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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 Inc. (NYSE/TSX: BHC) announced on August 31, 2020, a plan to reduce its debt by $100 million through the redemption of senior notes. The company will redeem $100 million of its 5.875% Senior Notes due September 30, 2020, using cash generated from operations. An irrevocable notice of redemption will be issued to the record holders of these notes. Bausch Health aims to strengthen its financial position and continues to focus on advancing global health through its healthcare products.
Bausch Health's subsidiary, Bausch + Lomb, has received approval from Australia's Therapeutic Goods Administration (TGA) for the BAUSCH + LOMB ULTRA® ONE DAY daily disposable silicone hydrogel contact lenses. This product is expected to be available to select practitioners in Australia by Q4 2020, with a nationwide launch planned for early 2021. This approval complements Bausch + Lomb's existing contact lens offerings and aligns with the company’s expansion strategy, which includes launches in Japan and the United States, as well as further expansions in Canada and Hong Kong.
Bausch + Lomb has launched the INFUSE™ silicone hydrogel daily disposable contact lens, designed to combat contact lens dryness affecting about half of U.S. lens wearers. This lens utilizes ProBalance Technology™ to maintain ocular surface homeostasis and retain 96% moisture for 16 hours. The advanced design aims to provide comfort without sacrificing vision correction. Bausch Health Companies Inc. (NYSE/TSX: BHC) emphasizes its commitment to innovative eye care solutions, reflecting the need for advanced materials in contact lens technology.
Bausch Health announced the approval of BAUSCH + LOMB ULTRA® ONE DAY daily disposable silicone hydrogel contact lenses by Health Canada. These lenses incorporate Advanced MoistureSeal® Technology and ComfortFeel Technology, ensuring a high level of comfort and eye health for up to 16 hours. They will be available to select practitioners in Canada starting Q4 2020, with a full launch expected in early 2021. This innovation enhances Bausch + Lomb's existing product portfolio, aiming to improve patient experience in eye care.
Bausch Health reported revenues of $1.664 billion for Q2 2020, a 23% decline from Q2 2019, largely due to the COVID-19 pandemic.
GAAP net loss was $326 million, compared to a $171 million loss in the same quarter last year.
The company has narrowed its full-year revenue guidance to $7.80 - $8.00 billion and Adjusted EBITDA to $3.15 - $3.30 billion.
Despite challenges, Bausch Health is focused on market share growth and launching new products.
Bausch Health Companies Inc. (BHC) announced its plan to spin off its eye health business, creating an independent entity named Bausch + Lomb - NewCo. This strategic move aims to enhance focus on two distinct business segments: a dedicated eye health company and a diversified pharmaceutical firm specializing in gastroenterology, aesthetics/dermatology, and neurology. The spinoff is expected to improve financial transparency and unlock shareholder value. Bausch + Lomb - NewCo reported $3.7 billion in revenue for 2019, while BHC's revenue was $4.9 billion, with plans to report separate financials starting Q1 2021.
Bausch Health (NYSE/TSX: BHC) has resolved a legacy investigation by the SEC concerning its past relationship with Philidor Rx and certain accounting practices from 2014-2015. The settlement, which involves a $45 million civil penalty for negligence-based charges, resolves all SEC claims without admission of guilt. The company has undergone significant management changes, with a new Board of Directors credited for remedial actions. CEO Joseph C. Papa emphasized that this resolution is a crucial step in the company's transformation.
Bausch Health Companies Inc. (NYSE/TSX: BHC) and Ortho Dermatologics announced nine recipients of the 2020 Aspire Higher scholarship program, aimed at supporting students affected by dermatologic conditions. Each recipient will receive up to $10,000 for their education. The program has awarded a total of $738,000 to 51 students since its inception in 2013. The recipients were selected from nearly 220 applications, showcasing their challenges and successes in education. To learn more, visit AspireHigherScholarships.com.
Bausch Health Companies Inc. (NYSE/TSX: BHC) will release its second-quarter 2020 financial results on August 6, 2020, at 8:00 a.m. EDT. The company will host a conference call and live webcast to discuss the results and provide a business update. Interested parties can access the materials on the Investor Relations section of Bausch Health's website prior to the call. A replay of the call will be available until August 20, 2020, with specific dial-in information provided.
Bausch Health Companies Inc. (NYSE/TSX: BHC) announced that ARAZLO™ (tazarotene) Lotion, 0.045% is now available for the treatment of acne vulgaris in patients aged nine and older. Approved by the FDA in December 2019, ARAZLO offers a lotion formulation known for its lower irritation compared to traditional tazarotene creams. Clinical studies demonstrate efficacy similar to Tazorac with fewer adverse events. ARAZLO is priced comparably to other branded acne treatments, with many patients facing no co-pay through insurance and the access program.