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BHC

Bausch Health Companies Inc.

BHC

Bausch Health Companies Inc. • NYSE
$6.35 ▲ 1.60% (+0.10)
Market Cap $2.35 B
52w High $8.69
52w Low $4.25
Dividend Yield 0%
P/E 6.55
Volume 1.80M
Outstanding Shares 370.52M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $912M ▼ $961M ▼ $179M ▲ 19.627% ▲ $-0.24 ▼ $2.52B ▲
Q2-2025 $2.53B ▲ $1.322B ▲ $148M ▲ 5.85% ▲ $0.4 ▲ $764M ▲
Q1-2025 $2.259B ▼ $1.282B ▲ $-58M ▼ -2.568% ▼ $-0.16 ▼ $602M ▼
Q4-2024 $2.559B ▲ $1.274B ▼ $93M ▲ 3.634% ▲ $0.25 ▲ $901M ▲
Q3-2024 $2.51B $1.496B $-85M -3.386% $-0.23 $866M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.339B ▼ $26.798B ▼ $26.442B ▼ $-564.449M ▲
Q2-2025 $1.727B ▲ $27.266B ▲ $27.119B ▲ $-764M ▲
Q1-2025 $1.134B ▼ $26.421B ▼ $26.661B ▼ $-1.183B ▲
Q4-2024 $1.181B ▲ $26.523B ▼ $26.845B ▲ $-1.279B ▼
Q3-2024 $719M $26.54B $26.782B $-1.174B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $181M ▲ $405M ▲ $-83M ▲ $-719M ▼ $-403M ▼ $314M ▲
Q2-2025 $128M ▲ $289M ▲ $-100M ▲ $358M ▲ $586M ▲ $190M ▲
Q1-2025 $-86M ▼ $211M ▼ $-130M ▲ $-146M ▼ $-44M ▼ $87M ▼
Q4-2024 $98M ▲ $601M ▲ $-200M ▼ $85M ▲ $451M ▲ $494M ▲
Q3-2024 $-85.684M $403.686M $-102.428M $-186.806M $125.906M $332.385M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $0 ▲$2.23Bn ▲$2.50Bn ▲$2.66Bn ▲
Product and Service Other
Product and Service Other
 $0 ▲$30.00M ▲$30.00M ▲$20.00M ▼
Branded and Other Generic Products
Branded and Other Generic Products
 $230.00M ▲$0 ▼$0 ▲$0 ▲
Device Products
Device Products
 $610.00M ▲$0 ▼$0 ▲$0 ▲
Other Revenues
Other Revenues
 $30.00M ▲$0 ▼$0 ▲$0 ▲
Over the Counter Products
Over the Counter Products
 $500.00M ▲$0 ▼$0 ▲$0 ▲
Pharmaceutical Products
Pharmaceutical Products
 $1.18Bn ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been slowly but steadily growing over the past few years, and the core business appears to be gaining some operating strength, with better profitability at the operating level. Margins before interest and taxes have improved, showing that cost control and mix of products are moving in the right direction. However, the company continues to report overall losses after interest and other non‑operating items, even though those losses have been shrinking and are now close to break‑even. In short, the underlying business is healthier than the bottom line suggests, but the income statement is still weighed down by financing and legacy costs.

Balance Sheet

Balance Sheet The balance sheet is highly leveraged, with a large amount of debt relative to the size of the company and a persistent negative equity position. Total assets have drifted slightly lower over time, while debt has come down only modestly, leaving the capital structure still quite strained. Cash on hand has improved somewhat but remains modest compared with the company’s obligations, leaving limited cushion if conditions weaken. Overall, financial flexibility is constrained, and the company remains very dependent on successfully servicing and refinancing its debt.

Cash Flow

Cash Flow Cash generation from the underlying business has improved, bouncing back from a weak year in the middle of the period to stronger, more consistent inflows recently. Free cash flow has turned solidly positive again, even after ongoing investment in the business, which supports debt service and selective growth initiatives. Capital spending is relatively modest and stable, suggesting the company is not over‑extending itself on big projects. The main risk is that high interest and debt demands leave less room for error if cash flow were to soften in the future.

Competitive Edge

Competitive Edge Bausch Health benefits from a diversified portfolio across gastroenterology, dermatology, aesthetics, and eye health, which spreads risk across several therapeutic areas. The Bausch + Lomb brand in vision care is a major asset, with deep trust among doctors and patients and a broad range of contact lenses, surgical devices, and eye medicines. Strong positions in niche areas—such as gastrointestinal drugs through Salix and aesthetic devices via Solta—provide specialized revenue streams that are harder for competitors to displace quickly. However, the company still faces the usual pharmaceutical pressures: patent expirations, generic competition, pricing scrutiny, and the need to continually replenish its product lineup.

Innovation and R&D

Innovation and R&D The company is leaning on innovation to support future growth, focusing on improved drug formulations, advanced delivery systems, and specialty therapies rather than mass‑market commodities. It is also investing in digital tools, data analytics, and in‑house manufacturing capabilities to run operations more efficiently and maintain quality control. The pipeline includes late‑stage and high‑potential candidates in areas like inflammatory bowel disease, alcohol‑related liver disease, and dermatology, some with regulatory designations that may speed development. While promising, these projects still carry typical clinical, regulatory, and commercial risks, and their timing and eventual impact on profits remain uncertain.

Summary

Bausch Health looks like a business with improving operations but a heavy financial load. Revenues and operating performance have been strengthening, and cash flow has recovered, suggesting the core franchises are resilient. At the same time, the balance sheet is highly leveraged and equity is negative, which keeps financial risk elevated and limits flexibility. On the strategic side, the company’s established brands, diversified portfolio, and active pipeline give it real opportunities to grow and refresh its product base. Going forward, its story hinges on two parallel tasks: successfully executing on innovation and product launches, while steadily managing down financial strain from its sizable debt obligations.

NEWS

November 24, 2025 · 7:05 AM UTC

Bausch Health Announces Launch of Offers to Exchange Certain Existing Senior Secured Notes

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November 18, 2025 · 7:00 AM UTC

Bausch Health to Participate in the 8th Annual Evercore Healthcare Conference

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November 13, 2025 · 7:00 AM UTC

Bausch + Lomb to Highlight Company Transformation and Growth Strategy at Investor Day

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November 5, 2025 · 8:00 AM UTC

Bausch Health's OraPharma Expands into Canada and Puerto Rico, Helping to Address Unmet Needs in Periodontal Disease

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November 3, 2025 · 4:30 PM UTC

Bausch + Lomb to Hold Investor Day on Nov. 13

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