Bausch Health Announces Third Quarter 2025 Results
Executive Summary
- Bausch Health reported Q3 2025 consolidated revenues of $2.68 billion, a 7% increase on a reported basis (5% organic) versus the prior year.
- GAAP net income attributable to Bausch Health was $179 million (GAAP net loss of $85 million in Q3 2024). Adjusted EBITDA (non‑GAAP) reached $986 million, up 8% YoY, after an $81 million acquired IPR&D charge.
- The company completed the acquisition of DURECT Corporation, adding the lead asset Larsucosterol (FDA Breakthrough Therapy Designation for alcohol‑associated hepatitis) to its hepatology portfolio.
Key Details
- Revenue by Segment (Q3 2025 vs Q3 2024)
- Total Bausch Health (excl. B+L): $1,400 M ↑ $86 M (+7% reported, +5% organic)
- Salix: $716 M ↑ $74 M (+12% reported, +11% organic) – driven by Xifaxan® growth (16% YoY).
- International: $286 M ↓ $5 M (‑2% reported, ‑4% organic).
- Solta Medical: $140 M ↑ $28 M (+25% reported, +24% organic) – strong APAC performance.
- Diversified: $258 M ↓ $11 M (‑4% reported, ‑6% organic).
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Bausch + Lomb: $1,281 M ↑ $85 M (+7% reported, +6% organic).
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Operating Performance
- Consolidated operating income: $619 million, up from $318 million YoY.
- Adjusted EBITDA (non‑GAAP) attributable to Bausch Health: $986 million (includes $81 million IPR&D charge).
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Cash provided by operations: $405 million, flat YoY.
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Profitability
- GAAP earnings per share: $0.48, versus a loss of $(0.23) in Q3 2024.
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Adjusted net income (non‑GAAP): $434 million, up $19 million YoY.
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Balance Sheet & Debt Management
- Redeemed 9.25% Senior Unsecured Notes due 2026 ($601 M par) for an aggregate cost of ~$602 M in August 2025.
- Fully repaid and cancelled the $300 million receivables financing facility on Oct 27 2025.
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Cash & cash equivalents as of Sep 30 2025: $1,308 million.
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Guidance (Full‑Year 2025) – excludes $81 million IPR&D charge:
- Revenue: $10.05–$10.25 billion (Bausch Health excl. B+L) / $5.00–$5.10 billion (B+L).
- Adjusted EBITDA (non‑GAAP): $3.57–$3.66 billion (excl. B+L) / $2.70–$2.75 billion (B+L).
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Adjusted cash flow from operations: $0.975–$1.025 billion (excl. B+L).
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Strategic Updates
- Completed acquisition of DURECT Corporation, adding Larsucosterol (FDA Breakthrough Therapy Designation for alcohol‑associated hepatitis) to the pipeline.
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R&D highlights: RED‑C Phase 3 top‑line results expected early 2026; Clear + Brilliant® Touch laser device approved in China (Aug 2025).
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Conference Call – Held on Oct 29 2025 at 5:00 p.m. EDT, webcast available via the investor relations website.
Notable Quotes
“The third quarter marks our tenth consecutive quarter of year‑over‑year growth in Revenue and Adjusted EBITDA… The completion of our acquisition of DURECT Corporation further strengthens our growth platform in R&D…” – Thomas J. Appio, CEO.