Core Insights - Bausch Health reported a consolidated adjusted EBITDA of $1.05 billion for Q4 2025, a 13% increase, and $3.54 billion for the full year, a 7% increase [1][2] - The company achieved consolidated revenues of $10.27 billion for the full year 2025, up 7% on a reported basis and 5% on an organic basis [1][2] - The fourth quarter revenues reached $2.80 billion, reflecting a 9% increase on a reported basis and a 6% increase on an organic basis compared to Q4 2024 [1][2] Financial Performance - The consolidated net loss attributable to Bausch Health for Q4 2025 was $112 million, compared to a net income of $93 million in Q4 2024 [2] - For the full year 2025, the company reported a net income of $157 million, a significant improvement from a net loss of $46 million in 2024 [2] - Consolidated operating income for Q4 2025 was $474 million, down from $558 million in Q4 2024, primarily due to a goodwill impairment charge of $145 million [2] Segment Performance - The Salix segment reported revenues of $693 million for Q4 2025, a 9% increase, and $2.58 billion for the full year, an 11% increase [1][2] - The International segment generated $306 million in Q4 2025, a 10% increase, and $1.13 billion for the full year, a 2% increase [1][2] - The Bausch + Lomb segment reported revenues of $1.41 billion for Q4 2025, a 10% increase, and $5.10 billion for the full year, a 6% increase [2] Cash Flow and Debt Management - The company generated $495 million in cash from operating activities in Q4 2025, down from $601 million in Q4 2024 [2] - Total cash provided by operating activities for the full year was $1.40 billion, compared to $1.60 billion in 2024 [2] - Bausch Health executed a $1.7 billion debt exchange offer in Q4 2025, extending debt maturities to 2032 [1][2] Strategic Developments - The acquisition of Shibo's full-service aesthetics distribution business in China was completed on December 1, 2025, enhancing the company's market presence [1] - The company continues to focus on strengthening its balance sheet and enhancing shareholder value [2] - Bausch Health is committed to operational excellence and expanding its portfolio as it moves into 2026 [1][2]

Financial Performance - Bausch Health (excl B+L) achieved its 10th consecutive quarter of revenue and Adjusted EBITDA growth[18] - BHC (Excl B+L) reported revenue growth of 7% and organic revenue growth of 5% in 3Q25, reaching $1400 million[20] - BHC (Excl B+L) Adjusted EBITDA increased by 7% in 3Q25, including an $81 million Acquired IPR&D charge, reaching $773 million[21] - Consolidated revenue increased by 7% to $2681 million in 3Q25, with organic growth of 5%[26, 27] - Adjusted EBITDA attributable to Bausch Health Companies Inc increased by 8% to $986 million in 3Q25[27] - Adjusted Cash Flow from Operations was $508 million[27] Segment Performance - Salix segment reported revenue of $716 million, a 12% increase, with Xifaxan contributing significantly to growth[41, 42] - Solta Medical segment revenue increased by 25% to $140 million, driven by volume expansion across all geographies[55, 56] - Bausch + Lomb reported revenue of $1281 million, a 7% increase, with single-digit growth across all business segments[67] Guidance - The company raised its full-year 2025 Adjusted Operating Cash Flow guidance for Bausch Health (Excl B+L) to $0975 - $1025 billion[74]