May 6, 2019 / 12:10 PM / 5 months ago

BUZZ-Bausch Health Cos Inc: Up after raised FY year sales forecast, smaller Q1 loss

** Canadian drugmaker’s U.S.-listed shares up 2.4% at $24 premarket

** Company reports Q1 loss of $52 mln vs loss of $2.58 bln a year earlier, boosted by sales at its Bausch+Lomb and Salix units

** Says smaller loss on lower interest expense and smaller loss on “extinguishment of debt”

** Raises 2019 FY revenue forecast

** Company, formerly called Valeant Pharmaceuticals, now expects 2019 sales of $8.35 bln-$8.55 bln, compared to previous forecast of $8.30 bln-$8.50 bln

** “We hypothesize the guidance raise could be attributed to the recent Trulance acquisition, coupled with the strength in Salix” - Mizuho analyst Irina Koffler

** BHC in December agreed to buy assets of bankrupt Synergy Pharmaceuticals for $200 mln, which included constipation treatment Trulance

** Bausch’s Salix unit sells treatments for gastrointestinal disorders

** Company’s U.S.-listed shares had risen nearly 27% YTD (Reporting by Manas Mishra in Bengaluru)

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