Bausch Health (BHC) Form 4 shows Paulson funds holding 73.3M shares

Rhea-AI Filing Summary

Bausch Health Companies Inc. insider filing reports a large share purchase by a major shareholder’s managed funds. On 11/25/2025, investment funds managed by Paulson & Co. acquired 2,500,000 shares of Bausch Health common stock at $6.25 per share. After this transaction, the funds collectively held 73,255,869 shares, reported as indirectly owned "By Managed Funds." The reporting person is identified as a director and 10% owner, and the filing notes that Paulson & Co. and John Paulson may be deemed indirect beneficial owners through their roles with the funds, while formally disclaiming beneficial ownership beyond any pecuniary interest.

Insights

Equity Ownership Analyst

Large indirect purchase by a major holder increases stake, a generally favorable insider ownership development.

The filing reports that funds managed by Paulson & Co. Inc. purchased 2,500,000 shares of Bausch Health Companies Inc. common stock on 11/25/2025 at a price of $6.25 per share. After this transaction, the reporting person shows indirect beneficial ownership of 73,255,869 shares, held "By Managed Funds." The transaction code "P" indicates an open-market or private purchase of non-derivative securities, and no derivative securities are reported in Table II.

The relationship box marks the filer as a Director and potential 10% Owner, which signals a significant governance and economic position. The explanatory note clarifies that the shares are owned by investment funds, with Paulson & Co. as investment manager and John Paulson as controlling person, and it includes standard disclaimers that they may be deemed indirect beneficial owners and that beneficial ownership is disclaimed except to the extent of pecuniary interest. This structure means economic exposure sits in the funds, but the scale of the holding ties the reporting group closely to the issuer.

This type of sizable purchase by an existing large holder is typically viewed as a favorable ownership development, because it increases aligned capital at risk from a key stakeholder. The filing does not indicate that the transaction was made under a Rule 10b5-1 trading plan, so it is reported as a straightforward purchase. A concrete item to watch is whether future Forms 4 show additional purchases or any offsetting sales by these managed funds over the coming quarters, which would update the trajectory of this stake.

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^*

PAULSON & CO. INC.

(Last) (First) (Middle)

15 EXCHANGE PLACE

(Street)

JERSEY CITY NJ 07302

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
11/25/2025

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	11/25/2025		P		2,500,000	A	$6.25	73,255,869	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. 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 4 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 4 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.

	PAULSON & CO. INC.By: /s/ Stuart L. Merzer, Stuart L. Merzer, General Counsel & Chief Compliance Officer	11/28/2025
	** 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 latest Form 4 for Bausch Health (BHC) report?

The Form 4 reports that investment funds managed by Paulson & Co. acquired 2,500,000 shares of Bausch Health common stock on 11/25/2025 at a price of $6.25 per share.

How many Bausch Health (BHC) shares are reported as beneficially owned after this transaction?

Following the reported purchase, the filing shows a total of 73,255,869 Bausch Health common shares beneficially owned on an indirect basis, listed as held "By Managed Funds".

Who is the reporting person in this Bausch Health (BHC) Form 4?

The reporting entity is Paulson & Co. Inc., with the form signed by Stuart L. Merzer, General Counsel & Chief Compliance Officer. The relationship to Bausch Health is marked as director and 10% owner.

Is the Bausch Health (BHC) position held directly by Paulson & Co.?

No. The filing explains that all reported securities are owned by certain investment funds (the "Funds"), and Paulson & Co. and John Paulson may be deemed indirect beneficial owners through their roles, while they disclaim beneficial ownership except for any pecuniary interest.

What type of security did the Paulson-managed funds buy in Bausch Health (BHC)?

The transaction involved common stock, no par value, of Bausch Health Companies Inc., reported in the Form 4 as a purchase of 2,500,000 shares.

Does the Bausch Health (BHC) Form 4 mention derivative securities?

The filing includes a Table II heading for derivative securities, but no specific derivative transactions or holdings are listed in the provided excerpt.