Bausch Health's stock drops after a surprise decline in revenue and lowered outlook

Shares of Bausch Health Companies Inc. sank 3.6% in premarket trading Thursday, after the drug and medical-device products maker reported a wider net loss and a surprise decline in revenue given the negative effects of the COVID-19 pandemic. The net loss was $152 million, or 43 cents a share, after a loss of $52 million, or 15 cents a share, in the year-ago period, primarily because of decreases in tax benefits. The FactSet consensus for net loss per share was 35 cents. Excluding non-recurring items, adjusted net income fell to $316 million from $358 million; the company did not provide an adjusted per-share figure. Revenue fell to $2.012 billion from $2.016 billion, while the FactSet consensus was for a rise to $2.032 billion, as revenue was negatively impacted by about $35 million by the COVID-19 pandemic. For 2020, the company lowered its revenue guidance range to $7.80 billion to $8.20 billion from $8.65 billion to $8.85 billion, which compares with the FactSet consensus of $8.40 billion. The stock has dropped 39.2% over the past three months through Wednesday, while the S&P 500 has declined 14.4%.

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