[Form 4] Bausch Health Companies Inc Insider Trading Activity

Rhea-AI Filing Summary

Lee Frank D., a director of Bausch Health Companies Inc. (BHC), reported the sale of 15,912 common shares in open-market transactions on 08/21/2025 at a weighted average price of $7.66 per share, reducing his beneficial ownership to 73,795 shares. The filing states the shares were sold to provide funds for estimated tax payments arising from a previously vested equity award granted to the issuer's non-employee directors. The reported price range for the multiple transactions was $7.66 to $7.665, and the Form 4 was signed by an attorney-in-fact on 08/22/2025.

Positive

• Timely, specific disclosure of the sale including weighted-average price and share counts, supporting regulatory compliance

Negative

• None.

Insights

Financial Analyst

TL;DR: Director sold a modest stake to cover tax obligations; transaction appears routine and non-fundamental.

The sale of 15,912 shares at an average of $7.66 reduces the director's stake to 73,795 shares. The filing explicitly states the purpose was to cover estimated tax payments from a vested award to non-employee directors, which is a common reason for open-market sales following vesting events. There is no indication of unusual timing, a large percent-of-holdings disposition, or derivative activity. From a financial viewpoint, this disclosure is a routine insider liquidity event and does not itself signal material corporate developments.

Corporate Governance Expert

TL;DR: Disclosure aligns with Section 16 requirements and documents use of proceeds for tax obligations, reflecting compliance.

The Form 4 specifies the transaction code and provides an explanation linking the sale to tax payments from a vested equity award for non-employee directors, which supports the reporting person's affirmative explanation. The filing includes weighted-average pricing disclosure and an attorney-in-fact signature dated 08/22/2025, indicating procedural completeness. No amendment or additional arrangements are disclosed; governance implications are limited to routine insider reporting and transparency.

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
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lee Frank D.

(Last) (First) (Middle)

400 SOMERSET CORPORATE BLVD.

(Street)

BRIDGEWATER NJ 08807

(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)
08/21/2025

4. 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 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	08/21/2025		S		15,912(1)	D	$7.66(2)	73,795	D

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. Represents shares of common stock, no par value, of the Issuer sold in the open market to provide funds for estimated tax payments arising from a previously vested equity award granted to the Issuer's non-employee directors.

2. The price reported is a weighted average price. These shares were sold in multiple transactions ranging from $7.66 to $7.665, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.

	/s/ Brianna M. Cetrulo, attorney-in-fact	08/22/2025
	** 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 transaction did BHC director Lee Frank D. report on Form 4?

He reported the open-market sale of 15,912 common shares on 08/21/2025.

At what price were the BHC shares sold according to the Form 4?

The filing reports a weighted average price of $7.66 with transactions ranging from $7.66 to $7.665.

How many BHC shares does the reporting person own after the reported sale?

The reporting person beneficially owned 73,795 shares following the reported transaction.

Why were the BHC shares sold as stated in the Form 4?

The Form 4 states the shares were sold to provide funds for estimated tax payments arising from a previously vested equity award granted to non-employee directors.

When was the Form 4 signed and by whom?

The signature on the filing is by Brianna M. Cetrulo, attorney-in-fact, dated 08/22/2025.