Summary

  • Bausch Health Companies Inc. is a global, diversified pharmaceutical company
  • It develops, manufactures and markets a range of products primarily in gastroenterology, neurology, dermatology and international pharmaceuticals.
  • Bausch Health market it products more than 90 countries and regions, including the United States, Canada, Europe, the Middle East, Africa, Asia Pacific and Latin America.

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Bausch Health Companies Inc. (TSX: BHC, NYSE: BHC) is a global, diversified pharmaceutical company. The company develops, manufactures and markets a range of products primarily in gastroenterology, neurology, dermatology and international pharmaceuticals. The company manufacture and market a broad range of branded and generic pharmaceuticals, and over-the-counter (OTC) products directly or indirectly in more than 90 countries and regions, including the United States, Canada, Europe, the Middle East, Africa, Asia Pacific and Latin America.

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Financial Highlights

Bausch Health Announces Second-Quarter 2022 Results

August 09, 2022; Bausch Health Companies Inc.  announced its second-quarter 2022 financial results.1

Total reported revenues were $1.967 billion for the second quarter of 2022, as compared to $2.1 billion in the second quarter of 2021, a decrease of $133 million, or 6%. Excluding the unfavorable impact of foreign exchange of $61 million and the impact of divestitures and discontinuations of $74 million, primarily due to the divestiture of Amoun Pharmaceutical Company S.A.E. ("Amoun") on July 26, 2021, revenue was flat on an organic basis1,2 compared to the second quarter of 2021.

Salix Segment

Salix segment reported and organic revenues were $501 million for the second quarter of 2022, as compared to $516 million for the second quarter of 2021, a decrease of $15 million, or 3%. The decrease was primarily driven by a decline in sales of TRULANCE® and certain non-promoted products, partially offset by increased sales of XIFAXAN® and PLENVU®.

International Segment

International segment reported revenues were $233 million for the second quarter of 2022, as compared to $313 million for the second quarter of 2021, a decrease of $80 million, or 26%. Excluding the unfavorable impact of foreign exchange of $15 million and the impact of divestitures and discontinuations of $71 million, primarily from the divestiture of Amoun, segment revenues increased organically by 2% compared to the second quarter of 2021. 2022 includes a provision for expected future product returns of $11 million. Excluding the impact of this returns provision, segment revenues increased by 7% on an organic basis.

Diversified Products Segment

Diversified Products segment reported and organic revenues were $235 million for the second quarter of 2022, as compared to $264 million for the second quarter of 2021, a decrease of $29 million, or 11%, primarily attributable to a decrease in volumes attributable to the neurology business and lower net realized pricing. Revenues from Jublia® increased 13% as the brand continues to benefit from marketing investment.

Solta Medical Segment

Solta Medical segment reported and organic revenues were $57 million for the second quarter of 2022, as compared to $73 million in the second quarter of 2021, a decrease of $16 million, or 22%. Ongoing COVID-related lockdowns in China drove the decline.

Bausch + Lomb Segment

Bausch + Lomb segment reported revenues were $941 million for the second quarter of 2022, as compared to $934 million for the second quarter of 2021, an increase of $7 million, or 1%. Excluding the unfavorable impact of foreign exchange of $46 million and the impact of divestitures and discontinuations of $3 million, the Bausch + Lomb segment revenue increased organically by 6% compared to the second quarter of 2021, driven by sales growth in Vision Care and Surgical, offset by lower revenues from Ophthalmic Pharmaceuticals.

Operating Income/Loss

Operating income was $161 million for the second quarter of 2022, as compared to an operating loss of $270 million for the second quarter of 2021, a favorable change of $431 million, primarily driven by a decrease in Other expense, primarily attributable to higher adjustments related to the settlement of certain litigation matters in the second quarter of 2021 and lower amortization of intangible assets in 2022, partially offset by an impairment to goodwill in 2022.

Net Loss Attributable to Bausch Health

Net loss attributable to Bausch Health for the second quarter of 2022 was $145 million, as compared to $595 million for the second quarter of 2021, a favorable change of $450 million as a result of the change in operating results discussed above and a net gain on extinguishment of debt in 2022, partially offset by an increase in the provision for income taxes and higher interest expense.

Adjusted net income attributable to Bausch Health (non-GAAP) for the second quarter of 2022 was $201 million, as compared to $352 million for the second quarter of 2021, a decrease of $151 million primarily due to the investment of Amoun, lower gross profit due to sales performance and inflation, higher operating expenses (investments in sales and marketing and research and development) and higher interest and income tax expense.

Earnings Per Share Attributable to Bausch Health

GAAP Earnings Per Share attributable to Bausch Health for the second quarter of 2022 was ($0.40), as compared to ($1.66) for the second quarter of 2021.

Adjusted EBITD Aattributable to Bausch Health (non-GAAP)

Adjusted EBITDA attributable to Bausch Health (non-GAAP) was $701 million for the second quarter of 2022, as compared to $826 million for the second quarter of 2021, a decrease of $125 million, primarily due to the divestment of Amoun, lower gross profit as discussed above and higher investments in sales and marketing and research and development.

Cash Provided by Operating Activities

The Company generated cash provided by operating activities of $123 million in the second quarter of 2022, as compared to $395 million in the second quarter of 2021, a decrease of $272 million due to business results and changes in working capital.

Balance Sheet Highlights as of June 30, 2022:

Cash, cash equivalents, restricted cash and other settlement deposits were $1.879 billion.

The Company executed an open market repurchase program in the second quarter in which the Company purchased $481 million of unsecured bonds for $300 million of cash consideration.

Bausch Health had availability under its 2027 Revolving Credit Facility of approximately $500 million and Bausch + Lomb had availability of approximately $500 million under its Revolving Credit Facility.

2022 Financial Outlook.

Bausch Health updated its consolidated guidance for the full year 2022 as follows:

Full year revenue range of $8.05 - $8.22 billion compared to prior guidance of $8.25 - $8.40 billion

Full year Adjusted EBITDA (non-GAAP) range of $3.02 - $3.12 billion compared to prior guidance of $3.225 - $3.375 billion.

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Business Overview

The company develop, manufacture and market, primarily in the therapeutic areas of gastroenterology (“GI”) and dermatology, and eye health, a broad range of: information branded pharmaceuticals, (ii) generic and branded generic pharmaceuticals, (iii) over-the-counter (“OTC”) products and (iv) medical devices (contact lenses, intraocular lenses, ophthalmic surgical equipment and aesthetics devices), which are marketed directly or indirectly in approximately 100 countries.2

The company's portfolio of products falls into five operating and reportable segments

  • The Salix segment consists of sales in the U.S. of GI products. Sales of the Xifaxan® product line represented 81% and 80% of the Salix segment’s revenues for the three and six months ended June 30, 2022, respectively.
  • The International segment consists of sales, with the exception of sales of Bausch + Lomb products and Solta aesthetic medical devices, outside the U.S. and Puerto Rico of branded pharmaceutical products, branded generic pharmaceutical products and OTC products.
  • The Diversified Products segment consists of sales in the U.S. of: information pharmaceutical products in the areas of neurology and certain other therapeutic classes, (ii) generic products, (iii) Ortho Dermatologics (dermatological) products and (iv) dentistry products.
  • The Solta Medical segment consists of global sales of Solta aesthetic medical devices.
  • The Bausch + Lomb segment consists of global sales of Bausch + Lomb Vision Care, Surgical and Ophthalmic Pharmaceuticals products.

The Company changed its segment structure. The new segment structure resulted in a change to the Company’s former Ortho Dermatologics segment whereby its medical dermatology business (Ortho Dermatologics) is now managed by the Chief Operating Decision Maker (“CODM”) as part of the Diversified Products segment and the Solta Medical business is now managed by the CODM as its own operating and reportable segment.

Separation of the Bausch + Lomb Eye Health Business

The company announced its plan to separate its eye health business consisting of its Bausch + Lomb Global Vision Care (formerly Vision Care/Consumer Health), Global Surgical and Global Ophthalmic Pharmaceuticals businesses into an independent publicly traded entity, Bausch + Lomb from the remainder of Bausch Health Companies Inc. (the “B+L Separation”). In January 2022, the company completed the internal organizational design and structure of the new eye health entity.

Solta Medical

The Company announced it was suspending its previously announced plans to pursue an IPO of its Solta aesthetic medical device business.

R&D Investment

The company's internal R&D organization focuses on the development of products through clinical trials. As of December 31, 2021, approximately 1,300 dedicated R&D and quality assurance employees in 25 R&D facilities were involved in its R&D efforts internally.

As of June 30, 2022, Bausch Health has approximately 160 projects in its global pipeline.

Pipeline

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References

  1. ^ https://ir.bauschhealth.com/~/media/Files/V/Valeant-IR/press-release/2q22-earnings-press-release-final.pdf
  2. ^ https://fintel.io/doc/sec-bausch-health-companies-inc-885590-10qa-2022-september-02-19237-3443
Created by Asif Farooqui on 2022/09/22 07:15
     

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  616. US:TU
  617. US:TVTY
  618. US:TWTR
  619. US:TXMD
  620. US:UBQU
  621. US:UNXL
  622. US:VAPE
  623. US:VBLT
  624. US:VCEL
  625. US:VDQSF
  626. US:VPCO
  627. US:VSTM
  628. US:WIT
  629. US:WLDFF
  630. US:WLL
  631. US:WMIH
  632. US:WMT
  633. US:WPM
  634. US:WPP
  635. US:WSPOF
  636. US:XGTI
  637. US:XON
  638. US:XTNT
  639. US:XXII
  640. US:ZGNX
  641. US:ZSAN
  642. US:ZYNE
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