Business
Bausch Health Announces Second-Quarter 2023 Results, Other Key Updates From the Quarter, and Raises Full-Year 2023 Revenue Outlook
Favorable Motion Ruling in Xifaxan® Litigation Reinforces Continuing Salix Growth Strategy ...
About this update from Bausch Health Companies Inc.
[{"type":"text","content":"Bausch Health Announces Second-Quarter 2023 Results, Other Key Updates From the Quarter, and Raises Full-Year 2023 Revenue OutlookFavorable Motion Ruling in Xifaxan® Litigation Reinforces Continuing Salix Growth StrategyBalance Sheet Initiatives Further Enhance Liquidity ProfileContinued Evaluation of Optimal Implementation of Potential Bausch + Lomb DistributionRevenue of $2.17 billion, Up 10% Reported and 11% Organic1GAAP Net Income Attributable to Bausch Health Companies Inc. of $26 MillionAdjusted EBITDA Attributable to Bausch Health Companies Inc. (non-GAAP)1 of $727 Million, Up 4%Raises Full-Year Revenue Outlook and Reaffirms Adjusted EBITDA (non-GAAP)1 Guidance RangeLAVAL, QC / ACCESSWIRE / August 3, 2023 / Bausch Health Companies Inc. (NYSE/TSX:BHC) (\"Bausch Health\" or the \"Company\" or \"we\" or \"our\") today announced its second-quarter 2023 financial results and various other key updates from the quarter.\"We are encouraged by our strong performance in the second quarter as we continue to see the results from our focus on commercial excellence and investments in key businesses with growth opportunities, such as Salix\" said Thomas J. Appio, Chief Executive Officer, Bausch Health. \"We are also encouraged by various other key positive developments for our business during the quarter, including the favorable motion ruling in respect of Xifaxan® and the continued success our initiatives to proactively manage our balance sheet. We also continue to advance our R&D pipeline as we look forward to bringing new products to the patients who can benefit from them,\" concluded Appio.Favorable Motion Ruling in Xifaxan® Litigation Reinforces Continuing Salix Growth StrategyIn May 2023, the U.S. District Court of Delaware denied Norwich Pharmaceuticals Inc.'s motion for reconsideration in the matter of Salix Pharmaceuticals, LTD et al v. Norwich Pharmaceuticals, Inc., which therefore prevents the U.S. Food and Drug Administration (\"FDA\") from approving Norwich's abbreviated new drug application (\"ANDA\") for Xifaxan® (rifaximin) 550 mg before October 2029. Norwich has appealed the denial of its motion for reconsideration. In June 2023, the FDA granted tentative approval for the ANDA, but confirmed that it is enjoined from granting final approval until October 2029. This favorable ruling reinforces Sali...