Bausch Health Companies Inc. posted a net loss of $873 million US in the second quarter as the company formerly known as Valeant Pharmaceuticals experienced a bigger operating loss and a bigger provision for income taxes than last year.
The company, which reports in U.S. currency, says it recorded a $138 million provision for income taxes that represented a $343-million increase from the same time last year, when Valeant recorded a tax benefit.
Its operating loss for the quarter ended June 30 was $245 million, which compared with a year-earlier operating profit of $175 million.
The operating loss was due primarily to an asset impairment linked to the company’s loss of exclusivity on a product.
The net loss amounted to $2.49 per share, compared with a loss of 11 cents per share in the second quarter of 2017.
Bausch Health’s adjusted net income fell to $327 million from $362 million a year ago, while revenue fell to $2.13 billion from $2.23 billion in the second quarter of 2018.