Business
Bausch Health Announces Fourth-Quarter and Full-Year 2022 Results
Fourth-Quarter revenues of $2.2 billion, flat reported, up 4% organic 1 Full-Year revenues ...
About this update from Bausch Health Companies Inc.
[{"type":"text","content":"Bausch Health Announces Fourth-Quarter and Full-Year 2022 ResultsFourth-Quarter revenues of $2.2 billion, flat reported, up 4% organic1Full-Year revenues of $8.1 billion, down 4% reported, up 2% organic1Unrestricted B+L from BHC covenantsReduced debt by $464 million in the fourth quarterProvides 2023 guidance for Bausch Health (excl. B+L)LAVAL, QC / ACCESSWIRE / February 23, 2023 / Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) today announced its fourth-quarter and full-year 2022 financial results.\"2022 was a transformative year for Bausch Health, as we executed on our strategic priorities,\" said Thomas J. Appio, Chief Executive Officer, Bausch Health. \"Since completing the initial public offering of Bausch + Lomb last May, we have made significant progress in de-levering our balance sheet, reducing our debt principal net of unrestricted cash by $3.2 billion. We are encouraged by our second-half performance and look to build on this momentum. We will invest in sustainable growth drivers across our products and pipeline to position us for long-term success,\" concluded Appio.Fourth-Quarter and Full-Year 2022 Revenue Performance Total reported revenues were $2.2 billion for the fourth quarter of 2022, flat compared with the fourth quarter of 2021. Excluding the unfavorable impact of foreign exchange of $78 million and the impact of divestitures and discontinuations of $6 million, revenue increased by 4% organically1, compared with the fourth quarter of 2021.Total reported revenues were $8.1 billion for the full year of 2022, compared with $8.4 billion in the full year of 2021, a decrease of $310 million, or 4%. Excluding the unfavorable impact of foreign exchange of $264 million and the impact of divestitures and discontinuations of $178 million, revenue increased organically1 by 2% compared with the full year of 2021.___________________________________1This is a non-GAAP measure or a non-GAAP ratio. For further information on non-GAAP measures and non-GAAP ratios, please refer to the \"Non-GAAP Information\" section of this news release. Please also refer to tables at the end of this news release for a reconciliation of this and other non-GAAP measures to the most directly comparable GAAP measure.Revenues by segment were as follows: Three Months Ended December 31,(in millions) 2022 2021 Reported Change Reported Change Chang...