Michael Nedelcovych

Douglas Miehm

Jason Gerberry

Leszek Sulewski

Michael Freeman

Glen Santangelo

Umer Raffat

Chi Meng Fong

David Amsellem

- 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).  **[0000885590_2215319_1]** **[0000885590_2215319_2]** 
- 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**.  **[0000885590_2215319_3]** 
- 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%**.  **[0000885590_2215319_1]** **[0000885590_2215319_2]** **[0000885590_2215319_3]** 
- 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**.  **[0000885590_2215319_5]** 
- 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**.  **[0000885590_2215319_1]** **[0000885590_2215319_11]**  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.  **[0000885590_2215319_7]** **[0000885590_2215319_8]**

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

- 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**.  **[0000885590_2212657:8]** 
- **Adjusted EBITDA attributable to Bausch Health Companies Inc. for Q3 2025 was $986 million**, an **8% increase** from Q3 2024.  **[0000885590_2212657:9]** 
- 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**.  **[0000885590_2212657:14]** 
- 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**.  **[0000885590_2212657:8]** **[0000885590_2212657:17]**

- 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).  **[0000885590_2214899_1]** **[0000885590_2214899_2]** 
- 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**.  **[0000885590_2214899_1]** **[0000885590_2214899_3]** 
- 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.  **[0000885590_2214899_1]** **[0000885590_2214899_2]** **[0000885590_2214899_3]**  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**.  **[0000885590_2214899_2]** **[0000885590_2214899_5]** 
- 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.  **[0000885590_2214899_7]** **[0000885590_2214899_8]** **[0000885590_2214899_10]**

- 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.  **[0000885590_2212927_2]** 
- 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**.  **[0000885590_2212927_3]** 
- Key strategic actions include the **acquisition of DURECT Corporation** on September 11, 2025, to enhance the R&D pipeline  **[0000885590_2212927_5]** , and the **refinancing of $7.9 billion** in debt earlier in the year, alongside the retirement of over **$600 million** in senior unsecured notes.  **[0000885590_2212927_3]** 
- 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.  **[0000885590_2212927_8]** **[0000885590_2212927_10]** **[0000885590_2212927_12]**

- 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.  **[885590_0000885590-25-000048_ex991-q3x2025.htm:0]** 
- **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.  **[885590_0000885590-25-000048_ex991-q3x2025.htm:0]** **[885590_0000885590-25-000048_ex991-q3x2025.htm:2]**  Consolidated Adjusted EBITDA was **$986 million**.  **[885590_0000885590-25-000048_ex991-q3x2025.htm:0]** 
- 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**.  **[885590_0000885590-25-000048_ex991-q3x2025.htm:3]** 
- 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.  **[885590_0000885590-25-000048_ex991-q3x2025.htm:0]** 
- 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.  **[885590_0000885590-25-000048_ex991-q3x2025.htm:2]**

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

- Bausch Health Companies Inc. (BHC) announced the **consummation of its previously disclosed transaction** with DURECT Corporation (DURECT) on **September 11, 2025**.  **[885590_0001193125-25-200869_d934691d8k.htm:1]** 
- 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**.  **[885590_0001193125-25-200869_d934691d8k.htm:1]** 
- 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**.  **[885590_0001193125-25-200869_d934691d8k.htm:1]** 
- 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**.  **[885590_0001193125-25-200869_d934691d8k.htm:1]**

Bausch Health Companies (BHC)