[Form 4/A] Bausch Health Companies Inc. Amended Insider Trading Activity

Rhea-AI Filing Summary

Amendment corrects previously reported insider holdings. This Form 4/A updates an earlier filing to state that John Paulson indirectly beneficially owned 70,755,869 common shares of Bausch Health Companies Inc. as of the 09/30/2025 transaction date. The amendment says the corrected amount matches what was reported on a prior Form 4 filed 08/14/2025 and attributes the holdings to funds managed by Paulson Capital Inc., while the reporting person disclaims direct beneficial ownership except for any pecuniary interest. The filing was signed by an attorney-in-fact on 10/06/2025.

Positive

• Correction aligns filings: Amendment reconciles this Form 4 with the 08/14/2025 report
• Large disclosed stake: 70,755,869 shares reported as indirectly owned by funds managed by Paulson Capital Inc.

Negative

• Prior misstatement: An administrative error required an amended filing, indicating an earlier reporting inaccuracy

Insights

Corporate Governance & Section 16 Specialist

TL;DR: An administrative correction restores consistency in insider reporting and reconfirms large indirect holdings.

The amendment fixes an administrative error in a prior Form 4 by confirming 70,755,869 shares are indirectly owned through managed funds, which aligns this filing with a Form 4 previously filed on 08/14/2025. Accurate Section 16 reporting is required to maintain transparency around director and insider holdings and to avoid potential technical violations.

The main dependency is the distinction between direct and indirect ownership; the report disclaims direct beneficial ownership other than pecuniary interest, which is a common legal framing. Investors and compliance teams should note the reconciliation across filings and expect no change in substantive ownership from this correction within the near term.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Paulson John

(Last) (First) (Middle)

180 LAKEVIEW AVENUE

(Street)

WEST PALM BEACH FL 33401

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
10/02/2025

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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares, No Par Value								70,755,869(1)	I(2)	By Managed Funds(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This amendment is being filed to correct an administrative error in the Form 4 filed by the reporting person on October 2, 2025, which inadvertently misstated the amount of securities beneficially owned (indirectly). As corrected in this amendment, the amount of securities beneficially owned indirectly by the reporting person as of the transaction date is 70,755,869, which is consistent with the amount previously reported on the Form 4 filed on August 14, 2025.

2. John Paulson, the controlling person of Paulson Capital Inc. ("Paulson"), serves on the board of directors of the Issuer. Paulson is the investment manager of investment funds (the "Funds"). 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 that such reporting person is the beneficial owner of any securities not directly owned by such reporting person.

	/s/ Brianna M. Cetrulo, attorney-in-fact	10/06/2025
	** 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 4 (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 did the BHC Form 4/A filed for John Paulson correct?

The amendment corrected an administrative error to state that 70,755,869 common shares were indirectly beneficially owned as of 09/30/2025.

Does John Paulson directly own the reported BHC shares?

No. The filing states the shares are indirectly owned by funds managed by Paulson Capital Inc., and the reporting person disclaims direct beneficial ownership except for any pecuniary interest.

What is John Paulson's relationship to Bausch Health (BHC)?

The filing identifies John Paulson as a director of Bausch Health and the controlling person of Paulson Capital Inc.

When was the amendment signed and filed?

The amendment was signed by an attorney-in-fact on 10/06/2025 and corrects the transaction date of 09/30/2025.

Does this Form 4/A change the previously reported ownership amount?

No substantive change in ownership amount is indicated; the amended figure of 70,755,869 matches the amount reported on the Form 4 filed 08/14/2025.