BAUSCH HEALTH ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2025 RESULTS

Executive Summary

• Bausch Health reported Q4 2025 consolidated revenues of $2.80 billion (+9% YoY) and full-year 2025 revenues of $10.27 billion (+7% YoY), with Adjusted EBITDA reaching $1.05 billion in Q4 (+13% YoY) and $3.54 billion for the full year (+7% YoY).
• The company executed $9.6 billion in total refinancing for 2025, including a $1.7 billion debt exchange in Q4 that extended $1.6 billion in maturities to 2032, while generating $362 million in Adjusted Cash Flow from Operations in Q4.
• Management provided 2026 full-year guidance of $10.625B–$10.875B in revenues and $3.875B–$4.000B in Adjusted EBITDA, alongside key pipeline updates including FDA Breakthrough Therapy designation for Larsucosterol and mixed Phase 3 results for RED-C.

Key Details

• Financial Performance: Q4 GAAP net loss of $112 million; FY GAAP net income of $157 million. Q4 Adjusted Net Income (non-GAAP) was $411 million; FY was $1.40 billion. Q4 Adjusted EBITDA was $1.05 billion (+13% YoY); FY was $3.54 billion (+7% YoY). Cash from operations was $495 million in Q4 and $1.40 billion for FY.
• Segment Revenue (Q4 / FY): Bausch Health (Excl. B+L): $1.39B / $5.17B; Salix: $693M / $2.58B; International: $306M / $1.13B; Solta Medical: $137M / $518M; Diversified: $255M / $937M; Bausch + Lomb: $1.41B / $5.10B.
• Goodwill Impairment: $145 million goodwill impairment charge recorded in Q4 2025 related to the Generics business unit.
• Debt & Liquidity: Completed $1.7 billion debt exchange in Q4, extending $1.6 billion in aggregate debt maturities to 2032 from 2028. Total refinancing for FY 2025 reached $9.6 billion. Cash and cash equivalents stood at $1.31 billion. Revolving credit facility availability: ~$470 million (BHC excl. B+L) and ~$665 million (B+L).
• M&A & Operations: Completed the acquisition of Shibo's full-service aesthetics distribution business in China on December 1, 2025.
• R&D Pipeline Updates:
• Larsucosterol (Epigenetic Modulator): Received FDA Breakthrough Therapy Designation for Alcohol-Associated Hepatitis (AH); Phase 3 trial initiated with first patient randomized in January 2026.
• Fraxel FTX®: Received approval in Australia in December 2025.
• RED-C: Phase 3 top-line results evaluated in January 2026; treatments were safe and well-tolerated but both clinical trials missed their primary endpoints.
• 2026 Financial Guidance (Full-Year):
• Revenues: $10.625B–$10.875B (Total BHC), $5.250B–$5.400B (BHC excl. B+L), $5.375B–$5.475B (B+L).
• Adjusted EBITDA: $3.875B–$4.000B (Total BHC), $2.875B–$2.950B (BHC excl. B+L), $1.000B–$1.050B (B+L).
• Adjusted Operating Cash Flow: $1.200B–$1.275B.
• Projected Revenue Growth: 2%–5% vs. prior year.
• Projected Adj. EBITDA Growth: 3%–5% vs. prior year.

Notable Quotes

• "The fourth quarter marks our eleventh consecutive quarter of year-over-year growth in Revenue and Adjusted EBITDA for Bausch Health, excluding Bausch + Lomb. These results highlight our global team's unwavering commercial rigor and operational excellence, as full-year results came in above our guidance on all key metrics. Our newly acquired full-service aesthetics distribution business in China expands our geographical reach, provides direct access to a large customer base, and allows us to better address market demand for aesthetic treatments, strengthening our global aesthetics franchise and our commitment to excellence in China." — Thomas J. Appio, Chief Executive Officer, Bausch Health.