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Bausch Health Companies Inc. reports news on its global diversified pharmaceutical business, including financial results, guidance, debt refinancing activity and updates from its operating businesses. The company develops, manufactures and markets products in gastroenterology, hepatology, neuroscience, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health through its controlling interest in Bausch + Lomb.
Recurring company updates include Salix gastroenterology programs, Ortho Dermatologics skincare and patient-support initiatives, Solta Medical aesthetic device launches, and quarterly performance for Bausch Health excluding Bausch + Lomb. News also covers product availability, regulatory clearances for medical aesthetic devices, clinical-program disclosures and capital-structure actions.
Bausch Health Companies (NYSE/TSX: BHC) announced the initiation of the second Phase 3 study for NOV03, an investigational treatment for Dry Eye Disease (DED) linked to Meibomian gland dysfunction. This study follows the successful enrollment of the first Phase 3 study, which is 85% complete. NOV03, using patented EyeSol® technology, showed positive results in a Phase 2 study, significantly improving corneal staining and symptoms in patients. If approved, it may become the first pharmaceutical therapy for U.S. patients suffering from DED associated with MGD.
Bausch Health Companies Inc. (BHC) has priced an upsized offering of $2.0 billion in senior notes, consisting of 5.000% notes due 2029 and 5.250% notes due 2031. The additional $250 million will facilitate the conditional redemptions of existing €1.5 billion Euro Notes and $233 million 5.50% Notes, eliminating any note maturities until 2024. The offering aims to strengthen the company's financial position, contingent upon specific financing conditions.
Bausch Health Companies Inc. (NYSE/TSX: BHC) announced a $1.75 billion offering of new senior notes due in 2029 and 2031. Proceeds will fund the full redemption of €1.5 billion 4.50% Senior Notes due 2023 and cover related fees. The Notes will not be registered and will be offered only to qualified institutional buyers in the U.S. and to non-U.S. persons abroad. The redemption is conditional on completing debt financings of at least $1.75 billion. The transaction is expected to close in Q4 2020, subject to market conditions.
Bausch Health Companies (NYSE/TSX: BHC) announced new investigational in vitro data indicating that its eye drops, LUMIFY and BESIVANCE, effectively inactivate SARS-CoV-2, the virus responsible for COVID-19. These findings were presented at the Ocular Microbiology and Immunology Group's annual meeting on Nov. 13, 2020. In testing, LUMIFY and BESIVANCE showed complete inactivation of the virus at various contact times. However, the clinical relevance of these findings is uncertain, and neither product is approved for treating COVID-19 in humans.
Bausch + Lomb, a key eye health business of Bausch Health (NYSE/TSX: BHC), announced the ONE by ONE Recycling program has successfully recycled nearly 27 million used contact lenses and packaging since its 2016 launch. The collaboration with TerraCycle has diverted over 162,000 pounds of waste from the environment. With 5,500 participating optometry practices, the initiative also supports Optometry Giving Sight, donating $10 for every 10 pounds collected. This program showcases Bausch Health's commitment to sustainability and environmental responsibility.
Bausch Health Companies (NYSE/TSX: BHC) and its gastroenterology unit Salix Pharmaceuticals announced their participation in the AASLD annual meeting, scheduled for November 13-16, 2020. Salix will present two posters showcasing rifaximin data, highlighting its significance in treating gastrointestinal diseases. Robert Spurr, president of Salix, emphasized their commitment to advancing research in liver disease. The posters focus on a new water-soluble formulation of rifaximin and factors contributing to overt hepatic encephalopathy in clinical trials.
Bausch Health Companies (NYSE/TSX: BHC) will participate in two upcoming investor conferences. CEO Joseph C. Papa and CFO Paul S. Herendeen will present at the Wolfe Virtual Healthcare Conference on Nov. 19, 2020, at 2:55 p.m. ET. Additionally, they will join the Evercore ISI HealthCONx Conference on Dec. 1, 2020, at 8:50 a.m. ET. Live webcasts and audio archives of these events will be accessible on the company's Investor Relations page. Bausch Health aims to enhance global health through its diverse range of healthcare products.
Bausch Health reported third-quarter 2020 revenues of $2.138 billion, down 3% year-over-year, primarily due to COVID-19 impacts. Net income reached $71 million, a significant recovery from a loss of $49 million in Q3 2019. Adjusted EBITDA was $948 million, up 1%. The Bausch + Lomb/International segment's revenue decreased by 1%, while the Salix segment saw a 10% drop, influenced by product exclusivity losses and pandemic effects. Bausch Health reaffirmed its full-year revenue guidance of $7.80 – $8.00 billion and Adjusted EBITDA of $3.15 – $3.30 billion.
Bausch Health Companies (NYSE/TSX: BHC) announced on October 29, 2020, that the FDA granted Orphan Drug Designation to rifaximin for treating sickle cell disease, which affects around 100,000 Americans. This designation encourages the development of treatments for rare diseases. Early data indicates rifaximin may reduce vaso-occlusive crises in sickle cell patients. The company plans to start a Phase 2 trial in 2021 to evaluate a novel rifaximin formulation for this patient population.
Bausch Health Companies Inc. (NYSE/TSX: BHC) is set to redeem a total of $150 million of its senior notes on Nov. 30, 2020. This includes $100 million of 5.875% Senior Notes and $50 million of 5.50% Senior Notes, all funded through cash generated from operations. This move aims to decrease the company’s debt profile significantly. The redemption notices will be sent to record holders, while payments will be processed via the Depository Trust Company.