Bausch Health Companies Inc.

Listed Company

BHCCIK 0000885590NYSELarge AcceleratedPharmaceutical PreparationsNew JerseyCAFY ends Dec 31

Period

FY 2025

Revenue

$10.27B

Net Income

$157.00M

Total Assets

$26.37B

Equity

$-554.00M

Shares Out

373.48M

Op. Cash Flow

$1.40B

Business

Bausch Health Companies Inc. is a global, diversified specialty pharmaceutical and medical device company that develops, manufactures and markets products primarily in gastroenterology, hepatology, neurology, dermatology and eye health through its majority ownership of Bausch + Lomb. It offers a broad range of branded, generic and branded generic pharmaceuticals, over‑the‑counter products, aesthetic medical devices and integrated eye‑care products including contact lenses, intraocular lenses, surgical systems and vision supplements. The company reports five segments: Salix, International, Solta Medical, Diversified and Bausch + Lomb. Its products are marketed directly and indirectly in approximately 90 countries via its sales force, wholesalers, distributors and direct‑to‑consumer channels.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	10,266	9,625	8,757	8,124	8,434
Selling, general and administrative	3,438	3,296	2,917	2,625	2,624
Research and development	629	616	604	529	465
Amortization of intangible assets	1,001	1,077	1,077	1,215	1,375
Goodwill impairments	145	0	493	824	469
Asset impairments	8	29	54	15	234
Restructuring, integration and separation costs	77	32	62	63	50
Other expense, net	142	247	28	35	373
Total expenses	8,453	8,079	7,794	7,670	7,984
Operating income	1,813	1,546	963	454	450
Interest income	48	33	26	14	7
Interest expense	−1,604	−1,388	−1,328	−1,464	−1,426
Gain on extinguishment of debt	162	23	1	875	−62
Foreign exchange and other	−52	−47	−52	−8	7
Income (loss) before income taxes	367	167	−390	−129	−1,024
Provision for income taxes	−247	−239	−221	−83	87
Net income (loss)	120	−72	−611	−212	−937
Net loss attributable to noncontrolling interest	37	26	19	−13	−11
Net income (loss) attributable to Bausch Health Companies Inc.	157	−46	−592	−225	−948
Basic (in dollars per share)	0.42	−0.13	−1.62	−0.62	−2.64
Diluted (in dollars per share)	0.42	−0.13	−1.62	−0.62	−2.64
Basic (in shares)	371	368	365	362	359
Diluted (in shares)	375	368	365	362	359

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,309	1,181	947	564	582
Restricted cash	16	20	15	27	—
Trade receivables, net	2,351	2,140	1,998	1,790	1,775
Inventories, net	1,629	1,595	1,544	1,090	993
Prepaid expenses and other current assets	852	838	1,092	776	720
Total current assets	6,157	5,774	5,596	4,247	5,607
Property, plant and equipment, net	2,074	1,780	—	—	—
Intangible assets, net	4,643	5,551	6,456	5,800	6,948
Goodwill	11,271	11,087	11,183	11,547	12,457
Deferred tax assets, net	1,843	1,968	2,101	2,166	2,252
Other non-current assets	378	363	307	326	340
Total assets	26,366	26,523	27,350	25,686	29,202
Accounts payable	600	589	719	521	407
Accrued and other current liabilities	3,344	3,489	3,133	2,988	4,791
Financial leases	11	0	—	—	—
Current portion of long-term debt	225	2,674	450	432	0
Total current liabilities	4,180	6,752	4,302	3,941	5,198
Acquisition-related contingent consideration	254	310	253	208	202
Non-current portion of financial leases	23	0	—	—	—
Non-current portion of long-term debt	20,592	18,942	21,938	20,334	22,654
Deferred tax liabilities, net	147	128	163	202	529
Other non-current liabilities	793	713	776	741	653
Total liabilities	25,989	26,845	27,432	25,426	29,236
Commitments and contingencies (Notes 21 and 22)	—	—	—	—	—
Common shares, no par value, unlimited shares authorized, 370,531,987 and 367,843,058 issued and outstanding at December 31, 2025 and 2024, respectively	10,516	10,490	10,423	10,391	10,317
Additional paid-in capital	357	234	214	159	462
Accumulated deficit	−9,667	−9,824	−9,778	−9,186	−8,961
Accumulated other comprehensive loss	−1,760	−2,179	−1,881	−2,056	−1,924
Total Bausch Health Companies Inc. shareholders deficit	−554	−1,279	−1,022	−692	−106
Noncontrolling interest	931	957	940	952	72
Total equity (deficit)	377	−322	−82	260	−34
Total liabilities and equity (deficit)	26,366	26,523	27,350	25,686	29,202

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization of intangible assets	1,208	1,267	1,264	1,394	1,552
Amortization and write-off of debt discounts and debt issuance costs	94	55	65	99	55
Acquisition-related contingent consideration	−36	14	59	29	11
Allowances for losses on trade receivables and inventories	71	62	56	51	60
Deferred income taxes	80	66	51	−176	−225
Net gain on sale of assets	−6	−10	−3	−5	−2
Additions to accrued legal settlements	61	220	26	9	569
Payments of accrued legal settlements	−215	−230	−10	−1,572	−351
Share-based compensation	216	150	132	126	128
Gain excluded from hedge effectiveness	−10	−13	−13	−6	−20
Third party fees paid in connection with the 2022 Exchange	0	0	−2	−34	0
Payments of contingent consideration adjustments, including accretion	−8	−10	−10	−2	−16
Amortization of inventory step-up resulting from acquisitions	64	82	23	0	0
Foreign exchange and other	−11	3	41	3	−35
Trade receivables	−134	−216	−195	−57	−229
Inventories	−12	−267	−322	−198	−16
Prepaid expenses and other current assets	3	133	−223	−66	−4
Accounts payable, accrued and other liabilities	−76	357	158	−75	121
Net cash provided by operating activities	1,400	1,597	1,032	−728	1,426
Acquisitions and other investments	−204	−136	−1,890	−45	—
Purchases of property, plant and equipment	−397	−337	−215	−218	−269
Acquisition of intangible assets and other assets	−10	−3	−57	−50	−14
Purchases of marketable securities	−11	−12	−27	−17	−19
Proceeds from sale of marketable securities	8	14	26	22	15
Proceeds from sale of assets and businesses, net of costs to sell	7	7	5	5	669
Interest settlements from cross-currency swaps	12	13	13	0	—
Net cash used in investing activities	−595	−454	−2,145	−303	409
Issuance of long-term debt, net of discounts	10,554	661	3,291	6,836	2,100
Repayments of long-term debt	−11,191	−1,460	−1,710	−7,846	−3,440
Payment of employee withholding taxes related to share-based awards	−24	−26	−24	−31	−52
Payments of acquisition-related contingent consideration	−26	−27	−35	−26	−83
Payments of financing costs	−45	−5	−36	−71	−48
Other	−10	−11	−11	−11	10
Net cash (used in) provided by financing activities	−742	−868	1,475	−474	−1,513
Effect of exchange rate changes on cash and cash equivalents	61	−36	9	−23	−19
Net increase in cash, cash equivalents and restricted cash	124	239	371	−1,528	303

Filings

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