Bausch Health shares jump after the company, formerly Valeant Pharmaceuticals, raises outlook

Shares of Bausch Health, formerly known as Valeant Pharmaceuticals, jumped as much as 3% in premarket trading Monday after the company raised its 2019 outlook.

The drugmaker raised its full-year revenues from between $8.3 billion and $8.50 billion to a range of $8.35 billion and $8.55 billion. It raised its full-year earnings from between $3.35 billion and $3.5 billion to a range of $3.4 billion and $3.55 billion.

It also generated first-quarter revenues of $2.02 billion, up slightly from $2 billion a year ago. It narrowed its loss to $52 million from a loss of $2.58 billion a year earlier. The company did not provide a number for adjusted earnings, but Wall Street analysts were expecting 86 cents per share.

The company’s Bausch & Lomb International business accounted for about 55% of its revenue in the first quarter, bringing in $1.118 billion compared with $1.103 billion a year ago.

Late last month, Bausch Health said its dermatology business, Ortho Dermatologics, received FDA approval for its DUOBRII lotion to treat plaque psoriasis. The drugmaker conducted two clinical trials, with 36% of patients in the first study and 45% in the second study seeing their skin clear up.

Bausch Health shares are up more than 26% this year. The stock has risen more than 30% over the last 12 months through Friday’s close.