Bausch Health's stock surges as revenue rises in line with expectations, but outlook raised

Shares of Bausch Health Companies Inc. rallied 3.0% in premarket trading Tuesday, after the health care products company reported second-quarter revenue that rose in line with expectations and raised its full-year profit outlook. The net loss narrowed to $171 million, or 49 cents a share, from $873 million, or $2.49 a share, in the same period a year ago as operating results increased while interest expense and loss on extinguishment of debt declined. Excluding non-recurring items, adjusted net income rose to $372 million from $327 million, but the company did not provide adjusted per-share figures. Total revenue rose to $2.152 billion from $2.128 billion a year ago, in line with the FactSet consensus of $2.151 billion, as Bausch & Lomb/international sales miss expectations while Salix sales beat. For 2019, the company raised its revenue guidance range to $8.40 billion to $8.60 billion from $8.35 billion to $8.55 billion. The stock has run up 26.3% year to date through Monday, while the SPDR Health Care Select Sector ETF has gained 2.8% and the S&P 500 has advanced 13.5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.