[Form 4] Bausch Health Companies Inc Insider Trading Activity

Rhea-AI Filing Summary

John Paulson, through managed funds, acquired 34,721,118 shares of Bausch Health Companies Inc. at $9 per share on 08/14/2025, increasing the funds' reported beneficial ownership to 70,755,869 shares. The Form 4 shows the purchase was reported as an indirect holding by the Funds managed by Paulson, and the filing includes a standard disclaimer that Paulson disclaims beneficial ownership except for any pecuniary interest. The transaction reflects a sizable increase in reported stake via managed accounts.

Positive

• Large disclosed purchase: Acquisition of 34,721,118 shares indicates a substantial increase in the Funds' reported stake.
• Material post-transaction ownership: Reported beneficial ownership increased to 70,755,869 shares, showing significant exposure to BHC.
• Transparent reporting: Transaction was reported on a Form 4 with explanatory footnote and standard Rule 16 disclaimer.

Negative

• None.

Insights

Financial Analyst

TL;DR: A large, disclosed purchase by Paulson-managed funds raises the reported stake to 70.8 million shares, a materially larger ownership position.

The acquisition of 34.7 million shares at $9 each meaningfully increases the Funds' reported position in BHC, signaling either conviction at the reported price or portfolio rebalancing. For investors, a reported increase of this magnitude can affect float and perceived insider confidence. The Form 4 lists the ownership as indirect via managed funds rather than direct personal ownership, and the filing includes the customary Rule 16a-1(a)(4) disclaimer about beneficial ownership.

Corporate Governance Expert

TL;DR: Transaction is clearly disclosed and categorized as indirect; standard ownership disclaimers present.

The Form 4 properly reports the transaction code and classifies the holdings as indirect beneficial ownership by Funds managed by Paulson. The explanatory footnote clarifies the relationship and includes the Rule 16 disclaimer, which is routine. The filing does not indicate any change in director status or a new control claim beyond managerial role and indirect ownership.

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).

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^*

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)
08/14/2025

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 Stock, no par value	08/14/2025		P		34,721,118	A	$9	70,755,869	I(1)	By Managed Funds(1)

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. 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.

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 3 filed by Paulson & Co. on the date hereof.

	JOHN PAULSON By: /s/ John Paulson John Paulson	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 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.
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FAQ

What transaction did John Paulson report for BHC on the Form 4?

The Form 4 reports that Paulson-managed funds acquired 34,721,118 shares of Bausch Health Companies Inc. at $9 per share on 08/14/2025.

How many BHC shares do the Paulson-managed funds beneficially own after the transaction?

Following the reported transaction, the Funds are shown as beneficial owners of 70,755,869 shares of BHC.

Is John Paulson shown as a direct owner of the shares in the Form 4?

No. The Form 4 lists the holdings as indirect (I) via managed funds and includes a disclaimer that Paulson disclaims beneficial ownership except to the extent of any pecuniary interest.

What was the price per share for the reported BHC acquisition?

The reported purchase price was $9 per share.

Does the filing indicate any change in Paulson's role at BHC?

The filing indicates Paulson serves on the issuer's board, but it does not report any change in his director status.