Bausch + Lomb to spin off into independent company
Bausch Health Companies intends to spin off Bausch + Lomb into a publicly traded entity separate from the remainder of the company, according to a press release.
Bausch + Lomb will be an eye health company, while a diversified Bausch Health will focus on gastroenterology, aesthetics/dermatology, neurology and international pharmaceuticals.
The company did not announce a specific time frame for the spinoff, citing the need for certain conditions and approvals. The reorganization of reporting segments is expected to be announced beginning in the first quarter of 2021.
“We are committed to taking action to unlock what we see as unrecognized value in Bausch Health shares, and we believe that separating our business into two highly focused, stand-alone companies is the way to accomplish that goal,” Joseph C. Papa, chairman and CEO, Bausch Health, said in the release.
According to a separate release, Bausch Health revenues totaled $1.664 billion in the second quarter, with Bausch + Lomb and the international segment of the company accounting for about 53% of the revenue. Revenue was down 23% from the same quarter in 2019 due to the COVID-19 pandemic.