Bausch Health reports US$71-million Q3 profit, revenue down from year ago

LAVAL, Que. – Bausch Health Companies Inc. reported a profit of US$71 million for its third-quarter compared with a loss of US$49 million in the same quarter last year as revenue was hurt by the pandemic.

The Quebec-based drug company, which keeps its books in U.S. dollars, says the profit amounted to 20 cents per share for the quarter ended Sept. 30 compared with a loss of 14 cents per share in the third quarter of 2019.

Revenue totalled US$2.14 billion, down from US$2.21 billion a year ago.

The company says the COVID-19 pandemic hurt revenue by about US$150 million in the quarter.

Bausch Health says its adjusted earnings before interest, taxes, depreciation andamortization were US$948 million for the third quarter of 2020 compared with US$942 million for the third quarter of 2019.

The company, formerly known as Valeant Pharmaceuticals, manufactures and sells a range of pharmaceutical, medical device and over-the-counter products, mostly related to eye health, gastroenterology and dermatology.

This report by The Canadian Press was first published Nov. 3, 2020.

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