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

Rhea-AI Filing Summary

John Paulson, a director of Bausch Health Companies Inc. (BHC), received 9,689 restricted share units on 09/30/2025 as compensation for board service for the quarter ended that date; each unit vests into one common share. After the grant, Mr. Paulson directly beneficially owns 351,128 common shares. In addition, he may be deemed an indirect beneficial owner of 32,791,702 common shares held by investment funds managed by Paulson Capital Inc., although the filing disclaims beneficial ownership except to the extent of any pecuniary interest. The transaction was reported on Form 4 and signed by an attorney-in-fact on 10/02/2025.

Positive

• 9,689 restricted share units issued aligning director compensation with shareholder interests
• 351,128 direct shares beneficially owned by the reporting director
• 32,791,702 shares held by managed funds, indicating substantial indirect economic interest

Negative

• None.

Insights

Corporate Governance Expert

Director received equity pay; holds direct and large indirect stake via managed funds.

9,689 restricted share units were issued in lieu of cash for quarterly board service, aligning the director's compensation with shareholder value by converting pay into equity.

The filing shows direct ownership of 351,128 shares and potential indirect ownership of 32,791,702 shares through managed funds, which is significant for governance since it indicates substantial influence even if legal beneficial ownership is disclaimed.

Securities Compliance Expert

Form 4 properly discloses grant and indirect holdings; includes required disclaimer.

The report uses Code V to reflect issuance of restricted share units at $0, and includes the explanatory disclosure about Paulson's role as investment manager and the Rule 16a-1(a)(4) disclaimer.

The form is signed by an attorney-in-fact on 10/02/2025, satisfying signature requirements for a timely Section 16 filing.

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

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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)

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	09/30/2025		A		9,689(1)	A	$0	351,128	D
Common Shares, No Par Value								32,791,702	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. Reflects Restricted Share Units issued in lieu of cash compensation in connection with the Reporting Person's service on the Issuer's Board of Directors for the quarter ending September 30, 2025, each representing a contingent right to receive one common share, no par value, of the Issuer.

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	10/02/2025
	** 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 John Paulson report on Form 4 for BHC?

He reported receipt of 9,689 restricted share units issued on 09/30/2025 in lieu of cash compensation.

How many BHC shares does John Paulson directly own after the reported transaction?

The filing shows direct beneficial ownership of 351,128 common shares following the transaction.

Does John Paulson have any indirect ownership in BHC shares?

Yes; the filing discloses potential indirect beneficial ownership of 32,791,702 shares held by funds managed by Paulson Capital Inc.

What does Code V mean on this Form 4?

Code V indicates the transaction involves the vesting or issuance of restricted stock or restricted share units; here the RSUs were issued at a $0 price.

When was the Form 4 signed and filed?

The form includes a signature by attorney-in-fact dated 10/02/2025 and lists the transaction date as 09/30/2025.