BHC

MKT CAP:$2B

Bausch Health Companies Inc.

Market Cap

$2B

Healthcare·Drug Manufacturers - Specialty & Generic·🇨🇦 Canada·NYSE

Healthcare·Drug·🇨🇦·NYSE

Stock Price

$5.56-$1.65 (-22.88%)

Apr 24, 2026

Company Details

Bausch Health Companies Inc., together with its subsidiaries, develops, manufactures, and markets a range of pharmaceutical, medical device, and over-the-counter (OTC) products primarily in the therapeutic areas of eye health, gastroenterol...

CEO

Thomas J. Appio

IPO Date

Mar 29, 1994

Website

www.bauschhealth.com

Key Metrics TTM

Revenue

$9.5B

+8.2% YoY

Net Income

-$1.1B

EPS (Diluted)

-$3.09

Free Cash Flow

$1.5B

Revenue / Share

$25.54

Gross Margin

68.3%

Operating Margin

7.0%

Net Margin

-11.9%

FCF Margin

15.3%

P/S

0.2x

P/E

—

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

Q4 2025

Feb 18, 2026

$2.8BEPS -$0.31

Q2 2024

Aug 1, 2024

$2.4BEPS $0.03

Q4 2022

Feb 23, 2023

$2.2BEPS -$1.13

Q1 2021

May 4, 2021

$2.0BEPS -$1.68

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 16	$2.4B	$1.8B	$66M
Q3 16	$2.5B	$1.8B	-$863M
Q1 17	$2.1B	$1.5B	$211M
Q3 17	$2.2B	$1.6B	$38M
Q4 17	$2.2B	$1.5B	-$322M
Q3 18	$2.1B	$1.6B	$117M
Q4 19	$2.2B	$1.6B	-$1.1B
Q1 21	$2.0B	$1.5B	-$221M
Q4 22	$2.2B	$1.5B	-$236M
Q2 24	$2.4B	$1.7B	$389M
Q4 25	$2.8B	$1.8B	$730M

Valuation

Quarter	P/S	P/E
Q1 16	—	—
Q3 16	—	—
Q1 17	—	—
Q3 17	0.2x	6.2x
Q4 17	0.2x	1.7x
Q3 18	0.2x	1.0x
Q4 19	0.2x	—
Q1 21	0.2x	—
Q4 22	0.2x	—
Q2 24	0.2x	—
Q4 25	0.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 16	$558M	$489M
Q3 16	$568M	$478M
Q1 17	$954M	$785M
Q3 17	$490M	$442M
Q4 17	$578M	$506M
Q3 18	$522M	$489M
Q4 19	$234M	$149M
Q1 21	$443M	$375M
Q4 22	$438M	$373M
Q2 24	$379M	$301M
Q4 25	$496M	$403M

Capital Expenditures

Quarter	CapEx
Q1 16	$70M
Q3 16	$91M
Q1 17	$169M
Q3 17	$48M
Q4 17	$72M
Q3 18	$33M
Q4 19	$85M
Q1 21	$68M
Q4 22	$65M
Q2 24	$78M
Q4 25	$93M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 17	-8.8%	+7.8%
Q3 18	-13.8%	-39.6%
Q4 19	+5.5%	+73.9%
Q1 21	-8.7%	+3.1%
Q4 22	+1.4%	-2.3%
Q2 24	+12.5%	-0.2%
Q4 25	+27.7%	-36.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 16	$64M	2.7%
Q3 16	$37M	1.5%
Q1 17	$28M	1.3%
Q3 17	$19M	0.9%
Q4 17	$17M	0.8%
Q3 18	$22M	1.0%
Q4 19	$25M	1.1%
Q1 21	$31M	1.5%
Q4 22	$0	0.0%
Q2 24	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 16	$104M	—	—	$776M
Q3 16	$132M	—	—	$661M
Q1 17	$100M	—	—	$661M
Q3 17	$81M	—	—	$623M
Q4 17	$90M	$177M	$462M	—
Q3 18	$107M	—	—	$614M
Q4 19	$150M	$124M	$544M	—
Q1 21	$114M	—	—	$586M
Q4 22	$142M	$138M	$518M	—
Q2 24	$159M	—	—	$832M
Q4 25	$161M	—	—	$896M

Revenue Segments

Quarter	Baush and Lomb/International Segment	Branded Rx Segment	US Diversified Products Segment	Branded and Other Generic Products	Device Products	Other Product Lines	Over the Counter Products	Pharmaceutical Products	Product	Product and Service, Other	Other Revenues
Q1 17	$1.1B	$604M	$355M	—	—	—	—	—	—	—	—
Q3 17	$1.3B	$633M	$332M	—	—	—	—	—	—	—	—
Q3 18	—	—	—	$307M	$394M	$28M	$352M	$1.1B	—	—	—
Q4 19	—	—	—	—	—	—	—	—	$2.2B	$26M	—
Q1 21	—	—	—	—	—	—	—	—	$2.0B	$24M	—
Q4 22	—	—	—	—	—	—	—	—	$2.2B	$18M	—
Q2 24	—	—	—	$258M	$547M	—	$490M	$1.1B	—	—	$23M
Q4 25	—	—	—	—	—	—	—	—	$2.8B	$28M	—

Revenue by Geography

Quarter	Canada	China	Egypt	France	Germany	Japan	Korea, Republic Of	Mexico	Other Countries	Poland	United States and Puerto Rico	Italy	Spain
Q1 21	$76M	$110M	$66M	$54M	$42M	$60M	$20M	$69M	$250M	$62M	$1.2B	—	—
Q4 22	$93M	$120M	—	$44M	$35M	$52M	$19M	$76M	$240M	$74M	$1.3B	$16M	$23M
Q2 24	$99M	$122M	—	$65M	$41M	$47M	$34M	$84M	$272M	$78M	$1.4B	$24M	$27M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.2B	$0	$1.2B
Q2 22	$659M	$0	$659M
Q3 22	$486M	$0	$486M
Q4 22	$564M	$0	$564M
Q1 23	$518M	$0	$518M
Q2 23	$437M	$0	$437M
Q3 23	$760M	$0	$760M
Q4 23	$947M	$0	$947M
Q1 24	$733M	$0	$733M
Q2 24	$595M	$0	$595M
Q3 24	$719M	$0	$719M
Q4 24	$1.2B	$0	$1.2B
Q1 25	$1.1B	$0	$1.1B
Q2 25	$1.7B	$0	$1.7B
Q3 25	$1.3B	$0	$1.3B
Q4 25	$1.3B	$0	$1.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 16	345M	—	—
Q3 16	350M	+1.3%	—
Q1 17	351M	+0.3%	—
Q3 17	352M	+0.5%	—
Q4 17	354M	+0.4%	+2.6%
Q3 18	352M	-0.6%	+0.6%
Q4 19	359M	+2.2%	+2.5%
Q1 21	364M	+1.2%	+3.2%
Q4 22	362M	-0.4%	+2.3%
Q2 24	370M	+2.3%	+5.3%
Q4 25	371M	+0.1%	+3.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 16	$107.8K	22K
Q3 16	$112.7K	22K
Q1 17	$98.1K	22K
Q3 17	$103.2K	22K
Q4 17	$104.5K	21K
Q3 18	$103.2K	21K
Q4 19	$102.5K	22K
Q1 21	$93.8K	22K
Q4 22	$110.2K	20K
Q2 24	$118.5K	20K
Q4 25	$139.9K	20K

Revenue / Employee