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LAVAL, Quebec—Bausch Health Companies Inc. (NYSE/TSX: BHC) this week reported that its third-quarter revenues totaled $2.138 billion, a decline of 3 percent (or $71 million) compared with revenues of $2.209 billion in the year-ago quarter. Revenue was “negatively impacted by approximately $150 million in the third quarter of 2020 due to the impact of the COVID-19 pandemic,” the announcement noted. Excluding the unfavorable impact of foreign exchange of $6 million and the impact of divestitures and discontinuations of $4 million, Bausch Health said revenue declined 3 percent organically compared with the third quarter of 2019.

The company, which owns the contact lens firm Bausch + Lomb, said net income was $71 million in the third quarter, which compares with a net loss of $49 million for the year-ago third quarter, a favorable change of $120 million. “The change was primarily driven by the increase in operating results … and lower interest expense partially offset by an increase in the provision for income taxes, the company said.

Adjusted net income (non-GAAP for the third quarter totaled $469 million, an increase of 10 percent (or $44 million) compared with $425 million in last year’s third quarter.

“Bausch Health's third-quarter 2020 results clearly demonstrate our recovery from the COVID-19 pandemic is in progress,” chairman and chief executive officer Joseph C. Papa said in the announcement. “In the third quarter, total company reported revenue grew 28 percent sequentially from the second quarter. Many of our durable brands are well-positioned to grow market share and return to growth, however, some of our prescription products are taking longer to return to pre-pandemic levels.”

In August, Bausch Health announced that it plans to spin-off the Bausch + Lomb eye health business into an independent publicly traded entity separate from the remainder of Bausch Health, as VMAIL reported. 

In the Bausch + Lomb/International segment, which includes the contact lens business unit, revenue totaled $1.169 billion, which represented about 55 percent of the company's aggregate reported revenue in the third quarter, the announcement noted. Still, revenue in the segment slipped by $6 million, or 1 percent, in the quarter.

Excluding the unfavorable impact of foreign exchange of $7 million and the impact of divestitures and discontinuations of $3 million, the Bausch + Lomb/International segment was flat organically compared with the third quarter of 2019, which the company said was primarily due to the impact of the COVID-19 pandemic.

“Throughout the pandemic, we have carefully managed our expenses, have prioritized our resources strategically, such as enhancing our e-commerce capabilities, and have maintained ample supply of our health care products for our customers and patients, and we will continue to do what's right for all our stakeholders,” Papa said.

He added, "We are also making good progress on our intention to separate our eye health business into an independent public company. As we look toward the future, we are excited about several new pipeline opportunities we are pursuing in areas of critical unmet medical need within eye health, including myopia, dry eye disease and age-related macular degeneration.”