Shares of Bausch Health Companies Inc. BHC lost 6.06% despite reporting better-than-expected third-quarter 2020 results. The company, however, maintained its annual guidance.Bausch’s stock has plunged 45.5% in the year so far compared with the industry’s decline of 8.4%. The company’s adjusted earnings per share of $1.31 easily beat the Zacks Consensus Estimate of $1.02 and increased from $1.19 reported in the year-ago quarter.Total revenues of $2.1 billion beat the Zacks Consensus Estimate by 1.38% but declined from $2.2 billion a year ago. Revenues were negatively impacted by the COVID-19 pandemic to the tune of approximately $150 million.Quarter in DetailRevenues in the Bausch + Lomb/International segment (comprised 55% of the total revenues) were $1.169 billion, down 1% year over year. Excluding the impact of discontinuations and divestitures, the segment sales were flat organically due to the impacts of the COVID-19 pandemic.The company recently acquired an exclusive license from Eyenovia, Inc. EYEN in the United States and Canada for the development and commercialization of an investigational microdose formulation of atropine ophthalmic solution, which is being investigated for the reduction of pediatric myopia progression in children aged 3-12 years.The Salix segment revenues declined 10% year over year to $496 million due to the impact of the COVID-19 pandemic, the loss of exclusivity for certain products in the segment, primarily Apriso, and the expected decline in Glumetza. Sales of Xifaxan decreased 3%. The FDA granted Orphan Drug designation to rifaximin for the treatment of sickle cell disease.The Ortho Dermatologics segment revenues were $144 million, down 2% year over year.Diversified Products segment revenues were $329 million, down 2% from the year-ago quarter, primarily due to the loss of exclusivity of certain products and the pandemic-led woes.During the quarter, the company repaid debt by approximately $100 million.2020 Guidance ReiteratedThe company reiterated its revenue guidance range for 2020. Revenues are projected to be $7.80-$8.00 billion.Our TakeBausch beat on earnings and sales in the third quarter as the recovery from the COVID-19 pandemic is in progress. The company reiterated its annual guidance as the durable brands are well-positioned to increase market share and return to growth. However, some of its prescription products are taking longer to return to pre-pandemic levels.Zacks Rank & Stocks to ConsiderBausch currently carries a Zacks Rank #3 (Hold). A couple of better-ranked stocks in this space are Dr. Reddy’s Laboratories Ltd RDY and Amphastar Pharmaceuticals, Inc. AMPH. Both carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Dr. Reddy’s earnings per share estimates have risen from $1.93 to $2.07 for 2021 and from $2.25 to $2.33 for 2021 over the past 30 days.Amphastar’s earnings per share estimates have risen from 62 cents to 63 cents for 2020 and from $1.22 to $1.23 for 2021 over the past 30 days.Zacks’ Single Best Pick to DoubleFrom thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain.Click Here, See It Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Dr. Reddys Laboratories Ltd (RDY): Free Stock Analysis Report Amphastar Pharmaceuticals, Inc. (AMPH): Free Stock Analysis Report Bausch Health Cos Inc. (BHC): Free Stock Analysis Report Eyenovia, Inc. (EYEN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research