Bausch Health Companies Inc.

Who owns Bausch Health?
Bausch Health Companies Inc. is a publicly traded company listed on the NYSE and TSX under ticker BHC, with 370,562,428 shares outstanding as of February 13, 2026. The company has a dispersed shareholder base with institutional investors holding the majority of shares and no single controlling shareholder. The aggregate market value of common shares held by non-affiliates was approximately $2 billion as of June 30, 2025.

What is Bausch Health's annual revenue?
Bausch Health reported consolidated revenue of $10.27 billion for fiscal year 2025, an increase of 7% on a reported basis and 5% on an organic basis compared to FY2024. GAAP net income attributable to Bausch Health was $157 million, and Consolidated Adjusted EBITDA was $3.54 billion, up 7%. For Q2 2026, consolidated revenue was $2.85 billion, up 13%, and the company raised its full-year 2026 guidance.

What brands does Bausch Health own?
Bausch Health owns Salix Pharmaceuticals (gastroenterology, including Xifaxan and Trulance), Solta Medical (aesthetic devices including Thermage and Fraxel), Ortho Dermatologics (dermatology pharmaceuticals), and DURERT Corporation (hepatology, acquired 2025). The company also holds approximately 88% ownership of Bausch + Lomb Corporation (NYSE: BLCO), a leading eye health brand for contact lenses, intraocular lenses, and ophthalmic surgical equipment.

Is Bausch Health the same as Valeant?
Yes, Bausch Health was formerly known as Valeant Pharmaceuticals International. The company changed its name to Bausch Health Companies Inc. in 2018 to distance itself from the controversies of the Valeant era, including the Philidor Rx Services scandal, drug pricing investigations, and accounting restatements that caused the stock price to collapse from approximately $263 to under $20 per share between 2015 and 2016.

What is Xifaxan and why is it important to Bausch Health?
Xifaxan (rifaxmin) is a gastroenterology drug used to treat irritable bowel syndrome with diarrhea and hepatic encephalopathy. It is Bausch Health's largest product and the primary revenue driver in the Salix segment, with 26% revenue growth in Q2 2026. Patent litigation has blocked generic competition until at least 2029, with an appeals court affirming the FDA's block of Norwich Pharmaceuticals' generic in June 2026. However, Xifaxan has been selected for CMS drug price negotiation under the Inflation Reduction Act, with initial price applicability in 2027.

What is the Bausch + Lomb separation?
Bausch Health announced in August 2020 its plan to separate its eye health business (Bausch + Lomb) into an independent publicly traded entity. Bausch + Lomb completed its IPO in May 2022 (NYSE: BLCO), with Bausch Health retaining approximately 88% ownership. The full separation, which may include monetizing Bausch Health's ownership interest or transferring equity to shareholders, remains subject to achieving targeted debt leverage ratios and receiving necessary approvals. No definitive timeline has been provided as of 2026.

How much debt does Bausch Health have?
Bausch Health carries a substantial debt load from its Valeant-era acquisition strategy. In 2025, the company completed $9.6 billion in total debt refinancing, including a $1.7 billion debt exchange offer in Q4 2025, extending near- and medium-term maturities. The debt burden has been a primary constraint on financial flexibility and has delayed the full separation of Bausch + Lomb. The company generated $1.2 billion in Adjusted Cash Flow from Operations in FY2025.

Who is the CEO of Bausch Health?
Thomas J. Appio serves as Chief Executive Officer of Bausch Health Companies Inc. Under his leadership, the company has delivered thirteen consecutive quarters of year-over-year growth in both Revenue and Adjusted EBITDA for Bausch Health excluding Bausch + Lomb, as of Q2 2026. Appio has focused on commercial and operational excellence, strategic acquisitions, and proactive debt management.

The company was originally incorporated in 1958 as ICN Pharmaceuticals, founded by Milan Panic. The company later became known as Valeant Pharmaceuticals International. Under the Valeant name, the company pursued an aggressive acquisition strategy throughout the 2000s and 2010s, acquiring numerous pharmaceutical companies to build its portfolio.

Notable acquisitions included the merger with Biovail Corporation in 2010 (in a $3.2 billion deal that moved the company's headquarters to Canada), the acquisition of Bausch + Lomb from Warburg Pincus in 2013 for $8.7 billion, and the acquisition of Salix Pharmaceuticals in 2015 for approximately $14.5 billion. The Salix acquisition expanded the company's gastroenterology franchise significantly.

Valeant faced significant controversy beginning in 2015. The company was investigated for its accounting practices, drug pricing strategies, and its relationship with specialty pharmacy Philidor Rx Services. The company's stock price declined from a peak of approximately $263 per share in August 2015 to under $20 by 2016. CEO J. Michael Pearson resigned in 2016. The company faced multiple regulatory investigations, congressional hearings on drug pricing, and securities fraud lawsuits.

In 2018, the company changed its name from Valeant Pharmaceuticals International to Bausch Health Companies Inc. to distance itself from the controversy. The company focused on restructuring, debt reduction, and stabilizing its operations. Joseph Papa, who had replaced Pearson as CEO, led the initial restructuring efforts.

In May 2022, Bausch Health completed the initial public offering of Bausch + Lomb Corporation (NYSE: BLCO), selling 35 million shares while retaining approximately 88% ownership. The separation was intended to create two independent companies, though the full separation remains subject to achieving targeted debt leverage ratios and necessary approvals.

Under CEO Thomas J. Appio, the company has focused on commercial and operational excellence. In 2025, Bausch Health completed $9.6 billion in debt refinancing, extending near- and medium-term maturities. The company acquired DURERT Corporation, adding a late-stage hepatology asset, and completed the acquisition of Shibo Zhenmei's full-service aesthetics distribution business in China on December 1, 2025. As of Q2 2026, the company had delivered thirteen consecutive quarters of year-over-year revenue and Adjusted EBITDA growth for Bausch Health excluding Bausch + Lomb.

Bausch Health publishes sustainability information as part of its annual reporting. The company's sustainability efforts focus on responsible pharmaceutical manufacturing, patient access to medications, and corporate governance reforms following the Valeant-era controversies.

The company has implemented compliance programs and corporate governance reforms following the 2015-2016 Valeant scandal, including enhanced board oversight, improved internal controls, and stricter ethical standards for pricing and marketing practices. The company has also focused on expanding patient access programs to improve affordability of its medications.

Bausch + Lomb, as a separately traded subsidiary, maintains its own sustainability initiatives focused on eye health access programs and environmental responsibility in manufacturing.

Bausch Health has received limited public recognition compared to peers, reflecting the lasting reputational impact of the Valeant-era controversies. The company has focused on rebuilding trust through operational performance rather than pursuing awards. Notable achievements include:

• Thirteen consecutive quarters of year-over-year Revenue and Adjusted EBITDA growth for Bausch Health excluding Bausch + Lomb (as of Q2 2026)
• Successful debt refinancing of $9.6 billion in 2025, extending near- and medium-term maturities
• Xifaxan patent litigation victories protecting the franchise through at least 2029

Bausch Health and its predecessor Valeant have faced extensive controversy and regulatory scrutiny:

Valeant-era scandals (2015-2018): Under CEO J. Michael Pearson, Valeant pursued an aggressive acquisition strategy and implemented steep drug price increases. The company's relationship with specialty pharmacy Philidor Rx Services, which was used to distribute Valeant drugs, led to investigations by the SEC, Congress, and state regulators. The company restated earnings, faced securities fraud class action lawsuits, and saw its stock price collapse from approximately $263 to under $20 per share. CEO Pearson resigned in 2016. The company settled numerous lawsuits and changed its name to Bausch Health in 2018.

Xifaxan patent litigation: Bausch Health and its Salix subsidiary have engaged in extensive patent litigation to protect Xifaxan from generic competition. In April 2025, the U.S. District Court for the District of Columbia granted summary judgment in favor of the FDA, Salix, and Teva, and against Norwich Pharmaceuticals, blocking Norwich from launching its generic Xifaxan until at least 2029. In June 2026, an appeals court affirmed the FDA's block of the Norwich generic. Additionally, Bausch settled patent litigation with MSN Laboratories over the constipation drug Trulance in 2025.

Generic drug price-fixing antitrust case: In May 2026, Bausch Health agreed to pay $4.1 million to settle allegations that it conspired with other generic drug manufacturers to artificially inflate and manipulate prices for numerous generic prescription drugs. The settlement with U.S. states received final court approval. Lannett Company, a co-defendant, agreed to pay $13.8 million.

Inflation Reduction Act drug price negotiation: Xifaxan has been selected by CMS for the second round of drug price negotiation under the Inflation Reduction Act, with initial price applicability in 2027. This could materially reduce revenue from the company's largest product.

Bausch + Lomb separation delays: The planned full separation of Bausch + Lomb has been repeatedly delayed, subject to the achievement of targeted debt leverage ratios. The company has stated it continues to evaluate the separation, but no definitive timeline has been provided.

Ongoing debt burden: The company carries a substantial debt load from its acquisition-focused history. While the $9.6 billion debt refinancing in 2025 extended maturities, the debt burden continues to constrain financial flexibility and has delayed the Bausch + Lomb separation.