BHC
Bausch Health Companies Inc.6.93
+0.02+0.29%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Confirms 2027 EBITDA dip to $2.7B
Q&A confirmed 2027 adjusted EBITDA will dip to around $2.7B from IRA pricing hikes and Xifaxan pressures, offsetting 2026 growth to keep the two-year average flat versus 2025. Shibo integration proved smooth despite a $10-15M Q4 EBITDA hit from accounting step-up and transition. Larsucosterol Phase III targets over 50% mortality reduction in alcohol-associated hepatitis via a 350-patient U.S. trial. BD accelerates with bolt-ons leveraging commercial teams; B&L separation likely via patient equity sales. No walk-backs, just color. Solta rebounds key.
Key Stats
Market Cap
2.57BP/E (TTM)
7.14Basic EPS (TTM)
0.97Dividend Yield
0%Recent Filings
8-K
Exec PSUs shift to cash
Bausch Health switched 2023 PSUs for executives Thomas Appio (1,137,862 units) and Seana Carson (137,922 units) to cash settlement at March 3, 2026 vesting, based on closing stock price. The Compensation Committee amended Appio's agreement and struck a tax-compliant deal with Carson. Cash payout sidesteps stock issuance.
10-K
FY2025 results
Bausch Health delivered FY2025 revenues of $10.3B, up 7% y/y, with Salix surging 11% to $2.6B on Xifaxan strength and improved pricing, while Bausch + Lomb grew 6% to $5.1B across eye health lines. Q4 momentum accelerated in Solta Medical (18% y/y growth) and Salix, fueled by volume gains and Thermage FLX launches, though enVista IOL recall briefly disrupted surgical. Margins held steady at 41% despite higher SG&A; debt refinancings extended $10B+ maturities to 2030-32. Cash from operations topped $1.4B. Xifaxan IRA pricing hits 2027. Generic entry risks loom.
8-K
Q4 revenues beat, debt extended
Bausch Health posted Q4 revenues of $2.80B, up 9% reported and 6% organic, with full-year $10.27B up 7% reported and 5% organic, beating guidance. Adjusted EBITDA hit $1.05B in Q4 (up 13%) and $3.54B yearly (up 7%), fueled by Salix and Solta growth despite $145M Generics goodwill hit. China aesthetics buy bolsters reach; debt swaps extend maturities. 2026 guides revenues $10.625-$10.875B.
8-K
Phase 3 trials fail endpoints
Bausch Health disclosed on January 23, 2026, that its Phase 3 RED-C trials for amorphous-rifaximin SSD in preventing hepatic encephalopathy in cirrhosis patients failed primary endpoints, despite good safety. The two global studies spanned over 1,000 patients at 398 sites. Company reviews data for new paths forward. Trials missed the mark.
8-K
JPM conference updates ahead
Bausch Health previews its January 14, 2026, J.P. Morgan Healthcare Conference presentation, where management will share strategic and business updates. They'll reaffirm full-year 2025 guidance at the higher end for the company excluding Bausch + Lomb, as set in the October 29 Q3 release. Updates carry forward-looking risks detailed in SEC filings.
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