Earnings summaries and quarterly performance for Bausch Health Companies.
Executive leadership at Bausch Health Companies.
Thomas Appio
Detailed
Chief Executive Officer
CEO
AL
Aimee Lenar
Detailed
Executive Vice President, US Pharma
JC
Jean-Jacques Charhon
Detailed
Executive Vice President, Chief Financial Officer
SC
Seana Carson
Detailed
Executive Vice President, General Counsel
SL
Steven Lee
Detailed
Senior Vice President, Controller and Chief Accounting Officer
Board of directors at Bausch Health Companies.
Research analysts who have asked questions during Bausch Health Companies earnings calls.
MN
Michael Nedelcovych
TD Cowen
4 questions for BHC
Also covers: CHRS, MOLN, NVO +4 more
DM
Douglas Miehm
RBC Capital Markets
3 questions for BHC
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Jason Gerberry
Bank of America Merrill Lynch
3 questions for BHC
Also covers: ALKS, AMPH, ARWR +21 more
LS
Leszek Sulewski
Truist Securities
3 questions for BHC
Also covers: AKBA, AMRX, ANIP +6 more
Michael Freeman
Raymond James
3 questions for BHC
Also covers: ACOG, HWAIF, ONCY +2 more
GS
Glen Santangelo
Jefferies
2 questions for BHC
Also covers: ALGN, ANIP, DOCS +9 more
UR
Umer Raffat
Evercore ISI
2 questions for BHC
Also covers: ALKS, AMGN, BIIB +15 more
CM
Chi Meng Fong
BofA Securities
1 question for BHC
Also covers: BYSI, EXEL, GUTS +2 more
David Amsellem
Piper Sandler Companies
1 question for BHC
Also covers: ABBV, ALKS, AMGN +27 more
Recent press releases and 8-K filings for BHC.
Bausch Health Announces Final Results and Expiration of Exchange Offers
BHC
Debt Issuance
- Bausch Health Companies Inc. announced the final results and expiration of its offers to exchange outstanding 4.875% Senior Secured Notes due 2028 and 11.00% Senior Secured Notes due 2028.
- The offers, which expired on December 23, 2025, were for up to $1.6 billion aggregate principal amount of new 10.00% Senior Secured Notes due 2032.
- An aggregate principal amount of $2.7 billion of existing notes was validly tendered.
- Approximately $1,600 million principal amount of new notes is expected to be issued upon settlement, currently anticipated on December 26, 2025.
5 hours ago
Bausch + Lomb Announces Refinancing of Term B Loans
BHC
Debt Issuance
- Bausch + Lomb Corporation, a subsidiary of Bausch Health Companies Inc., announced the allocation of $2,802,125,000 in new term B loans.
- The proceeds from these Replacement Term Loans will be used to refinance all outstanding term B loans due 2031 and 2028.
- The refinancing is anticipated to reduce the applicable interest rate margin by 0.50% per annum for the Third Amendment Term Loans and 0.25% per annum for the First Incremental Term Loans.
- The Replacement Term Loans will mature on January 15, 2031, extending the maturity of the First Incremental Term Loans from September 29, 2028.
- These transactions are anticipated to close in the first quarter of 2026.
Dec 12, 2025, 10:30 PM
Bausch Health Announces Early Debt Exchange Offer Results
BHC
Debt Issuance
- Bausch Health Companies Inc. announced the early results of its exchange offers for outstanding senior secured notes as of December 8, 2025.
- The company offered to exchange its 4.875% Senior Secured Notes due 2028 and 11.00% Senior Secured Notes due 2028 for up to $1.6 billion aggregate principal amount of new 10.00% Senior Secured Notes due 2032.
- As of the early tender time on December 8, 2025, an aggregate principal amount of $2,690,016,000 of existing senior secured notes had been validly tendered, exceeding the maximum new notes amount.
- Consequently, approximately $1,600 million of new notes are expected to be issued, subject to proration, and any notes tendered after the early tender time will not be accepted.
Dec 9, 2025, 12:30 AM
Bausch Health Companies Discusses Xifaxan Exclusivity, Pipeline, and Solta Medical Strategy
BHC
Legal Proceedings
New Projects/Investments
Debt Issuance
- 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.
Dec 2, 2025, 3:50 PM
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.
Dec 2, 2025, 3:50 PM
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.
Dec 2, 2025, 3:50 PM
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
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
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
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
Quarterly earnings call transcripts for Bausch Health Companies.
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