Bausch Health, a pharmaceutical company based in Laval, Quebec, has reported a loss in the third quarter, despite experiencing higher sales. The company’s operating income decreased, and it did not replicate a gain from the same period last year.
The net loss for the quarter was $378 million, or $1.03 per share, compared to a net income of $399 million, or $1.10 per share, in the previous year.
However, Bausch Health’s revenue for the quarter exceeded expectations, reaching $2.24 billion, a 9.4% increase from the previous year’s figure of $2.12 billion, according to analysts polled by FactSet.
Expenses rose during the quarter due to an increase in the cost of goods sold and goodwill impairments. Additionally, the company’s result from the same period last year included a $570 million gain from debt extinguishment. Despite these challenges, Bausch Health reported an adjusted income of $377 million for the quarter, up from $277 million the previous year.
Recently, Bausch Health initiated the search for a new Chief Financial Officer after Tom Vadaketh resigned from the role on October 13th.