Bausch Health reports revenue drop in Q2, cuts full-year forecast

Pharmaceutical giant Bausch Health Companies Inc. second-quarter results fell short of analyst expectations after the company reported a six per cent drop in revenue.

Revenue fell to US$1.967 billion compared to US$2.1 billion the year prior. The company’s net loss for the quarter was US$145 million compared to US$595 million the year prior. It also cut its full-year forecast.

The company is attributing the softness to a US$61-million impact from foreign exchange, as well as divestitures and discontinuations costing the company US$74 million.

"The second quarter was a transitional quarter for Bausch Health as we intensified our focus on the Bausch Pharma and Solta businesses," Thomas Appio, the chief executive officer of Bausch Health, said in a press release on Tuesday.