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Mike Makovich

Research Analyst at KeyBanc

Mike Makovich is a Research Analyst at KeyBanc Capital Markets, specializing in healthcare sector research. He has covered companies such as Bausch Health Companies, actively participating in earnings calls by asking questions on key financial matters. Limited public data is available on his performance metrics, career timeline, previous experience, or professional credentials.

Mike Makovich's questions to Bausch Health Companies (BHC) leadership

Question · Q4 2025

Mike Makovich asked about the outlook for Xifaxan generics, specifically what key events to watch for regarding potential pre-2028 availability and the company's confidence in retaining exclusivity until 2028. He also sought clarification on the medium-term EBITDA outlook, asking if a similar magnitude step down in 2027 should be assumed given the low-to-mid single-digit EBITDA growth expected for 2026.

Answer

CEO Thomas Appio confirmed a generic for Xifaxan is expected by January 1, 2028. He mentioned ongoing legal matters, including Teva's first filer status with two appeal cases in the D.C. District Court, and a new patent case in the New Jersey District Court involving Amneal and Norwich, where the 30-month stay for Norwich's second ANDA is still to be determined. CFO JJ Charhon confirmed an expected dip in EBITDA for 2027, suggesting it would be around $2.7 billion based on the outlined financial logic.

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