Valeant Pharmaceuticals (VRX) popped early Tuesday after the drugmaker topped Wall Street's first-quarter sales expectations, raised 2018 guidance and said it will change its name to Bausch Health Companies.
XIn premarket trading on the stock market today, Valeant jumped 10.9%, near 20.10. Shares have traded well above their 50-day moving average since mid-April and were nearing a four-month high early Tuesday.
For the first quarter, Valeant brought in $1.995 billion in sales, topping the consensus for $1.95 billion. Adjusted earnings of 89 cents per share topped analyst expectations for 60 cents. Sales declined by 5.4%. Earnings rose 14.1%.
Valeant also raised its revenue guidance for 2018 to $8.15 billion to $8.35 billion, up from its earlier outlook for $8.1 billion to $8.3 billion. The consensus had modeled $8.23 billion.
The firm's name change to Bausch is to take effect in July. The move stems from Valeant's purchase of eye-care company Bausch & Lomb in 2013.
"We completed an extensive assessment of the name entities available from within our portfolio and also assessed several potential new names. As our review progressed, it became clear that Bausch Health Companies best represents the company we are today," Chief Executive Joseph Papa said in a written statement. "With a history that ranges from creating revolutionary Vulcanite eye glass frames in 1861 to being the first to mass produce and market soft contact lenses globally in 1971, the Bausch brand is synonymous with innovation and quality."
The company's new ticker symbol will be BHC.
More to follow.
RELATED:
How To Build Long-Term Profits In Stocks? Take Many Gains At 20%-25%
Looking For The Best Stocks To Buy And Watch? Start Here
Should You Buy A Stock Ahead Of Its Earnings Report?
The post Valeant Pops After Topping Quarterly Views And Unveiling Its New Name appeared first on Investor's Business Daily.
http://feedproxy.google.com/~r/BusinessRss/~3/D0UjpIjfPIQ/
No comments:
Post a Comment