NYSE : BHC
Bausch Health Companies Inc. — Financial statements
Healthcare · Drug Manufacturers - Specialty & Generic · Canada
Last price 8.2 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.07B
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Financial statements
Bausch Health Companies Inc. (BHC) reported revenue of 11.11B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 11.01B | 10.16B | 9.52B | 8.66B | 8.03B | 8.33B |
| Other Revenue | 108.00M | 110.00M | 107.00M | 94.00M | 99.00M | 106.00M |
| Revenue | 11.11B | 10.27B | 9.62B | 8.76B | 8.12B | 8.43B |
| Cost of Revenue | 3.04B | 3.01B | 2.78B | 2.56B | 2.36B | 2.39B |
| Gross Profit | 8.07B | 7.25B | 6.84B | 6.20B | 5.76B | 6.04B |
| Selling, General & Admin | 3.48B | 3.43B | 3.28B | 2.90B | 2.53B | 2.49B |
| Research & Development | 638.00M | 629.00M | 616.00M | 604.00M | 529.00M | 465.00M |
| Amortization of Goodwill & Intangibles | 929.00M | 1.00B | 1.08B | 1.08B | 1.22B | 1.38B |
| Other Operating Expenses | 2.00M | 1.00M | 1.00M | |||
| Operating Expenses | 5.05B | 5.06B | 4.97B | 4.58B | 4.28B | 4.33B |
| Operating Income | 3.02B | 2.19B | 1.87B | 1.62B | 1.48B | 1.71B |
| Interest Expense | -1.59B | -1.60B | -1.39B | -1.33B | -1.46B | -1.43B |
| Interest & Investment Income | 43.00M | 48.00M | 33.00M | 26.00M | 14.00M | 7.00M |
| Currency Exchange Gain (Loss) | -30.00M | -52.00M | -47.00M | -52.00M | -8.00M | 7.00M |
| EBT Excluding Unusual Items | 1.44B | 584.00M | 472.00M | 267.00M | 26.00M | 296.00M |
| Merger & Restructuring Charges | -68.00M | -86.00M | -36.00M | -95.00M | -68.00M | -73.00M |
| Impairment of Goodwill | -1.57B | -145.00M | -493.00M | -824.00M | -469.00M | |
| Gain (Loss) on Sale of Assets | 6.00M | 6.00M | 10.00M | 3.00M | 5.00M | 2.00M |
| Asset Writedown | -20.00M | -8.00M | -29.00M | -45.00M | -10.00M | -211.00M |
| Legal Settlements | -47.00M | -61.00M | -220.00M | -9.00M | -356.00M | |
| Other Unusual Items | -74.00M | 191.00M | -12.00M | -80.00M | 752.00M | -205.00M |
| Pretax Income | -353.00M | 367.00M | 167.00M | -390.00M | -129.00M | -1.02B |
| Income Tax Expense | 475.00M | 247.00M | 239.00M | 221.00M | 83.00M | -87.00M |
| Earnings From Continuing Operations | -828.00M | 120.00M | -72.00M | -611.00M | -212.00M | -937.00M |
| Minority Interest in Earnings | -13.00M | 37.00M | 26.00M | 19.00M | -13.00M | -11.00M |
| Net Income | -841.00M | 157.00M | -46.00M | -592.00M | -225.00M | -948.00M |
| Net Income to Common | -841.00M | 157.00M | -46.00M | -592.00M | -225.00M | -948.00M |
| Shares Outstanding (Basic) | 373.82M | 370.90M | 368.00M | 364.90M | 362.00M | 358.90M |
| Shares Outstanding (Diluted) | 373.82M | 375.00M | 368.00M | 364.90M | 362.00M | 358.90M |
| EPS (Basic) | -2.25 | 0.42 | -0.12 | -1.62 | -0.62 | -2.64 |
| EPS (Diluted) | -2.25 | 0.42 | -0.13 | -1.62 | -0.62 | -2.64 |
| Free Cash Flow | 1.86B | 1.00B | 1.26B | 817.00M | -946.00M | 1.16B |
| Free Cash Flow Per Share | 4.99 | 2.67 | 3.42 | 2.24 | -2.61 | 3.22 |
| Gross Margin | 72.62% | 70.65% | 71.10% | 70.78% | 70.90% | 71.61% |
| Operating Margin | 27.18% | 21.35% | 19.47% | 18.51% | 18.27% | 20.25% |
| Profit Margin | -7.57% | 1.53% | -0.48% | -6.76% | -2.77% | -11.24% |
| Free Cash Flow Margin | 16.78% | 9.77% | 13.09% | 9.33% | -11.64% | 13.72% |
| EBITDA | 4.17B | 3.40B | 3.14B | 2.88B | 2.88B | 3.26B |
| EBITDA Margin | 37.53% | 33.12% | 32.63% | 32.95% | 35.43% | 38.65% |
| D&A For EBITDA | 1.15B | 1.21B | 1.27B | 1.26B | 1.39B | 1.55B |
| EBIT | 3.02B | 2.19B | 1.87B | 1.62B | 1.48B | 1.71B |
| EBIT Margin | 27.18% | 21.35% | 19.47% | 18.51% | 18.27% | 20.25% |
| Effective Tax Rate | 67.30% | 143.11% | ||||
| Revenue as Reported | 11.11B | 10.27B | 9.62B | 8.76B | 8.12B | 8.43B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.48B | 1.31B | 1.18B | 947.00M | 564.00M | 582.00M |
| Cash & Short-Term Investments | 2.48B | 1.31B | 1.18B | 947.00M | 564.00M | 582.00M |
| Receivables | 2.53B | 2.35B | 2.14B | 2.00B | 1.79B | 1.77B |
| Inventory | 1.59B | 1.63B | 1.59B | 1.54B | 1.09B | 993.00M |
| Prepaid Expenses | 793.00M | 846.00M | 822.00M | 1.08B | 764.00M | 719.00M |
| Restricted Cash | 3.00M | 16.00M | 20.00M | 15.00M | 27.00M | 1.54B |
| Other Current Assets | 3.00M | 6.00M | 16.00M | 9.00M | 12.00M | 1.00M |
| Total Current Assets | 7.41B | 6.16B | 5.77B | 5.60B | 4.25B | 5.61B |
| Property, Plant & Equipment | 2.11B | 2.29B | 1.99B | 1.89B | 1.82B | 1.84B |
| Goodwill | 9.77B | 11.27B | 11.09B | 11.18B | 11.55B | 12.46B |
| Other Intangible Assets | 3.97B | 4.64B | 5.55B | 6.46B | 5.80B | 6.95B |
| Long-Term Deferred Tax Assets | 1.89B | 1.84B | 1.97B | 2.10B | 2.17B | 2.25B |
| Other Long-Term Assets | 343.00M | 163.00M | 152.00M | 122.00M | 105.00M | 93.00M |
| Total Assets | 25.48B | 26.37B | 26.52B | 27.35B | 25.69B | 29.20B |
| Accounts Payable | 517.00M | 600.00M | 589.00M | 719.00M | 521.00M | 407.00M |
| Accrued Expenses | 2.16B | 1.96B | 1.95B | 1.67B | 1.49B | 1.57B |
| Current Portion of Long-Term Debt | 866.00M | 225.00M | 2.67B | 450.00M | 432.00M | |
| Current Portion of Leases | 17.00M | 72.00M | 58.00M | 61.00M | 50.00M | 50.00M |
| Current Income Taxes Payable | 62.00M | 38.00M | 63.00M | 47.00M | 30.00M | 98.00M |
| Other Current Liabilities | 1.13B | 1.29B | 1.42B | 1.36B | 1.42B | 3.07B |
| Total Current Liabilities | 4.75B | 4.18B | 6.75B | 4.30B | 3.94B | 5.20B |
| Long-Term Debt | 19.77B | 20.59B | 18.94B | 21.94B | 20.33B | 22.65B |
| Long-Term Leases | 61.00M | 190.00M | 165.00M | 148.00M | 184.00M | 214.00M |
| Pension & Post-Retirement Benefits | 65.00M | 65.00M | 71.00M | 71.00M | 82.00M | |
| Long-Term Deferred Tax Liabilities | 340.00M | 147.00M | 128.00M | 163.00M | 202.00M | 529.00M |
| Other Long-Term Liabilities | 904.00M | 815.00M | 793.00M | 810.00M | 694.00M | 559.00M |
| Total Liabilities | 25.82B | 25.99B | 26.84B | 27.43B | 25.43B | 29.24B |
| Common Stock | 10.55B | 10.52B | 10.49B | 10.42B | 10.39B | 10.32B |
| Additional Paid-In Capital | 382.00M | 357.00M | 234.00M | 214.00M | 159.00M | 462.00M |
| Retained Earnings | -10.40B | -9.67B | -9.82B | -9.78B | -9.19B | -8.96B |
| Comprehensive Income & Other | -1.86B | -1.76B | -2.18B | -1.88B | -2.06B | -1.92B |
| Total Common Equity | -1.33B | -554.00M | -1.28B | -1.02B | -692.00M | -106.00M |
| Minority Interest | 987.00M | 931.00M | 957.00M | 940.00M | 952.00M | 72.00M |
| Shareholders' Equity | -341.00M | 377.00M | -322.00M | -82.00M | 260.00M | -34.00M |
| Total Liabilities & Equity | 25.48B | 26.37B | 26.52B | 27.35B | 25.69B | 29.20B |
| Total Debt | 20.71B | 21.08B | 21.84B | 22.60B | 21.00B | 22.92B |
| Net Cash (Debt) | -18.23B | -19.77B | -20.66B | -21.65B | -20.44B | -22.34B |
| Net Cash Per Share | -48.77 | -52.72 | -56.14 | -59.33 | -56.45 | -62.23 |
| Filing Date Shares Outstanding | 374.27M | 370.56M | 367.93M | 365.41M | 362.04M | 359.65M |
| Total Common Shares Outstanding | 374.25M | 370.53M | 367.84M | 365.24M | 361.90M | 359.41M |
| Working Capital | 2.66B | 1.98B | -978.00M | 1.29B | 306.00M | 409.00M |
| Book Value Per Share | -3.55 | -1.50 | -3.48 | -2.80 | -1.91 | -0.29 |
| Tangible Book Value | -15.07B | -16.47B | -17.92B | -18.66B | -18.04B | -19.51B |
| Tangible Book Value Per Share | -40.26 | -44.44 | -48.71 | -51.09 | -49.85 | -54.29 |
| Land | 73.00M | 69.00M | 74.00M | 71.00M | 74.00M | |
| Buildings | 962.00M | 817.00M | 823.00M | 798.00M | 675.00M | |
| Machinery | 2.78B | 2.43B | 2.41B | 2.29B | 2.02B | |
| Construction In Progress | 569.00M | 508.00M | 401.00M | 280.00M | 576.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -841.00M | 157.00M | -46.00M | -592.00M | -225.00M | -948.00M |
| Depreciation & Amortization | 1.15B | 1.21B | 1.27B | 1.26B | 1.39B | 1.55B |
| Other Amortization | 68.00M | 94.00M | 55.00M | 65.00M | 99.00M | 55.00M |
| Loss (Gain) From Sale of Assets | -4.00M | -6.00M | -10.00M | -3.00M | -5.00M | 86.00M |
| Asset Writedown & Restructuring Costs | 1.59B | 153.00M | 29.00M | 547.00M | 839.00M | 615.00M |
| Stock-Based Compensation | 242.00M | 216.00M | 150.00M | 132.00M | 126.00M | 128.00M |
| Provision & Write-off of Bad Debts | 78.00M | 71.00M | 62.00M | 56.00M | 51.00M | 60.00M |
| Other Operating Activities | 224.00M | -274.00M | 83.00M | 145.00M | -2.61B | 6.00M |
| Change in Accounts Receivable | -131.00M | -134.00M | -216.00M | -195.00M | -57.00M | -229.00M |
| Change in Inventory | -36.00M | -12.00M | -267.00M | -322.00M | -198.00M | -16.00M |
| Change in Accounts Payable | -161.00M | -76.00M | 357.00M | 158.00M | -75.00M | 121.00M |
| Change in Other Net Operating Assets | 29.00M | 3.00M | 133.00M | -223.00M | -66.00M | -4.00M |
| Operating Cash Flow | 2.21B | 1.40B | 1.60B | 1.03B | -728.00M | 1.43B |
| Capital Expenditures | -344.00M | -397.00M | -337.00M | -215.00M | -218.00M | -269.00M |
| Sale of Property, Plant & Equipment | 4.00M | 7.00M | 7.00M | 5.00M | 5.00M | 669.00M |
| Cash Acquisitions | -225.00M | -204.00M | -136.00M | -1.89B | -45.00M | |
| Sale (Purchase) of Intangibles | -38.00M | -10.00M | -3.00M | -57.00M | -50.00M | -14.00M |
| Investment in Securities | -3.00M | -3.00M | 2.00M | -1.00M | 5.00M | -4.00M |
| Other Investing Activities | 9.00M | 12.00M | 13.00M | 13.00M | 27.00M | |
| Investing Cash Flow | -597.00M | -595.00M | -454.00M | -2.15B | -303.00M | 409.00M |
| Long-Term Debt Issued | 10.55B | 661.00M | 3.29B | 6.84B | 2.10B | |
| Total Debt Issued | 3.06B | 10.55B | 661.00M | 3.29B | 6.84B | 2.10B |
| Long-Term Debt Repaid | -11.19B | -1.46B | -1.71B | -7.85B | -3.44B | |
| Total Debt Repaid | -3.43B | -11.19B | -1.46B | -1.71B | -7.85B | -3.44B |
| Net Debt Issued (Repaid) | -371.00M | -637.00M | -799.00M | 1.58B | -1.01B | -1.34B |
| Repurchase of Common Stock | -43.00M | -24.00M | -26.00M | -24.00M | -31.00M | -52.00M |
| Other Financing Activities | -50.00M | -81.00M | -43.00M | -82.00M | 567.00M | -121.00M |
| Financing Cash Flow | -464.00M | -742.00M | -868.00M | 1.48B | -474.00M | -1.51B |
| Foreign Exchange Rate Adjustments | 61.00M | -36.00M | 9.00M | -23.00M | -19.00M | |
| Net Cash Flow | 1.15B | 124.00M | 239.00M | 371.00M | -1.53B | 303.00M |
| Free Cash Flow | 1.86B | 1.00B | 1.26B | 817.00M | -946.00M | 1.16B |
| Free Cash Flow Margin | 16.78% | 9.77% | 13.09% | 9.33% | -11.64% | 13.72% |
| Free Cash Flow Per Share | 4.99 | 2.67 | 3.42 | 2.24 | -2.61 | 3.22 |
| Levered Free Cash Flow | 1.64B | 1.09B | 1.72B | 738.12M | 1.02B | 1.63B |
| Unlevered Free Cash Flow | 2.57B | 2.00B | 2.53B | 1.50B | 1.83B | 2.46B |
| Cash Interest Paid | 1.81B | 1.81B | 1.67B | 1.53B | 1.54B | 1.42B |
| Cash Income Tax Paid | 163.00M | 163.00M | 61.00M | 237.00M | 266.00M | 240.00M |
| Change in Working Capital | -299.00M | -219.00M | 7.00M | -582.00M | -396.00M | -128.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.00B | 2.58B | 2.96B | 2.93B | 2.27B | 9.92B |
| Enterprise Value | 21.23B | 23.23B | 24.68B | 25.54B | 23.96B | 31.66B |
| Last Close Price | 8.20 | 6.95 | 8.06 | 8.02 | 6.28 | 27.61 |
| PE Ratio | 16.40 | |||||
| Forward PE | 1.86 | 1.67 | 1.90 | 2.11 | 1.70 | 5.92 |
| PS Ratio | 0.27 | 0.25 | 0.31 | 0.33 | 0.28 | 1.18 |
| PB Ratio | 6.83 | -9.21 | -35.72 | 8.74 | -291.80 | |
| P/FCF Ratio | 1.61 | 2.57 | 2.35 | 3.58 | 8.57 | |
| P/OCF Ratio | 1.36 | 1.84 | 1.86 | 2.84 | 6.96 | |
| PEG Ratio | 1.66 | 0.47 | 2.82 | 4.72 | 1.44 | |
| EV/Sales Ratio | 1.91 | 2.26 | 2.56 | 2.92 | 2.95 | 3.75 |
| EV/EBITDA Ratio | 5.09 | 6.83 | 7.86 | 8.85 | 8.32 | 9.71 |
| EV/EBIT Ratio | 7.03 | 10.60 | 13.17 | 15.76 | 16.14 | 18.54 |
| EV/FCF Ratio | 11.39 | 23.16 | 19.59 | 31.27 | 27.36 | |
| Debt / Equity Ratio | -60.75 | 55.91 | -67.82 | -275.57 | 80.77 | -674.06 |
| Debt / EBITDA Ratio | 4.85 | 6.02 | 6.75 | 7.62 | 7.11 | 6.86 |
| Debt / FCF Ratio | 11.11 | 21.02 | 17.33 | 27.66 | 19.81 | |
| Net Debt / Equity Ratio | -53.46 | 52.44 | -64.16 | -264.02 | 78.60 | -656.94 |
| Net Debt / EBITDA Ratio | 4.37 | 5.82 | 6.58 | 7.50 | 7.10 | 6.85 |
| Net Debt / FCF Ratio | 9.78 | 19.71 | 16.39 | 26.50 | -21.60 | 19.30 |
| Asset Turnover | 0.42 | 0.39 | 0.36 | 0.33 | 0.30 | 0.28 |
| Inventory Turnover | 1.91 | 1.87 | 1.77 | 1.94 | 2.27 | 2.29 |
| Quick Ratio | 1.06 | 0.88 | 0.49 | 0.69 | 0.60 | 0.45 |
| Current Ratio | 1.56 | 1.47 | 0.85 | 1.30 | 1.08 | 1.08 |
| Return on Equity (ROE) | -11,040.00% | 436.36% | -686.52% | -187.61% | -328.20% | |
| Return on Assets (ROA) | 7.22% | 5.18% | 4.35% | 3.82% | 3.38% | 3.54% |
| Return on Invested Capital (ROIC) | 14.74% | 3.59% | -3.77% | 7.41% | 6.64% | 7.09% |
| Return on Capital Employed (ROCE) | 14.60% | 9.90% | 9.50% | 7.00% | 6.80% | 7.10% |
| Earnings Yield | -28.09% | 6.10% | -1.55% | -20.21% | -9.90% | -9.55% |
| FCF Yield | 62.09% | 38.95% | 42.50% | 27.89% | -41.63% | 11.66% |
| Buyback Yield / Dilution | -0.27% | -1.90% | -0.85% | -0.80% | -0.86% | -1.10% |