Bausch Health (BHC) director John Paulson discloses RSUs and large shareholdings

Rhea-AI Filing Summary

Bausch Health Companies Inc. director John Paulson reported equity-based board compensation and his holdings in a Form 4 filing. On 12/31/2025, he acquired 8,992 restricted share units at a price of $0, issued in lieu of cash compensation for his service on the board for the quarter ending December 31, 2025. Each unit represents a contingent right to receive one common share of Bausch Health with no par value.

Following this transaction, Paulson beneficially owned 360,120 common shares directly. In addition, 73,255,869 common shares were reported as indirectly owned through investment funds managed by Paulson Capital Inc., where he is the controlling person. The filing notes that Paulson may be deemed an indirect beneficial owner of these fund-held securities and that he disclaims beneficial ownership except to the extent of any pecuniary interest.

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).

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)
12/31/2025

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	12/31/2025		A		8,992(1)	A	$0	360,120	D
Common Shares, No Par Value								73,255,869	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 December 31, 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	01/02/2026
	** 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 BHC director John Paulson report in this Form 4 filing?

John Paulson reported the acquisition of 8,992 restricted share units of Bausch Health Companies Inc., issued in lieu of cash compensation for his service on the board for the quarter ending December 31, 2025.

How many Bausch Health (BHC) shares does John Paulson own directly after this transaction?

After the reported transaction, John Paulson beneficially owned 360,120 Bausch Health common shares directly.

What indirect Bausch Health (BHC) holdings are associated with John Paulson?

The filing reports that 73,255,869 Bausch Health common shares are indirectly owned by investment funds managed by Paulson Capital Inc., where John Paulson is the controlling person.

What are the terms of the restricted share units reported by John Paulson for BHC?

The 8,992 restricted share units were issued in lieu of cash board compensation for the quarter ending December 31, 2025, each representing a contingent right to receive one Bausch Health common share with no par value.

Why does John Paulson disclaim beneficial ownership of certain Bausch Health (BHC) shares?

The filing states that under Rule 16a-1(a)(4), John Paulson may be deemed an indirect beneficial owner of securities held by the funds, but he disclaims beneficial ownership of any securities reported, except to the extent of any pecuniary interest.

What is John Paulson’s relationship to Bausch Health Companies Inc. (BHC)?

John Paulson serves as a director on the board of Bausch Health Companies Inc. and is the controlling person of Paulson Capital Inc., the investment manager of the funds that hold BHC shares.