Bausch Health Companies Inc (BHC)
The company now
Bausch Health reported third-quarter 2026 revenue of $2.94 billion on 28 October, up 10 percent from $2.68 billion a year earlier 1.
Net income attributable to the company was $436 million, against $179 million a year before 1.
Management said the part of the company outside Bausch + Lomb, its eye health arm, grew revenue and adjusted EBITDA (earnings before interest, taxes and other items) for a fourteenth straight quarter 1.
The Salix segment, home of the gut drug Xifaxan, led with revenue of $831 million, up 16 percent 1.
The company gave full-year 2026 revenue guidance of $10.975 billion to $11.175 billion for the whole company 1.
It also said it remains committed to evaluating all options for the value of its Bausch Health and Bausch + Lomb assets 1.
As of Oct 28, 2026. Written by the desk, an AI model, from the sources listed. Nothing here is advice.
Where the revenue comes from
fiscal 2025, as filedRevenue by product, fiscal 2025
| Product | Fiscal 2025 | Fiscal 2024 | Share of revenue |
|---|---|---|---|
| Product | $10.16B | $9.52B | 98.8% |
| Product and Service Other | $110M | $107M | 1.1% |
| Price Appreciation Credit | $18.0M | $18.0M | under 1% |
Revenue by region, fiscal 2025
| Region | Fiscal 2025 | Fiscal 2024 | Share of revenue |
|---|---|---|---|
| U.S. | $6.14B | $5.77B | 59.8% |
| Other | $1.15B | $1.08B | 11.2% |
| China | $493M | $496M | 4.8% |
| Canada | $417M | $402M | 4.1% |
| Poland | $382M | $350M | 3.7% |
| Mexico | $278M | $315M | 2.7% |
| France | $249M | $230M | 2.4% |
| South Korea | $234M | $146M | 2.3% |
| Russia | $198M | $161M | 1.9% |
| Japan | $192M | $188M | 1.9% |
| Germany | $176M | $159M | 1.7% |
| United Kingdom | $141M | $135M | 1.4% |
| Spain | $109M | $99.0M | 1.1% |
| Italy | $106M | $94.0M | 1.0% |
As tagged in its annual report (Form 10-K, filed Feb 19, 2026 ↗), read from the SEC's financial statement data sets. The year before is the figure the record holds for the prior fiscal year.
The desk's written account, in full. As of Oct 28, 2026. Written by the desk, an AI model, from the sources listed. Nothing here is advice.
Past
The company's articles carried the name Valeant Pharmaceuticals International, Inc. in August 2013, and a notice of articles dated 16 July 2018 gave the name Bausch Health Companies Inc. 2.
On 6 August 2020 it announced a plan to separate its eye health business into an independent public company 2.
Bausch + Lomb began trading on the New York and Toronto exchanges on 6 May 2022 2. The parent kept about 88 percent of its shares as of 11 February 2026 2.
Revenue rose from $8,757 million in 2023 to $9,625 million in 2024 and $10,266 million in 2025 2.
In 2025 Salix revenue rose $245 million, mainly on higher net realized pricing of $192 million 2. Bausch + Lomb revenue rose $310 million, with volumes adding $301 million 2.
In April 2025 the company closed refinancing that moved about $6,870 million of debt maturities from 2025 through 2028 out to 2030 through 2032 2.
In August 2025 it repurchased and retired about $602 million of 9.25% notes due April 2026, using cash on hand 2.
On 26 December 2025 it exchanged $797 million and $886 million of 2028 notes for $1,600 million of new notes due April 2032 2.
In January 2026 two Phase 3 trials of a new form of rifaximin, the Xifaxan ingredient, missed their main goals, and the company wrote down $1,426 million of goodwill tied to Salix 4.
Goodwill is the recorded worth of past acquisitions above their parts, and accumulated write-downs reached $7,068 million by 30 June 2026 4.
Present
Salix and gut health
The Salix segment sells gut-health drugs in the U.S., and Xifaxan makes up about 85 percent of its revenue 2.
Xifaxan revenue was $2,212 million in 2025, against $1,993 million in 2024 2. It treats irritable bowel syndrome with diarrhea and lowers the risk of a liver-related brain disorder returning 2.
Salix also markets Relistor, for constipation caused by narcotic pain medicine, and Trulance, a daily tablet for chronic constipation 2.
Reuters reported in April 2024 that Bausch agreed to let Teva, Sun and Sandoz market Xifaxan generics starting in 2028 5.
International, Solta Medical and Diversified
The International segment markets branded drugs, branded generics and over-the-counter products outside the U.S., and earned $1,132 million in 2025 2.
Solta Medical makes skin aesthetic devices, led by the Thermage radiofrequency skin-tightening system, which brought over 85 percent of its $518 million of revenue in 2025 2.
The Diversified segment markets neurology, dermatology, generic and dental products in the U.S., and earned $937 million in 2025 2.
Its lines include Wellbutrin XL, an antidepressant, and Cabtreo, an acne gel launched in the U.S. in the first quarter of 2024 2.
Bausch + Lomb
Bausch + Lomb makes contact lenses, lens implants for cataract surgery, surgical systems, eye drops such as Xiidra and Lumify, and vitamins such as PreserVision 2.
The segment brought in $5,101 million in 2025, 50 percent of company revenue 2.
Its third-quarter 2026 revenue was $1.38 billion, up 7 percent 1.
Plants, people and problems
The company runs about 37 manufacturing sites, 25 of them Bausch + Lomb's, and had about 20,300 employees at the end of 2025 2.
Its headquarters and one plant are in Laval, Quebec 2.
The 10-K, signed 18 February 2026, names Thomas Appio as chief executive and Jean-Jacques Charhon as chief financial officer 2.
A U.S. appeals court barred Alvogen from marketing a generic Xifaxan until 2029, Reuters reported in April 2024 5.
Five antitrust complaints filed in Rhode Island between September and December 2025 call a 2018 Xifaxan patent settlement with Actavis unlawful 2.
Reuters reported that one such class action said Bausch paid Teva in 2018 to delay a generic Xifaxan 550 mg 6.
The umbrella, in words
The company owns about 88 percent of the listed eye health company Bausch + Lomb Corporation, through 310,449,643 shares as of 11 February 2026 2.
Exhibit 21.1, dated 18 February 2026, lists subsidiaries such as Salix Pharmaceuticals, Inc. and Solta Medical, Inc. 3.
It also names Medicis Pharmaceutical Corporation, Santarus, Inc. and OraPharma, Inc., and omits certain smaller subsidiaries 3.
In September 2025 the company completed its purchase of DURECT Corporation, whose drug candidate larsucosterol has shown encouraging results in Phase 2 studies for alcohol-associated hepatitis 2.
Bausch + Lomb bought Xiidra and other eye assets from Novartis, with an upfront payment of $1,750 million 2.
The facilities total about 10 million square feet 2. The annual report leaves holder tables to a proxy statement filed within 120 days of year end 2.
Future
On 28 October 2026 the company set full-year 2026 guidance of $10.975 billion to $11.175 billion in revenue and $4.315 billion to $4.415 billion in adjusted EBITDA 1.
It expects adjusted cash flows from operations of $1.600 billion to $1.675 billion for the part outside Bausch + Lomb 1.
The release says the guidance is effective only as of the date it is given 1.
The board authorized a $50 million share repurchase program, meant to offset dilution from management equity awards expected to vest in 2027 1.
The Medicare price negotiated for Xifaxan takes effect on 1 January 2027, and the company expects generic competition from 2028 2.
The annual report ties any separation of Bausch + Lomb to targeted debt leverage ratios and shareholder and other approvals 2.
Debt principal due was $58 million in 2026, $701 million in 2027 and $4,240 million in 2028, as of 31 December 2025 2.
The annual report expects PreserVision AREDS 3, a next generation eye vitamin formulation, to launch in 2026 2.
What it may be looking into
Speculation Speculation, labeled as such: where the clues point, how sure the desk is of each, and what would change it. It is not a forecast and not advice.
- Speculation
Bausch Health may be moving toward a separation of Bausch + Lomb by selling or distributing some or all of its stake.
Because
- The annual report says a separation may include monetizing all or part of its ownership interest or transferring that interest to shareholders 2.
- The October 2026 release cites more than $500 million of net debt reduction in the quarter, and says the company is evaluating all options for its Bausch Health and Bausch + Lomb assets 1.
- Reuters reported in April 2024 that Bausch had said the Xifaxan litigation could affect its spinoff plans, and that Jefferies analysts called the ruling a key barrier removed 5.
- Speculation
Bausch Health may be looking to liver disease drugs such as larsucosterol to replace growth from Xifaxan.
Because
- The company completed its purchase of DURECT in September 2025, and the annual report says larsucosterol has Breakthrough Therapy designation from the FDA 2.
- Two Phase 3 trials of a new rifaximin form failed their main goals in January 2026 4.
- The company expects generic competition for Xifaxan beginning in 2028 2.
How the company works
The desk has not read this company's annual report yet.
The record in brief
The desk has not written this company's report yet.
Sources
a number beside a sentence opens its entry in its own document's listThe written account 6 sources · as of Oct 28, 2026
- Form 8-K Exhibit 99.1, Bausch Health Announces Third Quarter 2026 Results, Raises Guidance ↗Bausch Health Companies Inc. (SEC filing) · filed Oct 28, 2026
- Form 10-K, annual report for the year ended 31 December 2025 ↗Bausch Health Companies Inc. (SEC filing) · filed Feb 19, 2026
- Exhibit 21.1, Subsidiary Information, to the Form 10-K for 2025 ↗Bausch Health Companies Inc. (SEC filing) · filed Feb 19, 2026
- Form 10-Q, quarterly report for the quarter ended 30 June 2026 ↗Bausch Health Companies Inc. (SEC filing) · filed Jul 30, 2026
- Bausch wins US appeal to block Alvogen generic of diarrhea drug ↗Reuters (Blake Brittain), published by Yahoo Canada · Apr 11, 2024
- Bausch, Teva accused of delaying generic version of diarrhea drug Xifaxan ↗Reuters (Mike Scarcella), published by TradingView · read Oct 28, 2026