Bausch Health T1 2019 earnings

Shares of Bausch Health, formerly known as Valeant Pharmaceuticals, jumped 3% Monday in pre-market trading, after the company raised its outlook for 2019.

The drug maker saw its annual sales rise from $ 8.3 billion to $ 8.50 billion in the range of $ 8.35 billion to $ 8.55 billion. The company raised its annual profit between $ 3.35 billion and $ 3.5 billion to a range of $ 3.4 billion to $ 3.55 billion.

It also generated $ 2.02 billion in the first quarter, up slightly from $ 2 billion a year ago. It reduced its loss to $ 52 million from a loss of $ 2.58 billion in the same period last year. The company did not report a figure for adjusted earnings, but Wall Street analysts expected 86 cents per share.

The activities of Bausch & Lomb International accounted for approximately 55% of its first-quarter revenue, generating $ 1.11 billion, compared to $ 1.103 billion a year ago.

At the end of last month, Bausch Health announced that its dermatology company, Ortho Dermatologics, had received FDA approval for its DUOBRII lotion for treating plaque psoriasis. The drug manufacturer conducted two clinical trials, with 36% of patients participating in the first study and 45% participating in the second study seeing their skin clear up.

Bausch Health shares have grown more than 26% this year. The stock has risen by more than 30% in the last 12 months until Friday's close.