Paulson-Managed Funds Purchase 3.24M Bausch Health Shares at $6.35–$7.06

Rhea-AI Filing Summary

John Paulson, a director and the controlling person of Paulson Capital Inc., reported purchases of Bausch Health Companies common stock executed by funds he manages. The filings show three purchases: 2,000,000 shares at $6.35, 1,156,640 shares at $6.88, and 86,409 shares at $7.06, totaling 3,243,049 shares. After these transactions the reporting person’s indirect beneficial ownership is stated as 36,034,751 shares. The shares are held by managed funds and the report includes a disclaimer that the reporting person disclaims beneficial ownership except to the extent of any pecuniary interest. No derivative securities were reported on the form.

Positive

• Managed funds acquired a total of 3,243,049 BHC shares across three purchases.
• Purchases executed at prices between $6.35 and $7.06, indicating active accumulation over consecutive days.
• Reported indirect holdings increased to 36,034,751 shares, providing clear post-transaction ownership figures.

Negative

• Holdings are reported as indirect by managed funds, and the reporting person disclaims beneficial ownership except to the extent of any pecuniary interest.
• No derivative securities were reported, so there is no disclosed options or other instruments to amplify exposure.

Insights

Financial Analyst

Director-managed funds added 3.24M BHC shares, raising indirect holdings to 36.03M — a substantial accumulation by Paulson-managed vehicles.

The transactions consist of three purchases executed on consecutive days, totaling 3,243,049 shares at prices between $6.35 and $7.06. These purchases were reported as indirect holdings by funds managed by John Paulson, increasing the reported indirect stake to 36,034,751 shares. The Form 4 shows purchases only

Corporate Governance Expert

Substantial purchases were made via managed funds, but the reporting person disclaims beneficial ownership, limiting direct disclosure of personal economic exposure.

The filing identifies John Paulson as a director and the investment manager of the funds that directly own the shares. It explicitly states that ownership is indirect (I) and includes the customary disclaimer under Rule 16a-1(a)(4) that the reporting person disclaims beneficial ownership except for any pecuniary interest. The Form was filed by one reporting person and documents only non-derivative purchases. From a governance standpoint, the indirect nature of the holdings and the disclaimer are important for understanding how much of the position is attributable to managed vehicles versus personal 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)
08/11/2025

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	08/11/2025		P		2,000,000	A	$6.35	34,791,702	I(1)	By Managed Funds(1)
Common Stock, no par value	08/12/2025		P		1,156,640	A	$6.88	35,948,342	I(1)	By Managed Funds(1)
Common Stock, no par value	08/13/2025		P		86,409	A	$7.06	36,034,751	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.

	JOHN PAULSON By: /s/ John Paulson John Paulson	08/13/2025
	** 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

How many BHC shares did John Paulson's managed funds purchase?

3,243,049 shares (2,000,000 at $6.35; 1,156,640 at $6.88; 86,409 at $7.06).

What are John Paulson's total BHC holdings after these transactions?

36,034,751 shares reported as indirectly beneficially owned by managed funds.

Were these transactions purchases or sales on the Form 4 for BHC?

Purchases. Each transaction is reported with transaction code 'P' indicating acquisition.

Did the Form 4 report any derivative securities for BHC?

No. Table II for derivative securities contains no reported transactions.

Were the shares acquired directly by John Paulson or through funds?

Indirectly through managed funds; the report notes the shares are directly owned by the Funds and Paulson is the investment manager.

Was the Form 4 filed by multiple reporting persons?

No. The form indicates it was filed by one reporting person.