Bausch Health Companies (BHC) Company Report

Bausch Health Companies Inc. (BHC) has achieved 11 consecutive quarters of top line and bottom line growth.
Management anticipates the loss of exclusivity for Xifaxan on January 1, 2028, which is contingent on Teva retaining its first filer status; an appeal hearing regarding Norwich's challenge is scheduled for December 11.
Data unblinding for the Phase 3 trials of a new Xifaxan formulation for hepatic encephalopathy is expected early next year.
BHC is expanding its Solta Medical business in the Asia-Pac region, which accounts for approximately 80% of its revenue, through the recent acquisition of a distributor in China.
The company completed a $7.9 billion refinancing in April to enhance capital structure flexibility and continues to focus on pipeline expansion, including the recent DURECT acquisition.

3 days ago

Transcript

Bausch Health Management Discusses Business Growth, Pipeline, and XIFAXAN Exclusivity

BHC

Legal Proceedings

New Projects/Investments

Revenue Acceleration/Inflection

Bausch Health Companies Inc. (BHC) has achieved 11 consecutive quarters of top and bottom line growth across its portfolio.
Management's base case for XIFAXAN's loss of exclusivity is January 1, 2028, contingent on Teva retaining first filer status, with an appeal hearing scheduled for December 11th regarding a lawsuit challenging this status.
The company anticipates early next year the unblinding of data from two combined Phase III trials for a new XIFAXAN formulation aimed at preventing OHE events.
Solta Medical, generating 80% of its revenue from the Asia-Pacific region, recently acquired a distributor in China to enhance direct commercial control.
Strategic priorities include maximizing portfolio value and free cash flow, expanding the pipeline (e.g., through the DURECT acquisition), and maintaining an optimal capital structure, highlighted by a $7.9 billion refinancing in April.

3 days ago

Transcript

Bausch Health Provides Updates on Solta Medical, Xifaxan Trials, and Genericization Outlook

BHC

Legal Proceedings

New Projects/Investments

Debt Issuance

Bausch Health is a global diversified pharmaceutical and medical devices company that has delivered 11 consecutive quarters of top line and bottom line growth, with a strategy focused on growing its operating segments, maximizing Bausch & Lomb equity value, and optimizing its capital structure.
The Solta Medical business generates approximately 80% of its revenue from the Asia-Pac region, and Bausch Health recently acquired a distributor in China to gain direct control of the commercial channel.
The Phase 3 trial data for Xifaxan (SSD), which combines two trials, is expected to be unblinded early next year.
Management's base case for Xifaxan's loss of exclusivity is January 1, 2028, dependent on Teva retaining its first filer status; an appeal hearing for Norwich's lawsuit challenging this status is scheduled for December 11.
Bausch Health recently closed a $7.9 billion refinancing in April and continues to invest in its pipeline, including the acquisition of DURECT Corporation for larsucosterol.

3 days ago

Transcript

Bausch + Lomb Outlines Growth Strategy and Financial Targets at Investor Day

BHC

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Bausch + Lomb Corporation (BLCO) is presenting its transformation and growth strategy at an investor day event on November 13, 2025.
The company targets a 5 – 7% constant currency revenue CAGR through 2028 and an approximately 23% adjusted EBITDA (ex. Acq. IPR&D) margin in 2028.
Additional financial targets include double-digit adjusted annual earnings per share growth (ex. Acq. IPR&D) from 2026 – 2028, approximately 50% adjusted cash flow from operations to adjusted EBITDA (ex. Acq. IPR&D) conversion in 2028, and net leverage of approximately 3.5x by the end of 2028.
The company's product pipeline has total projected peak sales of approximately $7 billion, with anticipated launches spanning from 2026 to 2031 across Consumer, Pharmaceuticals, Surgical, and Contact Lens divisions.
Bausch + Lomb also reaffirmed its 2025 guidance.

Nov 13, 2025, 12:00 PM

Press Release

Bausch Health Reports Strong Q3 2025 Results and Raises Full-Year Guidance

BHC

Earnings

Guidance Update

M&A

Bausch Health (excluding Bausch + Lomb) reported its 10th consecutive quarter of year-over-year revenue and adjusted EBITDA growth in Q3 2025, with revenue reaching $1.4 billion (up 7% reported) and adjusted EBITDA at $773 million (up 7% reported, or 18% excluding an $81 million R&D charge).
The company raised its full-year 2025 guidance for Bausch Health (excluding Bausch + Lomb), now expecting revenue between $5 billion and $5.1 billion, adjusted EBITDA between $2.7 billion and $2.75 billion, and adjusted operating cash flow between $975 million and $1.025 billion.
Performance was driven by strong growth in Solta (up 25% reported) and Salix (up 12% reported), with XIFAXAN revenue increasing 16% and CABTREO revenue growing 186%.
Bausch Health closed the acquisition of DURECT Corporation on September 11, 2025, adding larsucosterol to its hepatology pipeline, and anticipates initial data readouts for its RED-C Phase III studies by early 2026.
The company reduced debt by approximately $600 million and exited the Medicaid and 340B channels for all U.S. products as of October 1, 2025. CMS negotiations for XIFAXAN under the IRA have concluded, with agreed pricing to be published on November 30, 2025, and the average EBITDA for 2026 and 2027 is expected to be similar to 2025.

Oct 29, 2025, 9:00 PM

Transcript

Bausch Health Reports Strong Q3 2025 Results and Raises Full-Year Guidance

BHC

Earnings

Guidance Update

Revenue Acceleration/Inflection

Bausch Health reported Q3 2025 GAAP revenues of $2,681 million, marking a 7% increase compared to Q3 2024, with GAAP net income attributable to Bausch Health Companies Inc. of $179 million, or $0.48 per share.
Adjusted EBITDA attributable to Bausch Health Companies Inc. for Q3 2025 was $986 million, an 8% increase from Q3 2024.
The company raised its full-year 2025 guidance for Net Revenue to a range of $10.050 - $10.250 billion and Adjusted EBITDA to $3.570 - $3.660 billion.
Bausch Health (excluding Bausch + Lomb) achieved its 10th consecutive quarter of revenue and Adjusted EBITDA growth, driven by organic revenue growth of 24% in Solta and 11% in Salix.

Oct 29, 2025, 9:00 PM

Presentation

Bausch Health Reports Strong Q3 2025 Results and Raises Full-Year Guidance

BHC

Earnings

Guidance Update

M&A

Bausch Health (excluding Bausch + Lomb) achieved its 10th consecutive quarter of revenue and adjusted EBITDA growth in Q3 2025, reporting revenue of $1.4 billion (up 7% on a reported basis) and adjusted EBITDA of $773 million (up 7%, or 18% excluding an $81 million in-process R&D charge).
The company raised its full-year 2025 guidance for revenue to between $5.0 billion and $5.1 billion, adjusted EBITDA to between $2.7 billion and $2.75 billion, and adjusted operating cash flow to between $975 million and $1.025 billion.
Growth was notably driven by Solta Medical, which saw 25% reported growth, and Salix, which delivered 12% reported growth, primarily due to a 16% increase in Xifaxan revenue. Strategic developments include the acquisition of DURECT Corporation on September 11, 2025, and initial data readouts for RED-C Phase 3 studies are expected by early 2026.
Negotiations with CMS regarding Xifaxan under the IRA concluded, with agreed pricing to be published on November 30, 2025; the average EBITDA for 2026 and 2027 is projected to be not materially different from 2025.

Oct 29, 2025, 9:00 PM

Transcript

Bausch Health Reports Strong Q3 2025 Results and Raises Full-Year Guidance

BHC

Earnings

Guidance Update

M&A

Bausch Health reported strong Q3 2025 consolidated results, with revenue of $2.681 billion, an increase of 7% on a reported basis, and adjusted EBITDA of $986 million, up 8% year-over-year.
The company raised its full-year 2025 guidance for revenue to between $5.0 billion and $5.1 billion, adjusted EBITDA to between $2.7 billion and $2.75 billion, and adjusted operating cash flow to between $975 million and $1.025 billion.
Key strategic actions include the acquisition of DURECT Corporation on September 11, 2025, to enhance the R&D pipeline , and the refinancing of $7.9 billion in debt earlier in the year, alongside the retirement of over $600 million in senior unsecured notes.
Management expects the average adjusted EBITDA for 2026 and 2027 to be similar to the 2025 outlook, and continues to focus on deleveraging, with potential asset sales like the Bausch + Lomb equity stake as a likely source of additional funding.

Oct 29, 2025, 9:00 PM

Transcript

Bausch Health Announces Strong Q3 2025 Results and Raises Full-Year Guidance

BHC

Earnings

Guidance Update

M&A

Bausch Health reported Q3 2025 consolidated revenues of $2.68 billion, an increase of 7% on a reported basis and 5% organically year-over-year.
GAAP Net Income Attributable to Bausch Health was $179 million, with GAAP EPS of $0.48 for Q3 2025, compared to a net loss in the prior year period. Consolidated Adjusted EBITDA was $986 million.
The company raised its full-year 2025 guidance for consolidated Revenue to $10.050 billion - $10.250 billion and Adjusted EBITDA to $3.570 billion - $3.660 billion.
Bausch Health completed the acquisition of DURECT Corporation, expanding its hepatology portfolio, and achieved its tenth consecutive quarter of year-over-year Revenue and Adjusted EBITDA growth for Bausch Health excluding Bausch + Lomb.
The company redeemed $601 million of 9.25% Senior Unsecured Notes in August 2025 and repaid its $300 million receivables financing facility in October 2025, strengthening its balance sheet.

Oct 29, 2025, 8:09 PM

8-K

Bausch Health Companies Inc. Completes Acquisition of DURECT Corporation

BHC

M&A

Takeover Bid

Bausch Health Companies Inc. (BHC) announced the consummation of its previously disclosed transaction with DURECT Corporation (DURECT) on September 11, 2025.
The transaction involved a tender offer for DURECT's common stock at $1.75 per Share in cash, along with contingent value rights for up to $350,000,000 in aggregate milestone payments.
As of the offer's expiration on September 10, 2025, a total of 19,984,767 Shares were validly tendered, representing approximately 62% of DURECT's total outstanding Shares.
Following the successful tender offer, DURECT Corporation merged with BHC Lyon Merger Sub, Inc. and became a wholly-owned subsidiary of Bausch Health Americas, Inc., an indirect subsidiary of BHC, on September 11, 2025.

Sep 11, 2025, 1:52 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Bausch Health Companies.

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