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A Performance Overview of Bausch’s Diversified Products Business

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Revenue trends

Bausch Health Companies’ (BHC) Diversified Products segment reported net revenue of $336 million in the second quarter compared to $461 million in the second quarter of 2017, a ~27% YoY (year-over-year) fall.

The Diversified Products segment consists of neurology products, generic drugs, dentistry products, and other products. In the second quarter, neurology products reported revenue of $216 million compared to $248 million in the second quarter of 2017, reflecting a ~13% YoY fall.

In the second quarter, Bausch Health’s generics and dentistry businesses reported net revenues of $90 million and $30 million, respectively, compared to $82 million and $35 million, respectively, in the same period of the previous year, reflecting a ~10% YoY rise and a 14% YoY fall, respectively.

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Diversified Products segment’s operating expenses and profit

In the second quarter, the Diversified Products segment reported a gross profit and a gross margin of $292 million and 87%, respectively, compared to $377 million and 82%, respectively, in the same period last year.

In the second quarter, the segment reported SA&P (selling, advertisement, and promotional) expenses of $23.0 million compared to $58.0 million in the same period last year.

In the second quarter, the segment reported G&A (general and administrative) and R&D (research and development) expenses of $7 million and $4 million, respectively, compared to $12 million and $3 million, respectively, in the second quarter of 2017.

Performance of Bausch Health’s top diversified products

In the second quarter, the Diversified Products segment’s Wellbutrin franchise, Arestin, Cuprimine, and Diastat franchise reported revenues of $67 million, $26 million, $18 million, and $16 million, respectively, compared to $58 million, $28 million, $20 million, and $1 million, respectively, in the same period last year.

The segment’s Migranal franchise and Xenazine franchise each generated revenue of $15 million in the second quarter. In the quarter, Migranal’s revenue remained flat compared to the same period last year, but Xenazine’s revenue fell 53% to $15 million from $35 million in the second quarter of 2017.

Bausch Health’s other top diversified products Ativan, Isuprel, and Aplenzin each reported revenue of $13 million in the second quarter. In the second quarter of 2017, Ativan, Isuprel, and Aplenzin had reported revenues of $16 million, $33 million, and $9 million, respectively.

Bausch Health’s pharmaceutical peers Merck & Company (MRK), GlaxoSmithKline (GSK), and Mylan (MYL) reported revenues of $10.5 billion, $9.9 billion, and $2.8 billion, respectively, in the second quarter.

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