MONTREAL – Bausch Health Companies Inc. posted a net loss of US$873 million in the second quarter as the company formerly known as Valeant Pharmaceuticals experienced a bigger operating loss and a bigger provision for income taxes than last year.

The company, which reports in U.S. currency, says it recorded a $138 million provision for income taxes that represented a $343-million increase from the same time last year, when Valeant recorded a tax benefit.

Its operating loss for the quarter ended June 30 was $245 million, which compared with a year-earlier operating profit of $175 million.

The operating loss was due primarily to an asset impairment linked to the company’s loss of exclusivity on a product.

The net loss amounted to $2.49 per share, compared with a loss of 11 cents per share in the second quarter of 2017.

Bausch Health’s adjusted net income fell to $327 million from $362 million a year ago, while revenue fell to $2.13 billion from $2.23 billion in the second quarter of 2018.

The adjusted net income was above the estimate of $272 million and revenue was above the estimate of $2.06 billion, according to Thomson Reuters Eikon.

The company says its estimate for 2018 full-year adjusted EBITDA earnings has been raised by $50 million to between $3.20 billion and $3.35 billion while its revenue estimate is maintained at between $8.15 billion and $8.35 billion.

Bausch Health stock was at $31 per share in early trading on the Toronto Stock Exchange, up $1.41 from Friday’s close.

Companies in this story: (TSX:BHC)

Note to readers: This is a corrected story. Headlines on a previous version said billions instead of millions.