Key Takeaways Bausch Health's Q3 EPS of $1.16 and revenues of $2.68B beat consensus estimates.Salix revenues jumped 12%, led by 16% growth in Xifaxan sales on solid demand.Company raised 2025 revenue outlook, now guiding up to $10.050-$10.250B for the year.Bausch Health Companies Inc. (BHC) reported better-than-expected results for the third quarter of 2025. Shares gained 7.3% in after-market hours trading in response to the quarterly performance.Adjusted earnings per share of $1.16 comfortably beat the Zac ...

Bausch Health (NYSE:BHC) Q3 2025 Earnings Call October 29, 2025 05:00 PM ET Company ParticipantsMike Nedelcovych - Director Equity ResearchJJ Charhon - CFOLiwen Wang - Equity Research AssociateTom Appio - CEOLes Sulewski - VPGaren Sarafian - VP of Investor RelationsConference Call ParticipantsNone - AnalystNone - AnalystDoug Miehm - Healthcare AnalystMichael Freeman - Equity Research AnalystOperatorGreetings and welcome to the Bausch Health third quarter 2025 earnings conference call. At this time, all part ...

Bausch Health (NYSE:BHC) Q3 2025 Earnings Call October 29, 2025 05:00 PM ET Speaker5Greetings and welcome to the Bausch Health third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. You may be placed into the question queue at any time by pressing star one on your telephone keypad. If anyone should require operator assistance, please press star zero. As a reminder, this conference is being reco ...

Core Thesis - Bausch Health Companies Inc. (BHC) is viewed positively despite significant share price decline, with a current trading price of $7.25 and trailing and forward P/E ratios of 27.88 and 1.76 respectively [1][2] Company Overview - BHC is a diversified healthcare company involved in pharmaceuticals and medical devices, with operations in eye care, gastroenterology, neurology, dermatology, and aesthetics [2] - The company has experienced an 80% decline in share price since July 2021, attributed to higher interest rates, policy uncertainty, and post-COVID overcapacity [2] Financial Performance - BHC generates stable cash flows with a five-year revenue CAGR of 3.5%, LTM EBITDA margins of 31.5%, and a free cash flow yield of 35.8% [3] - The company has a significant leverage issue, with $20 billion in net debt against $3.1 billion in EBITDA, leading to steep discounts of 66.5% on TEV/EBITDA and 31.5% on TEV/sales compared to peers [3] Recent Developments - The 2022 spin-off of Bausch + Lomb (BLCO) resulted in a $630 million debt reduction, and BHC retains an 87.5% stake in BLCO valued at $4.8 billion, nearly double its market cap [3] - A $6 billion maturity wall is due in 2028, and the 2029 patent expiry of the $1.9 billion IBS drug Xifaxan is raising solvency concerns [4] Market Sentiment and Risks - A recent acquisition by Paulson Capital of a 34 million-share block at a 19.8% premium indicates potential asset monetization, which could help in deleveraging [4] - Scenario modeling suggests a 39% probability of bankruptcy versus a 20% chance of significant gains, indicating a highly asymmetric risk/reward profile [5]

Bausch Health Companies Inc. stands as a prominent player in Canada’s pharmaceutical and medical-device landscape, operating a diversified portfolio that spans eye health, gastroenterology, dermatology, neurology and aesthetic devices. Headquartered in Laval, Quebec, the company combines legacy brands with specialty product lines such as Bausch + Lomb eye-care solutions and gastroenterology offerings under the Salix Pharmaceuticals unit. Over the last decade Bausch Health has navigated complex restructuring ...

Core Insights - Bausch Health Companies Inc. (BHC) reported mixed results for Q2 2025, with adjusted earnings per share of 90 cents missing the Zacks Consensus Estimate of 97 cents, while total revenues of $2.53 billion exceeded expectations, marking a 5% year-over-year increase [1][7] Revenue Breakdown - Salix segment revenues reached $627 million, up 12% year over year, driven by strong demand for Xifaxan, Trulance, and Relistor, surpassing the Zacks Consensus Estimate of $589 million [3][4] - International revenues totaled $278 million, a 1% increase year over year, but fell short of estimates, with organic growth also at 1% [5] - Solta Medical reported revenues of $128 million, up 25% year over year, driven by global volume expansion, although it missed the model estimate [8] - Diversified Products revenues decreased by 13% to $219 million, with declines in neurology, generics, and dermatology segments [9][10] - Bausch + Lomb revenues amounted to $1.3 billion, a 5% increase year over year, exceeding estimates and driven by growth in the vision care segment [10] Pipeline Development - BHC is reviewing pipeline candidate amiselimod for ulcerative colitis treatment and has submitted an application for Cabtreo, which was approved in Canada [11] - Phase III studies for rifaximin are ongoing, with top-line results expected by early 2026 [12] - The Clear and Brilliant Touch program is advancing with approvals in multiple countries, and the Fraxel FTX system was launched in the U.S. in April 2025 [13][14] Financial Guidance - BHC updated its 2025 revenue guidance to a range of $10-$10.25 billion, with Bausch + Lomb revenues projected between $5.05-$5.15 billion [15] Acquisition Activity - BHC announced plans to acquire DURECT Corporation for $63 million, with potential milestone payments of up to $350 million, focusing on larsucosterol for alcoholic hepatitis treatment [17][18][19]