As part of its quarterly results’ announcements, Bausch Health said that it was accelerating the preparations for the spin-off of its Bausch + Lomb business. Having just completed its financial segmentation of the unit, the company said it expects to be ready for the operation in Q3 2021. The process will be managed by Joseph Papa and Sam Eldessouky, respectively CEO and CFO of the Canadian group. Bloomberg News had reported last week that Bausch Health was also looking at the possibility of a downright sale of its Bausch + Lomb business, but this has not been confirmed by the group.
Bausch Health posted sales of $881 million for its Bausch + Lomb segment for the first quarter of its 2021 fiscal year, a 1 percent increase in reported terms and a 2 percent decline in constant currencies compared to Q1 2020. Representing 25 percent of this amount, the Global Vision Care product category, which mostly includes contact lenses, grew by 13 percent year-on-year.
Sales of Global Vision Care products in the U.S. were up 4 percent compared to Q1 2020, thanks to astigmatism line extensions in the Biotrue ONEday and Bausch + Lomb ULTRA ranges, and to the recently launched INFUSE brand of daily contact lenses. International sales grew by 19 percent organically versus Q1 2020, driven by a strong rebound in the Asia-Pacific region. The company launched SiHy contact lenses in the U.S., Australia and Hong Kong and expects global annual sales in this product category to exceed $250 million.
As a group, Bausch Health posted total sales of $2,027 million in the quarter, up one percent year-on year and flat on a currency-neutral basis. Adjusted EBITDA went up from $813 million to $852 million, a 5 percent increase in reported terms from last year. The company confirmed its 2021 outlook, expecting annual revenues of $8,600 to $8,800 million and an adjusted Ebitda of $3,400 to 3,550 million, against $3,294 million in 2020.