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.

 

Need Deeper Analysis? Sign up for Market Scope's monthly newsletter to get in-depth coverage of the ophthalmic market, including quarterly procedure volumes based on survey data and meeting coverage from around the world.

Recent Ophthalmic News

US FDA Grants De Novo Request for IDx-DR’s AI Diagnostic System for Diabetic Retinopathy

Allergan Launches TrueTear Intranasal Neurostimulation Device for Dry Eye

Novartis Acquires AveXis, Gene Therapy Platform for $8.7 Billion

Samsung, Biogen Reach Deal with AbbVie over Humira Biosimilar

EyePoint Secures Two US Patents for DEXYCU

SightLife Surgical Rebrands as CorneaGen, Offers New Products

Omidria Earns Listing on VA Formulary, Regains CMS Pass-Through Status

Rayner Launching 600C Monofocal Aspheric IOL in US

LENSAR Laser System Receives 510(k) Clearance for Corneal Pockets, Flaps

EyeGate Completes Enrollment, Receives Milestone Payment for Phase III Study of EGP-437 in Anterior Uveitis

SAV-IOL Seeks $20M in Financing for Active Intraocular Lens Concept with Real-Time Autofocus

AGTC Completes Enrollment for Phase I/II Study of Gene Therapy for X-linked Retinoschisis

Robert Greenberg, MD, PhD, Resigns from Second Sight

US FDA Requires RegeneRx to Conduct Third Phase III Trial for Dry Eye Candidate RGN-259

Stem Cell Implant Yields Positive Results in Phase I/II Study in Dry AMD

Drug Companies Petition Supreme Court to Hear Case Challenging Eye Drop Size

Appeals Court Rules in Favor of Alcon in Suit Brought by Elenza over EAIOLs

ThromboGenics’ THR-137 Demonstrates Safety, Tolerability in Phase I/II Study in DME

GenSight Biologics’ LHON Candidate Improves Eyesight, Fails to Outpace Sham in Phase III Trial

I-MED Pharma’s I-PEN Receives Regulatory Approval in Colombia, Argentina

Coming soon

2018 China Ophthalmic Market Report: An Analysis for 2017 to 2023