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Feb 19, 2020

Bausch Health reports US$1.52B loss in Q4 as it settled 'stock drop' case

Paul MacDonald discusses Bausch Health

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LAVAL, Que. - Bausch Health Companies Inc. reported a loss of nearly US$1.52 billion in its latest quarter as it settled a lawsuit over a stock plunge that hit investors in 2015.

The company, which keeps its books in U.S. dollars, says the net loss amounted to US$4.30 per diluted share for the quarter compared with a net loss of US$344 million, or 98 cents per diluted share, in the same quarter a year earlier.

On an adjusted basis, Bausch Health reported a profit of US$404 million for the final quarter of 2019, up from adjusted net income of US$368 million in the fourth quarter of 2018.

Revenue totalled US$2.224 billion for the quarter, up from US$2.121 billion in the same quarter a year earlier.

In December, Bausch Health said it would pay US$1.21 billion to resolve all claims against it in the so-called Valeant stock drop case, which was filed in a U.S. district court in October 2015. The company admitted no wrongdoing as part of the settlement.

The settlement allows the Quebec-based firm, previously known as Valeant Pharmaceuticals, to further emerge from the tide of litigation that has seen more than 160 cases settled or resolved since 2017.