EARNINGS (LOSS) PER SHARE
Earnings (loss) per share attributable to Bausch Health Companies Inc. for 2025, 2024 and 2023 was calculated as follows:
(in millions, except per share amounts)202520242023
Net income (loss) attributable to Bausch Health Companies Inc.$157 $(46)$(592)
Basic weighted-average common shares outstanding370.9 368.0 364.9 
Diluted effect of stock options and RSUs4.1 — — 
Diluted weighted-average common shares outstanding$375.0 $368.0 $364.9 
Earnings (loss) per share attributable to Bausch Health Companies Inc.
Basic$0.42 $(0.13)$(1.62)
Diluted$0.42 $(0.13)$(1.62)
In 2024 and 2023, all potential common shares issuable for stock options and RSUs were excluded from the calculation of diluted loss per share, as the effect of including them would have been anti-dilutive. The dilutive effect of potential common shares issuable for stock options and RSUs on the weighted-average number of common shares outstanding would have been approximately 3,142,000 and 2,719,000 common shares for 2024 and 2023, respectively.
During 2025, 2024 and 2023, time-based RSUs, performance-based RSUs and stock options to purchase approximately 5,607,000, 8,031,000 and 13,864,000 common shares of the Company, respectively, were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive under the treasury stock method.
During 2023, an additional 596,000 performance-based RSUs respectively, were not included in the computation of diluted earnings per share as the required performance conditions had not been met.

Historical Timeline

Fiscal YearFiled
2025Feb 19, 2026Showing above
2019Feb 19, 2020
2018Feb 20, 2019
2017Feb 28, 2018
2016Mar 1, 2017
2015Apr 29, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.