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.
Michael Freeman
Raymond James
5 questions for BHC
Also covers: ACOG, HWAIF, ONCY +2 more
Jason Gerberry
Bank of America Merrill Lynch
4 questions for BHC
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MN
Michael Nedelcovych
TD Cowen
4 questions for BHC
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UR
Umer Raffat
Evercore ISI
4 questions for BHC
Also covers: ALKS, AMGN, BIIB +15 more
DM
Douglas Miehm
RBC Capital Markets
3 questions for BHC
Also covers: ACB, AUPH, BLCO +2 more
GS
Glen Santangelo
Jefferies
3 questions for BHC
Also covers: ALGN, ANIP, CAH +16 more
LS
Leszek Sulewski
Truist Securities
3 questions for BHC
Also covers: AKBA, AMRX, ANIP +6 more
LS
Les Sulewski
Truist
2 questions for BHC
Also covers: CRMD, PCRX, TEVA +1 more
Chi
Bank of America
1 question for BHC
Also covers: GLPG, IONS
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
GS
Glenn Santangelo
Barclays
1 question for BHC
Also covers: COR, DOCS, MCK +1 more
MM
Mike Makovich
KeyBanc
1 question for BHC
Recent press releases and 8-K filings for BHC.
Bausch Health Partner George Medicines Expands GMRx2 Global Strategy
BHC
Product Launch
New Projects/Investments
- George Medicines, a partner of Bausch Health, entered an exclusive licensing and supply agreement with Orient EuroPharma (OEP) on February 25, 2026, granting OEP exclusive rights to seek regulatory approval and commercialize GMRx2 in Southeast Asia.
- Under the terms, George Medicines will receive an upfront licensing fee, is eligible for regulatory and commercial milestone payments, and a future recurring revenue stream through stepped royalties on GMRx2 sales in the licensed territory.
- GMRx2 is an innovative single-pill combination of three medicines (telmisartan, amlodipine, and indapamide) for treating hypertension, designed to deliver blood pressure-lowering benefits early in the treatment pathway.
- This agreement represents the fourth licensing and supply agreement for GMRx2, demonstrating growing global interest in the product, which is also licensed to Bausch Health for commercialization in Canada, Mexico, Colombia, and Central America.
3 days ago
Bausch Health Companies Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Guidance, and Updates on Debt and Bausch + Lomb Monetization
BHC
Earnings
Guidance Update
Debt Issuance
- Bausch Health (excluding Bausch + Lomb) reported an eleventh consecutive quarter of growth in Q4 2025, with revenue increasing 9% on a reported basis and Adjusted EBITDA up approximately 9% compared to the prior year period. Full-year 2025 results exceeded guidance on all key metrics, with revenue growth of 7% and Adjusted EBITDA growth of 10%.
- For 2026, Bausch Health (excluding Bausch + Lomb) expects revenues between $5.25 billion and $5.4 billion, Adjusted EBITDA between $2 billion and $2.1 billion, and adjusted operating cash flow between $1.2 billion and $1.275 billion.
- The company significantly improved its capital structure by achieving over $1 billion in adjusted operating cash flow for the year, reducing net debt by several hundred million dollars, and executing $9.6 billion in refinancing transactions that push most maturities until the end of 2027.
- The monetization of the Bausch + Lomb equity stake will likely be in the form of selling down shares, with the improved capital structure providing flexibility to wait for the market to reflect its value.
- EBITDA for 2027 is projected to be around $2.7 billion, and the company anticipates a XIFAXAN generic to become available by January 1, 2028.
Feb 18, 2026, 10:00 PM
Bausch Health Companies Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Guidance
BHC
Earnings
Guidance Update
M&A
- Bausch Health (excluding Bausch + Lomb) reported a 9% increase in Q4 2025 revenue and a 9% increase in Adjusted EBITDA compared to Q4 2024, with full-year 2025 results exceeding guidance on all key metrics. Consolidated revenue for Q4 2025 was $2,796 million, up 9%, and Adjusted EBITDA was $1,052 million, an increase of 13% year-over-year.
- For 2026, Bausch Health (excluding Bausch + Lomb) expects revenues between $5.25 billion and $5.4 billion, Adjusted EBITDA between $2 billion and $2.1 billion, and adjusted operating cash flow between $1.2 billion and $1.275 billion.
- The company significantly improved its debt maturity profile by approximately $1.7 billion through a debt exchange in late December 2025 and completed two large refinancing transactions totaling $9.6 billion in 2025, leaving less than $700 million of maturities until the end of 2027. Net debt was reduced by over $300 million in Q4 2025.
- Strategic initiatives include the acquisition of XiBo, an aesthetics distribution platform in China, in December 2025, and a continued focus on business development, leveraging the DURECT acquisition as a platform. The company's primary approach for Bausch + Lomb is to monetize its equity stake to maximize shareholder value, rather than a spin-off.
Feb 18, 2026, 10:00 PM
Bausch Health Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Guidance, and Strengthens Capital Structure
BHC
Earnings
Guidance Update
Debt Issuance
- Bausch Health, excluding Bausch + Lomb, concluded 2025 with strong financial performance, reporting 9% revenue growth and approximately 9% Adjusted EBITDA growth in Q4 2025 compared to the prior year period. For the full year 2025, revenue grew 7% on a reported basis and double-digit Adjusted EBITDA growth, exceeding guidance.
- The company issued 2026 guidance for Bausch Health, excluding Bausch + Lomb, projecting revenues between $5.25 billion and $5.4 billion (midpoint representing a 3% increase year-over-year) and Adjusted EBITDA between $2 billion and $2.1 billion.
- Bausch Health significantly strengthened its capital structure in 2025, reducing net debt by several hundred million dollars and completing a $1.7 billion debt exchange in late December 2025, which contributed to a total of $9.6 billion in refinancing transactions that pushed out debt maturities.
- Strategic initiatives included the acquisition of Shibo in China to enhance its aesthetics distribution and the initiation of a Phase III study for Larsucosterol for alcohol-associated hepatitis. The company also reiterated its intention to monetize its 88% equity stake in Bausch + Lomb and expects XIFAXAN exclusivity until January 1, 2028.
Feb 18, 2026, 10:00 PM
Bausch Health Companies Announces Q4 and Full Year 2025 Results and Provides 2026 Guidance
BHC
Earnings
Guidance Update
Debt Issuance
- Bausch Health Companies reported Q4 2025 revenues of $2,796 million, a 9% increase year-over-year, but a net loss of $112 million (or ($0.30) EPS) for the quarter.
- For the full year 2025, revenues increased by 7% to $10,266 million, and the company reported a net income of $157 million (or $0.42 EPS), a significant improvement from a net loss in 2024.
- Adjusted EBITDA attributable to Bausch Health Companies Inc. grew 13% to $1,052 million in Q4 2025 and 7% to $3,541 million for the full year 2025.
- The company issued 2026 guidance projecting Net Revenue between $10.625 billion and $10.875 billion and Adjusted EBITDA between $3.875 billion and $4.000 billion.
- As of 2025, the Total Consolidated Debt (principal amount) stood at $20,232 million.
Feb 18, 2026, 10:00 PM
Bausch Health Announces Fourth Quarter and Full-Year 2025 Results and 2026 Guidance
BHC
Earnings
Guidance Update
Debt Issuance
- Bausch Health reported consolidated revenues of $2.80 billion for Q4 2025, an increase of 9% on a reported basis, and $10.27 billion for the full year 2025, up 7%.
- The company recorded a GAAP net loss attributable to Bausch Health of $112 million for Q4 2025, but achieved a GAAP net income of $157 million for the full year 2025.
- Consolidated Adjusted EBITDA attributable to Bausch Health increased by 13% to $1.05 billion in Q4 2025 and by 7% to $3.54 billion for the full year 2025.
- Strategic actions in 2025 included the acquisition of Shibo’s full-service aesthetics distribution business in China and $9.6 billion in total debt refinancing, including a $1.7 billion debt exchange offer in Q4, to extend maturities.
- For full-year 2026, Bausch Health anticipates revenues between $10.625 billion and $10.875 billion and Adjusted EBITDA between $3.875 billion and $4.000 billion.
Feb 18, 2026, 9:12 PM
Bausch Health Reports Q4 and Full-Year 2025 Financial Results
BHC
Earnings
Guidance Update
Debt Issuance
- Bausch Health reported fourth-quarter 2025 consolidated revenues of $2.80 billion, an increase of 9% on a reported basis, and full-year 2025 consolidated revenues of $10.27 billion, up 7%.
- The company recorded a GAAP net loss attributable to Bausch Health of $112 million for Q4 2025, but a GAAP net income of $157 million for the full year 2025.
- Consolidated Adjusted EBITDA attributable to Bausch Health increased 13% to $1.05 billion for Q4 2025 and 7% to $3.54 billion for the full year 2025.
- Bausch Health executed a $1.7 billion debt exchange offer in Q4 and $9.6 billion in total refinancing for full-year 2025, extending maturities.
- The company provided 2026 guidance, projecting revenues between $10.625 billion and $10.875 billion and Adjusted EBITDA between $3.875 billion and $4.000 billion.
Feb 18, 2026, 9:05 PM
Bausch Health Announces Disappointing Phase 3 Clinical Trial Results
BHC
New Projects/Investments
- Bausch Health Companies Inc. announced on January 23, 2026, the results of its global Phase 3 RED-C clinical program.
- The program evaluated amorphous-rifaximin solid soluble dispersion (SSD) for the primary prevention of hepatic encephalopathy (HE) in adults with liver cirrhosis.
- Both clinical trials did not meet their primary endpoint, although the drug was found to be safe and well-tolerated.
- CEO Thomas J. Appio expressed disappointment and stated the company is reviewing the full dataset to determine potential new development opportunities.
Jan 23, 2026, 9:06 PM
Bausch Health Announces Phase 3 Clinical Trial Results for RED-C Program
BHC
New Projects/Investments
- Bausch Health announced that its global Phase 3 RED-C clinical program, evaluating amorphous-rifaximin solid soluble dispersion (SSD) for the primary prevention of hepatic encephalopathy (HE) in adults with liver cirrhosis, did not meet its primary endpoint in both clinical trials.
- Despite the primary endpoint not being met, the drug was found to be safe and well-tolerated.
- The company is currently reviewing the full dataset to determine potential new development opportunities, noting that there is no currently approved treatment for these patients.
Jan 23, 2026, 12:45 PM
Bausch Health Provides 2024 Financial Overview and Strategic Updates at J.P. Morgan Healthcare Conference
BHC
Guidance Update
Debt Issuance
New Projects/Investments
- Bausch Health reported $4.8 billion in revenue, $2.5 billion in Adjusted EBITDA, and $1.3 million in Adjusted cash flow from operations for 2024, reiterating its guidance towards the higher end of the range.
- The company successfully refinanced $9.5 billion of debt in 2025, extending its financial runway until January 1, 2028, the expected end of Xifaxan's exclusivity.
- Key pipeline advancements include anticipated early 2026 Phase III readouts for the RED-C program (a global opportunity for overt hepatic encephalopathy prevention) and the advancement of the larsucosterol Phase III program (acquired from Durect), with a readout expected in 2028.
- Growth drivers include the Solta Medical aesthetics franchise, which doubled its business with a 28% trailing 12-month growth rate (vs. 2020), and the continued performance of the international segment and Xifaxan, supported by an AI-driven engine.
- To address the capital structure post-Xifaxan loss of exclusivity, the company plans to utilize asset sales, with its equity stake in BNL identified as the most realistic source of funds.
Jan 14, 2026, 11:45 PM
Quarterly earnings call transcripts for Bausch Health Companies.
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