We're maintaining our 4 rating as we consider our next steps.
Bausch Health Companies on Tuesday morning reported first-quarter top- and bottom-line misses — putting embattled shares under pressure. Revenue for the three months ended in March increased 11% to $2.15 billion, a hair short of the Street estimate of $2.16 billion, according to LSEG. Adjusted EBITDA of $665 million was up 13% over last year but missed the $710 billion consensus estimate.
Despite a recent favorable appeals court decision putting off Norwich Pharmaceuticals' application for a Xifaxan until October 2029, Bausch Health filed a lawsuit in April against Amneal Pharmaceuticals, which also wants to make a Xifaxan generic. The BHC filing means that there is now a 30-month stay in place before any potential generic approvals by the Food and Drug Administration.
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