On November 2, 2021 Bausch Health Companies Inc. (NYSE/TSX: BHC) ("Bausch Health" or the "Company" or "we") reported its third-quarter 2021 financial results (Press release, Bausch Health, NOV 2, 2021, View Source [SID1234594071]).
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"Our third-quarter 2021 results continue to demonstrate that our recovery from the effects of the COVID-19 pandemic remains in progress across our business segments," said Joseph C. Papa, chairman and CEO, Bausch Health. "In the third quarter, several key products grew and gained market share. Additionally, we are delivering on multiple near-term R&D catalysts that we believe will help drive future growth."
"We have remained steadfast in our commitment and have been working diligently to accelerate the strategic alternatives process that will enable us to unlock value in our three attractive businesses as soon as possible," continued Mr. Papa. "We are excited to announce that, subject to market conditions and other approvals, we expect to launch the proposed IPO of our Solta Medical business in December 2021 or January 2022, and following that, we expect to launch the Bausch + Lomb IPO approximately 30 days later, also subject to market conditions and other approvals."3
Select Company Highlights
Launched Biotrue Hydration Boost Lubricant Eye Drops in the United States
Completed divestiture of Amoun Pharmaceutical Company S.A.E. (Amoun) to Abu-Dhabi-based ADQ
Repaid debt by $1.100 billion in the third quarter of 2021 using cash on hand, cash generated from operations and in connection with the Amoun divestiture
Pipeline Advancements
Received U.S. Food and Drug Administration (FDA) approval of the New Drug Application (NDA) for XIPERE4 (triamcinolone acetonide injectable suspension), a therapy that uses the suprachoroidal space to treat patients suffering from macular edema associated with uveitis; launch is expected to occur in the first quarter of 2022
Announced statistically significant topline results from the second Phase 3 trial evaluating the investigational drug NOV035 (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; Bausch Health expects to file an NDA with the FDA in the first half of 2022
VYZULTA (latanoprostene bunod ophthalmic solution), 0.024%, received regulatory approval in Thailand
Accelerating Strategic Alternatives
The Company has continued to execute upon its plans to pursue an initial public offering (IPO) of its Solta Medical (Solta) business. In preparation for the IPO, the Company has submitted a confidential S-1 to the U.S. Securities and Exchange Commission and has made key leadership appointments. The Company expects to launch the Solta IPO in December 2021 or January 2022, subject to market conditions and regulatory, stock exchange and other approvals. In addition, the Company has continued to execute upon its previously announced plans to separate Bausch + Lomb from Bausch Pharma6 and expects to launch an IPO for Bausch + Lomb approximately 30 days after the IPO of Solta, subject to market conditions and regulatory, stock exchange and other approvals. After that, the Bausch + Lomb spinoff can occur following the expiry of customary lock-ups and receipt of applicable shareholder and other necessary approvals and the achievement of the Company’s target net leverage ratios.2
Third-Quarter 2021 Revenue Performance
Total reported revenues were $2.111 billion for the third quarter of 2021, as compared to $2.138 billion in the third quarter of 2020, a decrease of $27 million. Excluding the favorable impact of foreign exchange of $19 million and the impact of divestitures and discontinuations of $46 million, primarily due to the divestiture of Amoun, revenue was flat organically1,7, compared to the third quarter of 2020.