[Form 3] Bausch Health Companies Inc Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Paulson & Co. Inc. reported an initial Form 3 disclosing that certain funds it manages hold 70,755,869 shares of Bausch Health Companies Inc. (BHC). The filing, dated 08/14/2025, lists Paulson as the investment manager and notes John Paulson as the controlling person; the shares are indirectly owned by the Funds.

Positive

• Significant disclosed stake: Paulson-managed funds hold 70,755,869 shares of BHC, indicating material ownership.
• Clear disclosure: Form 3 provides the relationship and an explanation of indirect ownership, supporting transparency.

Negative

• None.

Insights

Financial Analyst

TL;DR: A large indirect stake by Paulson-managed funds is disclosed; this is a material ownership disclosure but routine for insiders and investment managers.

The Form 3 shows 70,755,869 shares beneficially owned indirectly by funds managed by Paulson & Co., with John Paulson identified as the controlling person of Paulson. The filing is an initial Section 16 filing and does not reflect transactions, derivative positions, or changes in holdings beyond the initial report. For investors, the key fact is the size of the position and the formal disclosure of indirect ownership through managed funds.

Corporate Governance Expert

TL;DR: Filing confirms Paulson's managed funds hold a sizeable indirect stake and that the reporting entity flagged director-level relationship.

The report identifies the reporting person relationship as a Director and discloses indirect beneficial ownership via managed funds. The explanatory note clarifies the reporting structure and a Rule 16 disclaimer about pecuniary interest. This is a standard governance disclosure establishing transparency about large shareholders and potential insider status.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

PAULSON & CO. INC.

(Last) (First) (Middle)

15 EXCHANGE PLACE

(Street)

JERSEY CITY NJ 07302

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
08/14/2025

3. Issuer Name and Ticker or Trading Symbol
Bausch Health Companies Inc. [ BHC ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, without par value	70,755,869	I(1)	By Managed Funds(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Paulson & Co. ("Paulson") is the investment manager of certain investment funds (the "Funds"). John Paulson is the controlling person of Paulson. All securities reported on this Form 3 are owned by the Funds. Each of Paulson and John Paulson may be deemed an indirect beneficial owner of the securities, which are directly owned by the Funds. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Act"), the reporting person disclaims beneficial ownership of any securities reported herein, except to the extent that the reporting person has a pecuniary interest therein. This report shall not be deemed an admission by any person reporting on this Form 3 that such person, for purposes of Section 16 of the Act or otherwise, is the beneficial owner of any securities not directly owned by such reporting person.

Remarks:

Certain of the securities of the Issuer referred to herein as beneficially owned by the Funds are the same securities reported separately in the Form 4 filed by John Paulson on the date hereof.

	/s/ Stuart L. Merzer Stuart L. Merzer, General Counsel & Chief Compliance Officer	08/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What does the Form 3 filed for BHC disclose?

The Form 3 discloses that funds managed by Paulson & Co. Inc. beneficially own 70,755,869 shares of Bausch Health Companies Inc. (BHC).

When was the Form 3 filed for Paulson & Co.'s ownership in BHC?

The Form 3 reflects the date of the event requiring the statement as 08/14/2025 and is signed on that date.

Does Paulson & Co. report direct ownership of the BHC shares?

No. The filing states the shares are indirectly owned by the Funds managed by Paulson; Paulson and John Paulson may be deemed indirect beneficial owners.

Who is identified as the controlling person related to the reporting entity?

The filing states John Paulson is the controlling person of Paulson & Co., the investment manager of the Funds.

Is there any derivative or option position disclosed in the filing?

No. Table II for derivative securities contains no entries; only non-derivative common stock holdings are reported.