BAUSCH HEALTH ANNOUNCES THIRD QUARTER 2026 RESULTS, RAISES GUIDANCE
BAUSCH HEALTH EXCLUDING BAUSCH + LOMB THIRD QUARTER 2026 RESULTS
LAVAL, QC, Oct. 28, 2026 /PRNewswire/ -- Bausch Health Companies Inc. (NYSE: BHC)(TSX:BHC) ("Bausch Health" or the "Company" or "we" or "our") today announced its third quarter 2026 financial results and other key updates from the quarter.
"Bausch Health, excluding Bausch + Lomb, delivered another solid quarter, marking fourteen consecutive quarters of year-over-year Revenue and Adjusted EBITDA growth. We also achieved an important milestone, with quarterly Adjusted EBITDA, excluding Bausch + Lomb, exceeding $1 billion for the first time. Our performance reflects disciplined execution across the portfolio, with healthy cash generation supporting more than $500 million of net debt reduction during the quarter. These results give us confidence to again raise our full year 2026 guidance. We remain focused on operational excellence, sustainable growth, and long-term value creation," said Thomas J. Appio, Chief Executive Officer, Bausch Health.
The Company also announced that its Board of Directors has authorized a $50 million share repurchase program, with the primary objective of offsetting dilution associated with the anticipated vesting of management equity awards in 2027.
Third Quarter 2026 Revenue Performance
Total consolidated reported revenues were $2.94 billion for the third quarter of 2026, compared with $2.68 billion in the third quarter of 2025, an increase of $260 million, or 10%. Excluding the impact of acquisitions of $37 million and divestitures and discontinuations of $11 million, revenue increased 8% on an organic 1 basis compared with the third quarter of 2025. The net impact of foreign exchange was de minimis in the quarter.
1
This is a non-GAAP measure or a non-GAAP ratio. For further information on non-GAAP measures and non-GAAP ratios, please refer to the "Non-GAAP Information" section of this news release. Please also refer to tables at the end of this news release for a reconciliation of this and other non-GAAP measures and ratios to the most directly comparable GAAP measure.
Reported revenues by segment were as follows:
Three Months Ended
September 30,
Reported Change
Change at
Constant
Currency 1
Change in
Organic
Revenue 1
(in millions)
2026
2025
Amount
Pct.
Total Bausch Health Revenues
$2,941
$2,681
$260
10 %
10 %
8 %
Bausch Health (excl. B+L) 1
$1,566
$1,400
$166
12 %
11 %
8 %
Salix segment
$831
$716
$115
16 %
16 %
14 %
International segment
$299
$286
$13
5 %
3 %
4 %
Solta Medical segment
$165
$140
$25
18 %
16 %
(4 %)
Diversified segment
$271
$258
$13
5 %
5 %
5 %
Bausch + Lomb segment
$1,375
$1,281
$94
7 %
8 %
7 %
Salix Segment
Salix segment reported revenues were $831 million for the third quarter of 2026, compared with $716 million for the third quarter of 2025, an increase of $115 million, or 16%. Segment revenues increased 14% on an organic 1 basis compared with the third quarter of 2025. Xifaxan ® was the primary contributor to growth, with 16% revenue growth in the third quarter of 2026.
International Segment
International segment reported revenues were $299 million for the third quarter of 2026, compared with $286 million for the third quarter of 2025, an increase of $13 million, or 5%. Excluding the impact of foreign exchange of $4 million, segment revenues grew 4% on an organic 1 basis compared with the third quarter of 2025, led by Canada.
Solta Medical Segment
Solta Medical segment reported revenues were $165 million for the third quarter of 2026, compared with $140 million in the third quarter of 2025, an increase of $25 million, or 18% aided by the acquisition of our full service distributor in China. Excluding a $2 million favorable impact from foreign exchange and acquisitions of $29 million, segment revenues decreased by 4% on an organic 1 basis compared with the third quarter of 2025 with the Asia Pacific region decreasing modestly.
Diversified Segment
Diversified segment reported revenues were $271 million for the third quarter of 2026, compared with $258 million for the third quarter of 2025, an increase of $13 million, or 5%. Segment revenues increased 5% on an organic 1 basis compared with the third quarter of 2025. The increase in organic 1 revenue was primarily driven by double-digit growth in Dermatology.
Bausch + Lomb Segment
Bausch + Lomb segment reported revenues were $1.38 billion for the third quarter of 2026, compared with $1.28 billion for the third quarter of 2025, an increase of $94 million, or 7%. Excluding the impact of foreign exchange of $6 million, acquisitions of $8 million and divestitures and discontinuations of $2 million, segment revenues increased 7% on an organic 1 basis compared with the third quarter of 2025.
Consolidated Operating Income
Consolidated operating income was $983 million for the third quarter of 2026, compared with consolidated operating income of $619 million for the third quarter of 2025, an increase of $364 million.
Consolidated Net Income Attributable to Bausch Health
Consolidated net income attributable to Bausch Health for the third quarter of 2026 was $436 million, compared with consolidated net income attributable to Bausch Health of $179 million for the third quarter of 2025.
Consolidated Adjusted Net Income Attributable to Bausch Health 1
Consolidated adjusted net income attributable to Bausch Health 1 for the third quarter of 2026 was $673 million, compared with $434 million for the third quarter of 2025, an increase of $239 million.
Consolidated Earnings Per Share Attributable to Bausch Health
Consolidated earnings per share attributable to Bausch Health for the third quarter of 2026 was $1.15 on a diluted basis, compared with consolidated earnings per share of $0.48 on a diluted basis for the third quarter of 2025.
Consolidated Adjusted Earnings Per Share Attributable to Bausch Health 1
Consolidated adjusted earnings per share attributable to Bausch Health 1 for the third quarter of 2026 was $1.77, compared with $1.16 for the third quarter of 2025.
Consolidated Adjusted EBITDA Attributable to Bausch Health 1
Consolidated adjusted EBITDA attributable to Bausch Health 1 was $1,305 million for the third quarter of 2026, compared with $986 million for the third quarter of 2025, an increase of $319 million.
Consolidated Cash Provided by Operating Activities
The Company generated $813 million of cash from operating activities in the third quarter of 2026, an increase of 101% versus $405 million in the third quarter of 2025.
Balance Sheet Highlights
As of September 30, 2026, Bausch Health reported consolidated cash and cash equivalents of $2,485 million, up from $1,309 million as of December 31, 2025. The Company remains focused on strengthening its balance sheet and delivering value to all stakeholders.
Focus on Strategic Priorities
The Company exits the third quarter of 2026 with strong financial momentum, with revenue and earnings growth across multiple segments. Upon the successful completion of major refinancing initiatives in the prior twelve-month period, the Company materially improved its debt maturity profile. The Company remains committed to evaluating all options for unlocking shareholder value, including maximizing the value of our Bausch Health and Bausch + Lomb assets.
2026 Financial Outlook
The Company updated its Consolidated full year Revenue and Adjusted EBITDA 1 guidance for 2026.
Bausch Health (excluding Bausch + Lomb) is raising its full year Revenue, Adjusted EBITDA 1, and Adjusted Cash Flows from Operations 1 guidance, which includes the currently estimated impact of applicable tariffs for the calendar year as of the date of this release.
Current Guidance (as of October 28, 2026)
BHC
BHC
(excl. B+L)
B+L
Revenues (in billions)
$10.975 - $11.175
$5.525 - $5.625
$5.450 - $5.550
Revenue growth vs. Prior Year
7% - 9%
Adjusted EBITDA 1 (in billions)
$4.315 - $4.415
$3.225 - $3.275
$1.090 - $1.140
Adj. EBITDA 1 growth vs. Prior Year
12% - 14%
Adjusted Cash Flows from Operations 1
(in billions)
$1.600 - $1.675
Other than with respect to GAAP revenues, the Company only provides guidance on a non-GAAP basis. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA 1 to GAAP net income (loss) or forward-looking Adjusted Cash Flows from Operations 1 to GAAP cash provided by operating activities, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because deductions (such as restructuring, gain or loss on extinguishment of debt and litigation and other matters) used to calculate projected net income (loss) and payments (such as payments of legal settlements, transformation costs, separation costs and separation-related costs, interest charged against premium, financing fees paid in connection with the debt refinancing transactions and acquired IPR&D expense) used to calculate Adjusted Cash Flows from Operations 1 vary dramatically based on actual events, the Company is not able to forecast on a GAAP basis with reasonable certainty all adjustments needed in order to provide a GAAP calculation of projected net income (loss) or cash provided by operating activities at this time. The amount of these adjustments may be material and, therefore, could result in projected GAAP net income (loss) being materially less than projected Adjusted EBITDA 1. These statements represent forward-looking information and may represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the "Forward-looking Statements" section of this news release. The guidance in this news release is only effective as of the date it is given and will not be updated or affirmed unless and until the Company publicly announces updated or affirmed guidance. The rapid recent developments in the evolving landscape of tariffs and responses have resulted in uncertainty regarding these measures and the effects they may have. We continue to assess the direct and indirect impacts on our businesses of such tariffs, including retaliatory tariffs and other trade protectionist measures as the situation develops, and there can be no assurance that such impacts will not be adverse.
Conference Call Details
Date: Wednesday, October 28, 2026
Time: 5:00 p.m. EDT
Webcast: http://ir.bauschhealth.com/events-and-presentations
A replay of the conference call will be available on the investor relations website.
About Bausch Health
Bausch Health Companies Inc. (NYSE: BHC)(TSX:BHC) is a global, diversified pharmaceutical company enriching lives through our relentless drive to deliver better health care outcomes. We develop, manufacture and market a range of products primarily in gastroenterology, hepatology, neuroscience, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health, through our controlling interest in Bausch + Lomb Corporation. Our ambition is to be a globally integrated healthcare company, trusted and valued by patients, HCPs, employees and investors. For more information about Bausch Health, visit www.bauschhealth.com and connect with us on LinkedIn.
Forward-looking Statements
This news release contains forward-looking information and statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws (collectively, "forward-looking statements"), including, but not limited to, statements relating to the Company's: future prospects and performance, financial guidance, research and development efforts and anticipated timing or results thereof, proposed plan to separate its eye health business, including the timing thereof, management of its balance sheet, generation of cash, ability to launch and commercialize new products, including the timing of regulatory processes with respect to the Company's product pipeline, ability to enforce and defend its Xifaxan ® intellectual property rights, ability to execute its growth strategies and strategic priorities generally, and other corporate and strategic transactions. Forward-looking statements may generally be identified by the use of the words "anticipates," "hopes," "expects," "intends," "plans," "should," "could," "would," "may," "believes," "estimates," "potential," "target," or "continue" and positive and negative variations or similar expressions, and phrases or statements that certain actions, events or results may, could, should or will be achieved, received or taken, or will occur or result, and similar such expressions also identify forward-looking information. These forward-looking statements, including the full year guidance, are based upon the current expectations and beliefs of management. The Company's 2026 financial outlook and full year guidance are included to provide further information about management's expectations about the Company's future business operations, activities and results and may not be appropriate for other purposes.
These forward-looking statements are subject to certain factors, risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. These factors, risks and uncertainties include, but are not limited to: our ability to execute our business strategy, business plans and operational efficiency initiatives; demand for, competitive positioning of and pricing for our current and anticipated products and our ability to achieve expected revenues, margins and expense levels; the successful development, regulatory approval, manufacture and timing of launches and commercialization of pipeline and other products; the completion, timing, integration and expected benefits of completed and pending acquisitions and other strategic transactions (including the potential separation of our eye health business consisting of our Bausch + Lomb global Vision Care, Surgical and Pharmaceuticals businesses) on anticipated terms, timing and costs; the scope, duration and financial and operational impact of product quality matters and manufacturing facility compliance and certification matters; the continued availability and performance of key third-party distribution, fulfillment and other arrangements and the stability of global supply chains; the continuation of patent protection and regulatory exclusivity for key products; the expected impacts of the Inflation Reduction Act, and the impact of the negotiated prices for Xifaxan ®, expected to become effective in 2027, under certain programs of the Centers for Medicare & Medicaid Services, and other healthcare reform measures and our ability to mitigate the impact thereof; our ability to generate cash flows and access liquidity to meet working capital needs, satisfy debt maturities as they become due, reduce debt levels and comply with financial and other covenants under our financing arrangements; the expected scope and impact of tariffs, counter-tariffs and other trade restrictions and the effectiveness of mitigation actions and the Company's ability to recover any tariffs that are eligible for refund claims; macroeconomic and geopolitical conditions (including inflation, recessionary pressures, foreign currency exchange rates and interest rates), changes in tax laws and related guidance (including legislation referred to as the One Big Beautiful Bill Act and Organisation for Economic Co-operation and Development related measures); the expected outcomes of litigation, subpoenas, investigations, inspections, reviews, audits, regulatory proceedings and other contingencies; the recent changes to the composition of the Bausch + Lomb board of directors and executive leadership team including the appointment of Bausch Health's Chief Executive Officer, as Chairman of the board of directors and interim Chief Executive Officer of Bausch + Lomb while concurrently serving as Bausch Health's Chief Executive Officer; and other factors, risks and uncertainties discussed in the Company's most recent annual and quarterly reports and detailed from time to time in the Company's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors, risks and uncertainties are incorporated herein by reference.
We caution that, as it is not possible to predict or identify all relevant factors that may impact forward-looking statements, the factors referred to above are not exhaustive and should not be considered a complete statement of all potential risks and uncertainties. When relying on our forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the aforementioned factors and other uncertainties and potential events. These forward-looking statements speak only as of the date made. Bausch Health undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, except as required by law.
Non-GAAP Information
To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures and non-GAAP ratios to provide supplemental information to readers. Management uses these non-GAAP measures and ratios as key metrics in the evaluation of the Company's performance and the consolidated financial results and, in part, in the determination of cash bonuses for its executive officers. The Company believes these non-GAAP measures and ratios are useful to investors in their assessment of our operating performance and the valuation of the Company. In addition, these non-GAAP measures and ratios address questions the Company routinely receives from analysts and investors, and in order to assure that all investors have access to similar data, the Company has determined that it is appropriate to make this data available to all investors.
However, these measures and ratios are not prepared in accordance with GAAP nor do they have any standardized meaning under GAAP. In addition, other companies may use similarly titled non-GAAP financial measures and ratios that are calculated differently from the way we calculate such measures and ratios. Accordingly, our non-GAAP financial measures and ratios may not be comparable to such similarly titled non-GAAP financial measures and ratios used by other companies. We caution investors not to place undue reliance on such non-GAAP measures and ratios, but instead to consider them with the most directly comparable GAAP measures and ratios. Non-GAAP financial measures and ratios have limitations as analytical tools and should not be considered in isolation. They should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.
The reconciliations of these historical non-GAAP financial measures and ratios to the most directly comparable financial measures and ratios calculated and presented in accordance with GAAP are shown in the tables below. However, as indicated above, for guidance purposes, the Company does not provide reconciliations of projected Adjusted EBITDA (non-GAAP) to projected GAAP Net income (loss), due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Many of the adjustments and exclusions used to calculate the projected non-GAAP measures may vary significantly based on actual events, so the Company is not able to forecast on a GAAP basis with reasonable certainty all adjustments needed in order to provide a GAAP calculation of these projected amounts. The amounts of these adjustments may be material and, therefore, could result in the GAAP amount being materially different from (including materially less than) the projected non-GAAP measures.
Description of Non-GAAP Financial Measures
EBITDA (non-GAAP), Adjusted EBITDA (non-GAAP) and Adjusted EBITDA Attributable to Bausch Health (non-GAAP)
EBITDA (non-GAAP) is Net income (loss) (its most directly comparable GAAP financial measure) adjusted for interest expense, net, (Benefit from) provision for income taxes, depreciation and amortization. Adjusted EBITDA (non-GAAP) is Net income (loss) (its most directly comparable GAAP financial measure) adjusted for interest expense, net, (Benefit from) provision for income taxes, depreciation and amortization, and certain other items described below. Adjusted EBITDA attributable to Bausch Health (non-GAAP) is Adjusted EBITDA (non-GAAP) further adjusted to exclude the Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) as defined below.
Management believes that Adjusted EBITDA (non-GAAP) and Adjusted EBITDA attributable to Bausch Health (non-GAAP), along with the GAAP measures used by management, most appropriately reflect how the Company measures the business internally and sets operational goals and incentives. In particular, the Company believes that these metrics focus management on the Company's underlying operational results and business performance. As a result, the Company uses these metrics to assess the financial performance of the Company and to forecast future results as part of its guidance. Management believes these metrics are a useful measure to evaluate current performance. These metrics are intended to show our unleveraged, pre-tax operating results and therefore reflect our financial performance based on operational factors. In addition, cash bonuses for the Company's executive officers and other key employees are based, in part, on the achievement of certain Adjusted EBITDA (non-GAAP) targets.
Adjusted EBITDA (non-GAAP) is Net income (loss) (its most directly comparable GAAP financial measure) adjusted for interest, income taxes, depreciation and amortization and the following items:
Adjusted EBITDA attributable to Bausch Health (non-GAAP) is Adjusted EBITDA (non-GAAP) further adjusted to exclude the Adjusted EBITDA attributable to noncontrolling interest (non-GAAP). Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) is Net income attributable to noncontrolling interest (its most directly comparable GAAP financial measure) adjusted for the portion of the adjustments described above attributable to noncontrolling interest.
Adjusted Net Income (non-GAAP) and Adjusted Net Income attributable to Bausch Health (non-GAAP)
Adjusted net income (non-GAAP) is Net income (its most directly comparable GAAP financial measure), adjusted for asset impairments, goodwill impairments, restructuring, integration and transformation costs, acquisition-related costs and adjustments (excluding amortization of intangible assets), gain (loss) on extinguishment of debt, separation costs and separation-related costs and other non-GAAP adjustments as these adjustments are described above, and amortization of intangible assets and write down of financing fees as described below:
Adjusted net income attributable to Bausch Health (non-GAAP) is Adjusted net income (non-GAAP) further adjusted to exclude the Adjusted net income attributable to noncontrolling interest (non-GAAP). Adjusted net income attributable to noncontrolling interest (non-GAAP) is Net income attributable to noncontrolling interest (its most directly comparable GAAP financial measure) adjusted for the portion of the adjustments described above attributable to noncontrolling interest.
Historically, management has used Adjusted net income (loss) (non-GAAP) for strategic decision making, forecasting future results and evaluating current performance. This non-GAAP measure excludes the impact of certain items (as described above) that may obscure trends in the Company's underlying performance. By disclosing this non-GAAP measure, it is management's intention to provide investors with a meaningful, supplemental comparison of the Company's operating results and trends for the periods presented. Management believes that this measure is also useful to investors as such measure allows investors to evaluate the Company's performance using the same tools that management uses to evaluate past performance and prospects for future performance. Accordingly, the Company believes that Adjusted net income (non-GAAP) is useful to investors in their assessment of the Company's operating performance. It is also noted that, in recent periods, our GAAP Net income (loss) was significantly lower than our Adjusted net income (non-GAAP).
Adjusted Earnings Per Share (non-GAAP)
Adjusted earnings per share (non-GAAP) is calculated as Basic and Diluted loss per share attributable to Bausch Health (its most directly comparable GAAP financial measure), adjusted for the non-GAAP adjustments to reconcile Net income (loss) attributable to Bausch Health to Adjusted income attributable to Bausch Health (non-GAAP) and the diluted effect of stock options and restricted stock units excluded in the determination of Basic and Diluted loss per share attributable to Bausch Health during the period as the effect of including them would have been antidilutive. Management believes this non-GAAP measure excludes certain factors that could distort the visibility of the Company's underlying performance per share and offers investors a clearer, supplemental view of the Company's performance and trends over the reported periods. As a result, the Company considers Adjusted earnings per share (non-GAAP) to be beneficial for investors evaluating the Company's operating results, overall valuation, and potential return on investment. Management notes that for the periods presented, the Company's GAAP EPS was notably lower than its Adjusted earnings per share (non-GAAP).
Organic Revenue (non-GAAP) and Change in Organic Revenue (non-GAAP)
Organic revenue (non-GAAP) and Change in organic revenue (non-GAAP), are defined as GAAP Revenue and change in GAAP Revenue (the most directly comparable GAAP financial measures), adjusted for changes in foreign currency exchange rates (if applicable) and excluding the impact of recent acquisitions, divestitures and discontinuations, as defined below.
Organic revenue (non-GAAP) is impacted by changes in product volumes and price. The price component is made up of two key drivers: (i) changes in product gross selling price and (ii) changes in sales deductions. The Company uses organic revenue (non-GAAP) and change in organic revenue (non-GAAP) to assess performance of its reportable segments, and the Company in total. The Company believes that providing these non-GAAP measures is useful to investors as they provide a supplemental period-to-period comparison.
The adjustments to GAAP Revenue to determine Organic Revenue (non-GAAP) and Change in Organic Revenue (non-GAAP) are as follows:
Constant Currency
Changes in the relative values of non-U.S. currencies to the U.S. dollar may affect the Company's financial results and financial position. To assist investors in evaluating the Company's performance, we have adjusted for the effects of changes in foreign currencies. The impact of changes in foreign currency exchange rates is determined by comparing the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period.
Please also see the reconciliation tables below for further information as to how these non-GAAP measures and ratios are calculated for the periods presented.
Adjusted Cash Flows from Operations (non-GAAP)
Adjusted cash flows from operations (non-GAAP) is Cash provided by operating activities (its most directly comparable GAAP financial measure) adjusted for: (i) payments of legacy legal settlements, net of insurance recoveries and restitutions, (ii) payments of transformation costs, (iii) payments for separation costs and separation-related costs, (iv) interest payments charged against premium, (v) fees paid in connection with the debt refinancing transactions and (vi) payments of acquired IPR&D.
As these payments arise from events outside of the ordinary course of continuing operations as discussed above, the Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company's cash from operations, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors.
Adjusted EBITDA excluding Bausch + Lomb (non-GAAP)
Adjusted EBITDA excluding Bausch + Lomb (non-GAAP) is Adjusted EBITDA (non-GAAP) adjusted to remove Adjusted EBITDA attributable to Bausch + Lomb (non-GAAP). Adjusted EBITDA attributable to Bausch + Lomb (non-GAAP) is Income (loss) before income taxes of our Bausch + Lomb segment (its most directly comparable GAAP financial measure) adjusted for the portion of the Company's interest expense, depreciation, amortization and other adjustments as described above, allocated or attributable to Bausch + Lomb.
Adjusted EBITDA excluding Bausch + Lomb is not intended to be, and may not be, representative of income from continuing operations (for Bausch Health excluding Bausch + Lomb) or from discontinued operations (for Bausch + Lomb) in accordance with GAAP, as: (i) the criteria for that accounting has not been met and (ii) certain cost allocations to Bausch Health excluding Bausch + Lomb and Bausch + Lomb are not in accordance with the criteria for that accounting. As such, Adjusted EBITDA excluding Bausch + Lomb (non-GAAP) as included herein may not be indicative of the results of the operations or Adjusted EBITDA attributable to Bausch Health (non-GAAP) in the future, or if Bausch + Lomb met the criteria to be treated as a discontinued operation during any of the periods presented.
Adjusted Cash Flows from Operations excluding Bausch + Lomb (non-GAAP)
Adjusted Cash Flows from Operations excluding Bausch + Lomb (non-GAAP) is Adjusted Cash Flows from Operations (non-GAAP) adjusted to remove Adjusted Cash Flows from Operations attributable to Bausch + Lomb (non-GAAP). Adjusted Cash Flows from Operations attributable to Bausch + Lomb (non-GAAP) is Cash Flows from Operations of our Bausch + Lomb segment (its most directly comparable GAAP financial measure) adjusted for the portion of the Company's payment of separation costs, separation-related costs and other adjustments as described above, allocated or attributable to Bausch + Lomb.
Adjusted Cash Flows from Operations excluding Bausch + Lomb is not intended to be, and may not be, representative of Cash Flows from Operations (for Bausch Health excluding Bausch + Lomb) or from discontinued operations (for Bausch + Lomb) in accordance with GAAP, as: (i) the criteria for that accounting has not been met and (ii) certain cost allocations to BHC excluding Bausch + Lomb and Bausch + Lomb are not in accordance with the criteria for that accounting. As such, Adjusted Cash Flows from Operations excluding Bausch + Lomb (non-GAAP) as included herein may not be indicative of the cash flows or Adjusted Cash Flows from Operations attributable to Bausch Health (non-GAAP) in the future, or if Bausch + Lomb met the criteria to be treated as a discontinued operation during any of the periods presented.
Management believes that Adjusted EBITDA excluding Bausch + Lomb (non-GAAP), Adjusted Cash Flows from Operations (non-GAAP) and Adjusted Cash Flows from Operations excluding Bausch + Lomb (non-GAAP), along with the GAAP and other non-GAAP measures used by management, most appropriately reflects how the Company measures the business internally and sets operational goals and incentives. In particular, the Company believes that these metrics focus management on the Company's underlying operational results and business performance. As a result, the Company uses these metrics to assess the actual financial performance of the Company and to forecast future results as part of its guidance. Management believes these metrics are a useful measure to evaluate current performance. These metrics are intended to show our unleveraged, pre-tax operating results and therefore reflect our financial performance based on operational factors. In addition, cash bonuses for the Company's executive officers and other key employees are based, in part, on the achievement of certain Adjusted EBITDA (non-GAAP) and Adjusted Cash Flows from Operations (non-GAAP) targets.
Net Debt (non-GAAP)
Net Debt (non-GAAP) is long-term debt (its most directly comparable GAAP financial measure) adjusted for premiums, discount and issuance costs less unrestricted cash and cash equivalents.
Net Debt excluding Bausch + Lomb (non-GAAP)
Net Debt excluding Bausch + Lomb (non-GAAP) is Net Debt (non-GAAP) adjusted to remove Net Debt attributable to Bausch + Lomb (non-GAAP). Net Debt attributable to Bausch + Lomb (non-GAAP) is long-term debt of our Bausch + Lomb segment (its most directly comparable GAAP financial measure) adjusted for the portion of the Company's premiums, discount and issuance costs less unrestricted cash and cash equivalents allocated or attributable to Bausch + Lomb.
Management believes Net Debt (non-GAAP) and Net Debt excluding Bausch + Lomb (non-GAAP) provides investors with useful information regarding the Company's overall leverage position and its ability to service its outstanding debt obligations.
Bausch Health Companies Inc.
Table 1
Condensed Consolidated Statements of Operations
For the Three and Nine Months Ended September 30, 2026 and 2025
(unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in millions)
2026
2025
2026
2025
Revenues
Product sales
$ 2,912
$ 2,657
$ 8,237
$ 7,388
Other revenues
29
24
80
82
2,941
2,681
8,317
7,470
Expenses
Cost of goods sold (excluding amortization and impairments of intangible assets)
721
735
2,195
2,166
Cost of other revenues
14
15
50
49
Selling, general and administrative
834
795
2,602
2,556
Research and development
141
166
477
468
Amortization of intangible assets
227
253
693
765
Goodwill impairments
—
—
1,426
—
Restructuring, integration and separation costs
10
17
32
49
Other expense, net
11
81
69
78
1,958
2,062
7,544
6,131
Operating income
983
619
773
1,339
Interest income
13
15
34
39
Interest expense
(398)
(412)
(1,196)
(1,207)
Gain (loss) on extinguishment of debt
—
3
(1)
181
Foreign exchange and other
(1)
(7)
(19)
(41)
Income (loss) before income taxes
597
218
(409)
311
Provision for income taxes
(151)
(37)
(316)
(88)
Net income (loss)
446
181
(725)
223
Net (income) loss attributable to noncontrolling interest
(10)
(2)
(4)
46
Net income (loss) attributable to Bausch Health Companies Inc.
$ 436
$ 179
$ (729)
$ 269
.
Bausch Health Companies Inc.
Table 2
Reconciliation of Net income (loss) attributable to Bausch Health Companies Inc. to
Adjusted Net Income Attributable to Bausch Health Companies Inc. (non-GAAP)
For the Three and Nine Months Ended September 30, 2026 and 2025
(unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in millions)
2026
2025
2026
2025
Net income (loss) attributable to Bausch Health Companies Inc.
$ 436
$ 179
$ (729)
$ 269
Non-GAAP adjustments: (a)
Amortization of intangible assets
227
253
693
765
Goodwill impairments
—
—
1,426
—
Asset impairments
4
1
13
1
Restructuring, integration and transformation costs
16
27
49
108
Acquisition-related costs and adjustments (excluding amortization of intangible assets)
(1)
(11)
21
(5)
(Gain) loss on extinguishment of debt and write down of financing fees
—
(2)
9
(128)
Separation costs and separation-related costs
—
(2)
2
5
Gain on sale of assets, net
(2)
(6)
(5)
(6)
Litigation and other matters, net of insurance recoveries and restitutions
10
35
26
40
Other
5
14
19
74
Tax effect of non-GAAP adjustments
(7)
(42)
(36)
(80)
Noncontrolling interest portion of the non-GAAP adjustments
(15)
(12)
(43)
(54)
Adjusted net income attributable to Bausch Health Companies Inc. (b)
$ 673
$ 434
$ 1,445
$ 989
Earnings (loss) per share attributable to Bausch Health Companies Inc.
Basic
$ 1.16
$ 0.48
$ (1.95)
$ 0.73
Diluted
$ 1.15
$ 0.48
$ (1.95)
$ 0.72
Adjusted earnings per share attributable to Bausch Health Companies Inc. (b), (c)
$ 1.77
$ 1.16
$ 3.81
$ 2.64
Weighted-average common shares
Basic
375.5
371.3
374.5
370.6
Diluted
380.7
375.5
379.3
374.1
(a) The components of and further details respecting each of these non-GAAP adjustments and the financial statement line item to which each
component relates can be found on Table 2a.
(b) This is a non-GAAP measure. For further information on non-GAAP measures and non-GAAP ratios, please refer to the "Non-GAAP
Information" section of this news release.
(c) Adjusted earnings per share attributable to Bausch Health Companies Inc. is calculated using diluted weighted average common shares of 379.3
million which includes the diluted effect of stock options and restricted stock units of 4.8 million (the "Dilutive Shares") for the nine months
ended September 30, 2026. The Dilutive Shares were not included in the determination of basic and diluted loss per share attributable to Bausch
Health Companies Inc. as the effect of including them would have been antidilutive.
Bausch Health Companies Inc.
Table 2a
Reconciliation of GAAP to Non-GAAP Financial Information
For the Three and Nine Months Ended September 30, 2026 and 2025
(unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in millions)
2026
2025
2026
2025
Cost of goods sold reconciliation:
GAAP Cost of goods sold (excluding amortization and impairments of intangible
assets)
$ 721
$ 735
$ 2,195
$ 2,166
Fair value inventory step-up resulting from acquisitions (a)
—
(19)
(3)
(62)
Adjusted Cost of goods sold (excluding amortization and impairments of
intangible assets) (non-GAAP)
$ 721
$ 716
$ 2,192
$ 2,104
Selling, general and administrative reconciliation:
GAAP Selling, general and administrative
$ 834
$ 795
$ 2,602
$ 2,556
IT infrastructure investment (b)
(4)
(5)
(13)
(17)
Legal and other professional fees (b)
(1)
(5)
—
(19)
Separation-related costs (c)
—
2
(2)
(5)
Transformation costs (d)
(6)
(10)
(17)
(59)
Adjusted Selling, general and administrative (non-GAAP)
$ 823
$ 777
$ 2,570
$ 2,456
Amortization of intangible assets reconciliation:
GAAP Amortization of intangible assets
$ 227
$ 253
$ 693
$ 765
Amortization of intangible assets (e)
(227)
(253)
(693)
(765)
Adjusted Amortization of intangible assets (non-GAAP)
$ —
$ —
$ —
$ —
Goodwill impairments reconciliation:
GAAP Goodwill impairments
$ —
$ —
$ 1,426
$ —
Goodwill impairments (f)
—
—
(1,426)
—
Adjusted Goodwill impairments (non-GAAP)
$ —
$ —
$ —
$ —
Restructuring, integration and separation costs reconciliation:
GAAP Restructuring, integration and separation costs
$ 10
$ 17
$ 32
$ 49
Restructuring and integration costs (d)
(10)
(17)
(32)
(49)
Adjusted Restructuring, integration and separation costs (non-GAAP)
$ —
$ —
$ —
$ —
Other expense, net reconciliation:
GAAP Other expense, net
$ 11
$ 81
$ 69
$ 78
Litigation and other matters, net of insurance recoveries and restitutions (g)
(10)
(35)
(26)
(40)
Acquisition-related contingent consideration (a)
4
32
(14)
72
Gain on sale of assets, net (h)
2
6
5
6
Acquisition-related costs (a)
(3)
(2)
(4)
(5)
Asset impairments (i)
(4)
(1)
(13)
(1)
Other (b)
—
—
(1)
—
Adjusted Other expense, net (non-GAAP)
$ —
$ 81
$ 16
$ 110
Bausch Health Companies Inc.
Table 2a (continued)
Reconciliation of GAAP to Non-GAAP Financial Information
For the Three and Nine Months Ended September 30, 2026 and 2025
(unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in millions)
2026
2025
2026
2025
Gain (loss) on extinguishment of debt reconciliation:
GAAP Gain (loss) on extinguishment of debt
$ —
$ 3
$ (1)
$ 181
Gain (loss) on extinguishment of debt (j)
—
(3)
1
(181)
Adjusted Gain (loss) on extinguishment of debt (non-GAAP)
$ —
$ —
$ —
$ —
Interest expense reconciliation:
GAAP Interest expense
$ (398)
$ (412)
$ (1,196)
$ (1,207)
Write-down of financing fees (j)
—
(1)
8
(53)
Adjusted Interest expense (non-GAAP)
$ (398)
$ (413)
$ (1,188)
$ (1,260)
Foreign exchange and other reconciliation:
GAAP Foreign exchange and other
$ (1)
$ (7)
$ (19)
$ (41)
Other professional fees (b)
—
(4)
5
(38)
Adjusted Foreign exchange and other (non-GAAP)
$ (1)
$ (11)
$ (14)
$ (79)
Provision for income taxes reconciliation:
GAAP Provision for income taxes
$ (151)
$ (37)
$ (316)
$ (88)
Tax effect of non-GAAP adjustments (k)
(7)
(42)
(36)
(80)
Adjusted Provision for income taxes (non-GAAP)
$ (158)
$ (79)
$ (352)
$ (168)
Net (income) loss attributable to noncontrolling interest reconciliation:
GAAP Net (income) loss attributable to noncontrolling interest
$ (10)
$ (2)
$ (4)
$ 46
Noncontrolling interest portion of amortization of intangible assets (l)
(7)
(8)
(21)
(24)
Noncontrolling interest portion of all other adjustments (l)
(8)
(4)
(22)
(30)
Adjusted net income attributable to noncontrolling interest (non-GAAP)
$ (25)
$ (14)
$ (47)
$ (8)
(a) Represents the three components of the non-GAAP adjustment of "Acquisition-related costs and adjustments (excluding amortization of
intangible assets)" (see Table 2).
(b) Represents the four components of the non-GAAP adjustment of "Other" (see Table 2).
(c) Represents the one component of the non-GAAP adjustment of "Separation costs and separation-related costs" (see Table 2).
(d) Represents the two components of the non-GAAP adjustment of "Restructuring, integration and transformation costs" (see table 2).
(e) Represents the sole component of the non-GAAP adjustment of "Amortization of intangible assets" (see Table 2).
(f) Represents the sole component of the non-GAAP adjustment of "Goodwill impairments" (see Table 2).
(g) Represents the sole component of the non-GAAP adjustment of "Litigation and other matters, net of insurance recoveries and restitutions" (see
Table 2).
(h) Represents the sole component of the non-GAAP adjustment of "Gain on sale of assets, net" (see Table 2).
(i) Represents the sole component of the non-GAAP adjustment of "Asset impairments" (see Table 2).
(j) Represents the two components of the non-GAAP adjustment of "Gain (loss) on extinguishment of debt and write-down of financing fees" (see
Table 2).
(k) Represents the sole component of the non-GAAP adjustment of "Tax effect of non-GAAP adjustments" (see Table 2).
(l) Represents the portion of the non-GAAP adjustments attributable to noncontrolling interest (see Table 2).
Bausch Health Companies Inc.
Table 2b
Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA (non-GAAP)
For the Three and Nine Months Ended September 30, 2026 and 2025
(unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in millions)
2026
2025
2026
2025
Net income (loss)
$ 446
$ 181
$ (725)
$ 223
Interest expense, net
385
397
1,162
1,168
Provision for income taxes
151
37
316
88
Depreciation and amortization
284
306
860
918
EBITDA (a)
1,266
921
1,613
2,397
Adjustments:
Goodwill impairments
—
—
1,426
—
Asset impairments
4
1
13
1
Restructuring, integration and transformation costs
16
27
49
108
Acquisition-related costs and adjustments (excluding amortization of intangible
assets)
(1)
(11)
21
(5)
(Gain) loss on extinguishment of debt
—
(3)
1
(181)
Share-based compensation
52
43
158
132
Separation costs and separation-related costs
—
(2)
2
5
Other adjustments:
Litigation and other matters, net of insurance recoveries and restitutions
10
35
26
40
Gain on sale of assets, net
(2)
(6)
(5)
(6)
Other
5
14
19
74
Adjusted EBITDA (a), (b)
1,350
1,019
3,323
2,565
Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) (a),(c)
(45)
(33)
(106)
(76)
Adjusted EBITDA attributable to Bausch Health Companies Inc. (a),(d)
$ 1,305
$ 986
$ 3,217
$ 2,489
(a) This is a non-GAAP measure. For further information on non-GAAP measures and non-GAAP ratios, please refer to the "Non-GAAP
Information" section of this news release.
(b) Includes the impact of Acquired IPR&D charges of $0 and $81 million for the three months ended September 30, 2026 and 2025, respectively,
and $16 million and $110 million for the nine months ended September 30, 2026 and 2025, respectively.
(c) Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) is Net (income) loss attributable to noncontrolling interest adjusted for
the noncontrolling interest portion of the adjustments above as follows:
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in millions)
2026
2025
2026
2025
Net (income) loss attributable to noncontrolling interest
$ (10)
$ (2)
$ (4)
$ 46
Noncontrolling interest portion of adjustments for:
Interest expense, net
(12)
(13)
(35)
(41)
Depreciation and amortization
(13)
(13)
(39)
(39)
All other adjustments
(10)
(5)
(28)
(42)
Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) (a)
$ (45)
$ (33)
$ (106)
$ (76)
(d) Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $0 and $81 million for the three months ended
September 30, 2026 and 2025, respectively and $14 million and $106 million for the nine months ended September 30, 2026 and 2025,
respectively.
Bausch Health Companies Inc.
Table 3a
Organic Growth (non-GAAP) - by Segment
For the Three Months Ended September 30, 2026 and 2025
(unaudited)
Calculation of Organic Revenue for the Three Months Ended
September 30, 2026
September 30, 2025
Change in
Reported Revenues
Change in
Organic Revenue
Revenue
as
Reported
Changes
in
Exchange
Rates (a)
Acquisitions
Organic
Revenue
(Non-
GAAP) (b)
Revenue
as
Reported
Divestitures
and
Discontinuations
Organic
Revenue
(Non-
GAAP) (b)
(in millions)
Amount
Pct.
Amount
Pct.
Bausch Health (excl. B+L)
Salix
$ 831
$ —
$ —
$ 831
$ 716
$ 13
$ 729
$ 115
16 %
$ 102
14 %
International
299
(4)
—
295
286
(1)
285
13
5 %
10
4 %
Solta Medical
165
(2)
(29)
134
140
—
140
25
18 %
(6)
(4) %
Diversified
Neuroscience
146
—
—
146
146
(1)
145
—
— %
1
1 %
Dermatology
86
—
—
86
74
(7)
67
12
16 %
19
28 %
Generics
18
—
—
18
16
9
25
2
13 %
(7)
(28) %
Dentistry
21
—
—
21
22
—
22
(1)
(5) %
(1)
(5) %
Total Diversified
271
—
—
271
258
1
259
13
5 %
12
5 %
Bausch Health (excl. B+L) (b)
1,566
(6)
(29)
1,531
1,400
13
1,413
166
12 %
118
8 %
Bausch + Lomb
Vision Care
774
5
(6)
773
736
(2)
734
38
5 %
39
5 %
Surgical
234
1
(2)
233
215
—
215
19
9 %
18
8 %
Pharmaceuticals
367
—
—
367
330
—
330
37
11 %
37
11 %
Total Bausch + Lomb
1,375
6
(8)
1,373
1,281
(2)
1,279
94
7 %
94
7 %
Total Bausch Health
Companies Inc.
$ 2,941
$ —
$ (37)
$ 2,904
$ 2,681
$ 11
$ 2,692
$ 260
10 %
$ 212
8 %
(a) The impact for changes in foreign currency exchange rates is determined as the difference in the current period reported revenues at their current period currency exchange rates and the current
period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period.
(b) This is a non-GAAP measure. For further information on non-GAAP measures and non-GAAP ratios, please refer to the "Non-GAAP Information" section of this news release.
Bausch Health Companies Inc.
Table 3b
Organic Growth (non-GAAP) - by Segment
For the Nine Months Ended September 30, 2026 and 2025
(unaudited)
Calculation of Organic Revenue for the Nine Months Ended
September 30, 2026
September 30, 2025
Change in
Reported Revenues
Change in
Organic Revenue
Revenue
as
Reported
Changes
in
Exchange
Rates (a)
Acquisitions
Organic
Revenue
(Non-
GAAP) (b)
Revenue
as
Reported
Divestitures
and
Discontinuations
Organic
Revenue
(Non-
GAAP) (b)
(in millions)
Amount
Pct.
Amount
Pct.
Bausch Health (excl. B+L)
Salix
$ 2,228
$ —
$ —
$ 2,228
$ 1,885
$ 12
$ 1,897
$ 343
18 %
$ 331
17 %
International
889
(41)
—
848
826
(2)
824
63
8 %
24
3 %
Solta Medical
512
(7)
(93)
412
381
—
381
131
34 %
31
8 %
Diversified
Neuroscience
397
—
—
397
382
(1)
381
15
4 %
16
4 %
Dermatology
166
—
—
166
175
(7)
168
(9)
(5) %
(2)
(1) %
Generics
50
—
—
50
55
8
63
(5)
(9) %
(13)
(21) %
Dentistry
62
—
—
62
70
—
70
(8)
(11) %
(8)
(11) %
Total Diversified
675
—
—
675
682
—
682
(7)
(1) %
(7)
(1) %
Bausch Health (excl. B+L) (b)
4,304
(48)
(93)
4,163
3,774
10
3,784
530
14 %
379
10 %
Bausch + Lomb
Vision Care
2,269
(24)
(6)
2,239
2,145
(9)
2,136
124
6 %
103
5 %
Surgical
718
(17)
(6)
695
645
—
645
73
11 %
50
8 %
Pharmaceuticals
1,026
(7)
—
1,019
906
(1)
905
120
13 %
114
13 %
Total Bausch + Lomb
4,013
(48)
(12)
3,953
3,696
(10)
3,686
317
9 %
267
7 %
Total Bausch Health
Companies Inc.
$ 8,317
$ (96)
$ (105)
$ 8,116
$ 7,470
$ —
$ 7,470
$ 847
11 %
$ 646
9 %
(a) The impact for changes in foreign currency exchange rates is determined as the difference in the current period reported revenues at their current period currency exchange rates and the current
period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period.
(b) This is a non-GAAP measure. For further information on non-GAAP measures and non-GAAP ratios, please refer to the "Non-GAAP Information" section of this news release.
Bausch Health Companies Inc.
Table 4
Other Financial Information
(unaudited)
(in millions)
September 30,
2026
December 31,
2025
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents
$ 2,485
$ 1,309
Restricted cash
3
16
Cash, cash equivalents and restricted cash
$ 2,488
$ 1,325
Debt Obligations
Senior Secured Credit Facilities:
Revolving Credit Facilities
$ 100
$ 100
Term Loan Facilities
5,750
5,787
Senior Secured Notes
10,208
10,235
Senior Unsecured Notes
4,098
4,098
Other
12
12
Total long-term debt and other, net of premiums, discounts and issuance costs
20,168
20,232
Plus: Unamortized premiums, discounts and issuance costs
469
585
Total long-term debt and other
$ 20,637
$ 20,817
Maturities of Debt Obligations (at principal amount)
Remainder of 2026
$ 15
$ 58
2027
701
701
2028
3,766
4,240
2029
1,667
1,662
2030
4,123
4,118
2031
3,896
3,453
Thereafter
6,000
6,000
Total debt obligations
$ 20,168
$ 20,232
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)
2026
2025
2026
2025
Cash provided by operating activities
$ 813
$ 405
$ 1,714
$ 905
Net cash impact of legacy legal settlements (a)
—
87
167
186
Payments of transformation costs
12
22
26
44
Payments of separation costs and separation-related costs
—
1
—
13
Interest payments charged against debt premium
(44)
(87)
(144)
(251)
Fees paid in connection with debt refinancing
—
5
13
88
Payments of acquired IPR&D
1
75
17
103
Adjusted cash flows from operations (b)
$ 782
$ 508
$ 1,793
$ 1,088
(a) Payments of legacy legal settlements, net of insurance recoveries and restitutions.
(b) This is a non-GAAP measure. For further information on non-GAAP measures and non-GAAP ratios, please refer to the "Non-GAAP
Information" section of this news release.
Bausch Health Companies Inc.
Table 4 (continued)
Other Financial Information
(unaudited)
Three Months Ended September 30, 2026
(in millions)
Bausch Health
Companies Inc.
Bausch + Lomb (a)
Bausch Health
(excl. B+L) (a), (b)
Cash provided by operating activities
$ 813
$ 233
$ 581
Payments of transformation costs
12
11
1
Interest payments charged against debt premium
(44)
—
(44)
Payments of acquired IPR&D
1
—
1
Adjusted cash flows from operations (a)
$ 782
$ 244
$ 539
(a) This is a non-GAAP measure. Management considers the presentation of Adjusted cash flows from operations for Bausch Health (excl. B+L)
(non-GAAP) to be meaningful information and utilizes it in decision making and for compensation purposes. Adjusted cash flows from
operations for Bausch Health (excl. B+L) (non-GAAP) is not intended to be representative of GAAP operating activities and Adjusted cash
flows from operations for B+L (non-GAAP) is not intended to be representative of discontinued operations as the criteria for that accounting
has not been met. As such, Adjusted cash flows from operations excluding B+L (non-GAAP) as included herein may not be indicative of the
results of the operations or Adjusted cash flows from operations attributable to Bausch Health (non-GAAP) in the future, or if B+L met the
criteria to be treated as a discontinued operation during any of the periods presented.
(b) Amounts may not cross foot due to rounding.
Bausch Health Companies Inc.
Table 5
Reconciliation of Reported Net Income (Loss) to Adjusted EBITDA (non-GAAP)
For the Three Months Ended September 30, 2026 and 2025
(unaudited)
Three Months Ended September 30, 2026
Three Months Ended September 30, 2025
(in millions)
Bausch Health
Companies Inc.
Bausch + Lomb
Bausch Health
(excl. B+L)
Bausch Health
Companies Inc.
Bausch + Lomb
Bausch Health
(excl. B+L)
Net Income (Loss)
$ 446
$ 35
$ 411
$ 181
$ (25)
$ 206
Interest expense, net
385
93
292
397
98
299
Provision for income taxes
151
23
128
37
22
15
Depreciation and amortization
284
102
182
306
109
197
EBITDA (a)
1,266
253
1,013
921
204
717
Adjustments:
Asset impairments
4
4
—
1
—
1
Restructuring, integration and
transformation costs
16
12
4
27
20
7
Acquisition-related costs and adjustments
(excluding amortization of intangible
assets)
(1)
9
(10)
(11)
(2)
(9)
Gain on extinguishment of debt
—
—
—
(3)
(3)
—
Share-based compensation
52
37
15
43
27
16
Separation costs and separation-related
costs
—
—
—
(2)
(2)
—
Other adjustments:
Litigation and other matters, net of
insurance recoveries and restitutions
10
8
2
35
1
34
Gain on sale of assets, net
(2)
—
(2)
(6)
(6)
—
Other
5
5
—
14
7
7
Adjusted EBITDA (a),(b)
$ 1,350
$ 328
$ 1,022
$ 1,019
$ 246
$ 773
Impact of Acquired IPR&D
$ —
$ —
$ —
$ 81
$ —
$ 81
(a) This is a non-GAAP measure. Management considers the presentation of Adjusted EBITDA for Bausch Health (excluding B+L) (non-GAAP) to be meaningful information
and utilizes it in decision making and for compensation purposes. Adjusted EBITDA for Bausch Health Excluding B+L (non-GAAP) is not intended to be representative of
GAAP continuing operations and Adjusted EBITDA for B+L is not intended to be representative of discontinued operations as the criteria for that accounting has not been
met. As such, Adjusted EBITDA for Bausch Health excluding B+L (non-GAAP) as included herein may not be indicative of the results of the operations or Adjusted EBITDA
attributable to Bausch Health (non-GAAP) in the future, or if B+L met the criteria to be treated as a discontinued operation during any of the periods presented.
(b) Adjusted EBITDA (non-GAAP) above includes Adjusted EBITDA attributable to noncontrolling interests. For Bausch Health Companies Inc., this amounted to $45 million
and $33 million for the three months ended September 30, 2026 and 2025, respectively, which includes $3 million related to B+L in each period.
Investor Contact:
Media Contact:
Garen Sarafian
Alexis Navratil
[email protected]
[email protected]
(877) 281-6642 (toll free)
(848) 264-0934
SOURCE Bausch Health Companies Inc.