Bausch Health shares jumped 28.85 percent on Thursday to close at $6.03 after the company reported a strong second quarter that swung to a net income of $260 million, a 103 percent increase from the same period last year. Revenues rose 12.7 percent to $2.852 billion, driven by product sales, with the Salix business segment remaining the largest revenue generator and posting 21 percent growth. The company raised its full-year revenue outlook to a range of $10.79 billion to $11.04 billion, up from prior guidance of $10.67 billion to $10.92 billion, and lifted its adjusted EBITDA target to $4.05 billion to $4.175 billion. Despite the improved performance, institutional participation declined in the first quarter, with 31 hedge funds holding positions compared to 34 in the prior quarter, and combined holdings falling 24.4 percent to $732.9 million.
Bausch Health Companies IncStrong Q2 results with net income swing to $260M, revenue up 12.7%, and raised full-year guidance.