Bausch Health Cos. Inc. BHC, -1.02% said Wednesday it had a net loss of $344 million, or 98 cents a share, in the fourth quarter, after net income of $513 million, or $1.45 a share, in the year-earlier period. The company, formerly called Valeant, said the loss was due to a 2017 tax benefit and more than $2.2 billion in impairment charges recognized as it adopted a new accounting standard. It said adjusted net income was $368 million, but did not provide a per-share number. The FactSet consensus was for adjusted EPS of 84 cents. Revenue fell to $2.121 billion from $2.163 billion, ahead of the FactSet consensus of $2.080 billion. Sales of Salix were flat at $426 million, while sales of ortho dermatologics fell 2% to $165 million. Diversified product sales fell 11% to $325 million. The company said it expects 2019 revenue of $8.30 billion to $8.50 billion, compared with a FactSet consensus of $8.471 billion. Shares rose 1.2% premarket and have gained 35.6% in the last 12 months, while the S&P 500 SPX, +0.15% has gained 2.3%.

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