Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
Final hours: unlock premium data with Claim 60% OFF
Bausch + Lomb's Saunders doesn't expect more big deals in the near term
Published Aug 02, 2023 07:01
Updated Aug 02, 2023 14:38
© Reuters. FILE PHOTO: Bausch & Lomb eye care and contact lens related products are seen for sale in a pharmacy in Washington, U.S., May 6, 2022. REUTERS/Leah Millis/File Photo
By Elissa Welle
(Reuters) -Eye care firm Bausch + Lomb does not expect to do another big deal for around a year after it completes its $1.75 billion deal for dry eye drug Xiidra, recently rehired chief executive Brent Saunders said on Wednesday.
Noted dealmaker Saunders has already announced two acquisitions since joining the company in March: the deal to buy Xiidra from Novartis in June and a $106.5 million deal for Johnson & Johnson (NYSE:JNJ)'s eye and contact lens drops brand Blink.
"We need to close this one by the end of the year, we need to integrate it into the company and then we need to digest, de-lever from a balance sheet perspective," Saunders said in an interview, adding that the company will look for smaller opportunities over that time frame.
Bausch + Lomb also posted modestly better than expected second-quarter earnings on Wednesday, reporting revenue of $1.04 billion in the quarter, up from $941 million a year ago. Analysts, on average, expected revenue of $963 million for the quarter, according to Refinitiv data.
Excluding one-time items, B+L said it earned $65 million, or 18 cents per share, down from $103 million or 29 cents per share last year, as the company's expenses rose. Still, the earnings beat analysts' expectations by 3 cents a share.
Saunders previously helmed and built up Botox maker Allergan (NYSE:AGN) before it was acquired by AbbVie (NYSE:ABBV) for $63 billion in 2020.
This is his second stint at Bausch + Lomb, which makes contact lenses, surgical devices, prescription drugs and generic eye products. In 2013, Saunders oversaw B+L's acquisition of Valeant Pharmaceutical, now Bausch Health (TSX:BHC) Companies.
Bausch Health still owns most of B+L’s shares and has said it intends to fully spin the company off. Some Bausch Health investors are trying to block the spin-off.
"They have not put out a timeline for the remaining spin, but I'm confident that that will happen in due course," Saunders said.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.