Bausch Health Q1 Earnings and Revenues Miss Estimates, Stock Down

Core Viewpoint - Bausch Health Companies Inc. (BHC) reported disappointing first-quarter 2025 results, with earnings and revenues missing expectations, leading to a 3.81% decline in share price [1][15]. Financial Performance - Adjusted earnings per share were 59 cents, below the Zacks Consensus Estimate of 83 cents and down from 60 cents in the same quarter last year [1]. - Total revenues reached $2.26 billion, a 5% year-over-year increase, but missed the Zacks Consensus Estimate by 0.54% [1]. - Excluding foreign exchange impacts, acquisitions, and divestitures, organic revenue growth was 6% [2]. Segment Performance - Salix segment revenues were $542 million, up 9% year over year, but missed estimates [4][5]. - International revenues totaled $262 million, down 1% year over year, missing estimates but showing 5% organic growth [6]. - Solta Medical reported revenues of $113 million, a 28% increase year over year, beating estimates [7]. - Bausch + Lomb revenues were $1.14 billion, up 3% year over year, but missed estimates [10]. Pipeline Development - The phase II study on amiselimod for ulcerative colitis has completed enrollment, with a phase III study protocol submitted to the FDA [11]. - Phase III studies on rifaximin for hepatic encephalopathy are ongoing, with top-line results expected by early 2026 [12]. - The Clear and Brilliant Touch program for skin rejuvenation is advancing with multiple international approvals [13]. Guidance Update - BHC expects 2025 revenues to be between $9.950 billion and $10.200 billion, slightly up from previous guidance [14]. Debt Situation - As of March 31, 2025, BHC's debt obligations were $21.5 billion, with a cash balance of $1.1 billion [15].