On May 4, 2021 Bausch Health Companies Inc. (NYSE/TSX: BHC) ("Bausch Health" or the "Company" or "we") reported its first-quarter 2021 financial results (Press release, Bausch Health, MAY 4, 2021, View Source [SID1234579066]).
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"Bausch Health entered 2021 with strong momentum as our recovery from the COVID-19 pandemic continues. Our business is generating strong cash flow, many of our leading products have increased market share in key markets, and we are advancing our pipeline," said Joseph C. Papa, chairman and CEO, Bausch Health.
"We are taking action to accelerate the strategic alternatives process to expedite the spinoff of Bausch + Lomb as we remain committed to unlocking value across our two attractive businesses. We are focused on execution and growth as we position these two strong, but dissimilar businesses as attractive growth opportunities in the markets they serve," continued Mr. Papa.
Select Company Highlights
Increased total Company reported revenue by 1% compared to the first quarter of 2020
Launched Solta Medical’s Clear + Brilliant Touch laser in the United States
Launched Bausch + Lomb’s Alaway Preservative Free (ketotifen fumarate ophthalmic solution, 0.035%), antihistamine eye drops in the United States
Entered into an agreement to divest Amoun Pharmaceutical Company S.A.E. to Abu-Dhabi based ADQ; the transaction is expected to close in the first half of 2021
Repaid debt by $200 million in the first quarter of 2021 using cash generated from operations; Bausch Health has no mandatory amortization payments or debt maturities until 2024
Announced in March that Sam Eldessouky, the Company’s current Controller and Chief Accounting Officer, has been appointed to the role of Chief Financial Officer (CFO) and will succeed Bausch Health’s current CFO Paul S. Herendeen, effective June 1, 2021. Mr. Herendeen will remain at Bausch Health in the newly created role of Advisor to the Chairman and CEO
Pipeline Advancements
VYZULTA (latanoprostene bunod ophthalmic solution), 0.024%, received regulatory approval in South Korea, Brazil and Qatar, and has launched in Taiwan
LUMIFY (brimonidine tartrate ophthalmic solution 0.025%) redness reliever eye drops received regulatory approval in South Korea
BAUSCH + LOMB ULTRA ONE DAY daily disposable silicone hydrogel contact lenses received regulatory approval in Taiwan
Announced statistically significant topline results from the first Phase 3 trial evaluating the investigational NOV032 (perfluorohexyloctane) as a first-in-class eye drop with a novel mechanism of action to treat the signs and symptoms of dry eye disease associated with meibomian gland dysfunction
Announced statistically significant topline results from the second pivotal Phase 3 trial evaluating the investigational IDP-126 gel in acne vulgaris
Progress on Planned Separation of Eye Health Business
Today, the Company announced that Joseph C. Papa and Sam Eldessouky will serve as CEO and CFO of Bausch + Lomb upon separation of the Bausch + Lomb eye health business.3 In addition, the Company continued to make progress toward internal objectives necessary for the separation, including operating in five reportable segments commencing with the first quarter of 2021.
First-Quarter 2021 Revenue Performance
Total reported revenues were $2.027 billion for the first quarter of 2021, as compared to $2.012 billion in the first quarter of 2020, an increase of $15 million. Revenue was negatively impacted by approximately $100 million in the first quarter of 2021 due to the COVID-19 pandemic. Excluding the favorable impact of foreign exchange of $33 million and the impact of divestitures and discontinuations of $10 million, revenue declined organically1,4 by $8 million compared to the first quarter of 2020.