Financial Data and Key Metrics Changes - Bausch Health reported a revenue increase of 9% in Q4 2025 compared to Q4 2024, reaching $2,796 million, with adjusted EBITDA rising by 13% to $1,052 million [10][11] - For the full year 2025, revenue grew by 7% and adjusted EBITDA by 10%, indicating strong operational performance [18][19] - Adjusted gross margin was 71.6%, down 80 basis points year-over-year, while adjusted operating expenses increased by $75 million to $1,033 million [10][11] Business Line Data and Key Metrics Changes - Salix revenue in Q4 was $693 million, a 9% increase year-over-year, driven by strong demand and promotional efforts [12] - Solta Medical segment revenues decreased by 1% to $137 million, impacted by distributor transition in China, but would have shown mid-single-digit growth without this effect [15][16] - The diversified segment saw a 12% revenue increase to $255 million, primarily due to improved net pricing [16] Market Data and Key Metrics Changes - International segment revenues were $306 million, up 10% on a reported basis, with EMEA and LatAm showing double-digit growth, while Canada contracted by 6% [13][14] - The Latin American market returned to growth with a 22% revenue increase, while Canada faced challenges due to increased generic competition [14][15] Company Strategy and Development Direction - The company aims to enhance operational assets through innovation and optimize brand growth globally, with a focus on business development opportunities [21][22] - The acquisition of Shibo's aesthetics distribution platform in China is expected to strengthen the company's market presence and enhance direct engagement with providers [7][26] - Strategic priorities for 2026 include maximizing shareholder value and optimizing the capital structure following significant refinancing [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in future growth, citing strong cash generation and improved capital structure, allowing for proactive business development [5][7] - The company anticipates a stronger growth rate in the first half of 2026, with a revenue guidance range of $5.25 billion to $5.4 billion [20][21] - Management acknowledged the disappointment regarding the RED-C trial results but remains focused on advancing other development opportunities [9] Other Important Information - The company achieved over $1 billion in adjusted operating cash flow for the year and reduced net debt by approximately $320 million in Q4 [7][12] - The debt maturity profile was improved by approximately $1.7 billion through a debt exchange, providing additional flexibility for future opportunities [7][19] Q&A Session Summary Question: Post RED-C readout, what is the updated decision framework for separation and debt repayments? - Management stated there is no change in focus, continuing to prioritize debt repayment and reinvestment in the business [33] Question: Can you provide more details about business development plans? - Management is screening various assets for potential acquisitions, leveraging their strong commercial team [36][37] Question: What is the impact of the Shibo integration on revenue and EBITDA growth? - The integration is progressing well, with a minor EBITDA impact of $10-$15 million due to accounting adjustments [45][47] Question: What are the expectations for Xifaxan generics? - Management confirmed that a generic is expected by January 1, 2028, and is focused on maximizing current value [84] Question: What is the EBITDA trajectory for 2027? - Management indicated that 2027 EBITDA would likely be around $2.7 billion, reflecting a dip compared to 2025 [86]

Exhibit 99.1 Investor Contact: Media Contact: Garen Sarafian Katie Savastano (877) 281-6642 (toll free) (908) 541-3785 ir@bauschhealth.com corporate.communications@bauschhealth.com BAUSCH HEALTH ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2025 RESULTS BAUSCH HEALTH EXCLUDING BAUSCH + LOMB FOURTH QUARTER AND FULL-YEAR 2025 RESULTS LAVAL, QC, February 18, 2026 – Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) ("Bausch Health" the "Company," "we" or "our") today announced its fourth quarter and full-year 2025 fina ...

Core Insights - Analysts forecast Bausch Health (BHC) will report quarterly earnings of $1.21 per share, reflecting a year-over-year increase of 5.2% and revenues of $2.7 billion, which is a 5.7% increase compared to the previous year [1] Earnings Projections - The consensus EPS estimate for the quarter has been revised upward by 0.6% over the past 30 days, indicating a collective reassessment by analysts [2] - Changes in earnings projections are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate trends and short-term stock price movements [3] Revenue Estimates - Total Bausch + Lomb revenues are projected to reach $1.37 billion, indicating a year-over-year change of +7.1% [5] - Revenues from Diversified Products are estimated at $233.84 million, reflecting a +2.6% change from the year-ago quarter [5] - Revenues from Bausch + Lomb- Vision Care are expected to be $778.13 million, showing a +7.6% year-over-year change [5] - Revenues from Bausch + Lomb- Surgical are estimated at $239.46 million, indicating a +3.7% change from the previous year [6] - Total revenues for Bausch Health (excluding B+L) are projected to be $1.33 billion, reflecting a +3.8% year-over-year change [6] - International revenues are expected to reach $280.41 million, showing a +0.5% change from the year-ago quarter [6] - Revenues from Solta Medical are forecasted at $143.46 million, indicating a +4% year-over-year change [7] - Revenues from Salix are estimated at $669.92 million, reflecting a +5.7% change year over year [7] - Revenues from Bausch + Lomb- Pharmaceuticals are projected to be $353.78 million, indicating an +8.5% year-over-year change [7] Stock Performance - Over the past month, Bausch shares have recorded a return of -14.2%, compared to the Zacks S&P 500 composite's -1.4% change, suggesting underperformance relative to the market [7] - BHC holds a Zacks Rank 3 (Hold), indicating that its performance is expected to align with the overall market in the upcoming period [7]

Industry Overview - The fourth-quarter 2025 reporting season for the Medical sector is nearing its final stretch, with only a few pharma and biotech companies left to report [1] - As of February 11, 73.3% of companies in the Medical sector, representing 91% of the sector's market capitalization, reported quarterly earnings, with 86.4% exceeding both earnings and sales estimates [2][10] - Overall, fourth-quarter earnings in the medical sector are expected to decrease by 0.6%, while sales are projected to rise by 10.4% compared to the previous year [4] Company Performance Johnson & Johnson - Reported strong fourth-quarter results, beating estimates for both earnings and sales [3] Novartis - Beat earnings estimates but faced revenue pressure due to generic competition for key drugs like Entresto and Promacta [3] Bristol Myers Squibb - Beat both earnings and sales estimates and issued encouraging guidance [3] Gilead Sciences - Earnings exceeded both top and bottom lines, supported by higher sales of HIV and Liver Diseases drugs [3] Bausch Health - Mixed performance with two earnings beats and two misses in the last four quarters, delivering a four-quarter average negative surprise of 6.26% [5] - Scheduled to report on February 18, with an Earnings ESP of -8.84% and a Zacks Rank 3 [7] Amicus Therapeutics - Disappointing earnings track record with three misses and one beat in the last four quarters, averaging a negative surprise of 20.21% [8] - Set to be acquired by BioMarin, with its lead drug Galafold showing solid uptake [9] BioMarin Pharmaceutical - Impressive track record, beating earnings estimates in each of the last four quarters with an average surprise of 66.51% [11] - Scheduled to report with an Earnings ESP of -3.23% and a Zacks Rank 3, driven by strong demand for its dwarfism drug Voxzogo [12] Insmed - Poor earnings track record with four consecutive misses, averaging a negative surprise of 20.64% [13] - Scheduled to report on February 19, with an Earnings ESP of +7.01% and a Zacks Rank 3 [14] - Lead drug Arikayce gaining traction, with a new drug approval marking a significant milestone [15] Madrigal Pharmaceuticals - Missed earnings expectations in three of the last four quarters, with an average negative surprise of 17.17% [16] - Scheduled to report on February 19, with an Earnings ESP of -852.37% and a Zacks Rank 4 [16][17]

Core Viewpoint - Bausch Health Companies Inc. announces the opening of the 2026 Salix Gastrointestinal Health Scholars Program, providing scholarships to support students living with gastrointestinal diseases as they pursue higher education [1] Group 1: Scholarship Program Details - The program will award scholarships of up to $10,000 to 10 exceptional students living with GI diseases [1] - Applications are open to students attending or planning to attend a two- or four-year college, university, or advanced vocational/technical school for the 2026-2027 academic year [1] - The application period will close on May 6, 2026, with recipients notified in the summer of 2026 [1] Group 2: Eligibility and Categories - Scholarships are available in three categories: - Working and/or Single Parents Scholar Award for students who are working parents and/or single parents [1] - Graduate Scholar Awards for students pursuing graduate degrees [1] - Undergraduate Scholar Awards for students pursuing undergraduate degrees [1] Group 3: Company Overview - Bausch Health is a global, diversified pharmaceutical company focused on improving healthcare outcomes [1] - The company develops, manufactures, and markets products primarily in gastroenterology, hepatology, neuroscience, dermatology, dentistry, aesthetics, international pharmaceuticals, and eye health [1] - Salix Pharmaceuticals, a part of Bausch Health, is one of the largest specialty pharmaceutical businesses in the world, focusing on innovative treatments for gastrointestinal diseases [1]

Core Viewpoint - Bausch Health Companies is facing challenges due to a significant patent cliff and recent setbacks, but it may present a long-term investment opportunity for patient investors [1][2][6]. Company Performance - Bausch Health shares have declined by 17% since the beginning of 2026, with a current market cap of $2.1 billion [1][3]. - The stock price is currently at $5.69, with a day's range of $5.58 to $5.79 and a 52-week range of $4.25 to $8.69 [3]. Patent and Product Developments - The company is approaching a major patent cliff with its blockbuster drug Xifaxan, losing exclusivity in 2029, while generic versions are expected to launch in 2028 [5]. - Efforts to expand Xifaxan's label for treating cirrhosis have faced setbacks due to a failed phase 3 clinical trial [6]. Potential Catalysts - Two potential inflection points for Bausch Health include a skin-tightening treatment from its Solta unit and the hepatitis treatment Larsucosterol, acquired through the 2025 acquisition of Durect Corporation [8]. - The company's stake in Bausch + Lomb, valued at approximately $5.2 billion, significantly exceeds its current market cap, representing a key underlying value [9]. Management and Investor Involvement - Bausch Health's management previously rejected an offer to sell the eye health unit to a private equity buyer, indicating a focus on long-term value [10]. - Activist investor involvement, particularly from John Paulson, has not accelerated the monetization of assets, despite his significant shareholding since 2022 [11].

Core Insights - Bausch Health (BHC) shares declined by 1.86% on January 26, marking the second consecutive day of losses, following a 10% drop on January 23 due to the failure of the late-stage RED-C clinical program [1][7]. Clinical Program Details - The RED-C program included two global, randomized, double-blind, placebo-controlled phase III studies with over 1,000 patients across 398 sites in 17 countries, aimed at evaluating rifaximin solid soluble dispersion (SSD) for delaying the first episode of hepatic encephalopathy (HE) in adults with liver cirrhosis [2]. - The trials did not meet their primary endpoint, despite the compound being deemed safe and well-tolerated [2]. Product Information - Rifaximin SSD is an oral formulation targeting the beta-subunit of bacterial DNA-dependent RNA polymerase, and it is already approved in the U.S. as Xifaxan, which is indicated for reducing the risk of overt HE recurrence and treating irritable bowel syndrome with diarrhea (IBS-D) in adults [3]. Financial Impact - Xifaxan is a significant growth driver for BHC, accounting for 85% of total Salix revenues in the first nine months of 2025 [5]. The failure of the RED-C program hampers the expansion of Xifaxan, which is crucial for BHC's growth plans [4][7]. - BHC's shares have decreased by 25.4% over the past year, contrasting with the industry's growth of 36.1% [6]. Debt and Acquisitions - BHC faces substantial financial pressure with long-term debt obligations of $21 billion and a cash balance of $1.3 billion as of September 30, 2025 [11]. - Recently, BHC acquired Wuhan Shibo Zhenmei Technology Co., Ltd. to enhance its aesthetics business, and it previously acquired DURECT Corporation to strengthen its R&D platform [9][10].

Core Viewpoint - Bausch Health (BHC) is experiencing significant selling pressure, with a 17.9% decline over the past four weeks, but is now positioned for a potential trend reversal as it enters oversold territory, supported by analyst consensus predicting better earnings than previously expected [1]. Group 1: Technical Analysis - The Relative Strength Index (RSI) is a key technical indicator used to identify oversold conditions, with a reading below 30 typically indicating that a stock is oversold [2]. - BHC's current RSI reading is 26.05, suggesting that the heavy selling pressure may be exhausting itself, indicating a potential reversal towards a more balanced supply and demand [5]. Group 2: Fundamental Analysis - There is strong consensus among sell-side analysts regarding an increase in earnings estimates for BHC, with the consensus EPS estimate remaining unchanged over the last 30 days, which often correlates with price appreciation [7]. - BHC holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further indicating a potential turnaround [8].

Core Insights - Bausch Health's treatment aimed at preventing brain dysfunction in liver cirrhosis patients failed to meet the primary endpoint in a late-stage clinical trial [1] Company Summary - Bausch Health announced that its late-stage trial for a treatment targeting brain dysfunction in patients with liver cirrhosis did not achieve its main goal [1]

Core Insights - Bausch Health Companies Inc. announced the results of the global Phase 3 RED-C clinical program evaluating amorphous-rifaximin solid soluble dispersion (SSD) for the primary prevention of hepatic encephalopathy (HE) in adults with liver cirrhosis, which did not meet the primary endpoint despite being safe and well-tolerated [1][2] Group 1: Clinical Trial Details - The RED-C program included two global, randomized, double-blind, placebo-controlled Phase 3 trials with over 1,000 patients across 398 sites in 17 countries [3] - The trials aimed to evaluate rifaximin SSD for delaying the first episode of hepatic encephalopathy in adults with liver cirrhosis who had no prior HE episodes [3] Group 2: Company Commitment and Future Directions - The CEO of Bausch Health expressed disappointment in the trial results, highlighting the lack of approved treatments for these patients and indicating a review of the full dataset for potential new development opportunities [2] - Bausch Health remains committed to developing new treatments in hepatology and other therapeutic areas [2] Group 3: Context on Cirrhosis - Cirrhosis is a significant cause of end-stage liver disease in the US, ranking ninth as a cause of death according to the CDC [4] - The progression of cirrhosis is characterized by the development of hepatic encephalopathy, jaundice, clinically significant ascites, or variceal hemorrhage [4] Group 4: Company Overview - Bausch Health is a global, diversified pharmaceutical company focused on improving healthcare outcomes through a range of products in various therapeutic areas, including gastroenterology and hepatology [5] - The company aims to be a globally integrated healthcare provider, valued by patients, healthcare professionals, employees, and investors [5]