LAVAL, Que. — Bausch Health Companies Inc. reported a loss of nearly US$1.52 billion in its latest quarter as it settled a lawsuit over a stock plunge that hit investors in 2015.

The company, which keeps its books in U.S. dollars, says the net loss amounted to US$4.30 per diluted share for the quarter compared with a net loss of US$344 million, or 98 cents per diluted share, in the same quarter a year earlier.

On an adjusted basis, Bausch Health reported a profit of US$404 million for the final quarter of 2019, up from adjusted net income of US$368 million in the fourth quarter of 2018.

Revenue totalled $2.224 billion for the quarter, up from $2.121 billion in the same quarter a year earlier.

In December, Bausch Health said it would pay US$1.21 billion to resolve all claims against it in the so-called Valeant stock drop case, which was filed in a U.S. district court in October 2015. The company admitted no wrongdoing as part of the settlement.

The settlement allows the Quebec-based firm, previously known as Valeant Pharmaceuticals, to further emerge from the tide of litigation that has seen more than 160 cases settled or resolved since 2017.

This report by The Canadian Press was first published Feb. 19, 2020.

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