Bausch Health Q3 Profit Climbs

Bausch Health Companies Inc. (BHC,BHC.TO) reported that its net income for the third quarter of 2021 climbed to $188 million, from $71 million for the third quarter of 2020, a favorable change of $117 million. The change was primarily due to an increase in operating results, and lower interest expense, partially offset by an increase in income taxes. GAAP earnings per share was $0.52, compared to $0.20 in the prior year.

Total reported revenues for the quarter declined to $2.11 billion from $2.14 billion last year. Excluding the favorable impact of foreign exchange of $19 million and the impact of divestitures and discontinuations of $46 million, primarily due to the divestiture of Amoun, revenue was flat organically, compared to the third quarter of 2020.

Bausch Health said it has continued to execute upon its plans to pursue an initial public offering of its Solta Medical business. The company has submitted a confidential S-1 to the U.S. Securities and Exchange Commission. The company expects to launch the Solta IPO in December 2021 or January 2022.

Looking ahead for the full year of 2021, the company still expects adjusted EBITDA to be in the range of $3.35 billion - $3.50 billion and revenue of $8.40 billion - $8.60 billion.

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