UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-14956 Bausch Health Companies Inc. (Exact Name of Registrant as Specified in its Charte ...

Part I. Financial Information [Item 1. Consolidated Financial Statements (unaudited)](index=11&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20(unaudited)) Bausch Health reported increased revenues and significantly narrowed net loss for the nine months ended September 30, 2019, driven by reduced non-cash charges and improved cash flow from operations [Consolidated Financial Statements](index=11&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements reflect year-over-year revenue growth, a narrowed net loss due to reduced non-cash charges, and a strengthened balance sheet with decreased total liabilities | Financial Metric | Q3 2019 (Millions USD) | Q3 2018 (Millions USD) | YTD 2019 (Millions USD) | YTD 2018 (Millions USD) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $2,209 | $2,136 | $6,377 | $6,259 | | **Operating Income (Loss)** | $329 | $117 | $873 | $(2,409) | | **Net Loss Attributable to BHC** | $(49) | $(350) | $(272) | $(3,804) | | **Diluted Loss Per Share** | $(0.14) | $(1.00) | $(0.77) | $(10.83) | | Balance Sheet Item | Sept 30, 2019 (Millions USD) | Dec 31, 2018 (Millions USD) | | :--- | :--- | :--- | | **Total Assets** | $31,667 | $32,492 | | **Total Liabilities** | $29,107 | $29,677 | | **Non-current portion of long-term debt** | $23,466 | $24,077 | | **Total Equity** | $2,560 | $2,815 | - Net cash provided by operating activities for the nine months ended September 30, 2019, was **$1.27 billion**, an increase from **$1.18 billion** in the same period of 2018, with **$812 million** used in financing activities primarily for net repayment of long-term debt[27](index=27&type=chunk) [Notes to the Consolidated Financial Statements](index=18&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes detail accounting policies, revenue recognition, the acquisition of Trulance® for **$180 million**, improved sales return provisions, and ongoing legal and government investigations - In March 2019, the company acquired certain assets of Synergy Pharmaceuticals Inc. for approximately **$180 million** in cash, including worldwide rights to Trulance®, now part of the Salix segment[54](index=54&type=chunk) - The provision for sales returns improved by a net of **$159 million** for the nine months ended September 30, 2019, due to enhanced operational efficiencies and disciplined pricing[48](index=48&type=chunk) - The useful life of Xifaxan®-related intangible assets was extended to January 1, 2028, following a litigation settlement, resulting in a **$353 million** decrease to Net Loss for the nine months ended September 30, 2019[88](index=88&type=chunk) - The company is subject to ongoing investigations by the SEC, Canada's AMF, and U.S. Attorney's Offices regarding past practices related to Philidor, patient assistance programs, pricing, and accounting[176](index=176&type=chunk)[178](index=178&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=64&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management outlines a strategy focused on eye-health, GI, and dermatology, reporting a **3%** Q3 2019 revenue increase to **$2.21 billion**, driven by Salix growth, and highlights significant debt reduction and new product launches - The company's strategy focuses on core therapeutic areas of eye-health, gastroenterology, and dermatology for growth opportunities[244](index=244&type=chunk) - The "Significant Seven" products, including Duobrii®, Bryhali®, and Lumify®, are key growth drivers, all launched by June 2019[257](index=257&type=chunk) - The company improved its capital structure by repaying over **$7.45 billion** of long-term debt (net) since 2016, eliminating mandatory principal repayments through 2020[296](index=296&type=chunk) | Segment | Q3 2019 Revenue (Millions USD) | YoY Change | Key Drivers | | :--- | :--- | :--- | :--- | | **Bausch + Lomb/International** | $1,175 | +2% | Volume growth in Global Vision Care (Biotrue®, Ultra®) and Consumer (Lumify®) | | **Salix** | $551 | +20% | Higher pricing and volume for Xifaxan®, plus $14M from new Trulance® product | | **Ortho Dermatologics** | $147 | -16% | Volume declines from generic competition for Solodyn®, Zovirax®, Elidel® | | **Diversified Products** | $336 | -5% | Volume declines due to loss of exclusivity for several neurology products | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=134&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuations on its **$5.24 billion** variable-rate debt, with a **100 basis-point** increase potentially impacting earnings by **$52 million** annually - The company faces interest rate risk on **$5.24 billion** of variable-rate debt, where a **100 basis-point** increase could result in an annualized pre-tax negative impact of approximately **$52 million**[549](index=549&type=chunk) [Item 4. Controls and Procedures](index=136&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2019, with no material changes to internal controls over financial reporting during Q3 2019 - The CEO and CFO concluded the company's disclosure controls and procedures were effective as of quarter-end[550](index=550&type=chunk) - No material changes were made to internal control over financial reporting during the third quarter of 2019[551](index=551&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=137&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 19 of the consolidated financial statements for detailed information on ongoing legal proceedings - The report directs readers to Note 19 in the financial statements for details on legal proceedings[554](index=554&type=chunk) [Item 1A. Risk Factors](index=137&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the filing of the 2018 Annual Report on Form 10-K - No material changes to risk factors were reported since the filing of the 2018 Form 10-K[555](index=555&type=chunk) [Other Part II Items](index=137&type=section&id=Other%20Part%20II%20Items) The company reported no activity under Unregistered Sales of Equity Securities, Defaults Upon Senior Securities, Mine Safety Disclosures, or Other Information for the period - The company reported no activity under Unregistered Sales of Equity Securities, Defaults Upon Senior Securities, Mine Safety Disclosures, or Other Information[555](index=555&type=chunk)[556](index=556&type=chunk)

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=11&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements of Bausch Health Companies Inc. for the periods ended June 30, 2019, detailing financial position, performance, and cash flows with accompanying notes [Consolidated Financial Statements (Unaudited)](index=11&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) For the six months ended June 30, 2019, the company reported revenues of **$4.17 billion**, a slight increase from **$4.12 billion** in the prior year period. The net loss significantly narrowed to **$218 million** from **$3.45 billion**, primarily due to a **$2.21 billion** goodwill impairment charge in 2018 that did not recur. Total assets slightly decreased to **$32.35 billion**. Net cash provided by operating activities increased to **$752 million** from **$660 million** year-over-year Consolidated Balance Sheet Highlights (in millions) | Metric | June 30, 2019 | Dec 31, 2018 | | :--- | :--- | :--- | | **Total Current Assets** | $4,467 | $4,211 | | **Total Assets** | $32,354 | $32,492 | | **Total Current Liabilities** | $3,705 | $3,836 | | **Total Liabilities** | $29,666 | $29,677 | | **Total Equity** | $2,688 | $2,815 | Consolidated Statement of Operations Highlights (in millions, except EPS) | Metric | Q2 2019 | Q2 2018 | H1 2019 | H1 2018 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $2,152 | $2,128 | $4,168 | $4,123 | | **Operating Income (Loss)** | $257 | $(245) | $544 | $(2,526) | | **Net Loss Attributable to BHC** | $(171) | $(873) | $(223) | $(3,454) | | **Diluted Loss Per Share** | $(0.49) | $(2.49) | $(0.63) | $(9.84) | Consolidated Statement of Cash Flows Highlights (Six Months Ended June 30, in millions) | Cash Flow Category | 2019 | 2018 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | $752 | $660 | | **Net Cash Used in Investing Activities** | $(261) | $(139) | | **Net Cash Used in Financing Activities** | $(338) | $(465) | [Notes to the Consolidated Financial Statements](index=18&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes provide critical details behind the financial statements, including the acquisition of Synergy Pharmaceuticals' assets for approximately **$180 million**, a significant decrease in asset and goodwill impairments, ongoing debt management through refinancing, and details on four reportable segments with Salix showing strong growth - On March 6, 2019, the Company acquired certain assets of Synergy Pharmaceuticals Inc. for a cash purchase price of approximately **$180 million**, including the worldwide rights to the Trulance® product[47](index=47&type=chunk) - Asset impairments for H1 2019 were **$16 million**, a significant reduction from **$345 million** in H1 2018. Goodwill impairments were **$0** in H1 2019 compared to **$2.21 billion** in H1 2018, which were related to the Salix and Ortho Dermatologics reporting units[67](index=67&type=chunk)[68](index=68&type=chunk)[80](index=80&type=chunk) - The estimated useful life of Xifaxan®-related intangible assets was extended to January 1, 2028, resulting in a **$235 million** decrease to Net loss for the six months ended June 30, 2019, due to lower amortization expense[73](index=73&type=chunk) - The company is subject to ongoing investigations by the **U.S. Attorney's Offices for Massachusetts and the Southern District of New York**, the **SEC**, and **Canada's AMF**, related to past practices including patient assistance programs, pricing, and its former relationship with Philidor[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) Major Customer Revenue Concentration (Six Months Ended June 30) | Customer | 2019 | 2018 | | :--- | :--- | :--- | | McKesson Corporation | 17% | 17% | | AmerisourceBergen Corporation | 16% | 18% | | Cardinal Health, Inc. | 14% | 13% | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=62&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, strategic initiatives, and liquidity, highlighting improved Q2 2019 operating income, focus on core businesses and 'Significant Seven' products, and aggressive debt management through refinancing [Overview and Business Strategy](index=62&type=section&id=Overview%20and%20Business%20Strategy) The company's strategy focuses on core therapeutic areas, promoting 'Significant Seven' growth products, investing in R&D, improving capital structure through debt management, and enhancing patient access while navigating generic competition - The company's strategy is focused on three core therapeutic areas: eye-health (Bausch + Lomb), gastroenterology (Salix), and dermatology (Ortho Dermatologics)[224](index=224&type=chunk) - A key focus is the promotion of the "Significant Seven" products: Duobrii™, Bryhali™, Lumify®, SiHy Daily AQUALOXTM, Siliq®, Vyzulta®, and Relistor®[236](index=236&type=chunk) - Since the beginning of 2016, the company has repaid over **$7.2 billion** of long-term debt (net of borrowings) through divestitures of non-core assets and cash from operations[278](index=278&type=chunk) - In February 2019, the company launched Dermatology.com, a cash-pay prescription program to provide patients with direct access to certain branded dermatology products[295](index=295&type=chunk) [Results of Operations](index=87&type=section&id=Results%20of%20Operations) Q2 2019 revenues increased **1%** to **$2.15 billion**, with operating income improving to **$257 million** due to lower amortization and asset impairments, while H1 2019 operating income swung to **$544 million** primarily from the non-recurrence of a **$2.21 billion** goodwill impairment Comparison of Operating Results (in millions) | Metric | Q2 2019 | Q2 2018 | H1 2019 | H1 2018 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $2,152 | $2,128 | $4,168 | $4,123 | | **Operating Income (Loss)** | $257 | $(245) | $544 | $(2,526) | | **Amortization of Intangible Assets** | $488 | $741 | $977 | $1,484 | | **Goodwill Impairments** | $0 | $0 | $0 | $2,213 | | **Asset Impairments** | $13 | $301 | $16 | $345 | - The decrease in total provisions as a percentage of gross product sales (**38.9%** in Q2 2019 vs. **42.1%** in Q2 2018) was mainly driven by lower rebates and returns provisions[365](index=365&type=chunk)[366](index=366&type=chunk) [Reportable Segment Analysis](index=95&type=section&id=Reportable%20Segment%20Analysis) In Q2 2019, the Salix segment drove growth with a **15%** revenue increase to **$509 million**, while Bausch + Lomb/International showed **4%** organic growth, and Ortho Dermatologics and Diversified Products segments declined due to generic competition Q2 2019 Segment Revenue Performance (in millions) | Segment | Q2 2019 Revenue | YoY Change | Organic Growth (Non-GAAP) | | :--- | :--- | :--- | :--- | | Bausch + Lomb/International | $1,208 | 0% | +4% | | Salix | $509 | +15% | +12% | | Ortho Dermatologics | $122 | -13% | -13% | | Diversified Products | $313 | -7% | -7% | Q2 2019 Segment Profit Performance (in millions) | Segment | Q2 2019 Profit | YoY Change | | :--- | :--- | :--- | | Bausch + Lomb/International | $337 | -4% | | Salix | $332 | +14% | | Ortho Dermatologics | $41 | -29% | | Diversified Products | $232 | -10% | [Liquidity and Capital Resources](index=108&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is supported by **$752 million** in H1 2019 operating cash flow and **$906 million** available credit, with total net debt at **$24.08 billion** after refinancing **$3.0 billion** of maturities to 2027-2029 - Net cash provided by operating activities increased to **$752 million** for H1 2019, compared to **$660 million** for H1 2018[461](index=461&type=chunk) - As of June 30, 2019, total long-term debt (net of unamortized costs) was **$24.08 billion**, a slight decrease from **$24.31 billion** at year-end 2018[472](index=472&type=chunk) - In March and May 2019, the company completed refinancing transactions extending approximately **$3.0 billion** of debt maturities previously due 2021-2023 out to 2027-2029[474](index=474&type=chunk) - As of June 30, 2019, the company had **$906 million** of remaining availability under its 2023 Revolving Credit Facility[481](index=481&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=126&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuations on its **$5.7 billion** variable-rate debt, where a **100 basis-point** increase would result in an annualized pre-tax negative impact of approximately **$57 million** - The company is subject to interest rate risk on its **$5.7 billion** of variable rate debt[529](index=529&type=chunk) - A **100 basis-point** increase in interest rates would have an annualized pre-tax effect of approximately **$57 million** on the Consolidated Statements of Operations and Cash Flows[529](index=529&type=chunk) [Item 4. Controls and Procedures](index=128&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2019, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2019[530](index=530&type=chunk) - No changes occurred during Q2 2019 that materially affected, or are reasonably likely to materially affect, the company's internal controls over financial reporting[531](index=531&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=129&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 19 of the consolidated financial statements for detailed information regarding the company's ongoing legal proceedings - Information concerning legal proceedings is detailed in Note 19 of the notes to the unaudited interim Consolidated Financial Statements[533](index=533&type=chunk) [Item 1A. Risk Factors](index=129&type=section&id=Item%201A.%20Risk%20Factors) The company states that there have been no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2018 - There have been no material changes to the risk factors as disclosed in the Annual Report on Form 10-K for the year ended December 31, 2018[534](index=534&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=129&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no purchases of its equity securities during the three months ended June 30, 2019 - There were no purchases of equity securities by the Company during the three months ended June 30, 2019[534](index=534&type=chunk) [Item 3. Defaults Upon Senior Securities](index=129&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities - None[534](index=534&type=chunk) [Item 6. Exhibits](index=130&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including an indenture related to a May 2019 debt issuance, CEO and CFO certifications as required by the Sarbanes-Oxley Act, and XBRL data files - Exhibits filed include the Indenture dated May 23, 2019, CEO/CFO certifications (Sections 302 and 906), and XBRL interactive data files[538](index=538&type=chunk)[542](index=542&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Shares, No Par Value BHC New York Stock Exchange, Toronto Stock Exchange FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commis ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ FORM 10-K ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-14956 BAUSCH HEALTH COMPANIES INC. (Exact Name of Registrant as Specified in its Charter) BRITISH COLUMBIA, CANADA ...