MONTREAL — Shares of Bausch Health Companies Inc. fell more than eight per cent as the company lowered its 2020 forecast after a loss in in the first quarter due to the COVID-19 pandemic.
The Quebec-based pharmaceutical and medical device company dropped its outlook by nearly 10 per cent, with expectations for revenue at about US$8 billion from US$8.75 billion and adjusted earnings at roughly US$3.25 billion from US$3.6 billion.
The move comes as Bausch reports a first-quarter loss of US$152 million, compared to a net loss of US$52 million a year earlier.
The company, which reports in U.S. dollars, cites decreased sales across most segments as well as higher expenses and litigation charges.
Bausch says revenue remained relatively flat at $2.01 billion in the quarter ended March 31 versus $2.02 billion in 2019, with the pandemic accounting for a $35-million loss.
Adjusted earnings reached 90 cents per share compared to $1.02 per share last year, slightly beating analyst expectations of 87 cents per share, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published May 7, 2020.
Companies in this story: (TSX:BHC)
The Canadian Press