Bausch Health Companies Inc.BHC
Bausch Health Companies Inc. Segments Disclosure
SEGMENT INFORMATION
Reportable Segments
The following is a brief description of the Company’s segments:
•The Salix segment consists of sales in the U.S. of GI products. Sales of the Xifaxan® product line currently represent approximately 85% of the Salix segment revenues.
•The International segment consists of sales, with the exception of sales of Bausch + Lomb products and Solta Medical aesthetic medical devices, outside the U.S. of branded pharmaceutical products, branded generic pharmaceutical products and OTC products.
•The Solta Medical segment consists of global sales of Solta Medical aesthetic medical devices.
•The Diversified segment consists of sales in the U.S. of: (i) pharmaceutical products in the areas of neurology and certain other therapeutic classes, (ii) dermatology products, (iii) generic pharmaceutical products and (iv) dentistry products.
•The Bausch + Lomb segment consists of global sales of Bausch + Lomb Vision Care, Surgical and Pharmaceuticals products.
Resources are allocated and performance is assessed by the Company’s Chief Executive Officer, whom the Company has determined to be the Company’s Chief Operating Decision Maker (the “CODM”). The CODM evaluates the performance of its segments and allocates resources to them based on segment profit. Segment profit is based on operating income after the elimination of intercompany transactions. Certain costs, such as Amortization of intangible assets, Goodwill impairments, Asset impairments, Restructuring, integration and separation costs, and Other expense, net, are not included in the measure of segment profit, as management excludes these items in assessing segment financial performance.
The CODM uses segment profit in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a monthly basis for segment profit when making decisions about allocating capital and personnel to the segments. The CODM uses segment profit in determining the compensation of certain employees. In assessing segment performance and managing operations, the CODM does not review segment assets.
Corporate includes the finance, treasury, certain research and development programs, tax and legal operations of the Company’s businesses and certain expenses, gains and losses related to the overall management of the Company, which are not allocated to the other business segments. Furthermore, a portion of share-based compensation is considered a corporate cost since the amount of such expense depends on company-wide performance rather than the operating performance of any single segment.
Revenues by Segment and Product Category and Segment Profits
Segment revenues by product category and segment profits for the years 2025, 2024 and 2023 were as follows:
| For the year ended December 31, 2025 | |||||||||||||||||||||||||||||||||||
| (in millions) | Salix | International | Solta Medical | Diversified | Bausch + Lomb | Total | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Pharmaceuticals | $ | 2,578 | $ | 249 | $ | — | $ | 839 | $ | 1,081 | $ | 4,747 | |||||||||||||||||||||||
| Devices | — | — | 517 | — | 1,922 | 2,439 | |||||||||||||||||||||||||||||
| OTC | — | 168 | — | 6 | 1,834 | 2,008 | |||||||||||||||||||||||||||||
| Branded and Other generics | — | 642 | — | 77 | 243 | 962 | |||||||||||||||||||||||||||||
| Other revenues | — | 73 | 1 | 15 | 21 | 110 | |||||||||||||||||||||||||||||
| Total revenues | 2,578 | 1,132 | 518 | 937 | 5,101 | $ | 10,266 | ||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
Cost of goods sold (a) | 172 | 476 | 129 | 127 | 2,045 | ||||||||||||||||||||||||||||||
| Costs of other revenues | — | 59 | — | — | 5 | ||||||||||||||||||||||||||||||
| Selling, general and administrative | 402 | 236 | 131 | 169 | 1,782 | ||||||||||||||||||||||||||||||
| Research and development | 79 | 27 | 26 | 14 | 144 | ||||||||||||||||||||||||||||||
| Segment profit | $ | 1,925 | $ | 334 | $ | 232 | $ | 627 | $ | 1,125 | 4,243 | ||||||||||||||||||||||||
| Corporate | (1,057) | ||||||||||||||||||||||||||||||||||
| Amortization of intangible assets | (1,001) | ||||||||||||||||||||||||||||||||||
| Goodwill impairments | (145) | ||||||||||||||||||||||||||||||||||
| Asset impairments | (8) | ||||||||||||||||||||||||||||||||||
| Restructuring, integration and separation costs | (77) | ||||||||||||||||||||||||||||||||||
| Other expense, net | (142) | ||||||||||||||||||||||||||||||||||
| Operating income | 1,813 | ||||||||||||||||||||||||||||||||||
| Interest income | 48 | ||||||||||||||||||||||||||||||||||
| Interest expense | (1,604) | ||||||||||||||||||||||||||||||||||
| Gain on extinguishment of debt | 162 | ||||||||||||||||||||||||||||||||||
| Foreign exchange and other | (52) | ||||||||||||||||||||||||||||||||||
| Income before income taxes | $ | 367 | |||||||||||||||||||||||||||||||||
| For the year ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| (in millions) | Salix | International | Solta Medical | Diversified | Bausch + Lomb | Total | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Pharmaceuticals | $ | 2,330 | $ | 248 | $ | — | $ | 849 | $ | 969 | $ | 4,396 | |||||||||||||||||||||||
| Devices | — | — | 440 | — | 1,800 | 2,240 | |||||||||||||||||||||||||||||
| OTC | — | 173 | — | 6 | 1,724 | 1,903 | |||||||||||||||||||||||||||||
| Branded and Other generics | — | 624 | — | 74 | 281 | 979 | |||||||||||||||||||||||||||||
| Other revenues | 3 | 66 | — | 21 | 17 | 107 | |||||||||||||||||||||||||||||
| Total revenues | $ | 2,333 | $ | 1,111 | $ | 440 | $ | 950 | $ | 4,791 | $ | 9,625 | |||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
Cost of goods sold (a) | 174 | 449 | 98 | 140 | 1,868 | ||||||||||||||||||||||||||||||
| Costs of other revenues | — | 48 | 1 | — | 4 | ||||||||||||||||||||||||||||||
| Selling, general and administrative | 458 | 214 | 110 | 169 | 1,690 | ||||||||||||||||||||||||||||||
| Research and development | 99 | 24 | 18 | 15 | 121 | ||||||||||||||||||||||||||||||
| Segment profit | $ | 1,602 | $ | 376 | $ | 213 | $ | 626 | $ | 1,108 | 3,925 | ||||||||||||||||||||||||
| Corporate | (994) | ||||||||||||||||||||||||||||||||||
| Amortization of intangible assets | (1,077) | ||||||||||||||||||||||||||||||||||
| Asset impairments | (29) | ||||||||||||||||||||||||||||||||||
| Restructuring, integration and separation costs | (32) | ||||||||||||||||||||||||||||||||||
| Other expense, net | (247) | ||||||||||||||||||||||||||||||||||
| Operating income | 1,546 | ||||||||||||||||||||||||||||||||||
| Interest income | 33 | ||||||||||||||||||||||||||||||||||
| Interest expense | (1,388) | ||||||||||||||||||||||||||||||||||
| Gain on extinguishment of debt | 23 | ||||||||||||||||||||||||||||||||||
| Foreign exchange and other | (47) | ||||||||||||||||||||||||||||||||||
| Income before income taxes | $ | 167 | |||||||||||||||||||||||||||||||||
| For the year ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
| (in millions) | Salix | International | Solta Medical | Diversified | Bausch + Lomb | Total | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Pharmaceuticals | $ | 2,251 | $ | 250 | $ | — | $ | 790 | $ | 618 | $ | 3,909 | |||||||||||||||||||||||
| Devices | — | — | 347 | — | 1,650 | 1,997 | |||||||||||||||||||||||||||||
| OTC | — | 179 | — | 7 | 1,611 | 1,797 | |||||||||||||||||||||||||||||
| Branded and Other generics | — | 588 | — | 120 | 252 | 960 | |||||||||||||||||||||||||||||
| Other revenues | (1) | 54 | — | 26 | 15 | 94 | |||||||||||||||||||||||||||||
| Total revenues | 2,250 | 1,071 | 347 | 943 | 4,146 | $ | 8,757 | ||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||
Cost of goods sold (a) | 182 | 470 | 78 | 149 | 1,640 | ||||||||||||||||||||||||||||||
| Costs of other revenues | — | 38 | — | — | 2 | ||||||||||||||||||||||||||||||
| Selling, general and administrative | 416 | 205 | 88 | 190 | 1,402 | ||||||||||||||||||||||||||||||
| Research and development | 104 | 23 | 20 | 18 | 122 | ||||||||||||||||||||||||||||||
| Segment profit | $ | 1,548 | $ | 335 | $ | 161 | $ | 586 | $ | 980 | 3,610 | ||||||||||||||||||||||||
| Corporate | (933) | ||||||||||||||||||||||||||||||||||
| Amortization of intangible assets | (1,077) | ||||||||||||||||||||||||||||||||||
| Goodwill impairments | (493) | ||||||||||||||||||||||||||||||||||
| Asset impairments | (54) | ||||||||||||||||||||||||||||||||||
| Restructuring, integration and separation costs | (62) | ||||||||||||||||||||||||||||||||||
| Other expense, net | (28) | ||||||||||||||||||||||||||||||||||
| Operating income | 963 | ||||||||||||||||||||||||||||||||||
| Interest income | 26 | ||||||||||||||||||||||||||||||||||
| Interest expense | (1,328) | ||||||||||||||||||||||||||||||||||
| Gain on extinguishment of debt | 1 | ||||||||||||||||||||||||||||||||||
| Foreign exchange and other | (52) | ||||||||||||||||||||||||||||||||||
| Loss before income taxes | $ | (390) | |||||||||||||||||||||||||||||||||
(a) Cost of goods sold excludes amortization and impairments of intangible assets.
Revenues for the Company’s top ten products for the years 2025, 2024 and 2023 represented 51%, 50% and 48% of total product sales, respectively.
Geographic Information
Revenues are attributed to a geographic region based on the location of the customer and for the years 2025, 2024 and 2023, were as follows:
| (in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| U.S. | $ | 6,138 | $ | 5,767 | $ | 5,194 | |||||||||||
| China | 493 | 496 | 441 | ||||||||||||||
| Canada | 417 | 402 | 366 | ||||||||||||||
| Poland | 382 | 350 | 319 | ||||||||||||||
| Mexico | 278 | 315 | 322 | ||||||||||||||
| France | 249 | 230 | 214 | ||||||||||||||
| South Korea | 234 | 146 | 93 | ||||||||||||||
| Russia | 198 | 161 | 148 | ||||||||||||||
| Japan | 192 | 188 | 194 | ||||||||||||||
| Germany | 176 | 159 | 152 | ||||||||||||||
| United Kingdom | 141 | 135 | 125 | ||||||||||||||
| Spain | 109 | 99 | 92 | ||||||||||||||
| Italy | 106 | 94 | 86 | ||||||||||||||
| Other | 1,153 | 1,083 | 1,011 | ||||||||||||||
| $ | 10,266 | $ | 9,625 | $ | 8,757 | ||||||||||||
Long-lived assets consisting of property, plant and equipment, net of accumulated depreciation, are attributed to geographic regions based on their physical location and as of December 31, 2025 and 2024 were as follows:
| (in millions) | 2025 | 2024 | |||||||||
| U.S. | $ | 898 | $ | 876 | |||||||
| Ireland | 544 | 425 | |||||||||
| Germany | 162 | 104 | |||||||||
| Other | 470 | 375 | |||||||||
| $ | 2,074 | $ | 1,780 | ||||||||
Major Customers
Customers that accounted for 10% or more of total revenues were as follows:
| 2025 | 2024 | 2023 | |||||||||||||||
| Cencora Inc. | 18% | 19% | 19% | ||||||||||||||
| McKesson Corporation | 16% | 15% | 15% | ||||||||||||||
| Cardinal Health, Inc. | 14% | 14% | 13% | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Apr 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.