LAVAL, QC - Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) has announced the inclusion of UCERIS® (budesonide) aerosol foam in the public drug plans of five Canadian provinces. The treatment, designed for adults with mild to moderate distal ulcerative colitis, is now accessible to patients in Ontario, Quebec, Saskatchewan, New Brunswick (NYSE:BC), and Nova Scotia.
The availability of UCERIS through these public drug plans follows a letter of intent signed earlier this year with the pan-Canadian Pharmaceutical Alliance (pCPA), outlining the terms for the treatment's listing by the public drug plans across various provinces and territories.
Cees Heiman, Senior Vice-President, Europe and Canada at Bausch Health, expressed the company's satisfaction with this development and their anticipation for further agreements to expand access to UCERIS in Canada.
UCERIS, which is part of Bausch Health's gastrointestinal portfolio, has been prescribed in Canada since September 2023 and is covered by most private insurance drug plans in the country.
Gail Attara, President and CEO of the Gastrointestinal Society, highlighted the importance of effective treatments for ulcerative colitis, a chronic inflammatory bowel disease characterized by painful and often bloody bowel movements. She welcomed the move by public drug plans to cover UCERIS and hopes that all Canadian drug insurance plans will follow suit.
UCERIS is the only glucocorticosteroid rectal foam indicated for inducing remission in adult patients with active mild to moderate distal ulcerative colitis in Canada. In comparative studies, the foam formulation was preferred by most patients over enema versions due to its ease of application and better tolerability.
Clinical trials have shown that a significantly higher proportion of patients treated with UCERIS achieved remission and reduced rectal bleeding by the sixth week of treatment compared to those receiving a placebo.
This news is based on a press release statement from Bausch Health Companies Inc.
InvestingPro Insights
As Bausch Health Companies Inc. (NYSE:BHC) expands the availability of UCERIS in Canada, the company's financial health remains a key factor for investors. According to real-time data from InvestingPro, Bausch Health currently has a market capitalization of $3.73 billion USD. Despite challenging market conditions, the company has demonstrated a strong gross profit margin of 70.78% over the last twelve months as of Q4 2023, with a gross profit of $6.198 billion USD. This reflects the company's ability to maintain profitability in its operations amidst its portfolio expansion.
InvestingPro Tips suggest that Bausch Health's valuation implies a strong free cash flow yield, which could be appealing to investors looking for companies with solid financial footing. Moreover, analysts have a positive outlook on the company's net income, predicting profitability for the year ahead. This is particularly significant given that the company was not profitable over the last twelve months.
Investors monitoring BHC's stock performance will note that the company has seen a large price uptick over the last six months, with a 27.34% return, and it has been trading near its 52-week high, with the price at 94.44% of this peak. This momentum is further evidenced by a robust three-month price total return of 30.6%.
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