B&L Parent's Shares Jump 25% After Q2 Report
Tuesday, August 9, 2016
Source: Rochester Business Journal
Valeant Pharmaceuticals International Inc. shares closed 25 percent higher Tuesday, after the Quebec-based Bausch & Lomb Inc.’s parent’s release of its second-quarter report.
Chairman and CEO Joseph Papa in the release announced "a new strategic direction" for Valeant and said it continues to streamline its portfolio, selling some non-core assets. The company also reconfirmed its full-year 2016 guidance.
In results posted Tuesday morning, Valeant declared a net loss of $302.3 million, or 88 cents a diluted share, on revenues of $2.4 billion. That compared with a net loss of $53 million, or 15 cents a diluted share, on revenues of $2.7 billion in the second quarter 2015.
Bausch & Lomb’s $101.2 million in prescription eye-drug sales were down 25 percent from $135.4 million. Contact lens sales of $55.3 million were up 8 percent from $51.2 million in last year’s second quarter.
The eye-care company’s lens solution products substantially contributed to Valeant’s second-quarter consumer products sales of $173 million, up 6 percent from $163.2 million in 2015’s second quarter. And its eye surgery products were responsible for a share of Valeant’s surgical products sales of $60.5 million, up 7 percent from $56.5 million.