Brenda O’Farrell
Investing.com – Shares of Bausch Health Companies Inc (TSX:BHC) were at the top of the worst performing stocks on the S&P/TSX Composite on Wednesday, dropping more than 7% in afternoon trading.
The Quebec-based pharmaceutical company earlier in the day unveiled its latest quarterly earnings that posted a US$1.52-billion loss due to a court settlement. The deficit was substantially bigger than the loss of US$344 million in the same quarter in the previous year.
Overall, the drug-maker, which keeps its books in U.S. dollars, reported revenues of US$2.224 billion for its fourth quarter of 2019, an increase from the $2.1.21 billion in the same quarter one year earlier. Its adjusted profit was recorded as US $404 million, up 8.9% from the US$368 million in the last quarter of 2018.
Bausch Health paid US$1.21 billion to settle all outstanding legal claims involving a Valeant stock drop that date back to the latter half of 2015. Bausch Health, which was previously known as Valeant Pharmaceuticals, admitted no fault in the settlement. The payout allowed the company to put an end to the court actions filed against it that has up to date involved more than 150 decisions or settlements in the last two years.