Bausch Health Companies Stock Price, News & Analysis

Bausch Health Companies Inc. (NYSE: BHC, TSX: BHC) is a global, diversified pharmaceutical company that develops, manufactures and markets health care products across multiple therapeutic areas. According to the company’s public disclosures, Bausch Health focuses on products primarily in gastroenterology, hepatology, neurology, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health, the latter through its controlling interest in Bausch + Lomb Corporation.

Business focus and therapeutic areas

Bausch Health describes its purpose as enriching lives through a drive to deliver better health care outcomes. Its portfolio spans prescription pharmaceuticals, medical aesthetic devices and other health-related products. The company highlights therapeutic concentrations in gastroenterology and hepatology, where it has expanded its pipeline through acquisitions such as DURECT Corporation, adding Larsucosterol, an epigenetic modulator with U.S. Food and Drug Administration Breakthrough Therapy Designation for alcohol-associated hepatitis. Bausch Health also reports activity in neurology and dermatology, as well as in dental products and broader international pharmaceutical markets.

Eye health and Bausch + Lomb

Eye health is a significant area for Bausch Health through its controlling interest in Bausch + Lomb Corporation. Bausch + Lomb operates under its own capital structure, including a separate credit and guaranty agreement that has been amended and refinanced over time, as disclosed in Bausch Health’s filings. Bausch Health has pledged a majority equity interest in Bausch + Lomb as collateral for certain senior secured notes issued by its indirect subsidiary 1261229 B.C. Ltd., reflecting the strategic importance of eye health within the broader group.

Segment structure and diversified operations

In its financial reporting, Bausch Health organizes its activities into several segments. The company has disclosed revenue contributions from the Salix segment, the International segment, the Solta Medical segment, the Diversified segment and the Bausch + Lomb segment. Salix focuses on gastroenterology products. The International segment encompasses pharmaceutical operations outside the United States and Canada. Solta Medical represents Bausch Health’s global aesthetics business, which markets non-invasive and minimally invasive energy-based devices for skin rejuvenation and related indications. The Diversified segment includes various other pharmaceutical and health-related products. Bausch + Lomb covers vision care, ophthalmic pharmaceuticals and surgical products within the eye health category.

Aesthetics and Solta Medical

Bausch Health’s aesthetics business is conducted through Solta Medical, which it describes as a global leader in the aesthetics market. Solta Medical offers energy-based aesthetic devices such as Thermage FLX, Clear + Brilliant and Fraxel FTX. These systems are used for non-invasive skin tightening, skin resurfacing and treatment of conditions including wrinkles, acne scars, surgical scars and certain pigmented lesions, as described in product-specific safety and indication information published by the company. Solta Medical has expanded geographically, including the acquisition of Wuhan Shibo Zhenmei Technology Co., Ltd., a long-time distribution partner in China, which became a wholly owned subsidiary responsible for distributing Solta Medical products in the Chinese market.

Dental products and OraPharma

Within dentistry, Bausch Health operates OraPharma, its dental products business. OraPharma focuses on periodontal care and oral health awareness. The company highlights ARESTIN (minocycline HCl) Microspheres, 1 mg as OraPharma’s flagship product. ARESTIN is described as the only U.S. Food and Drug Administration–approved locally applied antibiotic for use with scaling and root planing as part of periodontal disease management, indicated as an adjunct to scaling and root planing for pocket depth reduction in adult periodontitis. Bausch Health has announced the commercial expansion of OraPharma into Canada and Puerto Rico, with the stated goal of improving access to periodontal treatments and strengthening relationships with dental professionals in those markets.

Capital structure and debt management

Bausch Health’s public filings emphasize active management of its capital structure. The company and its indirect wholly owned subsidiary 1261229 B.C. Ltd. have undertaken exchange offers to refinance existing senior secured notes. These offers involved exchanging 4.875% Senior Secured Notes due 2028 and 11.00% Senior Secured Notes due 2028 for new 10.00% Senior Secured Notes due 2032. The company reported the launch of these offers, early tender results and final results, and disclosed that an aggregate principal amount of $1.6 billion of new notes was issued. The new notes form a single series with previously issued 10.00% Senior Secured Notes due 2032 and are secured by a first-priority lien on substantially all assets of the issuing subsidiary and certain guarantors, including a pledged equity interest in Bausch + Lomb.

In addition, Bausch + Lomb Corporation has amended its own credit and guaranty agreement, allocating a new tranche of term loans used to refinance existing term loans. The amendments adjusted interest rate margins and extended or aligned maturities, as described in Bausch Health’s Form 8-K filings. These actions illustrate the company’s focus, as stated in its disclosures, on managing intermediate-term debt maturities and strengthening its balance sheet.

Corporate governance and shareholder matters

Bausch Health is incorporated in British Columbia, Canada, and its common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol BHC. The company has adopted an Amended and Restated Shareholder Rights Plan Agreement, which was ratified, confirmed and approved by shareholders at a special meeting. The voting results for this approval were reported in a Form 8-K, reflecting the company’s approach to shareholder rights and corporate governance.

Growth initiatives and acquisitions

The company’s disclosures describe several growth-oriented initiatives. Bausch Health has completed the acquisition of DURECT Corporation through a tender offer and subsequent merger, making DURECT a wholly owned subsidiary under Bausch Health Americas, Inc. This acquisition adds a hepatology asset, Larsucosterol, to Bausch Health’s pipeline. In aesthetics, the acquisition of Wuhan Shibo Zhenmei Technology Co., Ltd. strengthens Solta Medical’s direct presence in China. Bausch Health also reports product and geographic expansions, such as the approval of Clear + Brilliant Touch by the Chinese National Medical Products authority and the expansion of OraPharma into Canada and Puerto Rico.

Financial reporting and performance indicators

In its financial communications, Bausch Health reports consolidated revenues and segment performance, including Bausch Health excluding Bausch + Lomb. The company uses non-GAAP measures such as organic revenue growth, adjusted EBITDA and adjusted net income, and provides reconciliations and explanations in its earnings materials. For a recent quarter, Bausch Health reported revenue contributions from each of its segments and highlighted growth in areas such as the Salix segment, Solta Medical and Bausch + Lomb. The company has also provided financial outlook ranges for revenue, adjusted EBITDA and adjusted cash flow from operations, while noting that it does not reconcile certain forward-looking non-GAAP measures to GAAP due to the difficulty of forecasting specific items.

Investor communications and conference participation

Bausch Health regularly communicates with investors through press releases, conference presentations and webcasts. The company has announced participation in healthcare conferences, including the J.P. Morgan Healthcare Conference and the Evercore Healthcare Conference, where management provides strategic and business updates. These events are typically accompanied by live audio webcasts and presentation materials made available through the company’s investor relations channels.

Regulatory filings and jurisdiction

Bausch Health files reports with the U.S. Securities and Exchange Commission under Commission File Number 001-14956. Its Form 8-K filings cover topics such as material definitive agreements, exchange offers, credit agreement amendments, acquisitions, financial results and shareholder meeting outcomes. The company identifies its jurisdiction of incorporation as British Columbia, Canada, and lists its principal executive offices in Laval, Quebec, Canada.

FAQs about Bausch Health Companies Inc.

• What does Bausch Health Companies Inc. do?
  Bausch Health is a global, diversified pharmaceutical company that develops, manufactures and markets products primarily in gastroenterology, hepatology, neurology, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health, according to its public disclosures.
• How is Bausch Health organized by business segment?
  The company reports revenue in segments that include Salix, International, Solta Medical, Diversified Products and Bausch + Lomb. These segments reflect therapeutic focus areas, geographic operations, aesthetics devices and eye health.
• What is the role of Bausch + Lomb within Bausch Health?
  Bausch Health holds a controlling interest in Bausch + Lomb Corporation, which focuses on eye health. Shares of Bausch + Lomb are pledged as collateral for certain senior secured notes issued by a Bausch Health subsidiary, underscoring the strategic importance of this business.
• What is Solta Medical?
  Solta Medical is Bausch Health’s global aesthetics business. It markets non-invasive and minimally invasive aesthetic devices such as Thermage FLX, Clear + Brilliant and Fraxel FTX, which are used for skin tightening, resurfacing and treatment of wrinkles, scars and certain pigmented lesions, as described in company materials.
• What is OraPharma and what is ARESTIN?
  OraPharma is Bausch Health’s dental products business focused on periodontal care. Its flagship product, ARESTIN (minocycline HCl) Microspheres, 1 mg, is described by the company as the only FDA-approved locally applied antibiotic for use with scaling and root planing as part of periodontal disease management, indicated as an adjunct to scaling and root planing for pocket depth reduction in adult periodontitis.
• How does Bausch Health manage its debt?
  Bausch Health and its subsidiaries have undertaken exchange offers to refinance existing senior secured notes and have amended credit agreements to adjust interest rate margins and maturities. The company has issued new 10.00% Senior Secured Notes due 2032 and allocated replacement term loans at Bausch + Lomb, as detailed in Form 8-K filings.
• On which exchanges is Bausch Health listed?
  Bausch Health’s common shares, with no par value, trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol BHC, as disclosed in its SEC filings.
• What recent acquisitions has Bausch Health completed?
  The company has completed the acquisition of DURECT Corporation through a tender offer and merger, making DURECT a wholly owned subsidiary. It has also completed the acquisition of Wuhan Shibo Zhenmei Technology Co., Ltd. for its Solta Medical business in China.
• How does Bausch Health communicate financial performance?
  Bausch Health issues press releases and Form 8-K filings announcing quarterly results, including consolidated revenues, segment performance and non-GAAP measures such as organic revenue growth and adjusted EBITDA. It provides reconciliations and explanations of these measures in its earnings materials.
• What corporate governance measures has Bausch Health adopted?
  Bausch Health has adopted an Amended and Restated Shareholder Rights Plan Agreement, which was ratified, confirmed and approved by shareholders at a special meeting, as reported in its SEC filings.