Shares of Bausch Health Companies Inc.
rallied 2.3% in premarket trading Wednesday, after the health care products company swung to fourth-quarter net income, while revenue and the full-year outlook fell shy of expectations. The company swung to net income of $69 million, or 19 cents a share, from a loss of $153 million, or 43 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted net income slipped to $463 million from $478 million, but the company did not provide adjusted earnings per share to compare with analyst expectations. Revenue fell 0.8% to $2.196 billion, missing the FactSet consensus of $2.207 billion, as Bausch and Lomb revenue rose 5.6% to $1.001 billion while Bausch Pharma revenue declined 5.6% to $1.195 billion. For 2022, the company expects revenue of $8.40 billion to $8.60 billion, below the FactSet consensus of $8.73 billion. The stock has lost 9.3% over the past three months through Tuesday, while the S&P 500
has declined 8.2%.