[SCHEDULE 13D/A] Bausch Health Companies Inc SEC Filing

Rhea-AI Filing Summary

Paulson & Co. Inc. reports beneficial ownership of 70,755,869 common shares of Bausch Health Companies Inc., representing approximately 19.1% of the outstanding common shares based on 369,790,319 shares disclosed by the issuer. The stake is held through funds advised or managed by Paulson, which retain sole voting and dispositive power over these shares for reporting purposes, while Paulson disclaims direct pecuniary ownership except through those funds. The filing notes recent transactions are listed in an attached exhibit and identifies the issuer's principal executive office in Laval, Quebec. This amendment updates prior Schedule 13D disclosures and clarifies the reporting person’s role as investment manager.

Positive

• Significant disclosed stake: Reporting person holds 70,755,869 shares, ~19.1% of outstanding common shares, indicating material ownership
• Clear voting authority: Paulson reports sole voting and dispositive power over the reported shares for governance clarity
• Transparency via amendment: This Schedule 13D/A updates prior disclosures and references transaction details in an exhibit

Negative

• None.

Insights

Financial Analyst

TL;DR A large, disclosed 19.1% stake by an activist-style investor is material and could affect governance or strategic outcomes.

Paulson's reported 19.1% position in Bausch Health is a substantial ownership level that may influence voting outcomes and corporate decisions, especially given Paulson's sole voting and dispositive power over the shares reported. The position is held through advisory vehicles, consistent with standard asset-manager reporting where the firm disclaims direct pecuniary ownership. The filing references transaction detail in an exhibit, which investors should review to understand how the position changed recently.

Corporate Governance Expert

TL;DR Disclosure of near-20% ownership is material to board dynamics and shareholder negotiations.

Holding roughly one-fifth of the outstanding common shares grants the reporting person meaningful influence in governance matters. The statement that Paulson has sole voting power over the reported shares clarifies decision-making authority for those securities. The filing is an amendment to prior Schedule 13D disclosures and points to attached exhibits for recent transactions, which will show whether the position was accumulated recently or adjusted over time.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

Bausch Health Companies Inc.

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

071734107

(CUSIP Number)

Kelly Zelezen
Kleinberg, Kaplan, Wolff & Cohen, P.C., 500 Fifth Avenue
New York, NY, 10110
(212) 986-6000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/14/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 071734107

1

Name of reporting person

PAULSON & CO. INC.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 70,755,869.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 70,755,869.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

70,755,869.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

19.1 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note to Items 7, 9, 11: See Note 1 to Item 5 below

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, no par value
(b)	Name of Issuer: Bausch Health Companies Inc.
(c)	Address of Issuer's Principal Executive Offices: 2150 ST. ELZEAR BLVD. WEST, LAVAL, QUEBEC, QUEBEC, CANADA , H7L 4A8.
Item 1 Comment: The following constitutes Amendment No. 4 to the Schedule 13D filed by the undersigned ("Amendment No. 5"). This Amendment No. 5 amends the Schedule 13D as specifically set forth herein.
Item 5.	Interest in Securities of the Issuer
(a)	The aggregate percentage of Common Shares reported owned by the Reporting Person is based upon approximately 369,790,319 Common Shares outstanding as of July 25, 2025, which is the total number of Common Shares outstanding as disclosed on the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 31, 2025. As of the date hereof, the Reporting Person may be deemed to have beneficially owned approximately 19.1% of the outstanding Common Shares.
(b)	(i) Sole power to vote or direct the vote: 70,755,869 (see Note 1). (ii) Shared power to vote or direct the vote: 0 (iii) Sole power to dispose or direct the disposition: 70,755,869 (see Note 1). (iv) Shared power to dispose or direct the disposition: 0
(c)	The transactions effected by the Reporting Person during the past 60 days or since the last filing of an amendment to this Schedule 13D are set forth on Exhibit 1 attached hereto.
(d)	See Note 1.
(e)	Not applicable. Note 1: Paulson furnishes investment advice to and manages the Funds. In its role as investment advisor, or manager, as the case may be, Paulson possesses voting and investment power over the securities of the Issuer described in this Schedule 13D that are owned by the Funds. The pecuniary interest of all securities reported in this Schedule 13D is owned by the Funds. Except for the purposes of determining beneficial ownership under Section 13(d) of the Securities Exchange Act of 1934, as amended, Paulson disclaims beneficial ownership of all securities reported in this Schedule 13D. For reporting purposes, the aggregate amount of Common Shares deemed to be beneficially owned by the Reporting Person is calculated based on an aggregate 70,755,869 Common Shares held by the Reporting Person as of the date hereof.
Item 7.	Material to be Filed as Exhibits.
	1. Transactions in Securities

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

PAULSON & CO. INC.

Signature:	/s/ Stuart L. Merzer
Name/Title:	Stuart L. Merzer, General Counsel & Chief Compliance Officer
Date:	08/14/2025

Comments accompanying signature:

Exhibit 1 attached.

FAQ

How many BHC shares does Paulson & Co. Inc. report owning?

Paulson reports beneficial ownership of 70,755,869 common shares of Bausch Health (BHC).

What percentage of Bausch Health (BHC) is represented by Paulson’s stake?

The reported stake represents approximately 19.1% of the outstanding common shares based on 369,790,319 shares outstanding.

Does Paulson claim direct ownership of the shares it reports on Schedule 13D/A?

No. Paulson states the pecuniary interest is owned by the funds it advises or manages and disclaims direct beneficial ownership except for reporting purposes.

What voting and disposition powers does Paulson report over the BHC shares?

Paulson reports sole voting power and sole dispositive power for the 70,755,869 shares disclosed.

Where can I find details of recent transactions affecting this position?

The filing indicates that recent transactions are set forth in Exhibit 1 attached to the Schedule 13D/A.