On August 3, 2021 Bausch Health Companies Inc. (NYSE/TSX: BHC) ("Bausch Health" or the "Company" or "we") reported its second-quarter 2021 financial results (Press release, Bausch Health, AUG 3, 2021, View Source [SID1234585618]).
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"Our second-quarter 2021 results demonstrate impressive overall company growth as our businesses continue to recover from the COVID-19 pandemic," said Joseph C. Papa, chairman and CEO, Bausch Health. "We saw strong performance with market share gains for many of our leading brands and strong cash flow generation in the quarter, which has enabled us to make great strides in reducing our debt."
"Today we announced our plans to pursue an initial public offering for our Solta Medical business3, which is an important step in the previously announced spinoff of the Bausch + Lomb eye health business, resulting in the creation of three attractive companies: Bausch + Lomb, a pure-play, integrated eye health company; Bausch Pharma2, a global diversified pharmaceuticals business; and Solta Medical, a leading global provider in medical aesthetics. We remain committed to unlocking value across these three attractive businesses as soon as possible," continued Mr. Papa.
Select Company Highlights
Increased total Company reported revenue by 26% compared to the second quarter of 2020
Expanded launch of ENVIVE, a daily over-the-counter probiotic supplement, in the United States
Launched expanded parameters for Bausch + Lomb ULTRA Multifocal for Astigmatism contact lenses
Completed divestiture of Amoun Pharmaceutical Company S.A.E. to Abu-Dhabi-based ADQ
Repaid debt by $500 million in the first half of 2021 using cash generated from operations; Bausch Health has no debt maturities until 2025
Refinanced $1.6 billion of 2024 Senior Secured Notes using net proceeds from newly issued $1.6 billion of 4.875% 2028 Senior Secured Notes and cash generated from operations
Sam Eldessouky assumed the role of Chief Financial Officer on June 1, 2021
Today, the Company announced plans to pursue an initial public offering for its Solta Medical business3
Pipeline Advancements
Initiated Phase 2 trial to evaluate amiselimod (S1P modulator) for the treatment of mild to moderate ulcerative colitis
Completed enrollment of the second Phase 3 trial evaluating the investigational drug NOV03 (perfluorohexyloctane)
ClearVisc dispersive ophthalmic viscosurgical device for use in ophthalmic surgery was approved by the U.S. Food and Drug Administration (FDA) and launched in June 2021
The FDA accepted the resubmitted New Drug Application for XIPERE[4] (triamcinolone acetonide suprachoroidal injectable suspension) with a Prescription Drug User Fee Act (PDUFA) date of Oct. 30, 2021
Entered into an agreement with Lochan LLC to develop the next generation of Bausch + Lomb’s eyeTELLIGENCE clinical decision support software
VYZULTA (latanoprostene bunod ophthalmic solution), 0.024%, received regulatory approval in Brazil, Jordan, Qatar and the United Arab Emirates
Thomas J. Appio Has Been Appointed CEO of Bausch Pharma2, and Bausch Health Names Additional Leadership Roles for Bausch Pharma2
Today, the Company announced that Thomas J. Appio will serve as CEO of Bausch Pharma2 effective upon separation of the Bausch + Lomb eye health business. Mr. Appio joined the Company from Bausch + Lomb in 2013, and under his leadership the organization has experienced accelerated growth in revenue and profitability within many of its international businesses. Previously, Mr. Appio served 23 years with Schering-Plough in a wide range of leadership and operations responsibilities.
Additionally, Robert Spurr has been appointed president of the U.S. market for Bausch Pharma2 effective upon separation of the Bausch + Lomb eye health business. Mr. Spurr currently serves as president of the Salix Pharmaceuticals business. He joined Bausch Health in 2018 as senior vice president, Market Access and Commercial Operations, after serving in various leadership roles at Novartis, Ortho-McNeil, Aventis and Sandoz, among other pharmaceutical companies.
Robert N. Power has been appointed chairman of Bausch Pharma2 effective upon separation of the Bausch + Lomb eye health business. Mr. Power has served as a member of the Bausch Health Board of Directors since 2008. He was previously a faculty member at The Wharton School of Business, University of Pennsylvania and has more than 25 years of experience in the pharmaceutical and biotechnology industry.
Second-Quarter 2021 Revenue Performance
Total reported revenues were $2.100 billion for the second quarter of 2021, as compared to $1.664 billion in the second quarter of 2020, an increase of $436 million, which was primarily due to higher volumes resulting from the positive impacts of the recovery from the COVID-19 pandemic. Excluding the favorable impact of foreign exchange of $60 million and the impact of divestitures and discontinuations of $4 million, revenue increased organically1,5 by $380 million, or 23%, compared to the second quarter of 2020.