Bausch Health Posts Q3 Profit Despite Lower Sales, Trims FY22 Outlook

• Bausch Health Companies Inc (NYSE: BHC) reported Q3 revenues of $2.05 billion, down 3% Y/Y, up 2% organic basis, below the consensus estimate of $2.8 billion.

• "We are encouraged with the top line improvement in the third quarter, with four out of five segments delivering growth on an organic basis," Thomas Appio, CEO, said.

• "The results this quarter demonstrate the resilient demand for our products in the current macro environment.

• Adjusted net income declined to $277 million from $417 million a year ago, primarily due to foreign exchange headwinds and higher operating expenses.

• Bausch Health reported an EPS of $1.10, up from $0.52 a year ago.

• Guidance: For FY22, Bausch Health expects revenue of $8.0-$8.17 billion, down from previous guidance of $8.05 - $8.22 billion and the consensus of $8.34 billion.

• The company forecasts adjusted EBITDA of $2.99-$3.09 billion, compared to the previous guidance of $3.23–$3.38 billion.

• Price Action: BHC shares are up 1.15% at $6.61 on the last check Thursday.

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