Valeant Returns to Organic Revenue Growth -- Earnings Review
DOW JONES & COMPANY, INC. 7:46 AM ET 5/8/2018
Symbol Last Price Change
VRX 18.16up 0 (0%)
QUOTES AS OF 04:01:22 PM ET 05/07/2018
Valeant Pharmaceuticals International Inc. (VRX) reported results for its first quarter Tuesday morning. Here's what you need to know:
REVENUE: The company said revenue fell 5.4% to $2 billion as it sold and ended some products. On an organic basis, which excludes currency movements and assets sales and purchases, revenue rose 2%, in the first organic revenue growth since 2015. The company said results tracked above its expectations.
NET LOSS: Valeant reported a loss in the quarter of $2.69 billion, compared with a profit of $628 million for the same period in 2017. It posted a loss per share of $7.68, compared with a profit of $1.79 a share. The company saw a tax benefit in the prior quarter and goodwill impairment charges in the first quarter of 2018. Adjusted income for the quarter was $312 million, up from $273 million for the prior year.
CHARGE: Valeant said it took a $2.2 billion charge related to its Salix and Ortho Dermatologics businesses, as the company adopted new accounting rules.
NAME CHANGE: Valeant plans to change its name to Bausch Health Cos. The name change, which the company announced Tuesday, will take effect in July and come with a new logo, branding and the ticker BHC on the New York and Toronto stock exchanges.
OUTLOOK: As organic revenue came in above expectations, the company raised its outlook. It now expects annual revenue of $8.15 billion to $8.35 billion, compared with $8.10 billion to $8.30 billion before. It expects full-year adjusted earnings before interest, taxes, depreciation, and amortization in the range of $3.15 billion to $3.30 billion, up from $3.05 billion to $3.20 billion.
SHARES: Shares rose 5.2% in premarket trading.
Write to Austen Hufford at Austen.Hufford@wsj.com
(END) Dow Jones Newswires
05-08-180746ET
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