Bausch Health Companies Inc.
- Open
- 4.85
- Day high
- 4.95
- Day low
- 4.77
- Prev close
- 4.93
- Volume
- 973K
- Mkt cap
- $1.8B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -0.9
- P/S
- 0.2
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$133K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Bausch Health Companies Inc. (BHC) is a Healthcare company listed on NYSE. The stock is down 27% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4).
Bausch Health Companies Inc. (BHC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BHC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $0.81 | $0.78 | -3.7% | $2.5B | +4.3% |
| Feb 18, 2026 | $1.21 | $1.08 | -10.7% | $2.8B | +4.9% |
| Oct 29, 2025 | $1.07 | $1.16 | +8.4% | $2.7B | -1.0% |
| Jul 30, 2025 | $0.97 | $0.90 | -7.2% | $2.5B | -2.1% |
| Apr 30, 2025 | $0.83 | $0.59 | -28.9% | $2.3B | -8.9% |
| Feb 19, 2025 | $1.65 | $1.15 | -30.3% | $2.6B | +11.9% |
| Aug 1, 2024 | $0.88 | $0.89 | +1.1% | $2.4B | +2.7% |
| May 2, 2024 | $0.75 | $0.59 | -21.3% | $2.2B | -8.0% |
| Feb 22, 2024 | $1.01 | $1.15 | +13.9% | $2.4B | +4.8% |
| Nov 2, 2023 | $0.92 | $1.03 | +12.0% | $2.2B | +4.2% |
| Aug 3, 2023 | $0.75 | $0.81 | +8.0% | $2.2B | +6.2% |
| May 4, 2023 | $0.75 | $0.52 | -30.7% | $1.9B | -1.1% |
BHC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 26, 2026 | GOETTLER MICHAELdirector | Grant | 45,871 | — |
| May 26, 2026 | KAVANAGH SARAH Bdirector | Grant | 45,871 | — |
| May 26, 2026 | WECHSLER AMY Bdirector | Grant | 45,871 | — |
| May 26, 2026 | POWER ROBERT Ndirector | Grant | 45,871 | — |
| May 26, 2026 | ROBERTS EIRYdirector | Grant | 45,871 | — |
| May 26, 2026 | LEUNG SANDRAdirector | Grant | 45,871 | — |
| May 26, 2026 | Paulson Johndirector | Grant | 45,871 | — |
| May 26, 2026 | Garcia Christian Adirector | Grant | 45,871 | — |
| May 26, 2026 | Lee Frank D.director | Grant | 45,871 | — |
| May 20, 2026 | Lee Frank D.director | Sell | 24,456 | $5.43 |
| Apr 2, 2026 | LEUNG SANDRAdirector | Grant | 5,946 | $5.40 |
| Apr 2, 2026 | Paulson Johndirector | Grant | 11,574 | $5.40 |
| Apr 2, 2026 | WECHSLER AMY Bdirector | Grant | 1,273 | $5.40 |
| Mar 3, 2026 | Carson Seanaofficer: EVP, General Counsel | Tax | 16,973 | $5.95 |
| Mar 3, 2026 | APPIO THOMASdirector, officer: Chief Executive Officer | Tax | 83,705 | $5.95 |
Source: BHC SEC Form 4 filings, latest May 26, 2026. For informational purposes only — not investment advice.
See the full BHC insider & 13F page →Bausch Health Companies Inc. company profile
Overview
Bausch Health Companies Inc. (NYSE:BHC) is a multinational pharmaceutical and medical device company headquartered in Laval, Canada. Originally founded as a pharmaceutical company in 1994, the company underwent significant transformation under the name Valeant Pharmaceuticals International through aggressive acquisitions in the 2000s and 2010s. Following a period of financial distress and regulatory scrutiny, the company rebranded to Bausch Health Companies in July 2018 and has since focused on stabilizing its operations and reducing debt. Today, Bausch Health operates as a diversified healthcare company with a portfolio spanning pharmaceuticals, medical devices, and over-the-counter products across multiple therapeutic areas including eye health, gastroenterology, and dermatology.
Business
Bausch Health operates in the specialty pharmaceutical and medical device industry, developing, manufacturing, and marketing healthcare products across five distinct business segments. The pharmaceutical industry involves the research, development, and commercialization of drugs and medical treatments, while the medical device sector focuses on equipment and instruments used in healthcare delivery. The company's largest segment is Bausch + Lomb, which generates approximately 50% of total revenue and focuses on eye health products. This includes vision care products like contact lenses and lens care solutions, surgical equipment for eye procedures, and ophthalmic pharmaceuticals for treating eye conditions. Bausch + Lomb is a well-established brand in the eye care industry with over 150 years of history. The Salix segment represents roughly 25% of revenue and specializes in gastroenterology products sold in the United States. Its flagship product is Xifaxan (rifaximin), a specialized antibiotic used to treat irritable bowel syndrome with diarrhea (IBS-D) and hepatic encephalopathy, a serious complication of liver disease. Xifaxan works by targeting bacteria in the gut without being significantly absorbed into the bloodstream. The International Rx segment accounts for approximately 12% of revenue and markets branded pharmaceuticals, generic drugs, over-the-counter products, and medical devices across Canada, Europe, Asia, Australia, Latin America, Africa, and the Middle East. This segment also includes Solta Medical, which manufactures aesthetic medical devices like Thermage and Fraxel systems used for skin tightening and resurfacing procedures. The Ortho Dermatologics segment generates about 8% of revenue, providing dermatological treatments in the United States, including prescription medications for various skin conditions. The Diversified Products segment comprises the remaining 5% of revenue and offers pharmaceutical products in neurology and other therapeutic areas, as well as generic medications and dental products in the United States.
Revenue model
Bausch Health generates revenue primarily through product sales across its pharmaceutical and medical device portfolio, operating under a traditional product-based business model. The company sells prescription medications to healthcare providers, hospitals, and pharmacies, while also marketing over-the-counter products and medical devices to various healthcare channels. The paying customers vary by segment but include healthcare providers who prescribe medications, hospitals and surgical centers that purchase medical equipment, pharmacies that stock and dispense drugs, and distributors who serve as intermediaries in the supply chain. For the aesthetic device business, customers include dermatologists and plastic surgeons who purchase equipment for their practices. Revenue generation is heavily dependent on several key factors. Patent protection is crucial, particularly for Xifaxan, which faces potential generic competition that could significantly impact the Salix segment's profitability. Healthcare reimbursement policies affect demand, as insurance coverage decisions influence patient access to expensive specialty medications. Regulatory approvals for new products and indications can expand market opportunities and drive growth. Competition from other pharmaceutical companies and generic drug manufacturers creates pricing pressure and market share challenges. Healthcare spending trends and economic conditions influence demand for both essential medications and elective procedures like aesthetic treatments. Currency fluctuations impact the International segment's performance, while manufacturing costs and supply chain disruptions can affect margins. The company's high debt burden also means that interest rate changes significantly impact financial performance, as debt service costs consume a substantial portion of cash flow.
Competitive moat
Bausch Health's competitive moat is relatively weak and primarily dependent on patent protection and brand recognition in specific therapeutic areas. The company's strongest defensive position lies in Xifaxan's patent protection, which provides temporary exclusivity in treating IBS-D and hepatic encephalopathy. However, this moat is time-limited and faces ongoing legal challenges from generic manufacturers seeking to enter the market before patent expiration. The Bausch + Lomb brand provides some competitive advantage in eye care through established relationships with eye care professionals and consumer recognition built over decades. The company also benefits from regulatory barriers that make it expensive and time-consuming for competitors to develop and approve competing pharmaceutical products. However, the company faces significant competitive threats. Generic competition represents the most immediate risk, particularly for Xifaxan, which could face generic entry that would dramatically reduce pricing power and market share. Larger pharmaceutical companies with stronger research and development capabilities pose ongoing threats through superior drug development pipelines. Biosimilar competition and innovative treatment approaches could disrupt existing product lines. The company's high debt burden limits its ability to invest in research and development or pursue strategic acquisitions that could strengthen its competitive position. Unlike companies with strong network effects or switching costs, Bausch Health operates in markets where customers can relatively easily switch to competing products once they become available. The company's moat is therefore primarily time-limited patent protection rather than sustainable competitive advantages, making it vulnerable to disruption once key patents expire.
Risks & safety
The margin of safety appears relatively weak given the company's financial structure and competitive challenges. • **Solvency concerns**: Total liabilities of $26.8 billion exceed total assets of $26.5 billion, creating negative shareholder equity of approximately $320 million. Current liabilities of $6.8 billion significantly exceed current assets of $5.8 billion, indicating potential liquidity challenges. • **Debt burden**: The company carries substantial debt with maturities concentrated in 2027-2028, though recent refinancing has extended some maturities. Debt service consumes a large portion of operating cash flow. • **Cash position**: $1.18 billion in cash provides some cushion, but free cash flow of $1.26 billion for 2024 demonstrates the company's ability to generate cash, though this is heavily dependent on Xifaxan's continued exclusivity. • **Valuation metrics**: EV/EBITDA of 15.1x appears reasonable for a pharmaceutical company, though the metric is distorted by debt levels. Price-to-book ratio of -2.3x reflects the negative equity position. • **Patent cliff risk**: Xifaxan faces potential generic competition that could eliminate a significant portion of cash flow, creating substantial downside risk to the investment thesis. • **Refinancing risk**: While recent debt refinancing provides some breathing room, the company will need to address debt maturities and may require asset sales or additional financing.
Recent development
Over the past few years, Bausch Health has undergone significant strategic transformation focused on debt reduction, operational improvement, and portfolio optimization. The company completed a major refinancing transaction worth $7.9 billion in 2024, extending debt maturities and providing more financial flexibility. A key strategic initiative has been the ongoing evaluation of Bausch + Lomb separation, with management exploring various options to unlock shareholder value from their equity stake in the eye care business. This includes potential full separation to create two independent companies, though the company has been careful to ensure both entities would be appropriately capitalized. The company has made substantial investments in its research and development pipeline, particularly advancing the RED-C program for rifaximin complex as a potential successor to Xifaxan for treating hepatic encephalopathy in cirrhosis patients. They have also progressed the Amiselimod program for ulcerative colitis treatment, with Phase 3 trials expected to launch. International expansion has been a focus area, particularly in the Solta Medical aesthetic device business, which has achieved remarkable growth in Asia Pacific markets, especially South Korea and China. The company launched new products including Thermage FLX in China and received FDA approval for next-generation Fraxel devices. Management has also implemented operational improvements including AI-enabled sales tools for Xifaxan promotion, supply chain optimization, and strategic sales force deployment. The company has achieved eight consecutive quarters of revenue and EBITDA growth, demonstrating improved operational execution. Additionally, they have pursued business development opportunities, signing deals in cardiometabolic markets and expanding their presence in Latin American markets.
BHC company profile · for informational purposes only — not investment advice.
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