Why Bausch Health Companies Stock Is Tanking Today

Shares of Bausch Health Companies (NYSE: BHC) were down by 11.3% on sky-high volume as of 10:56 a.m. ET Tuesday morning. The big loss came after the drugmaker announced that the Food and Drug Administration (FDA) tentatively approved the abbreviated new drug application (ANDA) from Norwich Pharmaceuticals for the irritable bowel syndrome medication Xifaxan on June 2, 2023. In its June 2, 2023 letter, the FDA reportedly reaffirmed this later date as the benchmark for final approval.