Bausch + Lomb Posts Q1-2017 Revenues of $1.15 Billion in ‘Solid Quarter’

May 12, 2017: By Joan McKenna

BauschBausch + Lomb posted flat revenues of $1.15 billion on a reported basis (+4 percent in constant currency) in Q1-2017 and provided parent Valeant Pharmaceuticals with a “solid quarter,” company officials announced May 9.

The eye care segment’s revenues accounted for more than half of Valeant’s $2.1 billion in revenues during the quarter.

Bausch + Lomb, based in Bridgewater, New Jersey, saw a 1 percent increase in revenues over Q1-2016’s  $1.146 billion in revenues.

Paul Herendeen, chief financial officer, said Bausch + Lomb’s global ophthalmic pharmaceutical revenues were up 1 percent (+3 cc), with international units offsetting a slight decline in US units.

The global consumer business showed modest revenue growth, while global surgical and vision care declined, he said. Bausch + Lomb completed its acquisition of retinal device maker Synergetics in October 2015 and saw a subsequent boost in surgical sales due to the deal.

Valeant Chief Executive Joseph Papa said Bausch + Lomb’s positive first quarter resulted in part from price increases of about 1.5 percent.

Valeant said Bausch + Lomb’s PreserVision and Ocuvite are the number one ocular vitamin brands globally, while Biotrue is the number one multipurpose solution brand, and PreserVision AREDS 2 Formula (120 count) is the top selling vitamin item in the US.

Bausch + Lomb’s milestones during the quarter include receiving US FDA 510(k) clearances in April for the Stellaris Elite dual cataract/vitrectomy system and Vitesse hypersonic vitrector. The company has FDA target actions dates for Vyzulta (glaucoma) in August 2017 and Luminesse (eye redness) in December 2017.

Growth was primarily driven by increases in volume outside the US, particularly in Europe, the Middle East, South Africa, Asia, and Australia, of $59 million. This was partially offset by declines in US volume of $10 million.

Volume and pricing gains were partially offset by the unfavorable impact of foreign currencies of $41 million and the impact of divestitures and discontinuations of $21 million.

Valeant’s long-term debt now stands at $28.5 billion, with debt reduction continuing to be a priority. Valeant said it has reduced its principal amount of debt by $3.6 billion since Q1-2016.

 

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