key businesses with growth opportunities, such as Salix." He added "we are also encouraged by various other key positive developments for our business during the quarter, including the favourable motion ruling in respect of Xifaxan."
In May, a US district court denied a motion by Norwich Pharmaceuticals that could prevent it from launching a generic version of Xifaxan for several years. The FDA has since granted tentative approval to Norwich's supplemental application, but the agency confirmed that it cannot grant final approval until October 2029. Norwich is appealing the ruling and a decision on that is expected as early as the first quarter of 2024.
Other results:
Bausch pharma: $1.1 billion, up 10%
Salix segment: $557 million, up 11%, led by Xifaxan with 9% growth
Diversified products: $228 million, down 3%
Neuro: $115 million, down 5%
Dermatology: $61 million, up 5%
Generics: $27 million, down 16%
International Rx segment: $259 million, up 11%, led by growth in Canada and the EMEA region
Bausch + Lomb: $1 billion, up 10%, boosted by the favourable impact of acquisitions and divestitures
Looking ahead:
Bausch Health, which is in the process of spinning off Bausch + Lomb, said it now expects revenues of between $8.45 billion and $8.65 billion for the year, up from an earlier target of $8.35 billion to $8.55 billion. Excluding Bausch + Lomb, revenue is forecast at $4.5 billion to $4.65 billion, whereas the company had previously forecast $4.45 billion to $4.6 billion.
Bausch Health said it "continues to believe that completing a separation of Bausch + Lomb makes strategic sense and is committed to creating two strong companies following any potential distribution."
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