Q3 2024 Bausch Health Companies Inc Earnings Call Transcript
Key Points
- Bausch Health Companies Inc (BHC) reported a sixth consecutive quarter of year-over-year growth in revenue and adjusted EBITDA.
- Revenues, excluding Bausch + Lomb, increased by 7% on a reported basis and 8% on an organic basis compared to the third quarter of 2023.
- The Salix segment, particularly XIFAXAN, showed strong performance with a 7% growth over the third quarter of 2023.
- The International segment delivered 8% organic growth, with notable performance in Canada and Latin America.
- Solta Medical segment achieved 36% organic growth year-over-year, driven by strong demand in South Korea and China.
- Consolidated adjusted operating expenses increased by $150 million from the same period last year.
- The Hatch-Waxman litigation continues against ANDA filings for generic rifaximin 550-milligram tablets, posing potential legal challenges.
- There is ongoing market speculation and legal disputes that could impact the company's strategic priorities.
- Adjusted R&D expenses decreased by 4% compared to Q3 of last year, which may affect future innovation.
- The company faces potential challenges with the upcoming loss of exclusivity for XIFAXAN in 2028, impacting future revenue streams.
Strategic priorities while maintaining our focus on patient-centered outcomes. I am pleased to share that we delivered a sixth consecutive quarter of year-over-year growth in revenue and in adjusted EBITDA. While JJ will talk in more detail about our financial results, I will touch briefly on our performance. Revenues for Bausch Health, excluding Bausch + Lomb, increased 7% on a reported basis and 8% on an organic basis when compared to the third quarter of 2023 and with organic growth in all segments.
Adjusted EBITDA for Bausch Health, excluding Bausch + Lomb, increased by approximately 9% compared to the prior year period. Therefore, we are raising Bausch Health's full year 2024 guidance, excluding Bausch + Lomb across multiple metrics, including revenue, adjusted EBITDA and adjusted operating cash flow. Moving on to Page 6, we had a strong quarter underscoring the success of the strategic initiatives, we not only delivered strong financial outcomes, but we made significant strides in meeting our 2024 objectives.
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