Group 1 - The article promotes a weekly newsletter focused on stocks in the biotech, pharma, and healthcare industries, highlighting key trends and catalysts that influence market valuations [1] - Edmund Ingham, a biotech consultant with over 5 years of experience, leads the Haggerston BioHealth investing group, which caters to both novice and experienced investors [1] - The investing group provides insights such as buy and sell ratings, product sales forecasts for major pharmaceutical companies, integrated financial statements, discounted cash flow analysis, and market-specific analyses [1]

Performance in the Diversified segment improved primarily due to better net pricing realized during the fourth quarter.The acquisition of Shibo in China and DURECT's larsucosterol platform represent a strategic shift toward proactive business development to enhance long-term growth.Management attributed the 10% full-year adjusted EBITDA growth to portfolio optimization and increased operating leverage without the benefit of major acquisitions.International segment growth was supported by leading market posi ...

Core Insights - Bausch Health reported revenue of $2.8 billion for the quarter ended December 2025, reflecting a year-over-year increase of 9.3% and exceeding the Zacks Consensus Estimate of $2.7 billion by 3.38% [1] - The company's EPS was $1.08, down from $1.15 in the same quarter last year, resulting in an EPS surprise of -10.5% compared to the consensus estimate of $1.21 [1] Revenue Breakdown - Total Bausch + Lomb revenues reached $1.41 billion, surpassing the average estimate of $1.37 billion by analysts, marking a year-over-year increase of 9.8% [4] - Revenues from Diversified Products were $255 million, exceeding the estimated $233.84 million, with an 11.8% increase year-over-year [4] - Bausch + Lomb's Vision Care segment generated $778 million, closely matching the average estimate of $778.13 million, reflecting a 7.6% year-over-year growth [4] - Surgical revenues amounted to $249 million, above the average estimate of $239.46 million, indicating a 7.8% increase year-over-year [4] - Total revenues excluding Bausch + Lomb were $1.39 billion, exceeding the $1.33 billion estimate, with an 8.8% year-over-year growth [4] - International revenues were reported at $306 million, surpassing the average estimate of $280.41 million, representing a 9.7% year-over-year increase [4] - Solta Medical revenues were $137 million, slightly below the average estimate of $143.46 million, showing a year-over-year decline of 0.7% [4] - Salix revenues reached $693 million, exceeding the estimated $669.92 million, with a year-over-year increase of 9.3% [4] - Bausch + Lomb Pharmaceuticals generated $378 million, surpassing the average estimate of $353.78 million, reflecting a significant year-over-year growth of 16% [4] Stock Performance - Bausch shares have returned -11.8% over the past month, compared to a -1.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Thomas Appio: Thank you, Garen, and welcome to everyone joining our earnings call today. Our year concluded with an impressive eleventh consecutive quarter of growth in both revenue and adjusted EBITDA, reflecting our organization's consistent performance. This success is powered by our global team’s unwavering commercial focus and operational excellence, as full year results exceeded our guidance on all key metrics. The fourth quarter gave us an opportunity to reflect on the progress we have made over the ...

Bausch Health (NYSE:BHC) Q4 2025 Earnings call February 18, 2026 05:00 PM ET Company ParticipantsGaren Sarafian - VP and Head of Investor RelationsGlen Santangelo - Managing DirectorJJ Charhon - EVP and CFOJonathan Sadeh - CMO and Head of Research and DevelopmentLes Sulewski - VP of Spec Pharma and Biotech Equity ResearchThomas Appio - CEOUmer Raffat - Equity Research of Biotech, Pharma-major, and Specialty PharmaConference Call ParticipantsMichael Freeman - Equity Research AnalystNone - AnalystNone - Analy ...

Bausch Health (NYSE:BHC) Q4 2025 Earnings call February 18, 2026 05:00 PM ET Company ParticipantsGaren Sarafian - VP and Head of Investor RelationsGlen Santangelo - Managing DirectorJJ Charhon - EVP and CFOJonathan Sadeh - CMO and Head of Research and DevelopmentLes Sulewski - VP of Spec Pharma and Biotech Equity ResearchThomas Appio - CEOUmer Raffat - Equity Research of Biotech, Pharma-major, and Specialty PharmaConference Call ParticipantsMichael Freeman - Equity Research AnalystNone - AnalystNone - Analy ...

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]

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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 Viewpoint - The document provides details for a scheduled event, including date, time, and access information for participants, indicating a structured approach to investor communication [1]. Group 1 - The event is set for Wednesday, February 18, 2026, at 8:00 a.m. ET [1]. - A webcast link is provided for participants to access the event [1]. - Dial-in numbers for North America and international participants are included, along with a participant access code [1]. Group 2 - A replay of the event will be available until March 4, 2026, with specific dial-in numbers and a replay passcode provided [1].