Bausch Health shares rise on solid Q3 beat, non-GAAP earnings +10%, reiterates guidance

• Bausch Health (BHC) Q3 results:
• Revenues: $2,138M (-3.2%); Bausch + Lomb/International: $1,169M (-0.5%); Salix: $496M (-10.0%); Ortho Dermatologics: $144M (-2.0%); Diversified Products: $329M (-2.1%).
• B + L/International contributed ~55% of revenue, Salix ~23%, Ortho Dermatologics ~7%.
• Net Income: $71M (+244.9%); EPS: $0.20 (+242.9%); non-GAAP Net Income: $469M (+10.4%); non-GAAP EPS: $1.31 (+10.1%).
• CF Ops (3 mo.): $256M (-50.3%).
• 2020 guidance: Revenues: $7.80B - 8.00B (unch); non-GAAP EBITDA: $3.15B - 3.30B (unch).
• The company repaid debt by ~$100M in Q3 for a total of ~$420M to date in 2020 with cash generated from operations. BHC has no debt maturities or mandatory amortization payments until 2023.
• Bausch Health resolved outstanding intellectual property disputes with Sun Pharmaceutical Industries regarding XIFAXAN (rifaximin) 200 mg and 550 mg tablets. Salix will maintain market exclusivity for XIFAXAN until 2028.
• https://seekingalpha.com/news/3630266-bausch-health-shares-rise-5-on-solid-q3-beat-non-gaap-earningsplus-10-reiterates-guidance