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Bausch Health(BHC) - 2024 Q4 - Annual Results
BHCBausch Health(BHC)2025-02-19 21:25

Revenue Performance - Total consolidated reported revenues for Q4 2024 were 2.56billion,a62.56 billion, a 6% increase from 2.41 billion in Q4 2023, with organic revenue growth of 9%[4] - Full-year 2024 consolidated revenues reached 9.63billion,up109.63 billion, up 10% from 8.76 billion in 2023, with organic revenue growth of 8%[4] - Product sales for Q4 2024 reached 2,528million,a6.12,528 million, a 6.1% increase from 2,382 million in Q4 2023[51] - Total revenues for the twelve months ended December 31, 2024, were 9,625million,up9.99,625 million, up 9.9% from 8,757 million in 2023[51] - Total revenues for Bausch Health Companies Inc. for the three months ended December 31, 2024, were 2.582billion,anincreaseof62.582 billion, an increase of 6% from 2.408 billion in 2023[64] - Bausch + Lomb's total revenue was 4,791million,a164,791 million, a 16% increase from 4,146 million in 2023[66] Segment Performance - The Salix segment reported Q4 revenues of 634million,a9634 million, a 9% increase year-over-year, with organic growth of 12% after excluding divestitures[6] - The Solta Medical segment saw Q4 revenues of 138 million, a 34% increase, with organic growth of 35%[8] - The Bausch + Lomb segment reported Q4 revenues of 1.28billion,a91.28 billion, a 9% increase, with organic growth of 10%[10] - Salix segment revenue reached 2,333 million, up 4% from 2,250millioninthepreviousyear[66]−SoltaMedicalsegmentshowedsignificantgrowthwithrevenueof2,250 million in the previous year[66] - Solta Medical segment showed significant growth with revenue of 440 million, a 27% increase from 347millionin2023[66]−BauschHealth′sPharmaceuticalssegmentrevenuewas347 million in 2023[66] - Bausch Health's Pharmaceuticals segment revenue was 1,209 million, reflecting a 45% increase from 836millionin2023[66]ProfitabilityMetrics−AdjustedEBITDAforQ42024was836 million in 2023[66] Profitability Metrics - Adjusted EBITDA for Q4 2024 was 935 million, an 8% increase from 869millioninQ42023,whilefull−yearadjustedEBITDAwas869 million in Q4 2023, while full-year adjusted EBITDA was 3.31 billion, up 10% from 3.01billion[16]−ConsolidatednetincomeforQ42024was3.01 billion[16] - Consolidated net income for Q4 2024 was 93 million, compared to a net loss of 39millioninQ42023,markingafavorablechangeof39 million in Q4 2023, marking a favorable change of 132 million[13] - Operating income for Q4 2024 was 558million,comparedto558 million, compared to 362 million in Q4 2023, reflecting a 54.1% increase[51] - Adjusted net income for the twelve months ended December 31, 2024, was 1.394billion,anincreasefrom1.394 billion, an increase from 1.274 billion in 2023, reflecting a growth of 9.4%[52] - Adjusted EBITDA for the twelve months ended December 31, 2024, was 3.425billion,anincreasefrom3.425 billion, an increase from 3.110 billion in 2023, reflecting a growth of 10.1%[62] Cash Flow and Debt Management - Cash provided by operating activities was 601millionforQ42024,comparedto601 million for Q4 2024, compared to 390 million in Q4 2023, reflecting improved business performance[16] - Cash provided by operating activities for the twelve months ended December 31, 2024, was 1,597million,comparedto1,597 million, compared to 1,032 million in 2023[68] - Consolidated cash, cash equivalents, and restricted cash totaled 1.20billionasofDecember31,2024[18]−Totallong−termdebtdecreasedto1.20 billion as of December 31, 2024[18] - Total long-term debt decreased to 21,616 million in 2024 from 22,388millionin2023[68]−Thecompanyreportedatotalof22,388 million in 2023[68] - The company reported a total of 20,480 million in debt obligations for 2024, down from 21,006millionin2023[68]−Thecompanyisexploringcapitalmarketoptionstoaddressitsdebtmaturityprofile,potentiallyinvolvingpledgingsharesinBausch+Lomb[18]GuidanceandFutureOutlook−TheCompanyprovidesfull−year2025revenueguidanceof21,006 million in 2023[68] - The company is exploring capital market options to address its debt maturity profile, potentially involving pledging shares in Bausch + Lomb[18] Guidance and Future Outlook - The Company provides full-year 2025 revenue guidance of 9.900 - 10.150billion,witharevenuegrowthof210.150 billion, with a revenue growth of 2% - 6% compared to the prior year[20] - Adjusted EBITDA guidance for 2025 is set at 3.525 - 3.675billion,reflectingagrowthof33.675 billion, reflecting a growth of 3% - 7% year-over-year[20] - Adjusted Operating Cash Flow is projected to be between 0.975 - 1.025billionfor2025[20]ResearchandDevelopment−CABTREO®,atriplecombinationproductforacnevulgaris,waslaunchedinCanadainOctober2024[22]−RED−C,aimedatpreventingoverthepaticencephalopathy,isontrackfortop−linePhase3resultsbyearly2026[22]−Amiselimod,atreatmentforulcerativecolitis,hasmetwithmajorregulatorybodiesandisawaitingfeedback[22]−Thermage®FLXandClear+Brilliant®Touchareundergoingregulatoryapprovalprocessesinmultiplecountries,includingCanadaandEurope[22]−ResearchanddevelopmentexpensesforthetwelvemonthsendedDecember31,2024,totaled1.025 billion for 2025[20] Research and Development - CABTREO®, a triple combination product for acne vulgaris, was launched in Canada in October 2024[22] - RED-C, aimed at preventing overt hepatic encephalopathy, is on track for top-line Phase 3 results by early 2026[22] - Amiselimod, a treatment for ulcerative colitis, has met with major regulatory bodies and is awaiting feedback[22] - Thermage® FLX and Clear + Brilliant® Touch are undergoing regulatory approval processes in multiple countries, including Canada and Europe[22] - Research and development expenses for the twelve months ended December 31, 2024, totaled 616 million, slightly up from 604millionin2023[51]−ResearchanddevelopmentexpensesforthethreemonthsendedDecember31,2024,were604 million in 2023[51] - Research and development expenses for the three months ended December 31, 2024, were 163 million, slightly up from 152millionin2023,reflectingagrowthof7.2152 million in 2023, reflecting a growth of 7.2%[54] Non-GAAP Measures - The Company emphasizes the importance of non-GAAP measures for evaluating performance and setting operational goals[29] - Adjusted EBITDA attributable to Bausch Health (non-GAAP) is used to provide a clearer picture of operational performance, excluding nonrecurring items[38] - Adjusted net income (non-GAAP) is utilized for strategic decision-making and evaluating performance trends, highlighting the company's focus on underlying operational results[42] - The company excluded acquisition-related costs and adjustments from its financial results to provide a clearer view of ongoing operations[39] - The Company does not provide reconciliations of projected Adjusted EBITDA to GAAP net income due to forecasting difficulties[20] Cost Management - The company reported a cost of goods sold of 711 million in Q4 2024, compared to 695millioninQ42023,indicatinga2.3695 million in Q4 2023, indicating a 2.3% increase[51] - Bausch Health's adjusted cost of goods sold for the twelve months ended December 31, 2024, was 2.647 billion, compared to 2.496billionin2023,anincreaseof62.496 billion in 2023, an increase of 6%[54] - Selling, general and administrative expenses for the twelve months ended December 31, 2024, totaled 3.296 billion, compared to 2.917billionin2023,markinga132.917 billion in 2023, marking a 13% increase[54] - The adjusted selling, general and administrative expenses for the three months ended December 31, 2024, were 795 million, up from 740millionin2023,indicatingariseof7.4740 million in 2023, indicating a rise of 7.4%[54] Tax and Impairments - The company reported a provision for income taxes of 111 million for the three months ended December 31, 2024, compared to 40millionin2023[62]−Thecompanyreportedgoodwillimpairmentsof40 million in 2023[62] - The company reported goodwill impairments of 91 million for the three months ended December 31, 2023, which were eliminated in 2024[55] - The company reported a tax effect of non-GAAP adjustments amounting to (57)millionforthetwelvemonthsendedDecember31,2024,comparedto(57) million for the twelve months ended December 31, 2024, compared to 25 million in 2023[55]