Bausch Health Companies Inc. (BHC)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$10.9B

Revenue growth

10.1%

Net income, last twelve months

-$1.1B

Earnings per share

-$2.96

Operating margin

8.1%

Net margin

-10.1%

Free cash flow

$1.4B

Market value

$2.6B

Dividend yield

18.4%

Cash

$1.8B

Debt

$20.7B

Shares outstanding

373.9M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 29 July 2026.

• Consolidated revenue rose 13% reported. Consolidated revenue of $2.85 billion rose 13% reported; the bridge included $25 million of foreign exchange, $35 million of acquisitions and $7 million of divestitures.
• Adjusted EPS rose 40%. Adjusted diluted EPS was $1.26 against $0.90 a year earlier, an increase of 40%.
• Adjusted EBITDA up 28%. Adjusted EBITDA attributable to Bausch Health was $1,075 million, up 28% on a reported basis.
• Operating income rose $296 million. Operating income was $740 million against $444 million, with the increase attributed to Salix, Bausch + Lomb and Solta Medical results.
• Bausch Health ex-B+L revenue growth. Bausch Health excluding Bausch + Lomb revenue rose 16% reported, its thirteenth consecutive quarter of year-over-year revenue growth.
• Ex-B+L net income up $84 million. Bausch Health excluding Bausch + Lomb net income increased $84 million over the prior year period, and its Adjusted EBITDA grew 28%.
• Salix organic growth of 21%. Salix segment revenue grew 21% on an organic basis, with Xifaxan named as the primary contributor.
• International organic growth of 5%. International reported revenue rose 10% and organic revenue rose 5%, against the prior year quarter.
• Solta Medical growth with China acquisition. Solta Medical revenue rose 38% reported and 12% organic; the reported figure was aided by the acquisition of a full service distributor in China.
• Diversified segment flat. Diversified segment revenue was flat at $219 million; Neuroscience results balanced softer performance in Dermatology, Generics and Dentistry.
• Bausch + Lomb organic growth of 8%. Bausch + Lomb segment revenue rose 9% reported and 8% organic to $1.39 billion.
• Neuroscience revenue up 17%. Neuroscience revenue was $138 million against $118 million, up 17% reported and on an organic basis.
• Dermatology revenue declined. Dermatology revenue fell 15% reported to $47 million from $55 million.
• Vision Care up 4%. Bausch + Lomb Vision Care revenue was $784 million, up 4% reported and on an organic basis.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 353 held.

Every filing

The newest filings with the SEC of 1,055 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

253 funds held it at 30 Jun 2026: 89 added and 63 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Eli Lilly & Co. (LLY): revenue $79.7B, market value $1.21T
• Johnson & Johnson (JNJ): revenue $99.3B, market value $652.9B
• AbbVie Inc. (ABBV): revenue $64.4B, market value $506.1B
• Merck & Co., Inc. (MRK): revenue $66.6B, market value $348.1B
• Novartis AG (NVS): revenue $54.5B, market value $297.8B
• AstraZeneca PLC (AZN): revenue $58.7B, market value $263.1B
• Abbott Laboratories (ABT): revenue $46.6B, market value $177.7B
• Novo Nordisk A/S (NVO): revenue $46.8B, market value $171.0B
• Pfizer Inc. (PFE): revenue $63.7B, market value $168.0B
• Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $134.2B

What the company does

Bausch Health Companies Inc. is a specialty pharmaceutical and medical device company. It develops, manufactures and markets branded, generic and branded generic pharmaceuticals, over-the-counter products and aesthetic medical devices. Its main therapeutic areas are gastroenterology, hepatology, neurology and dermatology, and through about 88% ownership of Bausch + Lomb Corporation it also sells eye health products. It has approximately 1,000 products, markets them directly or indirectly in approximately 90 countries, and has approximately 20,300 employees.

How the business is organised

The company reports five segments: Salix, International, Solta Medical, Diversified and Bausch + Lomb. By share of total revenues, Bausch + Lomb is 50%, Salix 25%, International 11%, Diversified 9% and Solta Medical 5%.

Bausch Health holds 310,449,643 common shares of Bausch + Lomb, listed on the New York Stock Exchange and the Toronto Stock Exchange under the ticker BLCO. The company says it continues to believe that separating the eye health business makes strategic sense. It says completion depends on reaching targeted debt leverage ratios and receiving any needed approvals.

What it sells

Salix covers gastroenterology products sold in the United States. Xifaxan accounts for approximately 85% of Salix revenues and over 20% of company revenues. Other Salix products include Relistor and Trulance.

International sells branded, branded generic and over-the-counter products in Canada, Europe, Asia, Latin America, Africa and the Middle East. Examples are Bedoyecta, Bisocard, Contrave / Mysimba and Espaven. No single product group makes up 10% or more of its product sales.

Solta Medical sells aesthetic devices worldwide, including Thermage, Clear + Brilliant, Fraxel and VASERlipo. The Thermage product lines account for over 85% of segment revenues. The company says more than 75% of Solta Medical revenue has historically come from consumables.

Diversified sells in the United States. It covers neurology products such as Wellbutrin XL and Aplenzin, dermatology products such as Jublia and CABTREO, generics, and dentistry. Arestin represents approximately 95% of Dentistry revenues.

Bausch + Lomb covers Vision Care, Surgical and Pharmaceuticals. Its products include contact lenses, intraocular lenses, cataract surgery equipment, lens care solutions, eye vitamins such as PreserVision and Ocuvite, and eye drops such as XIIDRA, MIEBO and Lumify.

Who buys from it

In 2025 the United States accounted for approximately 60% of total revenues and China for approximately 5%. No other country accounted for more than 5%. Three wholesalers account for much of the business: Cencora Inc. at 18%, McKesson Corporation at 16% and Cardinal Health, Inc. at 14% of total revenue.

The company promotes pharmaceuticals to physicians, hospitals, pharmacies and wholesalers through its own sales force, and sells through wholesalers. In some markets it sells directly to physicians, hospitals and large drug store chains. Where it has no sales staff of its own, it sells through distributors. Marketing includes direct-to-consumer advertising, direct mailings, trade and medical periodicals, and medical conventions. Revenue has historically been weighted toward the second half of the year, because first-quarter sales are lower when patient co-pays and deductibles reset.

Where it makes things

The company operates approximately 37 manufacturing sites worldwide, 25 of them Bausch + Lomb facilities. Products representing approximately 28% of 2025 product sales are produced in whole or in part by third-party manufacturers.

Some active ingredients, raw materials and finished products come from a single source. The filing names Lumify, MIEBO, XIIDRA, Wellbutrin XL, Trulance, Arestin and Siliq among the products with single-sourced supply. The company says it manages this by carrying additional inventories or developing second sources where possible.

Research and pipeline

At the end of 2025 the company had approximately 80 research and development projects. Approximately 1,400 dedicated research and quality assurance employees work in 25 facilities. In September 2025 it acquired DURECT Corporation, whose lead candidate, Larsucosterol, is being studied for alcohol-associated hepatitis and has Breakthrough Therapy designation from the FDA. In January 2026 two Phase 3 trials of a rifaximin formulation did not meet their primary endpoint.

Competition, patents and pricing

The company lists specialty and large pharmaceutical companies, medical device companies, biotechnology companies, over-the-counter companies and generic manufacturers as competitors. It competes on quality, efficacy, market acceptance, price, and marketing and promotion. When patents or regulatory exclusivity end, generic versions are generally much cheaper. The company says it anticipates generic competition for Xifaxan in 2028 and is pursuing patent litigation against generic makers.

The Centers for Medicare & Medicaid Services selected Xifaxan 550 mg tablets for price negotiation under the Inflation Reduction Act. The negotiated price takes effect on 1 January 2027. In many countries governments control prescription drug prices.

Its products are regulated by the FDA, Health Canada and the European Medicines Agency, among others.

Its people

Of the approximately 20,300 employees, approximately 13,000 work for Bausch + Lomb. By function there are approximately 10,300 in production, 6,800 in sales and marketing, 1,800 in general and administrative roles and 1,400 in research and development. By region there are approximately 7,700 in the United States and Canada, 7,100 in Europe, 2,550 in Asia-Pacific, 2,200 in Latin America, 450 in Russia, 200 in the Middle East and Africa, and 100 in Commonwealth of Independent States countries other than Russia. The company reports no strikes or work stoppages in the past three years.

*From Bausch Health's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/885590/000088559026000023/bhc-20251231.htm)*

From the company's 10-K.