Bausch Health Companies Inc (BHC)

Bausch Health's Aesthetic Business, Solta Medical, Earns Prestigious Trademark Certification of Thermage® in ChinaMay 28, 2026 4:15 PM
PR Newswire (US) Thermage®, a pioneer in non-invasive skin tightening, was awarded the AAA Well-Known Trademark Certification, the highest recognition in China's domestic trademark evaluation system.LAVAL, QC, May 28, 2026 /PRNewswire/ -- Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC), a global, diversified pharmaceutical company, and Solta Medical, a global leader in the medical aesthetics market, are proud to announce that their flagship brand, Thermage®, was awarded the prestigious AAA Well-Known Trademark Certification ("AAA") by the China Trademark Association (CTA), a renowned accreditation reserved for top-tier brands. This elite distinction—earned by only 217 brands across mainland China—recognizes Thermage's exceptional brand reputation, consumer confidence, and market influence."Joining an elite group of only 217 brands nationwide, this distinction cements Thermage's position as a leader in medical aesthetics and is a powerful validation of the reliability and confidence we have established with consumers and practitioners in China," said Thomas J. Appio, CEO of Bausch Health. "It underscores our commitment to innovation with the highest standards of quality and safety.""With over a decade of presence in China, and over 5 million treatments performed worldwide, Thermage® has earned its reputation as a leader in non-invasive aesthetic treatments," said Jiny Kim, Senior Vice President, Solta Medical, Bausch Health. "The AAA rating serves as a credible "mark of trust," allowing consumers to choose Thermage® with confidence in its legitimacy and product integrity."About Thermage® FLX systemINDICATIONSThe radiofrequency energy only delivery components of the Thermage® FLX system and accessories are indicated for use in:Dermatologic and general surgical procedures for electrocoagulation and hemostasisNon-invasive treatment of wrinkles around the eyes, including upper and lower eyelidsNon-invasive treatment of wrinklesThe simultaneous application of radiofrequency energy and skin vibration by the Thermage® FLX system and accessories are indicated for use in:Dermatologic and general surgical procedures for electrocoagulation and hemostasisNon-invasive treatment of wrinkles around the eyeNon-invasive treatment of wrinklesTemporary improvement in the appearance of celluliteRelief of minor muscle aches and painRelief of muscle spasmsTemporary improvement of local circulation (blood circulation)IMPORTANT SAFETY INFORMATIONDo not undergo Thermage® treatment if you have a cardiac pacemaker, a cardioverter, a defibrillator, or any other electrical implant. Let your doctor know if you have an electrical implant or if you have any questions about whether you should undergo a Thermage® treatment.Solta Medical has not studied the use of the Thermage® system:Over skin fillers (lips, cheeks, facial wrinkles and skin folds)In people who are pregnant and/or breast feeding, diabetic, have an auto-immune disease such as lupus, have cold sores, have genital herpes, or have epilepsyIn people who have permanent make-up and/or tattoosIn childrenThe most commonly reported adverse effect during treatment is mild to moderate pain in the area being treated.The most commonly reported adverse effects after treatment include the following:Mild redness may occur and typically resolves within 24 hours.Swelling may occur and typically resolves within 5 days but can remain up to several weeks.The following adverse effects occur infrequently:The procedure may produce heating in the upper layers of the skin, causing burns and subsequent blister and scab formation. There is a possibility of scar formation.Skin surface irregularities may appear up to 1 or more months post-treatment.Numbness, tingling" or temporary paralysis may occur; typically resolves in a short period of time but may persist up to several weeks.Lumps or nodules may occur under the skin primarily in the neck area, and usually resolve within 1 or 2 weeks without chronic or long-term complications.Skin may darken, but normally resolves within several months.Talk to your doctor for more information about Thermage® and see thermage.com for additional details.About Bausch Health
Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) is a global, diversified pharmaceutical company enriching lives through our relentless drive to deliver better health care outcomes. We develop, manufacture and market a range of products primarily in gastroenterology, hepatology, neuroscience, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health, through our controlling interest in Bausch + Lomb Corporation. Our ambition is to be a globally integrated healthcare company, trusted and valued by patients, HCPs, employees and investors. Our aesthetic business, Solta Medical, is a global leader in the aesthetics market, whose vision is to develop and support trusted aesthetic brands that provide value to our customers and patients. More information about Solta Medical can be found at www.solta.com. For more information about Bausch Health, visit www.bauschhealth.com and connect with us on LinkedIn.Forward-looking Statements
This news release may contain forward-looking statements within the meaning of applicable securities laws, including the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may generally be identified by the use of the words "will," "anticipates," "hopes," "expects," "intends," "plans," "should," "could," "would," "may," "believes," "subject to" and variations or similar expressions. These statements are neither historical facts nor assurances of future performance, are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Actual results are subject to other risks and uncertainties that relate more broadly to Bausch Health's overall business, including those more fully described in Bausch Health's most recent annual and quarterly reports and detailed from time to time in Bausch Health's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. The Company undertakes no obligation to update any of these forward-looking statements to reflect events, information or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.Investor Contact:Media Contact:Garen SarafianKatie Savastanoir@bauschhealth.comcorporate.communications@bauschhealth.com(877) 281-6642 (toll free)(908) 569-3692

BHC-PRODUCTS   View original content to download multimedia:https://www.prnewswire.com/news-releases/bausch-healths-aesthetic-business-solta-medical-earns-prestigious-trademark-certification-of-thermage-in-china-302784868.htmlSOURCE Bausch Health Companies Inc. Original: Bausch Health's Aesthetic Business, Solta Medical, Earns Prestigious Trademark Certification of Thermage® in China

Bausch Health Announces 2026 Annual Meeting of Shareholder ResultsMay 19, 2026 4:15 PM
PR Newswire (US) LAVAL, QC, May 19, 2026 /PRNewswire/ -- Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) today announced that shareholders elected all 10 director nominees at its 2026 Annual Meeting of Shareholders ("Annual Meeting") held on May 19, 2026, including Eiry W. Roberts, M.D., who was elected as a new director. Dr. Roberts brings extensive pharmaceutical leadership experience, including expertise in clinical development, medical strategy and business development, and previously served as Chief Medical Officer of Neurocrine Biosciences, Inc. Dr. Roberts will serve as chair of the Science and Technology Committee.Detailed results of the vote follow:Name
For
Withheld
Broker Non-VotesThomas J. Appio
196,814,621
2,743,810
79,859,605Christian A. Garcia
196,711,908
2,846,523
79,859,605Michael Goettler
196,757,828
2,800,603
79,859,605Sarah B. Kavanagh
188,459,870
11,098,561
79,859,605Frank D. Lee
183,885,617
15,672,814
79,859,605Sandra Leung
195,931,772
3,626,659
79,859,605John A. Paulson
196,214,806
3,343,625
79,859,605Robert N. Power
186,236,066
13,322,365
79,859,605Eiry W. Roberts, M.D.
196,972,752
2,585,679
79,859,605Amy B. Wechsler, M.D.
195,813,955
3,744,476
79,859,605Shareholders also approved, on a non-binding advisory vote, the compensation of the Company's named executive officers, appointment of PricewaterhouseCoopers LLP to serve as the Company's auditor until the close of the Company's 2027 Annual Meeting of Shareholders, and the authorization for the board of directors to fix the auditor's remuneration.The final vote tabulation on all matters voted on at the Annual Meeting will be reported to the U.S. Securities and Exchange Commission on a current report on Form 8-K, and such report will be made available on the Company's SEDAR+ profile and on the Company's website at www.bauschhealth.com.About Bausch Health
Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) is a global, diversified pharmaceutical company enriching lives through our relentless drive to deliver better health care outcomes. We develop, manufacture and market a range of products primarily in gastroenterology, hepatology, neuroscience, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health, through our controlling interest in Bausch + Lomb Corporation. Our ambition is to be a globally integrated healthcare company, trusted and valued by patients, HCPs, employees and investors. For more information about Bausch Health, visit?www.bauschhealth.com?and connect with us on?LinkedIn. Investor Contact:Media Contact:Garen Sarafin Katie Savastanoir@bauschhealth.comcorporate.communications@bauschhealth.com (877) 281-6642 (toll free)             (908) 569-3692

BHC-AGM 
  View original content to download multimedia:https://www.prnewswire.com/news-releases/bausch-health-announces-2026-annual-meeting-of-shareholder-results-302776740.htmlSOURCE Bausch Health Companies Inc. Original: Bausch Health Announces 2026 Annual Meeting of Shareholder Results

Bausch Health to Participate in RBC Capital Markets 2026 Global Healthcare ConferenceMay 13, 2026 7:00 AM
PR Newswire (US) LAVAL, QC, May 13, 2026 /PRNewswire/ -- Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) today announced that Thomas J. Appio, Chief Executive Officer, and Jean-Jacques Charhon, Executive Vice President and Chief Financial Officer, will participate in a fireside chat at the RBC Capital Markets 2026 Global Healthcare Conference in New York City on Wednesday, May 20, 2026. A live audio webcast of the event will be accessible on the Investor Relations section of Bausch Health's website.DetailsDate:        Wednesday, May 20, 2026Time:        9:30 a.m. U.S. ETWebcast:  http://ir.bauschhealth.com/events-and-presentationsA replay of the event will be available on the investor relations website following the event.About Bausch Health
Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) is a global, diversified pharmaceutical company enriching lives through our relentless drive to deliver better health care outcomes. We develop, manufacture and market a range of products primarily in gastroenterology, hepatology, neuroscience, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health, through our controlling interest in Bausch + Lomb Corporation. Our ambition is to be a globally integrated healthcare company, trusted and valued by patients, HCPs, employees and investors. For more information about Bausch Health, visit www.bauschhealth.com and connect with us on LinkedIn.Forward-looking Statements
This news release may contain forward-looking statements within the meaning of applicable securities laws, including the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.  Forward-looking statements may generally be identified by the use of the words "will," "anticipates," "hopes," "expects," "intends," "plans," "should," "could," "would," "may," "believes," "subject to" and variations or similar expressions. These statements are neither historical facts nor assurances of future performance, are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Actual results are subject to other risks and uncertainties that relate more broadly to Bausch Health's overall business, including those more fully described in Bausch Health's most recent annual and quarterly reports and detailed from time to time in Bausch Health's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference.  Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. The Company undertakes no obligation to update any of these forward-looking statements to reflect events, information or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.Investor Contact:                     Media Contact:Garen Sarafian                            Katie Savastanoir@bauschhealth.com                  corporate.communications@bauschhealth.com(877) 281-6642 (toll free)             (908) 569-3692

BHC-FINANCIAL
   View original content to download multimedia:https://www.prnewswire.com/news-releases/bausch-health-to-participate-in-rbc-capital-markets-2026-global-healthcare-conference-302770039.htmlSOURCE Bausch Health Companies Inc. Original: Bausch Health to Participate in RBC Capital Markets 2026 Global Healthcare Conference

Bausch Health to Participate in Barclays 30th Annual Leveraged Finance ConferenceMay 12, 2026 4:15 PM
PR Newswire (US) LAVAL, QC, May 12, 2026 /PRNewswire/ -- Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) today announced that members of company management will participate in a fireside chat at the Barclays 30th Annual Leveraged Finance Conference in Austin, Texas on Tuesday, May 19, 2026. A live audio webcast of the event will be accessible on the Investor Relations section of Bausch Health's website.DetailsDate:           Tuesday, May 19, 2026Time:           10:25 a.m. U.S. ETWebcast:     http://ir.bauschhealth.com/events-and-presentationsA replay of the event will be available on the investor relations website following the event.About Bausch Health
Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) is a global, diversified pharmaceutical company enriching lives through our relentless drive to deliver better health care outcomes. We develop, manufacture and market a range of products primarily in gastroenterology, hepatology, neuroscience, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health, through our controlling interest in Bausch + Lomb Corporation. Our ambition is to be a globally integrated healthcare company, trusted and valued by patients, HCPs, employees and investors. For more information about Bausch Health, visit www.bauschhealth.com and connect with us on LinkedIn.Forward-looking Statements
This news release may contain forward-looking statements within the meaning of applicable securities laws, including the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.  Forward-looking statements may generally be identified by the use of the words "will," "anticipates," "hopes," "expects," "intends," "plans," "should," "could," "would," "may," "believes," "subject to" and variations or similar expressions. These statements are neither historical facts nor assurances of future performance, are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Actual results are subject to other risks and uncertainties that relate more broadly to Bausch Health's overall business, including those more fully described in Bausch Health's most recent annual and quarterly reports and detailed from time to time in Bausch Health's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference.  Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. The Company undertakes no obligation to update any of these forward-looking statements to reflect events, information or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.Investor Contact:  Media Contact:Garen Sarafian Katie Savastanoir@bauschhealth.comcorporate.communications@bauschhealth.com(877) 281-6642 (toll free)(908) 569-3692

BHC-FINANCIAL
View original content to download multimedia:https://www.prnewswire.com/news-releases/bausch-health-to-participate-in-barclays-30th-annual-leveraged-finance-conference-302770033.htmlSOURCE Bausch Health Companies Inc. Original: Bausch Health to Participate in Barclays 30th Annual Leveraged Finance Conference

BAUSCH HEALTH ANNOUNCES FIRST QUARTER 2026 RESULTSApril 29, 2026 4:05 PM
PR Newswire (Canada)

First Quarter Consolidated Revenues of $2.52 billion, up 12% on a Reported basis and 7% on an Organic (non-GAAP)1 basis over the prior year periodGAAP Net Loss Attributable to Bausch Health of $1,423 million and GAAP Net Loss of $1,431 million, inclusive of a $1,426 million goodwill impairment chargeGAAP Loss per Share of ($3.82) (basic and diluted) compared to ($0.16) in the prior year periodAdjusted Earnings per Diluted Share (non-GAAP) of $0.78 compared to $0.59 in the prior year period, an increase of 32%Consolidated Adjusted EBITDA Attributable to Bausch Health (non-GAAP)1 of $837 million, up 27% on a Reported basis over the prior year periodBAUSCH HEALTH EXCLUDING BAUSCH + LOMB FIRST QUARTER 2026 RESULTSDelivered twelfth consecutive quarter of year-over-year Revenue growth and Adjusted EBITDA (non-GAAP)1 growth, with 14% Reported and 9% Organic (non-GAAP)1 Revenue growth and 17% Adjusted EBITDA (non-GAAP)1 growthGenerated $319 million in Adjusted Cash Flow from Operations (non-GAAP)1Reaffirming full-year 2026 Revenue, Adjusted EBITDA (non-GAAP)1, and Adjusted Cash Flow from Operations (non-GAAP)1 guidanceLAVAL, QC, April 29, 2026 /CNW/ -- Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) ("Bausch Health" or the "Company" or "we" or "our") today announced its first quarter 2026 financial results and other key updates from the quarter."Our first quarter performance marks twelve consecutive periods of year-over-year growth in revenue, adjusted EBITDA for Bausch Health excluding Bausch + Lomb, reflecting strategic execution and disciplined accountability across our organization. We continue to invest in our pipeline, including the advancement of larsucosterol to treat alcohol-associated hepatitis, while pursuing business development opportunities aligned with our strategic priorities. With this momentum, we reaffirm our full-year 2026 outlook and remain focused on driving sustainable performance and shareholder value," said Thomas J. Appio, Chief Executive Officer, Bausch Health.



1This is a non-GAAP measure or a non-GAAP ratio. For further information on non-GAAP measures and non-GAAP ratios, please refer to the "Non-GAAP Information" section of this news release. Please also refer to tables at the end of this
news release for a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure.First Quarter 2026 Revenue PerformanceTotal consolidated reported revenues were $2.52 billion for the first quarter of 2026, compared with $2.26 billion in the first quarter of 2025, an increase of $265 million, or 12%. Excluding the impact of foreign exchange of $71 million, acquisitions of $33 million, and divestitures and discontinuations of $4 million, revenue increased 7% on an organic1 basis compared with the first quarter of 2025.Reported revenues by segment were as follows:

Three Months Ended
March 31,
Reported Change
Change at
Constant
Currency1(Non-GAAP)
Change in
Organic
Revenue1(Non-GAAP)(in millions)
2026
2025
Amount
Pct.

Total Bausch Health Revenues
$2,524
$2,259
$265
12 %
9 %
7 %Bausch Health (excl. B+L)
$1,280
$1,122
$158
14 %
11 %
9 %Salix segment
$639
$542
$97
18 %
18 %
18 %International segment
$285
$262
$23
9 %
(1 %)
— %Solta Medical segment
$171
$113
$58
51 %
48 %
19 %Diversified segment
$185
$205
($20)
(10 %)
(10 %)
(10 %)Bausch + Lomb segment
$1,244
$1,137
$107
9 %
6 %
6 %Salix Segment
Salix segment reported revenues were $639 million for the first quarter of 2026, compared with $542 million for the first quarter of 2025, an increase of $97 million, or 18%. Segment revenues increased 18% on an organic1 basis compared with the first quarter of 2025. Xifaxan® was the primary contributor to growth, with 21% revenue growth in the first quarter of 2026.International Segment
International segment reported revenues were $285 million for the first quarter of 2026, compared with $262 million for the first quarter of 2025, an increase of $23 million, or 9%. Excluding the impact of foreign exchange of $25 million and divestitures and discontinuations of $1 million, segment revenues were relatively flat on an organic1 basis compared with the first quarter of 2025, with strength in EMEA offset by reduction in Loss Of Exclusivity portfolio in Canada versus the prior year period.Solta Medical Segment
Solta Medical segment reported revenues were $171 million for the first quarter of 2026, compared with $113 million in the first quarter of 2025, an increase of $58 million, or 51% and aided by the acquisition of Shibo's full service aesthetics business in China. Excluding a $4 million favorable impact from foreign exchange and acquisitions of $32 million, segment revenues increased by 19% on an organic1 basis compared with the first quarter of 2025, led by growth in APAC, most notably in China and South Korea.Diversified Segment
Diversified segment reported revenues were $185 million for the first quarter of 2026, compared with $205 million for the first quarter of 2025, a decrease of $20 million, or 10%. Segment revenues decreased 10% on an organic1 basis compared with the first quarter of 2025.Bausch + Lomb Segment
Bausch + Lomb segment reported revenues were $1.24 billion for the first quarter of 2026, compared with $1.14 billion for the first quarter of 2025, an increase of $107 million, or 9%. Excluding the impact of foreign exchange of $42 million, acquisitions of $1 million and divestitures and discontinuations of $3 million, segment revenues increased 6% on an organic1 basis compared with the first quarter of 2025.Consolidated Operating (Loss) Income
Consolidated operating loss was ($950) million for the first quarter of 2026, compared with consolidated operating income of $276 million for the first quarter of 2025, a decrease of $1,226 million, primarily attributable to a goodwill impairment charge related to Salix's RED-C program of $1,426 million, partially offset by higher gross profit. Consolidated Net Loss Attributable to Bausch Health
Consolidated net loss attributable to Bausch Health for the first quarter of 2026 was $1,423 million, compared with consolidated net loss attributable to Bausch Health of $58 million for the first quarter of 2025. The increase in the loss of $1,365 million is primarily due to the goodwill impairment charge of $1,426 million.Consolidated Adjusted Net Income Attributable to Bausch Health (non-GAAP)1
Consolidated adjusted net income attributable to Bausch Health (non-GAAP)1 for the first quarter of 2026 was $296 million, compared with $220 million for the first quarter of 2025, an increase of $76 million, primarily due to an increase in gross profit partially offset by higher interest expense.Consolidated Loss Per Share Attributable to Bausch Health
Consolidated loss per share attributable to Bausch Health for the first quarter of 2026 was ($3.82), compared with consolidated loss per share of ($0.16) for the first quarter of 2025. The decrease of $3.66 per share is primarily due to the goodwill impairment charge of $1,426 million, or ($3.76) per share.Consolidated Adjusted Earnings Per Share Attributable to Bausch Health (non-GAAP)1
Consolidated adjusted earnings per share attributable to Bausch Health (non-GAAP)1 for the first quarter of 2026 was $0.78, compared with $0.59 for the first quarter of 2025.Consolidated Adjusted EBITDA Attributable to Bausch Health (non-GAAP)1
Consolidated adjusted EBITDA attributable to Bausch Health (non-GAAP)1 was $837 million for the first quarter of 2026, compared with $661 million for the first quarter of 2025, an increase of $176 million.Consolidated Cash Provided by Operating Activities
The Company generated $230 million of cash from operating activities in the first quarter of 2026, an increase of 9% versus $211 million in the first quarter of 2025.Balance Sheet and Other Notable HighlightsConsolidated cash and cash equivalents of $1,299 million as of March 31, 2026.Larsucosterol (Epigenetic modulator) Phase 3 program for the treatment of alcohol-associated hepatitis remains on track; potential additional indications are under consideration.Bausch Health continues to focus on strengthening its balance sheet and delivering value to shareholders.Focus on Strategic PrioritiesThe Company delivered strong financial momentum three months into 2026, with revenue and earnings growth across multiple segments. Upon the successful completion of major refinancing initiatives in the prior twelve-month period, the Company materially improved its debt maturity profile. The Company remains committed to evaluating all options for unlocking shareholder value, including maximizing the value of our Bausch Health and Bausch + Lomb assets.2026 Financial OutlookThe Company updated its Consolidated full-year Revenue and Adjusted EBITDA (non-GAAP)1 guidance for 2026.Bausch Health (excluding Bausch + Lomb) maintained its full year Revenue, Adjusted EBITDA (non-GAAP)1, and Adjusted Cash Flow from Operations (non-GAAP)1 guidance, which includes the currently estimated impact of applicable tariffs for the calendar year as of the date of this release.

Current Guidance (as of April 29, 2026)

BHCBHC (excl. B+L)B+LRevenues (in Billions)
$10.670 - $10.920$5.250 - $5.400$5.420 - $5.520Revenue growth vs. Prior Year

2% - 5%
Adjusted EBITDA1 (in Billions)
$3.885 - $4.010$2.875 - $2.950$1.010 - $1.060Adj. EBITDA1 growth vs. Prior Year

3% - 5%
Adjusted Cash Flow from Operations1 (in Billions)

$1.200 - $1.275
Other than with respect to GAAP revenues, the Company only provides guidance on a non-GAAP basis. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA (non-GAAP)1 to GAAP net income (loss) or forward-looking Adjusted Cash Flow from Operations (non-GAAP)1 to GAAP cash generated from operations, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because deductions (such as restructuring, gain or loss on extinguishment of debt and litigation and other matters) used to calculate projected net income (loss) and payments (such as payments of legal settlements, transformation costs, separation costs and separation-related costs, interest charged against premium, financing fees paid in connection with the debt refinancing transactions and acquired IPR&D expense) used to calculate Adjusted Cash Flow from Operations (non-GAAP)1 vary dramatically based on actual events, the Company is not able to forecast on a GAAP basis with reasonable certainty all adjustments needed in order to provide a GAAP calculation of projected net income (loss) or cash generated from operations at this time. The amount of these adjustments may be material and, therefore, could result in projected GAAP net income (loss) being materially less than projected Adjusted EBITDA (non-GAAP)1. These statements represent forward-looking information and may represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the "Forward-looking Statements" section of this news release. The guidance in this news release is only effective as of the date it is given and will not be updated or affirmed unless and until the Company publicly announces updated or affirmed guidance. The rapid recent developments in the evolving landscape of tariffs and responses have resulted in uncertainty regarding these measures and the effects they may have. We continue to assess the direct and indirect impacts on our businesses of such tariffs, including retaliatory tariffs and other trade protectionist measures as the situation develops, and there can be no assurance that such impacts will not be adverse.Conference Call DetailsDate:         Wednesday, April 29, 2026Time:          5:00 p.m. EDTWebcast:    http://ir.bauschhealth.com/events-and-presentationsA replay of the conference call will be available on the investor relations website.About Bausch HealthBausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) is a global, diversified pharmaceutical company enriching lives through our relentless drive to deliver better health care outcomes. We develop, manufacture and market a range of products primarily in gastroenterology, hepatology, neuroscience, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health, through our controlling interest in Bausch + Lomb Corporation. Our ambition is to be a globally integrated healthcare company, trusted and valued by patients, HCPs, employees and investors. For more information about Bausch Health, visit www.bauschhealth.com and connect with us on LinkedIn.Forward-looking StatementsThis news release contains forward-looking information and statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws (collectively, "forward-looking statements"), including, but not limited to, statements relating to the Company's: future prospects and performance, financial guidance, research and development efforts and anticipated timing or results thereof, proposed plan to separate its eye health business, including the timing thereof, management of its balance sheet, generation of cash, ability to launch and commercialize new products, including the timing of regulatory processes with respect to the Company's product pipeline, ability to enforce and defend its Xifaxan® intellectual property rights, ability to execute its growth strategies and strategic priorities generally, and other corporate and strategic transactions. Forward-looking statements may generally be identified by the use of the words "anticipates," "hopes," "expects," "intends," "plans," "should," "could," "would," "may," "believes," "estimates," "potential," "target," or "continue" and positive and negative variations or similar expressions, and phrases or statements that certain actions, events or results may, could, should or will be achieved, received or taken, or will occur or result, and similar such expressions also identify forward-looking information. These forward-looking statements, including the full-year guidance, are based upon the current expectations and beliefs of management. The Company's 2026 financial outlook and full-year guidance are included to provide further information about management's expectations about the Company's future business operations, activities and results and may not be appropriate for other purposes.These forward-looking statements are subject to certain factors, risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. These factors, risks and uncertainties include, but are not limited to: our ability to execute our business strategy, business plans and operational efficiency initiatives; demand for, competitive positioning of and pricing for our current and anticipated products and our ability to achieve expected revenues, margins and expense levels; the successful development, regulatory approval, manufacture and timing of launches and commercialization of pipeline and other products; the completion, timing, integration and expected benefits of acquisitions and other strategic transactions (including the planned separation of our eye health business consisting of our Bausch + Lomb global Vision Care, Surgical and Pharmaceuticals businesses) on anticipated terms, timing and costs; the scope, duration and financial and operational impact of product quality matters; the continued availability and performance of key third-party distribution, fulfillment and other arrangements and the stability of global supply chains; the continuation of patent protection and regulatory exclusivity for key products; the expected impacts of the Inflation Reduction Act, and the selection by the Centers for Medicare & Medicaid Services of Xifaxan® for inclusion in the drug price negotiation program with negotiated pricing expected to become effective in 2027, and other healthcare reform measures and our ability to mitigate the impact thereof; our ability to generate cash flows and access liquidity to meet working capital needs, satisfy debt maturities as they become due, reduce debt levels and comply with financial and other covenants under our financing arrangements; the expected scope and impact of tariffs, counter-tariffs and other trade restrictions and the effectiveness of mitigation actions; macroeconomic and geopolitical conditions (including inflation, recessionary pressures, foreign currency exchange rates and interest rates), changes in tax laws and related guidance (including legislation referred to as the One Big Beautiful Bill Act and Organisation for Economic Co-operation and Development related measures); the expected outcomes of litigation and other contingencies; and other factors, risks and uncertainties discussed in the Company's most recent annual and quarterly reports and detailed from time to time in the Company's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors, risks and uncertainties are incorporated herein by reference.We caution that, as it is not possible to predict or identify all relevant factors that may impact forward-looking statements, the factors referred above are not exhaustive and should not be considered a complete statement of all potential risks and uncertainties. When relying on our forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the aforementioned factors and other uncertainties and potential events. These forward-looking statements speak only as of the date made. Bausch Health undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, except as required by law.Non-GAAP InformationTo supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures and non-GAAP ratios to provide supplemental information to readers. Management uses these non-GAAP measures and ratios as key metrics in the evaluation of the Company's performance and the consolidated financial results and, in part, in the determination of cash bonuses for its executive officers. The Company believes these non-GAAP measures and ratios are useful to investors in their assessment of our operating performance and the valuation of the Company. In addition, these non-GAAP measures and ratios address questions the Company routinely receives from analysts and investors, and in order to assure that all investors have access to similar data, the Company has determined that it is appropriate to make this data available to all investors.However, these measures and ratios are not prepared in accordance with GAAP nor do they have any standardized meaning under GAAP. In addition, other companies may use similarly titled non-GAAP financial measures and ratios that are calculated differently from the way we calculate such measures and ratios. Accordingly, our non-GAAP financial measures and ratios may not be comparable to such similarly titled non-GAAP financial measures and ratios used by other companies. We caution investors not to place undue reliance on such non-GAAP measures and ratios, but instead to consider them with the most directly comparable GAAP measures and ratios. Non-GAAP financial measures and ratios have limitations as analytical tools and should not be considered in isolation. They should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.The reconciliations of these historical non-GAAP financial measures and ratios to the most directly comparable financial measures and ratios calculated and presented in accordance with GAAP are shown in the tables below. However, as indicated above, for guidance purposes, the Company does not provide reconciliations of projected Adjusted EBITDA (non-GAAP) to projected GAAP Net income (loss), due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Many of the adjustments and exclusions used to calculate the projected non-GAAP measures may vary significantly based on actual events, so the Company is not able to forecast on a GAAP basis with reasonable certainty all adjustments needed in order to provide a GAAP calculation of these projected amounts. The amounts of these adjustments may be material and, therefore, could result in the GAAP amount being materially different from (including materially less than) the projected non-GAAP measures.Commencing in the third quarter of 2025, the Company now includes payments of Acquired IPR&D in the calculation of Adjusted Cash Flow From Operations (non-GAAP). Prior-period amounts presented herein have been restated to conform to the current year's presentation.Description of Non-GAAP Financial Measures EBITDA (non-GAAP), Adjusted EBITDA (non-GAAP) and Adjusted EBITDA Attributable to Bausch Health (non-GAAP)EBITDA (non-GAAP) is Net income (loss) (its most directly comparable GAAP financial measure) adjusted for interest expense, net, (Benefit from) provision for income taxes, depreciation and amortization. Adjusted EBITDA (non-GAAP) is Net income (loss) (its most directly comparable GAAP financial measure) adjusted for interest expense, net, (Benefit from) provision for income taxes, depreciation and amortization, and certain other items described below. Adjusted EBITDA attributable to Bausch Health (non-GAAP) is Adjusted EBITDA (non-GAAP) further adjusted to exclude the Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) as defined below.Management believes that Adjusted EBITDA (non-GAAP) and Adjusted EBITDA attributable to Bausch Health (non-GAAP), along with the GAAP measures used by management, most appropriately reflect how the Company measures the business internally and sets operational goals and incentives. In particular, the Company believes that these metrics focus management on the Company's underlying operational results and business performance. As a result, the Company uses these metrics to assess the financial performance of the Company and to forecast future results as part of its guidance. Management believes these metrics are a useful measure to evaluate current performance. These metrics are intended to show our unleveraged, pre-tax operating results and therefore reflects our financial performance based on operational factors. In addition, cash bonuses for the Company's executive officers and other key employees are based, in part, on the achievement of certain Adjusted EBITDA (non-GAAP) targets.Adjusted EBITDA (non-GAAP) is Net income (loss) (its most directly comparable GAAP financial measure) adjusted for interest, income taxes, depreciation and amortization and the following items:Restructuring, integration and transformation costs: The Company has incurred restructuring costs as it implemented certain strategies, which involved, among other things, improvements to its infrastructure and operations, internal reorganizations and impacts from the divestiture of assets and businesses. With regard to infrastructure and operational improvements which the Company has taken to improve efficiencies in the businesses and facilities, these tend to be costs intended to right size the business or organization that fluctuate significantly between periods in amount, size and timing, depending on the improvement project, reorganization or transaction. Additionally, the Company is launching certain transformation initiatives that will result in certain changes to and investment in its organizational structure and operations. These transformation initiatives arise outside of the ordinary course of continuing operations and, as is the case with the Company's restructuring efforts, costs associated with these transformation initiatives are expected to fluctuate between periods in amount, size and timing. These out-of-the-ordinary-course charges include third-party advisory costs, as well as certain severance-related costs. Investors should understand that the outcome of these transformation initiatives may result in future restructuring actions and certain of these charges could recur. The Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company's operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors.Asset impairments: The Company has excluded the impact of impairments of finite-lived and indefinite-lived intangible assets, as well as impairments of assets held for sale, as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions and divestitures. The Company believes that the adjustments of these items correlate with the sustainability of the Company's operating performance. Although the Company excludes impairments of intangible assets and assets held for sale from measuring the performance of the Company and the business, the Company believes that it is important for investors to understand that intangible assets contribute to revenue generation.Goodwill impairments: The Company excludes the impact of goodwill impairments. When the Company has made acquisitions where the consideration paid was in excess of the fair value of the net assets acquired, the remaining purchase price is recorded as goodwill. For assets that we developed ourselves, no goodwill is recorded. Goodwill is not amortized but is tested for impairment. The amount of goodwill impairment is measured as the excess of a reporting unit's carrying value over its fair value. Management excludes these charges in measuring the performance of the Company and the business.Share-based compensation: The Company has excluded costs relating to share-based compensation. The Company believes that the exclusion of share-based compensation expense assists investors in the comparisons of operating results to peer companies. Share-based compensation expense can vary significantly based on the timing, size and nature of awards granted.Acquisition-related costs and adjustments (excluding amortization of intangible assets): The Company has excluded the impact of acquisition-related costs and fair value inventory step-up resulting from acquisitions as the amounts and frequency of such costs and adjustments are not consistent and are significantly impacted by the timing and size of its acquisitions. In addition, the Company excludes acquisition-related contingent consideration non-cash adjustments due to the inherent uncertainty and volatility associated with such amounts based on changes in assumptions with respect to fair value estimates, and the amount and frequency of such adjustments are not consistent and are significantly impacted by the timing and size of the Company's acquisitions, as well as the nature of the agreed-upon consideration.Loss (gain) on extinguishment of debt: The Company has excluded loss (gain) on extinguishment of debt as this represents a gain or loss from refinancing our existing debt and is not a reflection of our operations for the period. Further, the amount and frequency of such amounts are not consistent and are significantly impacted by the timing and size of debt financing transactions and other factors in the debt market out of management's control.Separation costs and separation-related costs: The Company has excluded certain costs incurred in connection with activities regarding the separation of the eye-health business. Separation costs are incremental costs directly related to effectuating the separation of the eye-health business, and include, but are not limited to, legal, audit and advisory fees. Separation-related costs are incremental costs indirectly related to the separation of the eye-health business and include, but are not limited to, rebranding costs and costs associated with facility relocation and/or modification. As these costs arise from events outside of the ordinary course of continuing operations, the Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company's operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors.Other adjustments: The Company has excluded certain other amounts, including legal and other professional fees incurred in connection with legal and governmental proceedings, investigations and information requests regarding certain of our legacy distribution, marketing, pricing, disclosure and accounting practices, litigation and other matters, and net (gain) loss on sale of assets or other disposition of assets. Given the unique nature of the matters relating to these costs, the Company believes these items are not normal operating expenses. For example, legal settlements and judgments vary significantly, in their nature, size and frequency, and, due to this volatility, the Company believes the costs associated with legal settlements and judgments are not normal operating expenses. In addition, as opposed to more ordinary course matters, the Company considers that each of the recent proceedings, investigations and information requests, given their nature and frequency, are outside of the ordinary course and relate to unique circumstances. The Company has also excluded IT infrastructure investments that are the result of other, non-comparable events to measure operating performance. These events arise outside of the ordinary course of continuing operations. The Company has also excluded certain other costs, including professional fees associated with contemplated, but not completed, strategic transactions. The Company excluded these costs as the consideration of such matters are outside of the ordinary course of continuing operations and are infrequent in nature. The Company believes that the exclusion of such out-of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the Company from period to period and, therefore, provides useful supplemental information to investors. However, investors should understand that many of these costs could recur and that companies in our industry often face litigation.Adjusted EBITDA attributable to Bausch Health (non-GAAP) is Adjusted EBITDA (non-GAAP) further adjusted to exclude the Adjusted EBITDA attributable to noncontrolling interest (non-GAAP). Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) is Net income attributable to noncontrolling interest (its most directly comparable GAAP financial measure) adjusted for the portion of the adjustments described above attributable to noncontrolling interest.Adjusted Net Income (non-GAAP) and Adjusted Net Income attributable to Bausch Health (non-GAAP) Adjusted net income (non-GAAP) is Net income (its most directly comparable GAAP financial measure), adjusted for asset impairments, goodwill impairments, restructuring, integration and transformation costs, acquisition-related costs and adjustments (excluding amortization of intangible assets), gain (loss) on extinguishment of debt, separation costs and separation-related costs and other non-GAAP adjustments as these adjustments are described above, and amortization of intangible assets and write down of financing fees as described below:Amortization of intangible assets: The Company has excluded the impact of amortization of intangible assets, as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. The Company believes that the adjustments of these items correlate with the sustainability of the Company's operating performance. Although the Company excludes the amortization of intangible assets from its non-GAAP expenses, the Company believes that it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.Write down of financing fees: In addition to excluding Loss (gain) on extinguishment of debt, the Company has excluded the impact of the write down of financing fees from Adjusted net income (non-GAAP). The amount and frequency of such amounts are not consistent and are significantly impacted by the timing and size of debt financing transactions and other factors in the debt market out of management's control. In addition, the Company excluded these costs as they are outside of the ordinary course of continuing operations and are infrequent in nature. The Company believes that the exclusion of such out-of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the Company from period to period and, therefore, provides useful supplemental information to investors.Adjusted net income attributable to Bausch Health (non-GAAP) is Adjusted net income (non-GAAP) further adjusted to exclude the Adjusted net income attributable to noncontrolling interest (non-GAAP). Adjusted net income attributable to noncontrolling interest (non-GAAP) is Net income attributable to noncontrolling interest (its most directly comparable GAAP financial measure) adjusted for the portion of the adjustments described above attributable to noncontrolling interest.Historically, management has used Adjusted net income (loss) (non-GAAP) for strategic decision making, forecasting future results and evaluating current performance. This non-GAAP measure excludes the impact of certain items (as described above) that may obscure trends in the Company's underlying performance. By disclosing this non-GAAP measure, it is management's intention to provide investors with a meaningful, supplemental comparison of the Company's operating results and trends for the periods presented. Management believes that this measure is also useful to investors as such measure allows investors to evaluate the Company's performance using the same tools that management uses to evaluate past performance and prospects for future performance. Accordingly, the Company believes that Adjusted net income (non-GAAP) is useful to investors in their assessment of the Company's operating performance. It is also noted that, in recent periods, our GAAP Net income (loss) was significantly lower than our Adjusted net income (non-GAAP).Adjusted Earnings Per Share (non-GAAP)Adjusted earnings per share (non-GAAP) is calculated as Basic and Diluted loss per share attributable to Bausch Health (its most directly comparable GAAP financial measure), adjusted for the non-GAAP adjustments to reconcile Net income (loss) attributable to Bausch Health to Adjusted income attributable to Bausch Health (non-GAAP) and the diluted effect of stock options and restricted stock units excluded in the determination of Basic and Diluted loss per share attributable to Bausch Health during the period as the effect of including them would have been antidilutive.  Management believes this non-GAAP measure excludes certain factors that could distort the visibility of the Company's underlying performance per share and offers investors a clearer, supplemental view of the Company's performance and trends over the reported periods. As a result, the Company considers Adjusted earnings per share (non-GAAP) to be beneficial for investors evaluating the Company's operating results, overall valuation, and potential return on investment. Management notes that for the periods presented, the Company's GAAP EPS was notably lower than its Adjusted earnings per share (non-GAAP).Organic Revenue (non-GAAP) and Change in Organic Revenue (non-GAAP)Organic revenue (non-GAAP) and Change in organic revenue (non-GAAP), are defined as GAAP Revenue and change in GAAP Revenue (the most directly comparable GAAP financial measures), adjusted for changes in foreign currency exchange rates (if applicable) and excluding the impact of recent acquisitions, divestitures and discontinuations, as defined below.Organic revenue (non-GAAP) is impacted by changes in product volumes and price. The price component is made up of two key drivers: (i) changes in product gross selling price and (ii) changes in sales deductions. The Company uses organic revenue (non-GAAP) and change in organic revenue (non-GAAP) to assess performance of its reportable segments, and the Company in total. The Company believes that providing these non-GAAP measures is useful to investors as they provide a supplemental period-to-period comparison.The adjustments to GAAP Revenue to determine Organic Revenue (non-GAAP) and Change in Organic Revenue (non-GAAP) are as follows:Foreign currency exchange rates: Although changes in foreign currency exchange rates are part of our business, they are not within management's control. Changes in foreign currency exchange rates, however, can mask positive or negative trends in the business. The impact of changes in foreign currency exchange rates is determined as the difference in the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period.Acquisitions, divestitures and discontinuations: In order to present period-over-period organic revenue (non-GAAP) growth/change on a comparable basis, revenues associated with acquisitions, divestitures and discontinuations are adjusted to include only revenues from those businesses and assets owned during both periods. Accordingly, organic revenue and change in organic revenue exclude from the current period, revenues attributable to each acquisition for twelve months subsequent to the day of acquisition, as there are no revenues from those businesses and assets included in the comparable prior period. Organic revenue and change in organic revenue exclude from the prior period, all revenues attributable to each divestiture and discontinuance during the twelve months prior to the day of divestiture or discontinuance, as there are no revenues from those businesses and assets included in the comparable current period.Constant CurrencyChanges in the relative values of non-U.S. currencies to the U.S. dollar may affect the Company's financial results and financial position. To assist investors in evaluating the Company's performance, we have adjusted for the effects of changes in foreign currencies. The impact of changes in foreign currency exchange rates is determined by comparing the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period.Please also see the reconciliation tables below for further information as to how these non-GAAP measures and ratios are calculated for the periods presented.Adjusted Cash Flow from Operations (non-GAAP)Adjusted cash flow from operations (non-GAAP) is Cash generated from operations (its most directly comparable GAAP financial measure) adjusted for: (i) payments of legacy legal settlements, net of insurance recoveries and restitutions, (ii) payments of transformation costs, (iii) payments for separation costs and separation-related costs, (iv) interest payments charged against premium, (v) fees paid in connection with the debt refinancing transactions and (vi) payments of acquired IPR&D.As these payments arise from events outside of the ordinary course of continuing operations as discussed above, the Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company's cash from operations, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors.Adjusted EBITDA excluding Bausch + Lomb (non-GAAP)Adjusted EBITDA excluding Bausch + Lomb (non-GAAP) is Adjusted EBITDA (non-GAAP) adjusted to remove Adjusted EBITDA attributable to Bausch + Lomb (non-GAAP). Adjusted EBITDA attributable to Bausch + Lomb (non-GAAP) is Income (loss) before income taxes of our Bausch + Lomb segment (its most directly comparable GAAP financial measure) adjusted for the portion of the Company's interest expense, depreciation, amortization and other adjustments as described above, allocated or attributable to Bausch + Lomb.Adjusted EBITDA excluding Bausch + Lomb is not intended to be, and may not be, representative of income from continuing operations (for Bausch Health excluding Bausch + Lomb) or from discontinued operations (for Bausch + Lomb) in accordance with GAAP, as: (i) the criteria for that accounting has not been met and (ii) certain cost allocations to Bausch Health excluding Bausch + Lomb and Bausch + Lomb are not in accordance with the criteria for that accounting. As such, Adjusted EBITDA excluding Bausch + Lomb (non-GAAP) as included herein may not be indicative of the results of the operations or Adjusted EBITDA attributable to Bausch Health (non-GAAP) in the future, or if Bausch + Lomb met the criteria to be treated as a discontinued operation during any of the periods presented.Adjusted Cash Flow from Operations excluding Bausch + Lomb (non-GAAP)Adjusted Cash Flow from Operations excluding Bausch + Lomb (non-GAAP) is Adjusted Cash Flow from Operations (non-GAAP) adjusted to remove Adjusted Cash Flow from Operations attributable to Bausch + Lomb (non-GAAP). Adjusted Cash Flow from Operations attributable to Bausch + Lomb (non-GAAP) is Cash Flow from Operations of our Bausch + Lomb segment (its most directly comparable GAAP financial measure) adjusted for the portion of the Company's payment of separation costs, separation-related costs and other adjustments as described above, allocated or attributable to Bausch + Lomb.Adjusted Cash Flow from Operations excluding Bausch + Lomb is not intended to be, and may not be, representative of Cash Flow from Operations (for Bausch Health excluding Bausch + Lomb) or from discontinued operations (for Bausch + Lomb) in accordance with GAAP, as: (i) the criteria for that accounting has not been met and (ii) certain cost allocations to BHC excluding Bausch + Lomb and Bausch + Lomb are not in accordance with the criteria for that accounting. As such, Adjusted Cash Flow from Operations excluding Bausch + Lomb (non-GAAP) as included herein may not be indicative of the cash flow or Adjusted Cash Flow from Operations attributable to Bausch Health (non-GAAP) in the future, or if Bausch + Lomb met the criteria to be treated as a discontinued operation during any of the periods presented.Management believes that Adjusted EBITDA excluding Bausch + Lomb (non-GAAP), Adjusted Cash Flow from Operations (non-GAAP) and Adjusted Cash Flow from Operations excluding Bausch + Lomb (non-GAAP), along with the GAAP and other non-GAAP measures used by management, most appropriately reflects how the Company measures the business internally and sets operational goals and incentives. In particular, the Company believes that these metrics focus management on the Company's underlying operational results and business performance. As a result, the Company uses these metrics to assess the actual financial performance of the Company and to forecast future results as part of its guidance. Management believes these metrics are a useful measure to evaluate current performance. These metrics are intended to show our unleveraged, pre-tax operating results and therefore reflects our financial performance based on operational factors. In addition, cash bonuses for the Company's executive officers and other key employees are based, in part, on the achievement of certain Adjusted EBITDA (non-GAAP) and Adjusted Cash Flow (non-GAAP) targets. Bausch Health Companies Inc.


Table 1Condensed Consolidated Statements of Operations



For the Three Months Ended March 31, 2026 and 2025



(unaudited)





Three Months Ended

March 31,(in millions)
2026
2025Revenues



Product sales
$2,500

$2,227
Other revenues
24

32


2,524

2,259
Expenses



Cost of goods sold (excluding amortization and impairments of intangible assets)
721

683
Cost of other revenues
17

18
Selling, general and administrative
861

867
Research and development
163

143
Amortization of intangible assets
241

256
Goodwill impairments
1,426

—
Restructuring, integration and separation costs
13

1
Other expense, net
32

15


3,474

1,983
Operating (loss) income
(950)

276
Interest income
10

11
Interest expense
(402)

(330)
Loss on extinguishment of debt
(1)

—
Foreign exchange and other
(11)

(4)
Loss before income taxes
(1,354)

(47)
Provision for income taxes
(77)

(39)
Net loss
(1,431)

(86)
Net loss attributable to noncontrolling interest
8

28
Net loss attributable to Bausch Health Companies Inc.
$(1,423)

$(58)
 Bausch Health Companies Inc.


Table 2Reconciliation of Net Loss Attributable to Bausch Health Companies Inc.   to Adjusted Net Income Attributable to Bausch Health Companies Inc. (non-GAAP)



For the Three Months Ended March 31, 2026 and 2025

(unaudited)





Three Months Ended

March 31,(in millions)
2026
2025Net loss attributable to Bausch Health Companies Inc.
$(1,423)

$(58)
Non-GAAP adjustments: (a)



Amortization of intangible assets
241

256
Goodwill impairments
1,426

—
Restructuring, integration and transformation costs
19

29
Acquisition-related costs and adjustments (excluding amortization of intangible assets)
16

12
Loss on extinguishment of debt and write down of financing fees
9

—
Separation costs and separation-related costs
1

5
Gain on sale of assets, net
(3)

—
Litigation and other matters, net of insurance recoveries and restitutions
10

(3)
Other
8

12
Tax effect of non-GAAP adjustments
6

(15)
Noncontrolling interest portion of the non-GAAP adjustments
(14)

(18)
Adjusted net income attributable to Bausch Health Companies Inc. (non-GAAP)
$296

$220





Basic and diluted loss per share attributable to Bausch Health Companies Inc.
$(3.82)

$(0.16)
Adjusted diluted earnings per share attributable to Bausch Health Companies Inc. (non-GAAP) (b)
$0.78

$0.59





Basic weighted average common shares
372.8

369.6
Diluted weighted average common shares
378.9

373.8


(a)The components of and further details respecting each of these non-GAAP adjustments and the financial statement line item to which each component relates can be found on Table 2a.(b)Adjusted diluted earnings per share attributable to Bausch Health Companies Inc. is calculated using Diluted weighted average common shares of 378.9 million and 373.8 million which includes the diluted effect of stock options and restricted stock units of 6.1 million and 4.2 million (the "Dilutive Shares") for the three months ended March 31, 2026 and 2025, respectively. The Dilutive Shares were not included in the determination of Basic and diluted loss per share attributable to Bausch Health Companies Inc. as the effect of including them would have been antidilutive. Bausch Health Companies Inc.
Table 2aReconciliation of GAAP to Non-GAAP Financial Information



For the Three Months Ended March 31, 2026 and 2025



(unaudited)





Three Months Ended

March 31,(in millions)
2026
2025Cost of goods sold reconciliation:



  GAAP Cost of goods sold (excluding amortization and impairments of intangible assets)
$721

$683
     Fair value inventory step-up resulting from acquisitions (a)
(3)

(22)
 Adjusted cost of goods sold (excluding amortization and impairments of intangible assets) (non-GAAP)
$718

$661
Selling, general and administrative reconciliation:



     GAAP Selling, general and administrative
$861

$867
     IT infrastructure investment (b)
(5)

(8)
     Legal and other professional fees (b)
—

(3)
     Separation-related costs (c)
(1)

(5)
     Transformation costs (d)
(6)

(28)
   Adjusted selling, general and administrative (non-GAAP)
$849

$823
Amortization of intangible assets reconciliation:



     GAAP Amortization of intangible assets
$241

$256
     Amortization of intangible assets (e)
(241)

(256)
  Adjusted amortization of intangible assets (non-GAAP)
$—

$—
Goodwill impairments reconciliation:



     GAAP Goodwill impairments
$1,426

$—
     Goodwill impairments (f)
(1,426)

—
  Adjusted goodwill impairments (non-GAAP)
$—

$—
Restructuring, integration and separation costs reconciliation:



     GAAP Restructuring, integration and separation costs
$13

$1
     Restructuring and integration costs (d)
(13)

(1)
  Adjusted restructuring, integration and separation costs (non-GAAP)
$—

$—
Other expense, net reconciliation:



     GAAP Other expense, net
$32

$15
     Litigation and other matters, net of insurance recoveries and restitutions (g)
(10)

3
     Acquisition-related contingent consideration (a)
(12)

11
     Gain on sale of assets, net (h)
3

—
     Acquisition-related costs (a)
(1)

(1)
  Adjusted other expense, net (non-GAAP)
$12

$28
 Bausch Health Companies Inc.
Table 2a (continued)Reconciliation of GAAP to Non-GAAP Financial Information



For the Three Months Ended March 31, 2026 and 2025



(unaudited)





Three Months Ended

March 31,(in millions)
2026
2025Loss on extinguishment of debt reconciliation:



     GAAP Loss on extinguishment of debt
$(1)

$—
     Loss on extinguishment of debt (i)
1

—
  Adjusted Loss on extinguishment of debt (non-GAAP)
$—

$—
Interest expense reconciliation:



     GAAP Interest expense
$(402)

$(330)
     Write-down of financing fees (i)
8

—
  Adjusted Interest expense (non-GAAP)
$(394)

$(330)
Foreign exchange and other reconciliation:



     GAAP Foreign exchange and other
$(11)

$(4)
     Other professional fees (b)
3

(1)
  Adjusted foreign exchange and other (non-GAAP)
$(8)

$(5)
Provision for income taxes reconciliation:



     GAAP Provision for income taxes
$(77)

$(39)
     Tax effect of non-GAAP adjustments (j)
6

(15)
  Adjusted provision for income taxes (non-GAAP)
$(71)

$(54)
Net loss attributable to noncontrolling interest reconciliation:



     GAAP Net loss attributable to noncontrolling interest
$8

$28
     Noncontrolling interest portion of amortization of intangible assets (k)
(7)

(8)
     Noncontrolling interest portion of all other adjustments (k)
(7)

(10)
  Adjusted net loss attributable to noncontrolling interest (non-GAAP)
$(6)

$10


(a)Represents the three components of the non-GAAP adjustment of "Acquisition-related costs and adjustments (excluding amortization of intangible assets)" (see Table 2).(b)Represents the three components of the non-GAAP adjustment of "Other" (see Table 2).(c)Represents the one component of the non-GAAP adjustment of "Separation costs and separation-related costs" (see Table 2).(d)Represents the two components of the non-GAAP adjustment of "Restructuring, integration and transformation costs" (see table 2).(e)Represents the sole component of the non-GAAP adjustment of "Amortization of intangible assets" (see Table 2).(f)Represents the sole component of the non-GAAP adjustment of "Goodwill impairments" (see Table 2).(g)Represents the sole component of the non-GAAP adjustment of "Litigation and other matters, net of insurance recoveries and restitutions" (see Table 2).(h)Represents the sole component of the non-GAAP adjustment of "Gain on sale of assets, net" (see Table 2).(i)Represents the two components of the non-GAAP adjustment of "Loss on extinguishment of debt and write-down of financing fees" (see Table 2).(j)Represents the sole component of the non-GAAP adjustment of "Tax effect of non-GAAP adjustments" (see Table 2).(k)Represents the portion of the non-GAAP adjustments attributable to noncontrolling interest (see Table 2).  Bausch Health Companies Inc.
Table 2bReconciliation of GAAP Net Loss to Adjusted EBITDA (non-GAAP)

For the Three Months Ended March 31, 2026 and 2025



(unaudited)






Three Months Ended


March 31,(in millions)
2026
2025Net loss
$(1,431)

$(86)

Interest expense, net
392

319

Provision for income taxes
77

39

Depreciation and amortization
295

305
EBITDA
(667)

577
Adjustments:




Goodwill impairments
1,426

—

Restructuring, integration and transformation costs
19

29

Acquisition-related costs and adjustments (excluding amortization of intangible assets)
16

12

Loss on extinguishment of debt
1

—

Share-based compensation
52

43

Separation costs and separation-related costs
1

5

Other adjustments:




Litigation and other matters, net of insurance recoveries and restitutions
10

(3)

Gain on sale of assets, net
(3)

—

Other
8

12
Adjusted EBITDA (non-GAAP) (a)
863

675
Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) (b)
(26)

(14)
Adjusted EBITDA attributable to Bausch Health Companies Inc. (non-GAAP) (c)
$837

$661


(a)Includes the impact of Acquired IPR&D charges of $11 million and $28 million for the three months ended March 31, 2026 and 2025, respectively.(b)Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) is Net loss attributable to noncontrolling interest adjusted for the noncontrolling interest portion of the adjustments above as follows: 


Three Months Ended


March 31,(in millions)
2026
2025Net loss attributable to noncontrolling interest
$8

$28
Noncontrolling interest portion of adjustments for:




Interest expense, net
(12)

(12)

Depreciation and amortization
(13)

(13)

All other adjustments
(9)

(17)
Adjusted EBITDA attributable to noncontrolling interest (non-GAAP)
$(26)

$(14)


(c)Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $10 million and $24 million for the three months ended March 31, 2026 and 2025, respectively. Bausch Health Companies Inc.
Table 3Organic Growth (non-GAAP) - by Segment



For the Three Months Ended March 31, 2026 and 2025



(unaudited)





Calculation of Organic Revenue for the Three Months Ended





March 31, 2026
March 31, 2025
Change in
GAAP Revenues
Change in
Organic Revenue(in millions)
Revenue
as
Reported
Changes in
Exchange Rates (a)
Acquisitions
Organic Revenue
(Non-GAAP) (b)
Revenue
as
Reported
Divestitures
and Discontinuations
Organic
Revenue (Non-
GAAP) (b)
Amount
Pct.
Amount
Pct.Bausch Health (excl. B+L)





















Salix
$639

$—

$—

$639

$542

$—

$542

$97

18%
$97
18 %






















International
285

(25)

—

260

262

(1)

261

23

9%
(1)
— %






















Solta Medical
171

(4)

(32)

135

113

—

113

58

51%
22
19 %






















Diversified





















Neuroscience
113

—

—

113

118

—

118

(5)

(4)%
(5)
(4) %Dermatology
33

—

—

33

46

—

46

(13)

(28)%
(13)
(28) %Generics
18

—

—

18

18

—

18

—

—%
—
— %Dentistry
21

—

—

21

23

—

23

(2)

(9)%
(2)
(9) %Total Diversified
185

—

—

185

205

—

205

(20)

(10)%
(20)
(10) %






















Bausch Health (excl. B+L) revenues
1,280

(29)

(32)

1,219

1,122

(1)

1,121

158

14%
98
9 %






















Bausch + Lomb





















Vision Care
711

(25)

—

686

656

(2)

654

55

8%
32
5 %Surgical
228

(12)

(1)

215

214



214

14

7%
1
—Pharmaceuticals
305

(5)

—

300

267

(1)

266

38

14%
34
13 %Total Bausch + Lomb revenues
1,244

(42)

(1)

1,201

1,137

(3)

1,134

107

9%
67
6 %






















Total Bausch Health Companies Inc.
   revenues
$2,524

$(71)

$(33)

$2,420

$2,259

$(4)

$2,255

$265

12%
$165
7 %

(a)The impact for changes in foreign currency exchange rates is determined as the difference in the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period.(b)To supplement the financial measures prepared in accordance with GAAP, the Company uses certain non-GAAP financial measures. For additional information about the Company's use of such non-GAAP financial measures, refer to the body of the news release to which these tables are attached. Organic revenue (non-GAAP) for the three months ended March 31, 2026 is calculated as revenue as reported adjusted for the impact for changes in exchange rates (previously defined in this news release). Organic revenue (non-GAAP) for the three months ended March 31, 2025 is calculated as revenue as reported less revenues attributable to divestitures and discontinuances during the twelve months prior to the day of divestiture or discontinuance, as there are no revenues from those businesses and assets included in the comparable current period. Bausch Health Companies Inc.


Table 4Other Financial Information



(unaudited)








(in millions)
March 31,
2026
December 31,
2025Cash, Cash Equivalents and Restricted Cash



Cash and cash equivalents
$1,299

$1,309
Restricted cash
13

16
Cash, cash equivalents and restricted cash
$1,312

$1,325





(in millions)
March 31,
2026
December 31,
2025Debt Obligations



Senior Secured Credit Facilities:



Revolving Credit Facilities
$100

$100
Term Loan Facilities
5,779

5,787
Senior Secured Notes
10,223

10,235
Senior Unsecured Notes
4,098

4,098
Other
12

12
Total long-term debt and other, net of premiums, discounts and issuance costs
20,212

20,232
Plus: Unamortized premiums, discounts and issuance costs
552

585
Total long-term debt and other
$20,764

$20,817





(in millions)
March 31,
2026
December 31,
2025Maturities of Debt Obligations (at principal amount)



  Remainder of 2026
$44

58
?  2027
701

701
?  2028
3,765

4,240
?  2029
1,667

1,662
?  2030
4,123

4,118
?  2031
3,912

3,453
 Thereafter
6,000

6,000
 Total debt obligations
$20,212

$20,232







Three Months Ended
March 31,(in millions)
2026
2025Cash provided by operating activities
$230

$211
Net cash impact of legacy legal matters (a)
158

15
Payments of transformation costs
7

4
Payments of separation costs and separation-related costs
—

7
Interest payments charges against debt premium
(44)

(127)
Fees paid in connection with debt refinancing
11

—
Payments of Acquired IPR&D
12

28
Adjusted cash flow from operations (non-GAAP)
$374

$138


(a)Payments of legacy legal settlements, net of insurance recoveries and restitutions. Bausch Health Companies Inc.Table 5Reconciliation of Reported Net (Loss) Income to Adjusted EBITDA (non-GAAP)
For the Three Months Ended March 31, 2026 and 2025
(unaudited)


Three Months Ended March 31, 2026
Three Months Ended March 31, 2025(in millions)Bausch Health
Companies, Inc.
Bausch + Lomb
Corporation
Bausch Health
(excluding B+L)
Bausch Health
Companies, Inc.
Bausch + Lomb
Corporation
Bausch Health
(excluding B+L)Net (Loss) Income$(1,431)
$(70)
$(1,361)
$(86)
$(211)
$125
Interest expense, net392
93
299
319
91
228
Provision for income taxes77
6
71
39
31
8
Depreciation and amortization295
101
194
305
106
199EBITDA(a)(667)
130
(797)
577
17
560Adjustments:











Goodwill impairments1,426
—
1,426
—
—
—
Restructuring, integration and transformation costs19
12
7
29
27
2
Acquisition-related costs and adjustments (excluding
  amortization of intangible assets)16
3
13
12
14
(2)
Loss on extinguishment of debt1
1
—
—
—
—
Share-based compensation52
34
18
43
28
15
Separation costs and separation-related costs1
1
—
5
3
2
Other adjustments:











Litigation and other matters, net of insurance
recoveries and restitutions10
7
3
(3)
1
(4)
Gain on sale of assets, net(3)
(3)
—
—
—
—
Other8
5
3
12
9
3Adjusted EBITDA (non-GAAP) (a),(b)$863
$190
$673
$675
$99
$576












Impact of Acquired IPR&D$11
$11
$—
$28
$28
$—

(a)This is a non-GAAP measure. Management considers the presentation of Adjusted EBITDA for Bausch Health (excluding B+L) (non-GAAP) to be meaningful information and utilizes it in decision making and for compensation purposes. Adjusted EBITDA for Bausch Health Excluding B+L (non-GAAP) is not intended to be representative of GAAP continuing operations and Adjusted EBITDA for B+L is not intended to be representative of discontinued operations as the criteria for that accounting has not been met. As such, Adjusted EBITDA for Bausch Health excluding B+L (non-GAAP) as included herein may not be indicative of the results of the operations or Adjusted EBITDA attributable to Bausch Health (non-GAAP) in the future, or if B+L met the criteria to be treated as a discontinued operation during any of the periods presented.(b)Adjusted EBITDA (non-GAAP) above includes Adjusted EBITDA attributable to noncontrolling interests. For Bausch Health Companies Inc., this amounted to $26 million and $14 million for the three months ended March 31, 2026 and 2025, respectively, which includes $1 million related to B+L in each period. Investor Contact:Media Contact:Garen SarafianKatie Savastanoir@bauschhealth.com  corporate.communications@bauschhealth.com (877) 281-6642 (toll free)(908) 541-3785  





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Original: BAUSCH HEALTH ANNOUNCES FIRST QUARTER 2026 RESULTS

Bausch Health to Announce First Quarter 2026 Results on April 29, 2026March 31, 2026 7:00 AM
PR Newswire (US)

LAVAL, QC, March 31, 2026 /PRNewswire/ -- Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) will release first quarter 2026 financial results after market close on Wednesday, April 29, 2026. Bausch Health will host a live conference call and webcast at 5:00 p.m. U.S. EDT to discuss results and provide a business update. All materials will be made available on the Investor Relations section of the Bausch Health website prior to the start of the call.Conference Call DetailsDate:                                            Wednesday, April 29, 2026Time:                                            5:00 p.m. U.S. EDTWebcast:                                      http://ir.bauschhealth.com/events-and-presentationsA replay of the conference call will be available on the investor relations website.About Bausch HealthBausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) is a global diversified pharmaceutical company enriching lives through our relentless drive to deliver better health care outcomes. We develop, manufacture and market a range of products primarily in gastroenterology, hepatology, neuroscience, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health, through our controlling interest in Bausch + Lomb. Our ambition is to be a globally integrated healthcare company, trusted and valued by patients, HCPs, employees and investors. For more information, visit www.bauschhealth.com and connect with us on LinkedIn. Investor Contact: Media Contact:
Garen SarafianKatie Savastano 
ir@bauschhealth.com   corporate.communications@bauschhealth.com
(877) 281-6642 (toll-free)      (908) 541-3785



BHC-FINANCIAL

  





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Original: Bausch Health to Announce First Quarter 2026 Results on April 29, 2026

Solta Medical, la branche esthétique de Bausch Health, annonce le lancement du laser Clear + BrilliantMD Touch au CanadaFebruary 23, 2026 8:26 AM
PR Newswire (Canada)

LAVAL, Quebec , le 23 févr. 2026 /CNW/ - Bausch Health Companies Inc. (NYSE:BHC) (TSX:BHC), une entreprise pharmaceutique mondiale et diversifiée, et Solta Medical, un chef de file mondial en médecine esthétique, ont annoncé aujourd'hui le lancement du laser Clear + BrilliantMD Touch au Canada. Le dispositif a été approuvé par Santé Canada le 20 mai 2025, une étape importante pour l'entreprise alors que la demande de traitements non invasifs de rajeunissement de la peau ne cesse de croître au pays. Désormais, les médecins canadiens peuvent recourir à l'une des technologies laser à double longueur d'onde parmi les plus avancées sur le marché, facilitant l'accès à des traitements personnalisables, en phase avec la préférence croissante de la population canadienne pour les options de rajeunissement de la peau à la fois efficaces et accessibles.« Le rayonnement de Solta à l'échelle internationale ne se dément pas. Avec sa vaste gamme de produits bien établis, Solta répond à la demande croissante de solutions dans le domaine de l'esthétique de qualité supérieure, déclare Thomas J. Appio, chef de la direction de Bausch Health. Le Canada est une partie importante de cette croissance, car il y a dans tout le pays un intérêt marqué et soutenu pour le marché de l'esthétique. »Inspiré du système Clear + Brilliant Touch, dont le lancement en 2021 a connu un grand succès aux États-Unis, le design innovateur de l'appareil permet l'utilisation de deux pièces à main émettant chacune une longueur d'onde distincte réalisant ainsi des traitements complets qui donnent à la peau une apparence plus lisse, plus éclatante et plus jeune. Le système convient à tous les types de peau, à différentes tranches d'âge et peut être utilisé à longueur d'année (selon la discrétion du médecin traitant). Ses principaux atouts : la simplicité d'emploi, le temps de convalescence minimal et son approche douce, mais qui produit des résultats efficaces.« Élargir l'accessibilité au système Clear + Brilliant Touch en l'introduisant sur le marché canadien marque un grand pas en avant pour Solta Medical et sa mission, soit élargir à l'échelle mondiale sa gamme novatrice de produits de santé de la peau, déclare Jiny Kim, vice-présidente principale chez Solta Medical, Bausch Health. Ce lancement vient consolider la position de chef de file de Solta, qui sert les fournisseurs de soins et les patients en leur procurant des technologies sécuritaires,  efficaces et personnalisables. »Indications du traitement au laser Clear + BrilliantMD Touch (Canada)L'utilisation du système Clear + BrilliantMD Touch est indiquée pour des interventions dermatologiques nécessitant la coagulation du tissu mou et le relissage général de la peau. Le système comprend deux pièces à main à laser fractionné, qui ont chacune leur propre indication :Pièce à main à 1440 nmIndiquée pour le traitement et l'amélioration de l'apparence des caractéristiques cutanées suivantes :
RidesDyschromiePigmentationTexture de la peauTaille des poresPièce à main de 1927 nmIndiquée pour le traitement et l'amélioration de l'apparence des caractéristiques cutanées suivantes :
RidesDyschromiePigmentationTexture de la peauPerméabilité de la peauTaille des poresÀ propos du laser Clear + BrilliantMD Touch
Le laser Clear + BrilliantMD Touch de Solta Medical est maintenant offert au Canada et s'ajoute à la gamme Clear + BrilliantMD. Appuyée par des données probantes robustes provenant de plus de 15 études cliniques, la plateforme Clear + BrilliantMD est une technologie de laser fractionné qui provoque des changements cutanés à la fois structurels et fonctionnels. Au Canada, ce type de traitement pourrait répondre  à certains signes de vieillissement, à conserver une peau d'apparence jeune et à améliorer l'apparence générale de la peau.Depuis 2011, la plateforme Clear + BrilliantMD aide à définir l'horizon des traitements au laser sur les marchés internationaux.Pour en savoir plus sur le laser Clear + BrilliantMD Touch et pour obtenir des renseignements importants sur son innocuité, visitez le site ca.clearandbrilliant.com/fr-CA/hcp.À propos de Bausch Health
Bausch Health Companies Inc. (NYSE:BHC) (TSX:BHC) est une compagnie mondiale de produits pharmaceutiques diversifiés qui améliorent la vie des gens et dont la détermination sans faille vise à améliorer les résultats en matière de soins de santé. Nous mettons au point, fabriquons et commercialisons un large éventail de produits pharmaceutiques, principalement dans les domaines thérapeutiques de la gastroentérologie, de l'hépatologie, des neurosciences, de la dermatologie, de la médecine dentaire et de l'esthétique, de même qu'en santé oculaire à l'échelle internationale par l'intermédiaire de notre participation majoritaire dans la société Bausch + Lomb. Nous avons l'ambition de devenir une entreprise de soins de santé intégrée à l'échelle mondiale, digne de confiance et valorisée par les patients, professionnels de la santé, employés et investisseurs. Notre branche consacrée à l'esthétique, Solta Medical, est un chef de file mondial en médecine esthétique qui a pour mission de créer et de soutenir des marques de soins esthétiques de confiance, gages de valeur pour les clients comme les patients. Vous trouverez de plus amples renseignements sur Solta Medical à l'adresse www.solta.com. Pour en savoir plus sur Bausch Health, visitez le www.bauschhealth.com; vous pouvez aussi communiquer avec nous par LinkedIn.Déclarations prospectivesCe communiqué de presse pourrait contenir des déclarations de nature prospective au sens des lois sur les valeurs mobilières applicables, y compris les règles d'exonération de la Private Securities Litigation Reform Act de 1995 des États-Unis. Les déclarations de nature prospective se caractérisent généralement par l'utilisation du futur ou du conditionnel, ou des verbes « anticiper », « espérer », « s'attendre à », « avoir l'intention de », « prévoir », « croire », de l'expression « sous réserve de » ou de leurs variantes ou d'expressions similaires. Ces déclarations ne constituent pas des faits historiques ni une garantie de rendement futur; elles sont fondées sur les attentes et les croyances actuelles de la direction et sont sujettes à d'autres risques et incertitudes qui pourraient faire en sorte que les résultats réels diffèrent sensiblement de ceux décrits dans les déclarations de nature prospective. Les résultats réels sont soumis à d'autres risques et incertitudes qui dépendent plus largement des activités globales de Bausch Health, y compris celles décrites plus en détail dans les rapports annuel et trimestriel les plus récents de Bausch Health et les rapports détaillés de Bausch Health ou autres documents déposés régulièrement à la Securities and Exchange Commision des États-Unis ou aux Autorités canadiennes en valeurs mobilières, dont les facteurs sont intégrés aux présentes par renvoi. Les lecteurs sont avertis de ne pas se fier indûment à ces déclarations de nature prospective. Ces déclarations de nature prospective ne s'appliquent qu'à la date des présentes. L'entreprise n'a aucune obligation de mettre à jour ces déclarations de nature prospective pour refléter des événements, des circonstances ou des renseignements postérieurs à la date du présent communiqué de presse ou pour refléter les résultats réels, sauf si la loi l'exige.BHC-PRODUCTSRelations avec les investisseurs :Relations avec les médias :Garen SarafianKatie Savastanoir@bauschhealth.comcorporate.communications@bauschhealth.com877-281-6642 (sans frais)908-569-3692 Logo - https://mma.prnewswire.com/media/2850608/5817807/Bausch_Health_Logo.jpgSOURCE Bausch Health Companies Inc.

Original: Solta Medical, la branche esthétique de Bausch Health, annonce le lancement du laser Clear + BrilliantMD Touch au Canada

Bausch Health's OraPharma Celebrates 25 Years of ARESTIN® (minocycline HCl) MicrospheresFebruary 19, 2026 8:00 AM
PR Newswire (US)

The only FDA-approved locally applied antibiotic used with scaling and root planing (SRP) marks a quarter-century of clinical useLAVAL, QC, Feb. 19, 2026 /PRNewswire/ -- Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC), and its dental products business, OraPharma, today announced the 25th anniversary milestone of ARESTIN® (minocycline HCl) Microspheres, 1 mg, a locally administered antibiotic used as an adjunct to scaling and root planing (SRP) for the reduction of pocket depth in adult patients with periodontitis. ARESTIN is supported by over two decades of clinical experience and remains the only Food and Drug Administration (FDA) approved locally applied antibiotic for this use.Dan Wu, Ph.D., Senior Director, Pharmaceutical Sciences & Technology, Bausch Health, and a member of the development team behind ARESTIN, reflected, "The 'why' behind developing ARESTIN began with recognizing that periodontal disease is a localized, chronic bacterial condition and that clinicians had no targeted way to help address it. There was a gap in treatment, and ARESTIN was developed to help fill that need by delivering antibiotic therapy directly into the periodontal pocket, using tiny microspheres that release the antibiotic gradually over time before naturally biodegrading."Periodontal disease remains one of the most prevalent chronic oral health conditions globally, affecting more than one billion people1. As part of comprehensive periodontal disease management, many dental professionals have incorporated ARESTIN with scaling and root planing (SRP)."Reaching Arestin's 25-year milestone as the only FDA-approved locally applied antibiotic reflects our commitment to periodontal care," said Tom Stern, Vice President and General Manager of the OraPharma business, Bausch Health's dentistry division. "As we recognize this legacy, we are equally focused on the future—one defined by innovation and deeper collaboration with the dental community. Building on Arestin's impactful history, we continue to support non-surgical periodontal treatment for appropriate patients."OraPharma continues to advance its commitment to periodontal health, including recent commercial expansion into Canada and Puerto Rico aimed at improving access to treatment options in areas with unmet needs.What is ARESTIN?
ARESTIN® (minocycline HCl) Microspheres, 1mg is used in combination with scaling and root planing (SRP) procedures to treat patients with adult periodontitis (gum disease). ARESTIN® may be used as part of an overall oral health program that includes good brushing and flossing habits and SRP.IMPORTANT SAFETY INFORMATIONDo not use ARESTIN if you are allergic to minocycline or tetracyclines, ask your dentist if you are not sure. Do not use ARESTIN in children, pregnant or nursing women as the use of tetracycline class drugs, including ARESTIN, during tooth development may cause permanent discoloration of the teeth.ARESTIN may cause you to be sensitive to sunlight. Patients exposed to direct sunlight or ultraviolet light may develop a severe sunburn. At the first evidence of skin redness, call your dentist.Serious allergic reactions have occurred with oral minocycline. Get emergency help right away if you experience any signs of an allergic reaction including shortness of breath, swelling of the face, throat and tongue, rash, hives, itching, fever, or enlarged lymph nodes.Tetracyclines, including oral minocycline, have been associated with the development of autoimmune syndromes with symptoms such as joint pain, muscle pain, rash, swelling, fever, enlarged lymph nodes, and general body weakness.Tell your dentist about all the medicines you take, and about any health problems you have, including if you've had oral candidiasis ("thrush").ARESTIN has not been studied in patients with weakened immune systems, such as patients with HIV infections or diabetes, or those receiving chemotherapy or radiation.The most frequently reported non-dental side effects were headache, infection, flu symptoms, and pain.You are encouraged to report negative side effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch or call 1-800-FDA-1088.Please click here for full Prescribing Information. About Bausch Health
Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) is a global, diversified pharmaceutical company enriching lives through our relentless drive to deliver better health care outcomes. We develop, manufacture and market a range of products primarily in gastroenterology, hepatology, neuroscience, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health, through our controlling interest in Bausch + Lomb Corporation. Our ambition is to be a globally integrated healthcare company, trusted and valued by patients, HCPs, employees and investors. OraPharma is a specialty pharmaceutical company committed to partnering with dental professionals to improve oral health. More information can be found at www.orapharma.com. For more information about Bausch Health, visit www.bauschhealth.com and connect with us on LinkedIn.Forward-looking Statements
This news release may contain forward-looking statements within the meaning of applicable securities laws, including the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.  Forward-looking statements may generally be identified by the use of the words "will," "anticipates," "hopes," "expects," "intends," "plans," "should," "could," "would," "may," "believes," "subject to" and variations or similar expressions. These statements are neither historical facts nor assurances of future performance, are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Actual results are subject to other risks and uncertainties that relate more broadly to Bausch Health's overall business, including those more fully described in Bausch Health's most recent annual and quarterly reports and detailed from time to time in Bausch Health's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference.  Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. The Company undertakes no obligation to update any of these forward-looking statements to reflect events, information or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.REFERENCE:
(1) Hu M, Zhang R, Wang R, Wang Y, Guo J. Global, regional, and national burden of periodontal diseases from 1990 to 2021 and predictions to 2040: an analysis of the Global Burden of Disease Study 2021. Front Oral Health. 2025;6:1627746. doi:10.3389/froh.2025.1627746. [frontiersin.org]ARESTIN is a trademark Bausch Health Companies Inc. or its affiliates.
© 2026 Bausch Health Companies Inc. or its affiliates.Investor Contact:                                                                             Media Contact:Garen Sarafian                                                                                  Katie Savastanoir@bauschhealth.com                                                                  corporate.communications@bauschhealth.com(877) 281-6642 (toll free)                                                            (908) 569-3692

BHC- PRODUCTS






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Original: Bausch Health's OraPharma Celebrates 25 Years of ARESTIN® (minocycline HCl) Microspheres

BAUSCH HEALTH ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2025 RESULTSFebruary 18, 2026 4:05 PM
PR Newswire (US)

Fourth Quarter Consolidated Revenues of $2.80 billion, up 9% on a Reported basis and up 6% on an Organic (non-GAAP)1 basis over the prior year periodFull-Year Consolidated Revenues of $10.27 billion, up 7% on a Reported basis and 5% on an Organic (non-GAAP)1 basisGAAP Net Loss Attributable to Bausch Health of $112 million for the quarter and GAAP Net Income Attributable to Bausch Health of $157 million for the yearConsolidated Adjusted EBITDA Attributable to Bausch Health (non-GAAP)1 of $1.05 billion for the quarter, up 13%, and $3.54 billion for the year, up 7%BAUSCH HEALTH EXCLUDING BAUSCH + LOMB FOURTH QUARTER AND FULL-YEAR 2025 RESULTSDelivered eleventh consecutive quarter of year-over-year growth in both Revenue and Adjusted EBITDA (non-GAAP)1, exceeding 2025 guidance on all metricsCompleted the acquisition of Shibo's full-service aesthetics distribution business in China on December 1, 2025Executed a $1.7 billion debt exchange offer during the fourth quarter and $9.6 billion in total refinancing for the Full-Year 2025, extending near- and medium-term maturitiesGenerated $362 million in Adjusted Cash Flow from Operations (non-GAAP)1 in the fourth quarter and $1.2 billion for the Full-Year 2025LAVAL, QC, Feb. 18, 2026 /PRNewswire/ -- Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) ("Bausch Health" the "Company," "we" or "our") today announced its fourth quarter and full-year 2025 financial results and other key updates for the quarter."The fourth quarter marks our eleventh consecutive quarter of year-over-year growth in Revenue and Adjusted EBITDA for Bausch Health, excluding Bausch + Lomb. These results highlight our global team's unwavering commercial rigor and operational excellence, as full-year results came in above our guidance on all key metrics. Our newly acquired full-service aesthetics distribution business in China expands our geographical reach, provides direct access to a large customer base, and allows us to better address market demand for aesthetic treatments, strengthening our global aesthetics franchise and our commitment to excellence in China. As we move into 2026, we remain committed to commercial and operational excellence, along with the proactive pursuit of initiatives that expand our portfolio and enhance our long-term outlook," said Thomas J. Appio, Chief Executive Officer, Bausch Health.___________________________________1   This is a non-GAAP measure or a non-GAAP ratio. For further information on non-GAAP measures and non-GAAP ratios, please refer to the "Non-GAAP Information" section of this news release. Please also refer to tables at the end of this news release for a reconciliation of this and other non-GAAP measures to the most directly comparable GAAP measure.Fourth Quarter and Full-Year 2025 Revenue PerformanceTotal consolidated reported revenues were $2.80 billion for the fourth quarter of 2025, compared with $2.56 billion in the fourth quarter of 2024, an increase of $237 million, or 9%. Excluding the impact of foreign exchange of $59 million, acquisitions of $1 million, and divestitures and discontinuations of $17 million, revenue increased by 6% on an organic1 basis compared with the fourth quarter of 2024.Total consolidated reported revenues were $10.27 billion for the full year of 2025, compared with $9.63 billion for the full year of 2024, an increase of $641 million, or 7%. Excluding the impact of foreign exchange of $72 million, acquisitions of $16 million, and divestitures and discontinuations of $30 million, revenues increased 5% on an organic1 basis compared with the full year of 2024. Revenues by segment were as follows:

Three Months Ended
December 31,
Reported Change
Change at
Constant
Currency1(non-GAAP)
Changein Organic1
Revenue 
(non-GAAP)(in millions)
2025
2024
Amount
Pct.

Total Bausch Health Revenues
$2,796
$2,559
$237
9 %
7 %
6 %












Bausch Health (Excl. B+L)
$1,391
$1,279
$112
9 %
7 %
5 %Salix segment
$693
$634
$59
9 %
9 %
6 %International segment
$306
$279
$27
10 %
1 %
2 %Solta Medical segment
$137
$138
($1)
(1 %)
— %
— %Diversified Products segment
$255
$228
$27
12 %
12 %
9 %Bausch + Lomb segment
$1,405
$1,280
$125
10 %
7 %
7 % 

Twelve Months Ended
December 31,
Reported Change
Change at
Constant
Currency1(non-GAAP)
Changein Organic1
Revenue 
(non-GAAP)(in millions)
2025
2024
Amount
Pct.

Total Bausch Health Revenues
$10,266
$9,625
$641
7 %
6 %
5 %












Bausch Health (Excl. B+L)
$5,165
$4,834
$331
7 %
7 %
6 %Salix segment
$2,578
$2,333
$245
11 %
11 %
9 %International segment
$1,132
$1,111
$21
2 %
— %
1 %Solta Medical segment
$518
$440
$78
18 %
19 %
19 %Diversified Products segment
$937
$950
($13)
(1 %)
(1 %)
(3 %)Bausch + Lomb segment
$5,101
$4,791
$310
6 %
5 %
5 %Salix SegmentSalix segment reported revenues were $693 million for the fourth quarter and $2.58 billion for the full year of 2025, compared with $634 million for the fourth quarter and $2.33 billion for the full year of 2024, an increase of 9% in the fourth quarter, and 11% for the full year. Excluding the impact of divestitures and discontinuations of $17 million for the fourth quarter, and $33 million for the full year, segment revenues increased 6% and 9% on an organic1 basis for the fourth quarter and full year, respectively. Xifaxan® was the primary contributor to segment growth for the fourth quarter and the full year. International SegmentInternational segment reported revenues were $306 million for the fourth quarter and $1.13 billion for the full year of 2025, compared with $279 million for the fourth quarter and $1.11 billion for the full year of 2024, an increase of $27 million, or 10%, in the fourth quarter, and $21 million, or 2%, for the full year. Excluding the impact of foreign exchange of $23 million for the fourth quarter and $19 million for the full year, and divestitures and discontinuations of $2 million for the fourth quarter and $8 million for the full year, segment revenues increased by 2% on an organic1 basis for the fourth quarter, and 1% for the full year, compared with the fourth quarter and full year of 2024, led by growth in EMEA.Solta Medical SegmentSolta Medical segment reported revenues were $137 million for the fourth quarter and $518 million for the full year of 2025, compared with $138 million for the fourth quarter and $440 million for the full year of 2024, a decrease of $1 million, or (1)%, in the fourth quarter, and an increase of $78 million, or 18%, for the full year. Excluding the impact of foreign exchange of $1 million for the fourth quarter and $5 million for the full year 2025, segment revenues were flat on an organic1 basis for the fourth quarter and up 19% for the full year, compared with the fourth quarter and the full year of 2024, respectively. Fourth quarter results were impacted by anticipated one-time events related to Solta's acquisition of Shibo's full-service aesthetics distribution business in China, while full-year 2025 performance was led by growth in South Korea.Diversified SegmentDiversified segment reported revenues were $255 million for the fourth quarter and $937 million for the full year of 2025, compared with $228 million for the fourth quarter and $950 million for the full year of 2024, an increase of $27 million, or 12%, in the fourth quarter, and a decrease of $13 million, or (1)% for the full year. Segment revenues increased on an organic1 basis by 9% for the fourth quarter and decreased 3% on an organic1 basis for the full year, compared with the fourth quarter and the full year of 2024, respectively. Bausch + Lomb SegmentBausch + Lomb segment reported revenues were $1.41 billion for the fourth quarter and $5.10 billion for the full year of 2025, compared with $1.28 billion for the fourth quarter and $4.79 billion for the full year of 2024, an increase of $125 million, or 10%, in the fourth quarter, and $310 million, or 6%, for the full year. Excluding the impact of foreign exchange of $37 million for the fourth quarter and $58 million for the full year of 2025, acquisitions of $1 million for the quarter and $16 million for the full year 2025, and divestitures and discontinuations of $5 million for the fourth quarter and $12 million for the full year, segment revenues increased 7% on an organic1 basis for the fourth quarter and 5% on an organic1 basis for the full year, compared with the fourth quarter and the full year of 2024, respectively.Consolidated Operating IncomeConsolidated operating income was $474 million for the fourth quarter of 2025, compared with $558 million for the fourth quarter of 2024, a decrease of $84 million, reflecting a goodwill impairment charge of $145 million in the fourth quarter of 2025 related to our Generics business unit, partially offset by higher revenues. Consolidated operating income was $1.81 billion for the full year of 2025, compared with $1.55 billion for the full year of 2024, an increase of $267 million. The change reflects the impact of higher revenues, partially offset by increased selling, general and administrative expenses, goodwill impairment and higher acquired in-process research and development ("IPR&D") expenses related to the acquisition of DURECT Corporation.Consolidated Net (Loss) Income Attributable to Bausch HealthConsolidated net loss attributable to Bausch Health for the fourth quarter of 2025 was $112 million, compared with a consolidated net income of $93 million for the fourth quarter of 2024, an unfavorable change of $205 million. Consolidated net income attributable to Bausch Health for the full year 2025 was $157 million, compared with a consolidated net loss attributable to Bausch Health of $46 million for the full year 2024, a favorable change of $203 million. Fourth quarter 2025 results reflect a $145 million goodwill impairment and a $112 million deferred tax asset valuation allowance. Full year 2025 results were due to changes in operating income noted above compared to full year 2024. Consolidated Adjusted Net Income Attributable to Bausch Health (non-GAAP)1 Consolidated adjusted net income attributable to Bausch Health (non-GAAP)1 was $411 million for the fourth quarter and $1.40 billion for the full year of 2025, compared with $430 million for the fourth quarter and $1.39 billion for the full year of 2024, a decrease of $19 million in the fourth quarter and an increase of $6 million for the full year. Consolidated Earnings (Loss) Per Share Attributable to Bausch HealthConsolidated GAAP Earnings (Loss) Per Share attributable to Bausch Health was ($0.30) for the fourth quarter and $0.42 for the full year of 2025, compared with Consolidated GAAP Earnings (Loss) Per Share of $0.25 for the fourth quarter and ($0.13) for the full year of 2024.Consolidated Adjusted EBITDA Attributable to Bausch Health (non-GAAP)1 Consolidated adjusted EBITDA attributable to Bausch Health (non-GAAP)1 was $1.05 billion for the fourth quarter and $3.54 billion for the full year of 2025, compared with $935 million for the fourth quarter of 2024 and $3.31 billion for the full year of 2024, an increase of $117 million in the fourth quarter and $234 million for the full year.Consolidated Cash Provided by Operating ActivitiesThe Company generated $495 million of cash from operating activities in the fourth quarter and $1.40 billion for the full year of 2025, compared to $601 million in the fourth quarter of 2024 and $1.60 billion for the full year of 2024. The decrease in cash flow from operations of $197 million for the full year is primarily attributable to higher working capital and interest payments, partially offset by improved business performance.Balance Sheet HighlightsConsolidated cash and cash equivalents were $1.31 billion.In the fourth quarter, Bausch Health completed an exchange of senior notes, extending $1.6 billion in aggregate debt maturities to 2032 from 2028.Bausch Health (excluding Bausch + Lomb) had availability of approximately $470 million under its revolving credit facility and Bausch + Lomb had availability of approximately $665 million under its revolving credit facility.Bausch Health continues to focus on strengthening its balance sheet and delivering value to shareholders.Bausch Health (excluding Bausch + Lomb) R&D UpdateLarsucosterol (Epigenetic Modulator): FDA Breakthrough Therapy Designation for treatment of Alcohol-Associated Hepatitis (AH)Initiated Phase 3 trial with the first patient randomized in January 2026Fraxel FTX®: fractional laser system targeting treatment in skin rejuvenation, addressing common skin concerns such as sun damage, wrinkles, acne scars, and pigmentation irregularitiesReceived approval in Australia in December 2025RED-C: In January 2026, top line results for Phase 3 studies were evaluatedWhile safe and well-tolerated, both clinical trials did not achieve their primary endpointJanuary 23, 2026 press release announcing these results is available on EDGAR, SEDAR+ and Bausch Health's website2026 Financial Outlook The Company is providing the following full-year guidance for 2026, assuming current foreign exchange rates:

Current Guidance (as of Feb. 18, 2026)

BHCBHC(excl. B+L)B+LRevenues (in Billions)
$10.625 - $10.875$5.250 - $5.400$5.375 - $5.475Revenue growth vs. Prior Year

2% - 5%
Adjusted EBITDA1 (in Billions)
$3.875 - $4.000$2.875 - $2.950$1.000 - $1.050Adj. EBITDA1 growth vs. Prior Year

3% - 5%
Adjusted Operating Cash Flow1 (in Billions)

$1.200 - $1.275
Other than with respect to GAAP revenues, the Company only provides guidance on a non-GAAP basis. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA (non-GAAP)1 to GAAP net income (loss) or forward-looking Adjusted Cash Flow from Operations to GAAP cash generated from operations, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because deductions (such as restructuring, gain or loss on extinguishment of debt and litigation and other matters) used to calculate projected net income (loss) and payments (such as payments of legal settlements, transformation costs, separation costs and separation-related costs, interest charged against premium, financing fees paid in connection with the debt refinancing transactions and acquired IPR&D expense) used to calculate Adjusted Cash Flow from Operations vary dramatically based on actual events, the Company is not able to forecast on a GAAP basis with reasonable certainty all adjustments needed in order to provide a GAAP calculation of projected net income (loss) or cash generated from operations at this time. The amount of these adjustments may be material and, therefore, could result in projected GAAP net income (loss) being materially less than projected Adjusted EBITDA (non-GAAP)1. These statements represent forward-looking information and may represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the "Forward-looking Statements" section of this news release. The guidance in this news release is only effective as of the date it is given and will not be updated or affirmed unless and until the Company publicly announces updated or affirmed guidance. The rapid recent developments in the evolving landscape of tariffs and responses have resulted in uncertainty regarding these measures and the effects they may have. We continue to assess the direct and indirect impacts on our businesses of such tariffs, including retaliatory tariffs and other trade protectionist measures as the situation develops, and there can be no assurance that such impacts will not be adverse. Conference Call DetailsDate:          Wednesday, Feb. 18, 2026Time:          5:00 p.m. U.S. ESTWebcast:    ir.bauschhealth.com/events-and-presentationsA replay of the conference call will be available on the investor relations website.About Bausch HealthBausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) is a global, diversified pharmaceutical company enriching lives through our relentless drive to deliver better health care outcomes. We develop, manufacture and market a range of products primarily in gastroenterology, hepatology, neuroscience, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health, through our controlling interest in Bausch + Lomb Corporation. Our ambition is to be a globally integrated healthcare company, trusted and valued by patients, HCPs, employees and investors. For more information about Bausch Health, visit www.bauschhealth.com and connect with us on LinkedIn.Forward-looking StatementsThis news release contains forward-looking information and statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws (collectively, "forward-looking statements"), including, but not limited to, statements relating to the Company's: future prospects and performance, financial guidance, research and development efforts and anticipated timing or results thereof, proposed plan to separate its eye health business, including the timing thereof, management of its balance sheet, generation of cash, ability to launch and commercialize new products, including the timing of regulatory processes with respect to the Company's product pipeline, ability to enforce and defend its Xifaxan® intellectual property rights, ability to execute its growth strategies and strategic priorities generally, and other corporate and strategic transactions. Forward-looking statements may generally be identified by the use of the words "anticipates," "hopes," "expects," "intends," "plans," "should," "could," "would," "may," "believes," "estimates," "potential," "target," or "continue" and positive and negative variations or similar expressions, and phrases or statements that certain actions, events or results may, could, should or will be achieved, received or taken, or will occur or result, and similar such expressions also identify forward-looking information. These forward-looking statements, including the full-year guidance, are based upon the current expectations and beliefs of management. The Company's 2026 financial outlook and full-year guidance are included to provide further information about management's expectations about the Company's future business operations, activities and results and may not be appropriate for other purposes.These forward-looking statements are subject to certain factors, risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. These factors, risks and uncertainties include, but are not limited to: our ability to execute our business strategy, business plans and operational efficiency initiatives; demand for, competitive positioning of and pricing for our current and anticipated products and our ability to achieve expected revenues, margins and expense levels; the successful development, regulatory approval, manufacture and timing of launches and commercialization of pipeline and other products; the completion, timing, integration and expected benefits of acquisitions and other strategic transactions (including the acquisition of DURECT Corporation and the planned separation of our eye health business consisting of our Bausch + Lomb global Vision Care, Surgical and Pharmaceuticals businesses) on anticipated terms, timing and costs; the scope, duration and financial and operational impact of product quality matters; the continued availability and performance of key third-party distribution, fulfillment and other arrangements and the stability of global supply chains; the continuation of patent protection and regulatory exclusivity for key products; the expected impacts of the Inflation Reduction Act, and the selection by the Centers for Medicare & Medicaid Services of Xifaxan® for the second round of negotiation under the drug price negotiation program for initial price applicability in 2027 and the results thereof, and other healthcare reform measures and our ability to mitigate the impact thereof; our ability to generate cash flows and access liquidity to meet working capital needs, satisfy debt maturities as they become due, reduce debt levels and comply with financial and other covenants under our financing arrangements; the expected scope and impact of tariffs, counter-tariffs and other trade restrictions and the effectiveness of mitigation actions; macroeconomic and geopolitical conditions (including inflation, recessionary pressures, foreign currency exchange rates and interest rates), changes in tax laws and related guidance (including legislation referred to as the One Big Beautiful Bill Act and Organisation for Economic Co-operation and Development related measures); the expected outcomes of litigation and other contingencies; and other factors, risks and uncertainties discussed in the Company's most recent annual and quarterly reports and detailed from time to time in the Company's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors, risks and uncertainties are incorporated herein by reference.We caution that, as it is not possible to predict or identify all relevant factors that may impact forward-looking statements, the factors referred above are not exhaustive and should not be considered a complete statement of all potential risks and uncertainties. When relying on our forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the aforementioned factors and other uncertainties and potential events. These forward-looking statements speak only as of the date made. Bausch Health undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, except as required by law.Non-GAAP InformationTo supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures and non-GAAP ratios to provide supplemental information to readers. Management uses these non-GAAP measures and ratios as key metrics in the evaluation of the Company's performance and the consolidated financial results and, in part, in the determination of cash bonuses for its executive officers. The Company believes these non-GAAP measures and ratios are useful to investors in their assessment of our operating performance and the valuation of the Company. In addition, these non-GAAP measures and ratios address questions the Company routinely receives from analysts and investors, and in order to assure that all investors have access to similar data, the Company has determined that it is appropriate to make this data available to all investors.However, these measures and ratios are not prepared in accordance with GAAP nor do they have any standardized meaning under GAAP. In addition, other companies may use similarly titled non-GAAP financial measures and ratios that are calculated differently from the way we calculate such measures and ratios. Accordingly, our non-GAAP financial measures and ratios may not be comparable to such similarly titled non-GAAP financial measures and ratios used by other companies. We caution investors not to place undue reliance on such non-GAAP measures and ratios, but instead to consider them with the most directly comparable GAAP measures and ratios. Non-GAAP financial measures and ratios have limitations as analytical tools and should not be considered in isolation. They should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.The reconciliations of these historical non-GAAP financial measures and ratios to the most directly comparable financial measures and ratios calculated and presented in accordance with GAAP are shown in the tables below. However, as indicated above, for guidance purposes, the Company does not provide reconciliations of projected Adjusted EBITDA (non-GAAP) to projected GAAP Net income (loss), due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Many of the adjustments and exclusions used to calculate the projected non-GAAP measures may vary significantly based on actual events, so the Company is not able to forecast on a GAAP basis with reasonable certainty all adjustments needed in order to provide a GAAP calculation of these projected amounts. The amounts of these adjustments may be material and, therefore, could result in the GAAP amount being materially different from (including materially less than) the projected non-GAAP measures.Commencing in the third quarter of 2025, the Company now includes payments of Acquired IPR&D in the calculation of Adjusted Cash Flow From Operations (non-GAAP). Prior-period amounts presented herein have been restated to conform to the current year's presentation.Description of Non-GAAP Financial Measures EBITDA (non-GAAP), Adjusted EBITDA (non-GAAP) and Adjusted EBITDA Attributable to Bausch Health (non-GAAP)EBITDA (non-GAAP) is Net income (loss) (its most directly comparable GAAP financial measure) adjusted for interest expense, net, (Benefit from) provision for income taxes, depreciation and amortization. Adjusted EBITDA (non-GAAP) is Net income (loss) (its most directly comparable GAAP financial measure) adjusted for interest expense, net, (Benefit from) provision for income taxes, depreciation and amortization, and certain other items described below. Adjusted EBITDA attributable to Bausch Health (non-GAAP) is Adjusted EBITDA (non-GAAP) further adjusted to exclude the Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) as defined below.Management believes that Adjusted EBITDA (non-GAAP) and Adjusted EBITDA attributable to Bausch Health (non-GAAP), along with the GAAP measures used by management, most appropriately reflect how the Company measures the business internally and sets operational goals and incentives. In particular, the Company believes that these metrics focus management on the Company's underlying operational results and business performance. As a result, the Company uses these metrics to assess the financial performance of the Company and to forecast future results as part of its guidance. Management believes these metrics are a useful measure to evaluate current performance. These metrics are intended to show our unleveraged, pre-tax operating results and therefore reflects our financial performance based on operational factors. In addition, cash bonuses for the Company's executive officers and other key employees are based, in part, on the achievement of certain Adjusted EBITDA (non-GAAP) targets.Adjusted EBITDA (non-GAAP) is Net income (loss) (its most directly comparable GAAP financial measure) adjusted for interest, income taxes, depreciation and amortization and the following items:Restructuring, integration and transformation costs: The Company has incurred restructuring costs as it implemented certain strategies, which involved, among other things, improvements to its infrastructure and operations, internal reorganizations and impacts from the divestiture of assets and businesses. With regard to infrastructure and operational improvements which the Company has taken to improve efficiencies in the businesses and facilities, these tend to be costs intended to right size the business or organization that fluctuate significantly between periods in amount, size and timing, depending on the improvement project, reorganization or transaction. Additionally, the Company is launching certain transformation initiatives that will result in certain changes to and investment in its organizational structure and operations. These transformation initiatives arise outside of the ordinary course of continuing operations and, as is the case with the Company's restructuring efforts, costs associated with these transformation initiatives are expected to fluctuate between periods in amount, size and timing. These out-of-the-ordinary-course charges include third-party advisory costs, as well as certain severance-related costs. Investors should understand that the outcome of these transformation initiatives may result in future restructuring actions and certain of these charges could recur. The Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company's operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors.Asset impairments: The Company has excluded the impact of impairments of finite-lived and indefinite-lived intangible assets, as well as impairments of assets held for sale, as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions and divestitures. The Company believes that the adjustments of these items correlate with the sustainability of the Company's operating performance. Although the Company excludes impairments of intangible assets and assets held for sale from measuring the performance of the Company and the business, the Company believes that it is important for investors to understand that intangible assets contribute to revenue generation.Goodwill impairments: The Company excludes the impact of goodwill impairments. When the Company has made acquisitions where the consideration paid was in excess of the fair value of the net assets acquired, the remaining purchase price is recorded as goodwill. For assets that we developed ourselves, no goodwill is recorded. Goodwill is not amortized but is tested for impairment. The amount of goodwill impairment is measured as the excess of a reporting unit's carrying value over its fair value. Management excludes these charges in measuring the performance of the Company and the business.Share-based compensation: The Company has excluded costs relating to share-based compensation. The Company believes that the exclusion of share-based compensation expense assists investors in the comparisons of operating results to peer companies. Share-based compensation expense can vary significantly based on the timing, size and nature of awards granted.Acquisition-related costs and adjustments (excluding amortization of intangible assets): The Company has excluded the impact of acquisition-related costs and fair value inventory step-up resulting from acquisitions as the amounts and frequency of such costs and adjustments are not consistent and are significantly impacted by the timing and size of its acquisitions. In addition, the Company excludes acquisition-related contingent consideration non-cash adjustments due to the inherent uncertainty and volatility associated with such amounts based on changes in assumptions with respect to fair value estimates, and the amount and frequency of such adjustments are not consistent and are significantly impacted by the timing and size of the Company's acquisitions, as well as the nature of the agreed-upon consideration.Gain (loss) on extinguishment of debt: The Company has excluded gain (loss) on extinguishment of debt as this represents a gain or loss from refinancing our existing debt and is not a reflection of our operations for the period. Further, the amount and frequency of such amounts are not consistent and are significantly impacted by the timing and size of debt financing transactions and other factors in the debt market out of management's control.Separation costs and separation-related costs: The Company has excluded certain costs incurred in connection with activities regarding the separation of the eye-health business. Separation costs are incremental costs directly related to effectuating the separation of the eye-health business, and include, but are not limited to, legal, audit and advisory fees. Separation-related costs are incremental costs indirectly related to the separation of the eye-health business and include, but are not limited to, rebranding costs and costs associated with facility relocation and/or modification. As these costs arise from events outside of the ordinary course of continuing operations, the Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company's operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors.Other adjustments: The Company has excluded certain other amounts, including legal and other professional fees incurred in connection with legal and governmental proceedings, investigations and information requests regarding certain of our legacy distribution, marketing, pricing, disclosure and accounting practices, litigation and other matters, and net (gain) loss on sale of assets or other disposition of assets. Given the unique nature of the matters relating to these costs, the Company believes these items are not normal operating expenses. For example, legal settlements and judgments vary significantly, in their nature, size and frequency, and, due to this volatility, the Company believes the costs associated with legal settlements and judgments are not normal operating expenses. In addition, as opposed to more ordinary course matters, the Company considers that each of the recent proceedings, investigations and information requests, given their nature and frequency, are outside of the ordinary course and relate to unique circumstances. The Company has also excluded IT infrastructure investments that are the result of other, non-comparable events to measure operating performance. These events arise outside of the ordinary course of continuing operations. The Company has also excluded certain other costs, including professional fees associated with contemplated, but not completed, strategic transactions. The Company excluded these costs as the consideration of such matters are outside of the ordinary course of continuing operations and are infrequent in nature. The Company believes that the exclusion of such out-of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the Company from period to period and, therefore, provides useful supplemental information to investors. However, investors should understand that many of these costs could recur and that companies in our industry often face litigation.Adjusted EBITDA attributable to Bausch Health (non-GAAP) is Adjusted EBITDA (non-GAAP) further adjusted to exclude the Adjusted EBITDA attributable to noncontrolling interest (non-GAAP). Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) is Net income attributable to noncontrolling interest (its most directly comparable GAAP financial measure) adjusted for the portion of the adjustments described above attributable to noncontrolling interest.Adjusted Net Income (non-GAAP) and Adjusted Net Income attributable to Bausch Health (non-GAAP) Adjusted net income (non-GAAP) is Net income (its most directly comparable GAAP financial measure), adjusted for asset impairments, goodwill impairments, restructuring, integration and transformation costs, acquisition-related costs and adjustments (excluding amortization of intangible assets), gain (loss) on extinguishment of debt, separation costs and separation-related costs and other non-GAAP adjustments as these adjustments are described above, and amortization of intangible assets and write down of financing fees as described below:Amortization of intangible assets: The Company has excluded the impact of amortization of intangible assets, as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. The Company believes that the adjustments of these items correlate with the sustainability of the Company's operating performance. Although the Company excludes the amortization of intangible assets from its non-GAAP expenses, the Company believes that it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.Write down of financing fees: In addition to excluding Gain on extinguishment of debt, the Company has excluded the impact of the write down of financing fees from Adjusted net income (non-GAAP). The amount and frequency of such amounts are not consistent and are significantly impacted by the timing and size of debt financing transactions and other factors in the debt market out of management's control. In addition, the Company excluded these costs as they are outside of the ordinary course of continuing operations and are infrequent in nature. The Company believes that the exclusion of such out-of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the Company from period to period and, therefore, provides useful supplemental information to investors.Adjusted net income attributable to Bausch Health (non-GAAP) is Adjusted net income (non-GAAP) further adjusted to exclude the Adjusted net income attributable to noncontrolling interest (non-GAAP). Adjusted net income attributable to noncontrolling interest (non-GAAP) is Net income attributable to noncontrolling interest (its most directly comparable GAAP financial measure) adjusted for the portion of the adjustments described above attributable to noncontrolling interest.Historically, management has used Adjusted net income (loss) (non-GAAP) for strategic decision making, forecasting future results and evaluating current performance. This non-GAAP measure excludes the impact of certain items (as described above) that may obscure trends in the Company's underlying performance. By disclosing this non-GAAP measure, it is management's intention to provide investors with a meaningful, supplemental comparison of the Company's operating results and trends for the periods presented. Management believes that this measure is also useful to investors as such measure allows investors to evaluate the Company's performance using the same tools that management uses to evaluate past performance and prospects for future performance. Accordingly, the Company believes that Adjusted net income (non-GAAP) is useful to investors in their assessment of the Company's operating performance. It is also noted that, in recent periods, our GAAP Net income (loss) was significantly lower than our Adjusted net income (non-GAAP).Organic Revenue (non-GAAP) and Change in Organic Revenue (non-GAAP)Organic revenue (non-GAAP) and Change in organic revenue (non-GAAP), are defined as GAAP Revenue and change in GAAP Revenue (the most directly comparable GAAP financial measures), adjusted for changes in foreign currency exchange rates (if applicable) and excluding the impact of recent acquisitions, divestitures and discontinuations, as defined below.Organic revenue (non-GAAP) is impacted by changes in product volumes and price. The price component is made up of two key drivers: (i) changes in product gross selling price and (ii) changes in sales deductions. The Company uses organic revenue (non-GAAP) and change in organic revenue (non-GAAP) to assess performance of its reportable segments, and the Company in total. The Company believes that providing these non-GAAP measures is useful to investors as they provide a supplemental period-to-period comparison.The adjustments to GAAP Revenue to determine Organic Revenue (non-GAAP) and Change in Organic Revenue (non-GAAP) are as follows:Foreign currency exchange rates: Although changes in foreign currency exchange rates are part of our business, they are not within management's control. Changes in foreign currency exchange rates, however, can mask positive or negative trends in the business. The impact of changes in foreign currency exchange rates is determined as the difference in the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period.Acquisitions, divestitures and discontinuations: In order to present period-over-period organic revenue (non-GAAP) growth/change on a comparable basis, revenues associated with acquisitions, divestitures and discontinuations are adjusted to include only revenues from those businesses and assets owned during both periods. Accordingly, organic revenue and change in organic revenue exclude from the current period, revenues attributable to each acquisition for twelve months subsequent to the day of acquisition, as there are no revenues from those businesses and assets included in the comparable prior period. Organic revenue and change in organic revenue exclude from the prior period, all revenues attributable to each divestiture and discontinuance during the twelve months prior to the day of divestiture or discontinuance, as there are no revenues from those businesses and assets included in the comparable current period.Constant CurrencyChanges in the relative values of non-U.S. currencies to the U.S. dollar may affect the Company's financial results and financial position. To assist investors in evaluating the Company's performance, we have adjusted for the effects of changes in foreign currencies. The impact of changes in foreign currency exchange rates is determined by comparing the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period.Please also see the reconciliation tables below for further information as to how these non-GAAP measures and ratios are calculated for the periods presented.Adjusted Cash Flow from Operations (non-GAAP)Adjusted cash flow from operations (non-GAAP) is Cash generated from operations (its most directly comparable GAAP financial measure) adjusted for: (i) payments of legacy legal settlements, net of insurance recoveries and restitutions, (ii) payments of transformation costs, (iii) payments for separation costs and separation-related costs, (iv) interest payments charged against premium, (v) fees paid in connection with the debt refinancing transactions and (vi) payments of acquired IPR&D.As these payments arise from events outside of the ordinary course of continuing operations as discussed above, the Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company's cash from operations, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors.Adjusted EBITDA excluding Bausch + Lomb (non-GAAP)Adjusted EBITDA excluding Bausch + Lomb (non-GAAP) is Adjusted EBITDA (non-GAAP) adjusted to remove Adjusted EBITDA attributable to Bausch + Lomb (non-GAAP). Adjusted EBITDA attributable to Bausch + Lomb (non-GAAP) is Income (loss) before income taxes of our Bausch + Lomb segment (its most directly comparable GAAP financial measure) adjusted for the portion of the Company's interest expense, depreciation, amortization and other adjustments as described above, allocated or attributable to Bausch + Lomb.Adjusted EBITDA excluding Bausch + Lomb is not intended to be, and may not be, representative of income from continuing operations (for Bausch Health excluding Bausch + Lomb) or from discontinued operations (for Bausch + Lomb) in accordance with GAAP, as: (i) the criteria for that accounting has not been met and (ii) certain cost allocations to Bausch Health excluding Bausch + Lomb and Bausch + Lomb are not in accordance with the criteria for that accounting. As such, Adjusted EBITDA excluding Bausch + Lomb (non-GAAP) as included herein may not be indicative of the results of the operations or Adjusted EBITDA attributable to Bausch Health (non-GAAP) in the future, or if Bausch + Lomb met the criteria to be treated as a discontinued operation during any of the periods presented.Adjusted Cash Flow from Operations excluding Bausch + Lomb (non-GAAP)Adjusted Cash Flow from Operations excluding Bausch + Lomb (non-GAAP) is Adjusted Cash Flow from Operations (non-GAAP) adjusted to remove Adjusted Cash Flow from Operations attributable to Bausch + Lomb (non-GAAP). Adjusted Cash Flow from Operations attributable to Bausch + Lomb (non-GAAP) is Cash Flow from Operations of our Bausch + Lomb segment (its most directly comparable GAAP financial measure) adjusted for the portion of the Company's payment of separation costs, separation-related costs and other adjustments as described above, allocated or attributable to Bausch + Lomb.Adjusted Cash Flow from Operations excluding Bausch + Lomb is not intended to be, and may not be, representative of Cash Flow from Operations (for Bausch Health excluding Bausch + Lomb) or from discontinued operations (for Bausch + Lomb) in accordance with GAAP, as: (i) the criteria for that accounting has not been met and (ii) certain cost allocations to BHC excluding Bausch + Lomb and Bausch + Lomb are not in accordance with the criteria for that accounting. As such, Adjusted Cash Flow from Operations excluding Bausch + Lomb (non-GAAP) as included herein may not be indicative of the cash flow or Adjusted Cash Flow from Operations attributable to Bausch Health (non-GAAP) in the future, or if Bausch + Lomb met the criteria to be treated as a discontinued operation during any of the periods presented.Management believes that Adjusted EBITDA excluding Bausch + Lomb (non-GAAP), Adjusted Cash Flow from Operations (non-GAAP) and Adjusted Cash Flow from Operations excluding Bausch + Lomb (non-GAAP), along with the GAAP and other non-GAAP measures used by management, most appropriately reflects how the Company measures the business internally and sets operational goals and incentives. In particular, the Company believes that these metrics focus management on the Company's underlying operational results and business performance. As a result, the Company uses these metrics to assess the actual financial performance of the Company and to forecast future results as part of its guidance. Management believes these metrics are a useful measure to evaluate current performance. These metrics are intended to show our unleveraged, pre-tax operating results and therefore reflects our financial performance based on operational factors. In addition, cash bonuses for the Company's executive officers and other key employees are based, in part, on the achievement of certain Adjusted EBITDA (non-GAAP) and Adjusted Cash Flow (non-GAAP) targets. 


























Bausch Health Companies Inc.






 Table 1 Condensed Consolidated Statements of Operations







For the Three and Twelve Months Ended December 31, 2025 and 2024



(unaudited)









Three Months Ended
Twelve Months Ended

December 31,
December 31,(in millions)
2025
2024
2025
2024Revenues







Product sales
$2,768

$2,528

$10,156

$9,518
Other revenues
28

31

110

107


2,796

2,559

10,266

9,625
Expenses







Cost of goods sold (excluding amortization and impairments of intangible assets)
783

711

2,949

2,729
Cost of other revenues
15

16

64

53
Selling, general and administrative
882

820

3,438

3,296
Research and development
161

163

629

616
Amortization of intangible assets
236

259

1,001

1,077
Goodwill impairments
145

—

145

—
Asset impairments
7

23

8

29
Restructuring, integration and separation costs
28

7

77

32
Other expense, net
65

2

142

247


2,322

2,001

8,453

8,079
Operating income
474

558

1,813

1,546
Interest income
9

9

48

33
Interest expense
(397)

(337)

(1,604)

(1,388)
(Loss) gain on extinguishment of debt
(19)

—

162

23
Foreign exchange and other
(11)

(21)

(52)

(47)
Income before income taxes
56

209

367

167
Provision for income taxes
(159)

(111)

(247)

(239)
Net (loss) income
(103)

98

120

(72)
Net (income) loss attributable to noncontrolling interest
(9)

(5)

37

26
Net (loss) income attributable to Bausch Health Companies Inc.
$(112)

$93

$157

$(46)
 


























Bausch Health Companies Inc.






 Table 2 Reconciliation of GAAP Net (Loss) Income to Adjusted Net Income (non-GAAP)





For the Three and Twelve Months Ended December 31, 2025 and 2024





(unaudited)









Three Months Ended
Twelve Months Ended

December 31,
December 31,(in millions)
2025
2024
2025
2024Net (loss) income
$(103)

$98

$120

$(72)
     Non-GAAP adjustments: (a)







     Amortization of intangible assets
236

259

1,001

1,077
     Goodwill impairments
145

—

145

—
     Asset impairments
7

23

8

29
     Restructuring, integration and transformation costs
34

16

142

66
          Acquisition-related costs and adjustments (excluding amortization of            intangible assets)
42

18

37

101
     Loss (gain) on extinguishment of debt, net of write down of financing fees
29

—

(99)

(23)
     IT infrastructure investment
3

8

20

35
          Separation costs and separation-related costs
2

8

7

24
     Legal and other professional fees
3

—

22

25
     Gain on sale of assets, net
—

—

(6)

(10)
          Litigation and other matters, net of insurance recoveries and restitutions
21

5

61

220
     Other
5

7

43

19
     Tax effect of non-GAAP adjustments
13

9

(67)

(57)
     Total non-GAAP adjustments
540

353

1,314

1,506
Adjusted net income (non-GAAP)
437

451

1,434

1,434
     Adjusted net income attributable to noncontrolling interest (non-GAAP)
(26)

(21)

(34)

(40)
Adjusted net income attributable to Bausch Health Companies Inc. (non-GAAP)
$411

$430

$1,400

$1,394


(a) The components of and further details respecting each of these non-GAAP adjustments and the financial statement line item to which each component relates can be found on Table 2a. 


























Bausch Health Companies Inc.




 Table 2aReconciliation of GAAP to Non-GAAP Financial Information







For the Three and Twelve Months Ended December 31, 2025 and 2024





(unaudited)









Three Months Ended
Twelve Months Ended

December 31,
December 31,(in millions)
2025
2024
2025
2024Cost of goods sold reconciliation:







  GAAP Cost of goods sold (excluding of amortization and impairments of intangible assets)
$783

$711

$2,949

$2,729
     Fair value inventory step-up resulting from acquisitions (a)
(2)

(21)

(64)

(82)
     Other (l)
(2)

—

(2)

—
  Adjusted cost of goods sold (excluding of amortization and impairments of intangible assets)
  (non-GAAP)
$779

$690

$2,883

$2,647
Selling, general and administrative reconciliation:







  GAAP Selling, general and administrative
$882

$820

$3,438

$3,296
     IT infrastructure investment (b)
(3)

(8)

(20)

(35)
     Legal and other professional fees (c)
(3)

—

(22)

(25)
     Separation-related costs (d)
(2)

(7)

(7)

(20)
     Transformation costs (e)
(6)

(10)

(65)

(37)
  Adjusted selling, general and administrative (non-GAAP)
$868

$795

$3,324

$3,179
Research and development reconciliation:







  GAAP Research and development
$161

$163

$629

$616
     Separation-related costs (d)
—

—

—

(1)
  Adjusted research and development (non-GAAP)
$161

$163

$629

$615
Amortization of intangible assets reconciliation:







  GAAP Amortization of intangible assets
$236

$259

$1,001

$1,077
     Amortization of intangible assets (f)
(236)

(259)

(1,001)

(1,077)
  Adjusted amortization of intangible assets (non-GAAP)
$—

$—

$—

$—
Goodwill impairments reconciliation:







  GAAP Goodwill impairments
$145

$—

$145

$—
     Goodwill impairments (g)
(145)

—

(145)

—
  Adjusted goodwill impairments (non-GAAP)
$—

$—

$—

$—
Asset impairments reconciliation:







  GAAP Asset impairments
$7

$23

$8

$29
     Asset impairments (h)
(7)

(23)

(8)

(29)
  Adjusted asset impairments (non-GAAP)
$—

$—

$—

$—
Restructuring, integration and separation costs reconciliation:







     GAAP Restructuring, integration and separation costs
$28

$7

$77

$32
     Restructuring and integration costs (e)
(28)

(6)

(77)

(29)
     Separation costs (d)
—

(1)

—

(3)
  Adjusted restructuring, integration and separation costs (non-GAAP)
$—

$—

$—

$—
 


























Bausch Health Companies Inc.



 Table 2a (continued)Reconciliation of GAAP to Non-GAAP Financial Information







For the Three and Twelve Months Ended December 31, 2025 and 2024





(unaudited)









Three Months Ended
Twelve Months Ended

December 31,
December 31,(in millions)
2025
2024
2025
2024Other expense, net reconciliation:







  GAAP Other expense, net
$65

$2

$142

$247
     Litigation and other matters, net of insurance recoveries and restitutions (i)
(21)

(5)

(61)

(220)
     Acquisition-related contingent consideration (a)
(36)

4

36

(15)
     Gain on sale of assets, net (j)
—

—

6

10
     Acquisition-related costs (a)
(4)

(1)

(9)

(4)
  Adjusted other expense, net (non-GAAP)
$4

$—

$114

$18
(Loss) gain on extinguishment of debt reconciliation:







  GAAP (Loss) gain on extinguishment of debt
$(19)

$—

$162

$23
     Loss (gain) on extinguishment of debt (k)
19

—

(162)

(23)
  Adjusted (Loss) gain on extinguishment of debt (non-GAAP)
$—

$—

$—

$—
Interest expense reconciliation:







  GAAP Interest expense
$(397)

$(337)

$(1,604)

$(1,388)
     Write-down of financing fees (k)
(10)

—

(63)

—
  Adjusted Interest expense (non-GAAP)
$(407)

$(337)

$(1,667)

$(1,388)
Foreign exchange and other reconciliation:







  GAAP Foreign exchange and other
$(11)

$(21)

$(52)

$(47)
     Other professional fees (l)
(3)

(6)

(41)

(16)
     Other (l)
—

(1)

—

(3)
  Adjusted Foreign exchange and other (non-GAAP)
$(14)

$(28)

$(93)

$(66)
Provision for income taxes reconciliation:







  GAAP Provision for income taxes
$(159)

$(111)

$(247)

$(239)
     Tax effect of non-GAAP adjustments (m)
13

9

(67)

(57)
  Adjusted provision for income taxes (non-GAAP)
$(146)

$(102)

$(314)

$(296)
Net (income) loss attributable to noncontrolling interest reconciliation:







  GAAP Net (income) loss attributable to noncontrolling interest
$(9)

$(5)

$37

$26
     Noncontrolling interest portion of amortization of intangible assets (n)
(7)

(8)

(31)

(34)
     Noncontrolling interest portion of all other adjustments (n)
(10)

(8)

(40)

(32)
  Adjusted net income attributable to noncontrolling interest (non-GAAP)
$(26)

$(21)

$(34)

$(40)


(a)   Represents the three components of the non-GAAP adjustment of "Acquisition-related costs and adjustments (excluding amortization of intangible assets)" (see Table 2).(b) Represents the sole component of the non-GAAP adjustment of "IT infrastructure investment" (see Table 2).(c)Represents the sole component of the non-GAAP adjustment of "Legal and other professional fees" (see Table 2).(d) Represents the three components of the non-GAAP adjustment of "Separation costs and separation-related costs" (see Table 2).(e) Represents the two components of the non-GAAP adjustment of "Restructuring, integration and transformation costs" (see table 2).(f) Represents the sole component of the non-GAAP adjustment of "Amortization of intangible assets" (see Table 2).(g) Represents the sole component of the non-GAAP adjustment of "Goodwill impairments" (see Table 2).(h)Represents the sole component of the non-GAAP adjustment of "Asset impairments" (see Table 2).(i) Represents the sole component of the non-GAAP adjustment of "Litigation and other matters, net of insurance recoveries and restitutions" (see Table 2).(j) Represents the sole component of the non-GAAP adjustment of "Gain on sale of assets, net" (see Table 2).(k)Represents the two components of the non-GAAP adjustment of "Loss (gain) on extinguishment of debt and write-down of financing fees" (see Table 2).(l) Represents the three components of the non-GAAP adjustment of "Other" (see Table 2).(m) Represents the sole component of the non-GAAP adjustment of "Tax effect of non-GAAP adjustments" (see Table 2).(n) Represents the portion of the non-GAAP adjustments attributable to noncontrolling interest (see Table 2). 





























Bausch Health Companies Inc.




 Table 2bReconciliation of GAAP Net (Loss) Income to Adjusted EBITDA (non-GAAP)





For the Three and Twelve Months Ended December 31, 2025 and 2024






(unaudited)










Three Months Ended
Twelve Months Ended


December 31,
December 31,(in millions)
2025
2024
2025
2024Net (loss) income
$(103)

$98

$120

$(72)

Interest expense, net
388

328

1,556

1,355

Provision for income taxes
159

111

247

239

Depreciation and amortization
290

307

1,208

1,267
EBITDA
734

844

3,131

2,789
Adjustments:








Goodwill impairments
145

—

145

—

Asset impairments
7

23

8

29

Restructuring, integration and transformation costs
34

16

142

66

Acquisition-related costs and adjustments (excluding amortization of intangible assets)
42

18

37

101

Loss (gain) on extinguishment of debt
19

—

(162)

(23)

Share-based compensation
84

43

216

150

Separation costs and separation-related costs
2

8

7

24

Other adjustments:








Litigation and other matters, net of insurance recoveries and restitutions
21

5

61

220

IT infrastructure investment
3

8

20

35

  Legal and other professional fees (a)
3

—

22

25

Gain on sale of assets, net
—

—

(6)

(10)

Other
5

7

43

19
Adjusted EBITDA (non-GAAP) (b)
1,099

972

3,664

3,425

Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) (c)(47)

(37)

(123)

(118)
Adjusted EBITDA attributable to Bausch Health Companies Inc. (non-GAAP) (d)
$1,052

$935

$3,541

$3,307


(a) Legal and other professional fees incurred during the three and twelve months ended December 31, 2025 and 2024 in connection with recent legal and governmental proceedings, investigations and information requests related to, among other matters, our distribution, marketing, pricing, disclosure and accounting practices.(b) Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) is Net income attributable to noncontrolling interest adjusted for the noncontrolling interest portion of the adjustments above as follows:


































Three Months Ended
Twelve Months Ended


December 31,
December 31,(in millions)
2025
2024
2025
2024Net (income) loss attributable to noncontrolling interest
$(9)

$(5)

$37

$26
Noncontrolling interest portion of adjustments for:








Interest expense, net
(12)

(11)

(53)

(46)

Depreciation and amortization(12)

(13)

(51)

(51)

All other adjustments
(14)

(8)

(56)

(47)
Adjusted EBITDA attributable to noncontrolling interest (non-GAAP)
$(47)

$(37)

$(123)

$(118)


(c)Includes the impact of Acquired IPR&D charges of $4 million and $0 for the three months ended December 31, 2025 and 2024, respectively, and $114 million and $18 million for the twelve months ended December 31, 2025 and 2024, respectively.(d) Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $4 million and $0 for the three months ended December 31, 2025 and 2024, respectively, and $110 million and $16 million for the twelve months ended December 31, 2025 and 2024, respectively.

































































Bausch Health Companies Inc.









Table 3aOrganic Growth (non-GAAP) - by Segment












For the Three Months Ended December 31, 2025 and 2024












(unaudited)























Calculation of Organic Revenue for the Three Months Ended









December 31, 2025
December 31, 2024
Change in
GAAP Revenues
Change in
Organic Revenues

Revenue
as
Reported
Changes in
Exchange
Rates (a)
Acquisitions
Organic
Revenue(Non-GAAP) (b)
Revenue
as
Reported
DivestituresandDiscontinuances
Organic
Revenue
(Non-GAAP) (b)

(in millions)


Amount
Pct.Amount
Pct.Bausch Health (excl. B+L)





















Salix
$693

$—

$—

$693

$634

$17

$651

$59

9%
$42
6 %






















International
306

(23)

—

283

279

(2)

277

27

10%
6
2 %






















Solta Medical
137

1

—

138

138

—

138

(1)

(1)%
—
— %






















Diversified





















Neuroscience
148

—

—

148

142

—

142

6

4%
6
4 %Dermatology
59

—

—

59

53

6

59

6

11%
—
— %Generics
24

—

—

24

9

1

10

15

167%
14
140 %Dentistry
24

—

—

24

24

—

24

—

—%
—
— %Total Diversified
255

—

—

255

228

7

235

27

12%
20
9 %






















Bausch Health (excl. B+L) revenues
$1,391

$(22)

$—

$1,369

$1,279

$22

$1,301

$112

9%
$68
5 %






















Bausch + Lomb





















Vision Care
$778

$(21)

$—

$757

$723

$(5)

$718

$55

8%
$39
5 %Surgical
249

(10)

(1)

238

231

—

231

18

8%
7
3 %Pharmaceuticals
378

(6)

—

372

326

—

326

52

16%
46
14 %Total Bausch + Lomb revenues
$1,405

$(37)

$(1)

$1,367

$1,280

$(5)

$1,275

$125

10%
$92
7 %






















Total Bausch Health Companies Inc. revenues
$2,796

$(59)

$(1)

$2,736

$2,559

$17

$2,576

$237

9%
$160
6 %

(a)The impact for changes in foreign currency exchange rates is determined as the difference in the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period. (b)To supplement the financial measures prepared in accordance with GAAP, the Company uses certain non-GAAP financial measures. For additional information about the Company's use of such non-GAAP financial measures, refer to the body of the news release to which these tables are attached. Organic revenue (non-GAAP) for the three months ended December 31, 2025 is calculated as revenue as reported adjusted for the impact for changes in exchange rates (previously defined in this news release). Organic revenue (non-GAAP) for the three months ended December 31, 2024 is calculated as revenue as reported less revenues attributable to divestitures and discontinuances during the twelve months prior to the day of divestiture or discontinuance, as there are no revenues from those businesses and assets included in the comparable current period.

































































Bausch Health Companies Inc.









Table 3bOrganic Growth (non-GAAP) - by Segment












For the Twelve Months Ended December 31, 2025 and 2024












(unaudited)























Calculation of Organic Revenue for the Twelve Months Ended









December 31, 2025
December 31, 2024
Change in
GAAP Revenues
Change in
Organic Revenues

Revenue
as
Reported
Changes in
Exchange
Rates (a)
Acquisitions
Organic
Revenue(Non-GAAP) (b)
Revenue
as
Reported
Divestitures
and
Discontinuations
Organic
Revenue
(Non-GAAP) (b)

(in millions)


Amount
Pct.Amount
Pct.Bausch Health (excl. B+L)





















Salix
$2,578

$—

$—

$2,578

$2,333

$33

$2,366

$245

11%
$212
9 %






















International
1,132

(19)

—

1,113

1,111

(8)

1,103

21

2%
10
1 %











+  










Solta Medical
518

5

—

523

440

—

440

78

18%
83
19 %






















Diversified





















Neuroscience
530

—

—

530

543

(3)

540

(13)

(2)%
(10)
(2) %Dermatology
234

—

—

234

238

14

252

(4)

(2)%
(18)
(7) %Generics
79

—

—

79

74

6

80

5

7%
(1)
(1) %Dentistry
94

—

—

94

95

—

95

(1)

(1)%
(1)
(1) %Total Diversified
937

—

—

937

950

17

967

(13)

(1)%
(30)
(3) %






















Bausch Health (excl. B+L) revenues
$5,165

$(14)

$—

$5,151

$4,834

$42

$4,876

$331

7%
$275
6 %






















Bausch + Lomb





















Vision Care
$2,923

$(33)

$—

$2,890

$2,739

$(11)

$2,728

$184

7%
$162
6 %Surgical
894

(17)

(16)

861

843

—

843

51

6%
18
2 %Pharmaceuticals
1,284

(8)

—

1,276

1,209

(1)

1,208

75

6%
68
6 %Total Bausch + Lomb revenues
$5,101

$(58)

$(16)

$5,027

$4,791

$(12)

$4,779

$310

6%
$248
5 %






















Total Bausch Health Companies Inc. revenues
$10,266

$(72)

$(16)

$10,178

$9,625

$30

$9,655

$641

7%
$523
5 %
























(a)The impact for changes in foreign currency exchange rates is determined as the difference in the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period. (b)To supplement the financial measures prepared in accordance with GAAP, the Company uses certain non-GAAP financial measures. For additional information about the Company's use of such non-GAAP financial measures, refer to the body of the news release to which these tables are attached. Organic revenue (non-GAAP) for the twelve months ended December 31, 2025 is calculated as revenue as reported adjusted for the impact for changes in exchange rates (previously defined in this news release). Organic revenue (non-GAAP) for the twelve months ended December 31, 2024 is calculated as revenue as reported less revenues attributable to divestitures and discontinuances during the twelve months prior to the day of divestiture or discontinuance, as there are no revenues from those businesses and assets included in the comparable current period.




























Bausch Health Companies Inc.


Table 4Other Financial Information



(unaudited)



(in millions)
December 31,
2025
December 31,
2024Cash, Cash Equivalents and Restricted Cash



Cash and cash equivalents
$1,309

$1,181
Restricted cash
16

20
Cash, cash equivalents and restricted cash
$1,325

$1,201





Debt Obligations



Senior Secured Credit Facilities:



Revolving Credit Facilities
$100

$110
AR Credit Facility




—

300
Term Loan Facilities
5,787

5,518
Senior Secured Notes
10,235

9,305
Senior Unsecured Notes
4,098

5,235
Other
12

12
Total long-term debt and other, net of premiums, discounts and issuance costs
20,232

20,480
Plus: Unamortized premiums, discounts and issuance costs
585

1,136
Total long-term debt and other
$20,817

$21,616





Maturities of Debt Obligations



2025
$—

$2,380
2026
58

767
2027
701

6,963
2028
4,240

7,168
2029
1,662

1,609
2030
4,118

1,130
Thereafter
9,453

463
Total debt obligations
$20,232

$20,480
 




























Three Months Ended
December 31,
Twelve Months Ended
December 31,

2025
2024
2025
2024Cash provided by operating activities
$495

$601

$1,400

$1,597
 






































Bausch Health Companies Inc.




Table 5Reconciliation of Reported Net (Loss) Income to Adjusted EBITDA (non-GAAP)





For the Three Months Ended December 31, 2025 and 2024







(unaudited)







Three Months Ended December 31, 2025
Three Months Ended December 31, 2024(in millions)Bausch Health
Companies, Inc.
Bausch + Lomb
Corporation
Bausch Health
(excluding B+L)
Bausch Health
Companies, Inc.
Bausch + Lomb
Corporation
Bausch Health
(excluding B+L)Net (loss) income$(103)
$(58)
$(45)
$98
$(2)
$100
Interest expense, net388
95
293
328
93
235
Provision for income taxes159
71
88
111
(8)
119
Depreciation and amortization290
99
191
307
106
201EBITDA(1)734
207
527
844
189
655Adjustments:











Goodwill impairments145
—
145
—
—
—
Asset impairments7
—
7
23
—
23
Restructuring, integration and transformation costs34
21
13
16
14
2
Acquisition-related costs and adjustments (excluding amortization of intangible assets)42
25
17
18
11
7
Loss on extinguishment of debt19
—
19
—
—
—
Share-based compensation84
64
20
43
27
16
Separation costs and separation-related costs2
1
1
8
6
2
Other adjustments:











Litigation and other matters, net of insurance recoveries and restitutions21
2
19
5
3
2
IT infrastructure investment3
3
—
8
8
—
Legal and other professional fees3
3
—
—
1
(1)
Other5
—
5
7
1
6Adjusted EBITDA (non-GAAP)(1),(2)$1,099
$326
$773
$972
$260
$712












Impact of Acquired IPR&D$4
$4
$—
$—
$—
$—

(1)This is a non-GAAP measure. Management considers the presentation of Adjusted EBITDA for Bausch Health (excl. B+L) (non-GAAP) to be meaningful information and utilizes it in decision making and for compensation purposes. Adjusted EBITDA for Bausch Health Excluding B+L (non-GAAP) is not intended to be representative of GAAP continuing operations and Adjusted EBITDA for B+L is not intended to be representative of discontinued operations as the criteria for that accounting has not been met. As such, Adjusted EBITDA excluding B+L (non-GAAP) as included herein may not be indicative of the results of the operations or Adjusted EBITDA attributable to Bausch Health (non-GAAP) in the future, or if B+L met the criteria to be treated as a discontinued operation during any of the periods presented.(2)Adjusted EBITDA (non-GAAP) above includes Adjusted EBITDA attributable to noncontrolling interests. For Bausch Health Companies Inc., this amounted to $47 million and $37 million, which includes $0 and $1 million related to B+L, for the three months ended December 31, 2025 and 2024, respectively.

 Investor Contact:Media Contact:Garen SarafianKatie Savastanoir@bauschhealth.comcorporate.communications@bauschhealth.com(877) 281-6642 (toll free)(908) 541-3785





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Original: BAUSCH HEALTH ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2025 RESULTS

Bausch Health to Participate in the J.P. Morgan Global Leveraged Finance ConferenceFebruary 17, 2026 7:00 AM
PR Newswire (US)

LAVAL, QC, Feb. 17, 2026 /PRNewswire/ -- Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) today announced that Executive Vice President and CFO Jean-Jacques (JJ) Charhon, along with other management team members, will attend the J.P. Morgan Global Leveraged Finance Conference in Miami Beach, Florida, from March 2–4, 2026, to meet with investors.About Bausch Health
Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) is a global, diversified pharmaceutical company enriching lives through our relentless drive to deliver better health care outcomes. We develop, manufacture and market a range of products primarily in gastroenterology, hepatology, neuroscience, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health, through our controlling interest in Bausch + Lomb Corporation. Our ambition is to be a globally integrated healthcare company, trusted and valued by patients, HCPs, employees and investors. For more information about Bausch Health, visit www.bauschhealth.com and connect with us on LinkedIn.Forward-looking Statements
This news release may contain forward-looking statements within the meaning of applicable securities laws, including the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.  Forward-looking statements may generally be identified by the use of the words "will," "anticipates," "hopes," "expects," "intends," "plans," "should," "could," "would," "may," "believes," "subject to" and variations or similar expressions. These statements are neither historical facts nor assurances of future performance, are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Actual results are subject to other risks and uncertainties that relate more broadly to Bausch Health's overall business, including those more fully described in Bausch Health's most recent annual and quarterly reports and detailed from time to time in Bausch Health's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference.  Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. The Company undertakes no obligation to update any of these forward-looking statements to reflect events, information or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.BHC-FINANCIAL

Investor Contact:Media Contact:Garen Sarafian Katie Savastanoir@bauschhealth.comcorporate.communications@bauschhealth.com(877) 281-6642 (toll free) (908) 569-3692 





View original content to download multimedia:https://www.prnewswire.com/news-releases/bausch-health-to-participate-in-the-jp-morgan-global-leveraged-finance-conference-302687816.htmlSOURCE Bausch Health Companies Inc.

Original: Bausch Health to Participate in the J.P. Morgan Global Leveraged Finance Conference

Paulson bought Ichans shares but I assume Carl still has the 24% in the equity swaps and Paulson now has over 19% in BHC. So where does this go?
BHC 8.34 close (up 11%) on over 9 million shares traded.
BLCO 14.55 up over 3%
My thoughts with BHC over 8 to give 3 BHC shares for every 1 BLCO valuing at 24 which was around the PE offer. That should keep any lawsuits at bay...
BHC
20DMA 6.65
50DMA 6.30
200DMA 6.69
So it's about to have a Golden Cross pattern set up. So could easily run to 10 but IMO I'm thinking a pull back to the DMA's setting up an Inverted Head and Shoulders with that Golden Cross and BOOM!!! We shall see. 7.65 to 8.69 range today which lines up to old patterns

Down 4% to 4.72 the stock is broken but it's one that can go up HUGE in a matter of moments or just suffer under 5 for years until all the debt is in a better position and BLCO gets spun to shareholders. I think Ichan's equity swaps are 2/2028 so it may be a while and he'll probably not be around long enough to see the prices he first paid but who knows. If I'm still holding shares I'll vote NO to the poison pill.

Under 5 again...Poison Pill will kill this stock...

BHC up 6% to 5.48 and BLCO up 9% to 13.89
BHC range 5.14 to 5.48
200 DMA 7.15
50 DMA 6.33
20 DMA 5.35
So we broke and closed above the 20 DMA today. Overall Market has been up the past 3 days so if it keeps going up in a down market into earnings it would be a good sign. We are so far below the old trading ranges I've got no clue what will happen but BHC has had great news with debt refi, Norwich court case and Ichan 34% interest made public. Can't believe it's under 5.50. YIKES!

BHC 5.17
20 DMA 5.34
50 DMA 6.35
200 DMA 7.16
BHC range today was 5.14-5.33 so it got rejected at the 20 DMA. With all the new lately with debt refi, Norwich losing against FDA and Ichan disclosing 34% stake we should BLAST past all the DMA's and get a golden cross a few months down the road. However this is BHC and nothing seems to work out the way you'd think it would with this stock. Next week we've got earnings so lets see how things are going.

So in the last 2 weeks BHC went to low 4's but POPPED over 5 on the Norwich case being ruled in our favor/dismissed and that was one day Then we pulled back the next day. Then the next day BHC back to low 5's off of news that Ichan holds 34% of BHC with 24.6% through equity swaps and the 9.7% he has in direct shares. All of this news and we're in LOW FIVES!!! It's going to be an interesting 2025 to say the least...

Tariff meltdown has BHC at 5.25 now and it broke below 5 yesterday. Would be nice to hear about the debt refi but this stock and BLCO are stuck together. BLCO hit 11.21 yesterday and is 11.66 at the moment. That PE offer of 24 probably sounds good to many right about now but long term these stocks should go up once things settle down. Well that's if agreements are made on tariffs instead of a full on trade war lasting years. Pretty sure BHC/BLCO manufacture in so many places it would be tariff free so I wouldn't doubt someone goes hostile takeover in 2025. Who knows but the masts are stuck togethers and both ships are dragging each other down into the maelstrom. All hands on deck!!!

Gap filled...Went below 6.50 today so the gap up from the last ER has filled. However never know what happens with the debt refi using BLCO shares. I would think stock goes up but with BLCO at 14 today maybe the ships drag both into the abyss...

BHC currently 7.31 and just hit the 50 DMA at 7.33 Been watch my other plays that I forgot to pay attention to this one. lol
BHC days range 7.18-7.33 and had broke below 7 early this week. I was expecting it to fill the gap down to 6.60 or so but this might go after 8.50 in the near term as we didn't even break 8 after the good earnings. Who knows and any debt refi could send BHC flying. Saw Walgreens got bought out and I've seen a few deals happen early in 2025 so maybe we still sell BLCO after the next ER.
200 DMA 7.25
50 DMA 7.33
20 DMA 7.16
BLCO 16.06
It's also possible another 'hit piece' comes out and takes us to 4 again too. lol

BHC 7.70 with 1.5 million shares traded.
200 DMA 7.24
50 DMA 7.37
20 DMA 7.07
BLCO was around 16 most of the day but closed a bit lower.
Both had good ER's and should be going higher but these two ships have their masts stuck together and it's bringing them both down. Debt refi would be HUGE.

Earnings for BLCO and BHC were good but I trimmed my BHC this morning when it broke above then back below the 50DMA
50DMA 7.43
200DMA 7.24
20 DMA 6.89
Yesterday we close 6.51 and so far today the low is 6.96 high 7.49 So a big gap from yesterday so I traded accordingly in case of a pull back but still have 2027 calls that I added to the other day and sold those 'extras' because that's what I do.

Earnings next week and we're in the pattern grove...
BHC 6.37
BLCO 16.10
BHC
200 DMA 7.31
50 DMA 7.62
20 DMA 7.17
So PPS under all the averages so lets get ready to RUMBLE!!!
BHC

BHC currently at 7.91 and hit the 7.97 50 DMA so I'd sell any extras but I hesitated the other day adding the Feb 8's for .28 that we're .43 today...Oh well still holding my 2027 calls I do not trade looking for a resolution to the BHC/BLCO stuff hopefully this year.
200 DMA 7.41
50 DMA 7.97
20 DMA 7.71
Today's trading range...7.73-7.97 Right between the lines and might be getting a massive move in either direction depending on news. WwwEee oh the craziness of it all. lol

EDIT just added some puts after ER just in case...Never did that before but I've seen this dip too many times and the 1,700.00 is worth the risk management.

16 million shares trade in the after hours?!? WTH is THAT!!!
So it's been a month since I posted because we are waiting to find out is we sell/spin or absorb BLCO.
BHC @ 7.47 trading range today was 7.42 - 7.72
200DMA 7.44
50DMA 8.04
20DMA 7.68
I've got NO CLUE why we traded almost 18 million share total today wirh 16 million of that in the AH but LETS GET READY TO RUMBLE!!!
Up or down, I will be ready, willing and able. And here...we...GO.

BHC 7.34 which isn't bad as DOW went down over 1100 with FED cut today. And here we go...

BHC 7.65 closed just below the
200DMA 7.66
50DMA 8.37
TIMBER...to 6.5ish or below IMO

Wow the roller coaster up and downs sure have cooled off until we get a yay nor nay on BLCO sale or BHC refi. Damn I was having so much fun trading this. lol
However...If it keeps trading like this the chart will look like a head and shoulders. Then expect another 'hit piece' to drop before earnings and they play it like July again. Well my 2027 calls will be just fine...I can wait and add 'flippers' when they dippers. lol

BHC @ 8.04
200DMA 7.65
50DMA 7.26
20DMA 8.04
BLCO @ 20.46 reports earnings Wednesday (10/30) before the market opens.
BHC reports earnings after the market close (10/30)
Don't know Which way' We go' but it should be quite a bit Either direction.

BHC @ 8.16
200DMA 7.66
50 DMA 7.00
I keep expecting one last pullback before ER but who knows...

That would be GREAT. My calls are all in 2025 just in case it takes longer. I think ER's for both BHC and BLCO will look good but the chart looks weak heading into the next two weeks. I could see them taking it down close to 6 but that would be a HUGE Inverse Head and Shoulders pattern right before ER and we've got BLCO morning of 30th and BHC after market closes 30th so that's a first. I've got some dry powder in case they try to take it down but a great ER or positive news on BLCO sale or spin with Jefferies refi and we'll be right back up and heading higher. Setting up a future Gold Cross. So a new 52 week high is possible (11.46)
200DMA 7.64
50DMA 6.71 and climbing.
However I expect a pull back before taking off and hopefully leaving single digits behind for good. We shall see.

Transaction to be completed in October.

A beautiful week and I traded accordingly...Wish this happened two weeks earlier cause I had a LOT then. Flipped for freebies and lots of dry powder to see how markets react to the FED. I thought .25 cut but they did .5 so....I don't think that's good but we will wait and see...

BHC 5.87 just below the 20DMA...Says over 9.6 million traded so they might be prepping for another dip down soon. Chart looks like a small gap around 5.50 but usually their 'hit pieces' do a lot more damage than that. Will dry some powder to be ready if it's another big dip...
20 DMA 5.88
200 DMA 7.60
50 DMA 6.41
BLCO @ 16

BHC 5.97 and was over 6 yesterday and today. BLCO 16.24
200DMA 7.61
50DMA 6.43
20 DMA 5.88
Looking good for a slow climb up but I know a 'hit piece' could take it down at any moment. Undervalued but that doesn't mean the market alters that until news...

BHC 5.87
BLCO 16.27
BHC
200 DMA 7.63
50 DMA 6.45
20 DMA 5.85
So this is the first day BHC closed above the 20DMA since the 'BK rumor' that took BHC from over 7.50 to under 4 in the same day with almost 63 MILLION shares traded.
So far away from that Golden Cross but might make a run at those 50 & 200 DMA's but who knows. Could easily get another 'hit piece' taking it right back down off of nothing but rumor. CRAZY

Markets gained back some of the loses those 3 days but it's escalator up, elevator down and BHC is currently stuck under 5.50 and BLCO around 16

Good call on pulling those funds with DOW down -1200 at on point. I think Japan was -12% in our AH's...Buffett selling so much BofA and Apple added to the panic of Manic Monday...

Well this past week has been interesting. BLCO and BHC posted good earnings and both went down after. Overall market was hit hard Thursday DOW -700 at one point and Friday -1000 at one point. So the BEAR is in control and I luckily was in 1/3rd cash after the ER and pulled those funds out of my trading account and are now in the bank. August and September will probably be rough until just before the FED meeting in September where many are expecting rate cuts. We will see...
ALSO the beautiful cup and handle that was forming on BHC got broken with the BK rumor dip to 4 and Fridays dip to 5.10 from 6.10 off of a 3 price target. If we get close to 3, I'll pull that money from the bank and buy a TON...Until then, I've got enough for this year and next. I really wanted to add some of my other plays I sold the past few weeks but it just feels like were going down AT LEAST 10% if not more. DOW's high is 41376 S&P's 5669 Which both hit down 5% from the high on Friday.

BHC 5.99 close with a range of 5.68-6.04 on 5.2 million shares.
200 DMA 7.78
50 DMA 6.74
20 DMA 6.93
Got a long way to go but earnings next week could have us easily break 8 but who knows, lol

Another day way to trade BHC 5.88 close with 5.42-6.01 range on 7.8 million shares.
200DMA 7.79
50DMA 6.77
20DMA 7.02
All 3 DMA's heading down...Chart broken

WOW I got LUCKY that I trimmed the other day because today BHC had a BEAR RAID!!!
Opened and was as high as 7.58 then CRASHES all the way to 3.96 before recovering above 6 and closing at 5.81 on 63 MILLION shares total traded today!!!
200 DMA 7.80
50 DMA 6.79
20 DMA 7.15
All this action off a 'rumor' of prepackaged BK that the company took a few hours to say is not true.
Well I hope the company threw all the cash on hand at it's debt today because they probably got it well below 50% discount. I added and added more once I heard the company reply because under 6 with all the stuff that's gone our way tells me we will probably break 8 soon. Might run to 10 as it does a couple times a year. It was just under two years ago when BHC got taken out down to 4 and was over 8 a few weeks later. Earnings are coming up and if we were at 9 before it I probably would have sold most but under 6 we can miss and still go up.

I looked at the overall market this past week and the action in BHC and traded accordingly. I took some profits in other plays too that POPPED this week and decided to be more than 70% cash. Quite a run the first three days this week and then two days down hard so I traded accordingly as I said but still hold calls for court and next year that currently up more than 50% as I bought them a month ago when we were trading under 6.50. I do think BHC will go higher but I had too many extra's for flipping and we're ina range until we aren't...
BHC 7.60 on 3.6 million shares with a trading range of 7.36-7.62
200DMA 7.82
50DMA 6.79
20DMA 7.22
So 50DMA is now heading up as was the 20DMA already. Just need a good POP over 8 to hold for a bit and the 200DMA can join them, setting up a golden cross at some point down the road. However we can easily test the 20DMA and maybe the 50DMA before earnings. That wouldn't surprise me at all. However a nice slow and steady climb up also would work well. Then pop on a good ER and make a new 52 week high if BLCO shares distribution is mentioned this year. BooYAhhh. lol
BLCO 16.98 close

Today we got a good pull back...
BHC 7.38 on 3.7 million shares with a trading range of 7.26-7.67 and it bounced hard off that 7.26
200DMA 7.82
50DMA 6.78
20DMA 7.18 which I thought we'd touch but maybe tomorrow...
BLCO holding strong at 16.93 with a range of 16.70 to 17.43
Strange when I did the @ it put a name lol wtf?!?

Enjoyed another day at Harbin Hot springs so no cell/internet but a lovely view...
So 1/17/24 BHC closed 7.62 on 2.8 million shares traded with a range of 7.44-7.68
200DMA 7.83
50DMA 6.79
20DMA 7.16
So 50DMA about to turn upwards. Got some time before ER so if we break the 200DMA we could easily test the 20 or 50DMA right after...Trade accordingly. Stairway to heaven but hell is always trying to get that quick bear raid dip. I'll be buying that fast and furious dip if it happens. Court in September and if it goes BHC's way then kiss the single digits GOODBYE...Giddy, Up!
BLCO @Bernard Ng.97...

BHC closed down 7.32 with a trading range of 7.26 - 7.42 on volume of 2 million. So going down as slow as it was going up, so that's good IMO. BLCO 15.84
200DMA 7.83
50DMA 6.80
20DMA 7.07
This climb up could look similar to the November 2023 chart IMO. up slow with a couple red down days and then slowly back up so more. I had some low buys in thinking market would drop but it didn't play out like that. I expect ER and court in September to really get things going and if it goes BHC's way then HERE WE GO...

BHC closed at 7.42 on over 3 million shares traded in the range of 7.38-7.62
200DMA 7.84
50DMA 6.83
20DMA 7.04
I still think we could test one or both of those lower DMA's before testing the higher 200DMA but who knows.
BLCO 15.94 close but went over 16 for a bit today. (16.11 high)
Might be in the 7-7.5 pattern before the 7-8/8.5 one.

VOLUME!!! Over 9 million traded but more than a 3rd of that was before the market opened so don't know what that was but a good day none the less.
BHC 7.55 with a range of 7.35 - 7.57 with 9 million volume as mentioned already.
200DMA 7.84
50 DMA 6.86
20 DMA 7.00
BLCO 15.90 close

Also the price target from Raymond James is 13 according to Charles Schwab. MT Newswire said 19 yesterday but today I can't find that. So I was wrong. Chart keeps marching on up into earnings which will be released 8/1/24 before the market opens. BooYAHHH!!!

I expected a down day but the 19 price target from Raymond James probably helped get BHC moving up after a quick dip to 7.07 at the open to a high of 7.38 on 2 million shares. with BHC closing @ 7.32
200 DMA 7.84
50 DMA 6.88
20 DMA 6.94
BLCO closed @ 15.47

So BHC went lower then higher than yesterday. Looks like an Inverted Head and Shoulders forming and possibly a Cup and Handle if we get back up to 9. BHC likes it's trading ranges but the court POP has me thinking it's time to stop trading and keep my core. However we could just as easily trade in the 7-7.5 range until the next leg up. The 200DMA will probably break before earnings but get tested shortly after breaking it as 8.10 was ceiling before if I recall. As was 22.50 a floor back in the day. lol

BHC 7.19 trading range of 7.12 - 7. 36 on 2.33 million shares
200 DMA 7.85
50 DMA 6.91
20 DMA 6.90
So those last two will cross with 20 heading up and 50 still heading down.

Had internet issues Monday but BHC closed 7.29 with a high of 7.42 and I can't remember the low but I'm thinking 7.20 with 2.75 million traded. So far Tuesday it's hit 7.12 and 7.20 currently with BLCO up the past few days currently 15.32