Bausch Health (BHC) | Credit Investor

Next 12 Months: Starting Case

$ in millions	Last 12 Months	Next Quarter (4Q26E)	vs. 4Q25A	Next 12 Months	Change
Revenue	$11,113	$2,818	0.8%	$11,135	0.2%
Adj. EBITDA	$4,222	$1,045	5.4%	$4,301	1.9%
Free Cash Flow	$1,865	$445	10.4%	$1,904	2.1%
Net Debt, end of period	$18,152	$17,707		$16,248	(10.5%)
Net Debt / Adj. EBITDA	4.3x	4.1x		3.8x	-0.5x
Total Liquidity, end of period	$2,954	$3,399		$4,858	64.5%

The credit over the next year

Xifaxan is the credit: Salix revenue rose 16% in the third quarter of 2026 on net pricing, and it carries most of the cash that services the debt outside Bausch + Lomb. The next year turns on how much Salix revenue the Medicare negotiated Xifaxan price takes away from January 2027, ahead of generic entry expected in 2028, and on whether the patent case against Amneal and Norwich holds. Bausch + Lomb growth and cost discipline (cost of goods near 25% of product sales and SG&A near 28% of revenue in the latest quarter) set how much cushion is left.

Leverage falls from 4.3x to 3.8x over the next four quarters on the starting case.
Free cash flow of $1.90bn is projected over the next year, enough to cover the $643mm of debt due in that time.
Net debt shrinks from $18.15bn to $16.25bn; maturing debt is assumed refinanced unless changed in the model.
Liquidity a year out is $4.86bn, against $2.95bn today.
Company guidance for fiscal 2026: adjusted EBITDA of $4.32bn to $4.42bn on its own definition.

Due inside a year: 8.50% Senior Notes due 2027 ($643mm).

Built from the inputs on the Projections tab of the model; change them there. A starting case from history, not a forecast.

Capital Structure

Cap Structure	Amt Out.	Mkt Price	Yield	Lev. Through	View
Unrestricted Cash	$2,485.0
B+L 8.375% Senior Secured Notes due 2028	1,400.0	100.0%	8.38%	0.3x	Bullish
11.00% First Lien Secured Notes due 2028	888.0	105.5%*	7.95%	0.5x	Bullish
4.875% Senior Secured Notes due 2028	803.0	95.4%*	8.19%	0.7x	Bullish
2030 Term Loan B Facility	2,962.0	100.0%	N/a	1.4x	Bullish
14.00% Second Lien Secured Notes due 2030	352.0	90.7%*	17.31%	1.5x	Bullish
B+L 2030 Revolving Credit Facility	100.0	100.0%	N/a	1.5x	Bullish
2030 Revolving Credit Facility	0.0	100.0%	N/a	1.5x	Bullish
B+L January 2031 Refinancing Term Facility	2,788.0	100.0%	7.65%	2.2x	Bullish
B+L Senior Secured Floating Rate Notes due 2031 (EUR 675mm)	765.0	100.0%	6.31%	2.4x	Bullish
10.00% Senior Secured Notes due 2032	6,000.0	100.0%	10.00%	3.8x	Bullish
8.50% Senior Notes due 2027	643.0	100.0%	8.50%	4.0x	Bullish
5.00% Senior Notes due 2028	433.0	92.6%*	10.42%	4.1x	Bullish
7.00% Senior Notes due 2028	171.0	100.0%	7.00%	4.1x	Bullish
6.25% Senior Notes due 2029	821.0	82.5%*	14.90%	4.3x	Bullish
5.00% Senior Notes due 2029	452.0	79.1%*	15.41%	4.4x	Bullish
7.25% Senior Notes due 2029	336.0	78.6%*	18.31%	4.5x	Bullish
5.25% Senior Notes due 2030	779.0	71.3%*	16.36%	4.7x	Bullish
5.25% Senior Notes due 2031	463.0	64.6%*	16.76%	4.8x	Bullish
Other debt	12.0	100.0%	N/a	4.8x	Bullish
Total Debt	$20,637.0			4.9x
Net Debt	$18,152.0			4.3x

Last Twelve Months

Revenue	$11,113
Implied Costs	(6,891)
Adj. EBITDA	$4,222
(-) Interest Expense	(1,593)
(-) Capex	(344)
Memo: FCF	$1,865
Total Liquidity	$2,954.0

Next 12 months, starting case▶ Revenue $11.11bn → $11.14bn▶ Adj. EBITDA $4.22bn → $4.30bn▲ Free cash flow $1.87bn → $1.90bn▼ Net leverage 4.3x → 3.8x▲ Liquidity $2.95bn → $4.86bn

Bausch Health

			9/30/26						Face Value / Adj. EBITDA
Cap Structure	Coupon	Maturity	Amt Out.	Mkt Price	YTM	Next Call	Yield to Call	View	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Unrestricted Cash			$2,485.0
Undrawn Revolver ($500mm facility)			469.0
Total Liquidity			$2,954.0

B+L 8.375% Senior Secured Notes due 2028	8.375%	10/1/2028	1,400.0	100.0%	8.38%	10/1/2026 @ 102.094	12.56%	Bullish
11.00% First Lien Secured Notes due 2028	11.00%	9/30/2028	888.0	105.5%*	7.95%	N/a	N/a	Bullish
4.875% Senior Secured Notes due 2028	4.875%	6/1/2028	803.0	95.4%*	8.19%	6/1/2026 @ 100	14.73%	Bullish
2030 Term Loan B Facility	S + 625	10/8/2030	2,962.0	100.0%	N/a	N/a	N/a	Bullish
14.00% Second Lien Secured Notes due 2030	14.00%	10/15/2030	352.0	90.7%*	17.31%	10/15/2026 @ 103	42.50%	Bullish
B+L 2030 Revolving Credit Facility	S + 175 to 275	6/26/2030	100.0	100.0%	N/a	N/a	N/a	Bullish
2030 Revolving Credit Facility	S + 425	4/8/2030	0.0	100.0%	N/a	N/a	N/a	Bullish
B+L January 2031 Refinancing Term Facility	7.65%	1/15/2031	2,788.0	100.0%	7.65%	N/a	N/a	Bullish
B+L Senior Secured Floating Rate Notes due 2031 (EUR 675mm)	6.31%	1/15/2031	765.0	100.0%	6.31%	6/30/2026 @ 100	6.31%	Bullish
10.00% Senior Secured Notes due 2032	10.00%	4/15/2032	6,000.0	100.0%	10.00%	4/15/2028 @ 105	13.12%	Bullish
Total Secured Debt			$16,058.0						6.2x	5.7x	5.6x	5.4x	4.7x	3.8x	3.7x	3.7x
Net Secured Debt			$13,573.0						5.2x	4.9x	4.8x	4.5x	4.0x	3.2x	3.2x	3.2x

8.50% Senior Notes due 2027	8.50%	1/31/2027	643.0	100.0%	8.50%	7/31/2024 @ 100	8.50%	Bullish
5.00% Senior Notes due 2028	5.00%	1/30/2028	433.0	92.6%*	10.42%	1/30/2025 @ 100	21.27%	Bullish
7.00% Senior Notes due 2028	7.00%	1/15/2028	171.0	100.0%	7.00%	1/15/2025 @ 100	7.00%	Bullish
6.25% Senior Notes due 2029	6.25%	2/15/2029	821.0	82.5%*	14.90%	2/15/2026 @ 100	50.08%	Bullish
5.00% Senior Notes due 2029	5.00%	2/15/2029	452.0	79.1%*	15.41%	2/15/2026 @ 100	59.29%	Bullish
7.25% Senior Notes due 2029	7.25%	5/30/2029	336.0	78.6%*	18.31%	5/30/2026 @ 100	63.74%	Bullish
5.25% Senior Notes due 2030	5.25%	1/30/2030	779.0	71.3%*	16.36%	1/30/2027 @ 100	88.03%	Bullish
5.25% Senior Notes due 2031	5.25%	2/15/2031	463.0	64.6%*	16.76%	2/15/2027 @ 101.313	121.75%	Bullish
Other debt	N/a	N/a	12.0	100.0%	N/a	N/a	N/a	Bullish
Other debt, discounts and issuance costs	N/a	N/a	469.0
Total Debt			$20,637.0						7.9x	7.4x	7.2x	6.9x	6.1x	4.9x	4.8x	4.8x
Net Debt			$18,152.0						7.0x	6.5x	6.4x	6.1x	5.4x	4.3x	3.8x	3.3x
						Adj. EBITDA			$2,599	$2,798	$2,852	$2,992	$3,382	$4,222	$4,301	$4,301

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$8,434	$8,124	$8,757	$9,625	$10,266	$11,113	$11,135	$11,135
Y/Y Growth		(3.7%)	7.8%	9.9%	6.7%		0.2%	0.0%
Implied Costs	(5,835)	(5,326)	(5,905)	(6,633)	(6,884)	(6,891)	(6,834)	(6,834)
Adj. EBITDA	$2,599	$2,798	$2,852	$2,992	$3,382	$4,222	$4,301	$4,301
Margin	30.8%	34.4%	32.6%	31.1%	32.9%	38.0%	38.6%	38.6%
(-) Restructuring and other cash add-backs	--	--	--	--	--	--	--	--
Cash EBITDA	$2,599	$2,798	$2,852	$2,992	$3,382	$4,222	$4,301	$4,301
(-) Interest Expense (Cash Only)	(1,419)	(1,540)	(1,533)	(1,674)	(1,810)	(1,593)	(1,577)	(1,577)
(-) Cash Taxes	--	--	--	--	(163)	(475)	(475)	(475)
(-) Capex	(269)	(218)	(215)	(337)	(397)	(344)	(345)	(345)
(+/-) Working Capital and Other	246	(1,986)	(287)	279	(9)	55	--	--
Memo: FCF	$1,157	($946)	$817	$1,260	$1,003	$1,865	$1,904	$1,904
% of Debt	5.6%	(4.6%)	4.0%	6.1%	4.9%	9.0%	9.2%	9.2%

Liquidity

Unrestricted Cash	$2,485.0
Undrawn Revolver	469.0
Total Liquidity	$2,954.0
(-) Debt due through 2028	(4,338.0)
(+/-) Free cash flow, last twelve months	1,865.0
Liquidity after maturities and a year of cash flow	$481.0

Tranches are from the debt table in the latest quarterly or annual report.Blue figures are inputs in the model. Price is 100% of face unless marked *, which is a bond fund's own valuation from its SEC holdings report, not a traded price.Secured and unsecured are judged from each instrument's name. Adj. EBITDA is operating income plus D&A, stock compensation, restructuring and impairment charges as tagged in SEC filings; it is not the company's own adjusted figure. Free cash flow is cash from operations less capital spending.

The basket review for this company has not finished yet. When it does, this tab shows the dollar capacity to move value or prime lenders, the playbook moves that fit, and what they would do to each tranche. Meanwhile, see the liability management playbook.

The governing debt documents are listed and linked below. The review of baskets and loopholes, and the score, have not been run for this company yet.

All debt documents

Apr 8, 2025Credit Agreement dated April 8, 2025 (1261229 B.C. Ltd. as borrower; JPMorgan Chase Bank as administrative agent) · credit agreement · 2030 Term Loan B Facility; 2030 Revolving Credit Facility
Apr 8, 2025Indenture dated April 8, 2025 for the 10.00% Senior Secured Notes due 2032 (1261229 B.C. Ltd. as issuer; Bank of New York Mellon as trustee) · indenture · 10.00% Senior Secured Notes due 2032
Dec 26, 2025Second Supplemental Indenture dated December 26, 2025 to the April 8, 2025 indenture (adds $1,600mm of 10.00% notes issued in the December 2025 exchange) · supplemental indenture · 10.00% Senior Secured Notes due 2032
Jan 2, 2026Fourth Amendment dated January 2, 2026 to the Bausch + Lomb Credit and Guaranty Agreement, with a conformed copy of the full credit agreement attached as Annex A · credit agreement amendment · B+L January 2031 Refinancing Term Facility; B+L 2030 Revolving Credit Facility
Sep 29, 2023Indenture dated September 29, 2023 for the Bausch + Lomb 8.375% Senior Secured Notes due 2028 (Citibank as trustee and notes collateral agent) · indenture · B+L 8.375% Senior Secured Notes due 2028
Sep 30, 2022Indenture dated September 30, 2022 for the 11.00% Senior Secured Notes due 2028 (Bank of New York Mellon as trustee) · indenture · 11.00% First Lien Secured Notes due 2028
Jun 8, 2021Indenture dated June 8, 2021 for the 4.875% Senior Secured Notes due 2028 (Bank of New York Mellon as trustee) · indenture · 4.875% Senior Secured Notes due 2028
Dec 30, 2019Indenture dated December 30, 2019 for the 5.000% Senior Notes due 2028 and 5.250% Senior Notes due 2030 · indenture · 5.00% Senior Notes due 2028; 5.25% Senior Notes due 2030
Sep 14, 2022Fourteenth Supplemental Indenture dated September 14, 2022 to the December 30, 2019 indenture (deletes most covenants for the 5.000% notes due 2028 after a consent solicitation) · supplemental indenture · 5.00% Senior Notes due 2028
Dec 3, 2020Indenture dated December 3, 2020 for the 5.000% Senior Notes due 2029 and 5.250% Senior Notes due 2031 · indenture · 5.00% Senior Notes due 2029; 5.25% Senior Notes due 2031
May 26, 2020Indenture dated May 26, 2020 for the 6.250% Senior Notes due 2029 · indenture · 6.25% Senior Notes due 2029
Jun 26, 2025Indenture dated June 26, 2025 for the Bausch + Lomb Senior Secured Floating Rate Notes due 2031 (Bausch & Lomb Incorporated and Bausch+Lomb Netherlands B.V. as issuers; Citibank as trustee) · indenture · B+L Senior Secured Floating Rate Notes due 2031 (EUR 675mm)
Jun 1, 2018Indenture dated June 1, 2018 for the 8.500% Senior Notes due 2027 (issuer now named Bausch Health Americas, Inc.) · indenture · 8.50% Senior Notes due 2027
Sep 14, 2022Sixteenth Supplemental Indenture dated September 14, 2022 to the June 1, 2018 indenture (deletes most covenants for the 8.500% notes due 2027 after a consent solicitation) · supplemental indenture · 8.50% Senior Notes due 2027
May 23, 2019Indenture dated May 23, 2019 for the 7.000% Senior Notes due 2028 and 7.250% Senior Notes due 2029 · indenture · 7.00% Senior Notes due 2028; 7.25% Senior Notes due 2029
Sep 28, 2022Fifteenth Supplemental Indenture dated September 28, 2022 to the May 23, 2019 indenture (amends the covenants for the 7.250% notes due 2029 after a consent solicitation) · supplemental indenture · 7.25% Senior Notes due 2029
Sep 14, 2022Fourteenth Supplemental Indenture dated September 14, 2022 to the May 23, 2019 indenture (deletes most covenants for the 7.000% notes due 2028 after a consent solicitation) · supplemental indenture · 7.00% Senior Notes due 2028
Sep 30, 2022Indenture dated September 30, 2022 for the 14.00% Second Lien Secured Notes due 2030 (Bank of New York Mellon as trustee) · indenture · 14.00% Second Lien Secured Notes due 2030
Jun 26, 2025Third Amendment dated June 26, 2025 to the Bausch + Lomb Credit and Guaranty Agreement (set up the $800mm revolver due 2030 and a term loan since refinanced; conformed credit agreement attached as Annex A) · credit agreement amendment · B+L 2030 Revolving Credit Facility
May 10, 2022Bausch + Lomb Credit and Guaranty Agreement dated May 10, 2022 (original agreement; later amended four times) · credit agreement · B+L January 2031 Refinancing Term Facility; B+L 2030 Revolving Credit Facility
Sep 29, 2023First Incremental Amendment dated September 29, 2023 to the Bausch + Lomb Credit and Guaranty Agreement ($500mm term loan due 2028, refinanced January 2026) · credit agreement amendment · B+L September 2028 Term Loan B Facility (repaid) · repaid
Nov 1, 2024Second Incremental Amendment dated November 1, 2024 to the Bausch + Lomb Credit and Guaranty Agreement (term loan due 2027, refinanced June 2025) · credit agreement amendment · B+L incremental term loans due 2027 (repaid) · repaid
May 10, 2022Second Amendment dated May 10, 2022 to the Fourth Amended and Restated Credit and Guaranty Agreement (Bausch Health; Barclays as agent) · credit agreement amendment · February 2027 Term Loan B Facility and prior revolver (repaid and terminated April 2025) · repaid
Jun 30, 2023Credit and Security Agreement dated June 30, 2023 (Bausch Receivables Funding LP as borrower; GLAS as agent) · ABL or receivables facility · AR Credit Facility (repaid and terminated October 27, 2025) · repaid
Aug 9, 2023First Amendment dated August 9, 2023 to the Credit and Security Agreement (Bausch Receivables Funding LP) · ABL or receivables facility · AR Credit Facility (repaid and terminated October 27, 2025) · repaid
Sep 30, 2022Indenture dated September 30, 2022 for the 9.000% Senior Secured Notes due 2028 of 1375209 B.C. Ltd. · indenture · 9.00% Intermediate Holdco Secured Notes due 2028 (redeemed April 8, 2025) · repaid
Sep 14, 2022Sixteenth Supplemental Indenture dated September 14, 2022 to the March 26, 2018 indenture for the 9.250% Senior Notes due 2026 · supplemental indenture · 9.25% Senior Notes due 2026 (repurchased and retired August 2025) · repaid

Scores and summaries are an analyst-style reading of the documents produced with AI and checked against the text. They are not legal advice. Read the document before relying on any point.

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$8,434	$8,124	$8,757	$9,625	$10,266	$11,113	$11,135	$11,135
Y/Y Growth		(3.7%)	7.8%	9.9%	6.7%		0.2%	0.0%
Implied Costs	(5,835)	(5,326)	(5,905)	(6,633)	(6,884)	(6,891)	(6,834)	(6,834)
Adj. EBITDA	$2,599	$2,798	$2,852	$2,992	$3,382	$4,222	$4,301	$4,301
Margin	30.8%	34.4%	32.6%	31.1%	32.9%	38.0%	38.6%	38.6%
(-) Restructuring and other cash add-backs	--	--	--	--	--	--	--	--
Cash EBITDA	$2,599	$2,798	$2,852	$2,992	$3,382	$4,222	$4,301	$4,301
(-) Interest Expense (Cash Only)	(1,419)	(1,540)	(1,533)	(1,674)	(1,810)	(1,593)	(1,577)	(1,577)
(-) Cash Taxes	--	--	--	--	(163)	(475)	(475)	(475)
(-) Capex	(269)	(218)	(215)	(337)	(397)	(344)	(345)	(345)
(+/-) Working Capital and Other	246	(1,986)	(287)	279	(9)	55	--	--
Memo: FCF	$1,157	($946)	$817	$1,260	$1,003	$1,865	$1,904	$1,904
% of Debt	5.6%	(4.6%)	4.0%	6.1%	4.9%	9.0%	9.2%	9.2%

Key Drivers

Driver	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E	Sensitivity	Next 12m impact ($mm)
Salix segment revenue (about 85% Xifaxan) $ millions per quarter	693	639	758	831	633	639	758	831	633	639	758	831	$1.0mm on revenue	(60)
Bausch + Lomb segment revenue $ millions per quarter	1,405	1,244	1,394	1,375	1,487	1,244	1,394	1,375	1,487	1,244	1,394	1,375	$1.0mm on revenue	82
Solta Medical segment revenue $ millions per quarter	137	171	176	165	137	171	176	165	137	171	176	165	$1.0mm on revenue	--
Cost of goods sold as a share of product sales % of product sales	28.3	28.8	26.7	24.8	27.0	28.8	26.7	24.8	27.0	28.8	26.7	24.8	$27.5mm on cost of revenue	(36)
SG&A as a share of revenue % of revenue	31.5	34.1	31.8	28.4	30.1	34.1	31.8	28.4	30.1	34.1	31.8	28.4	$27.8mm on SG&A	(39)

Xifaxan is the credit: Salix revenue rose 16% in the third quarter of 2026 on net pricing, and it carries most of the cash that services the debt outside Bausch + Lomb. The next year turns on how much Salix revenue the Medicare negotiated Xifaxan price takes away from January 2027, ahead of generic entry expected in 2028, and on whether the patent case against Amneal and Norwich holds. Bausch + Lomb growth and cost discipline (cost of goods near 25% of product sales and SG&A near 28% of revenue in the latest quarter) set how much cushion is left.

Bottoms-Up Projections: starting case

$ in millions	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E
Revenue	$2,796	$2,524	$2,852	$2,941	$2,818	$2,524	$2,852	$2,941	$2,818	$2,524	$2,852	$2,941
Y/Y Growth	9.3%	11.7%	12.7%	9.7%	0.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Adj. EBITDA	$992	$823	$1,084	$1,323	$1,045	$824	$1,097	$1,335	$1,045	$824	$1,097	$1,335
Margin	35.5%	32.6%	38.0%	45.0%	37.1%	32.6%	38.5%	45.4%	37.1%	32.6%	38.5%	45.4%
Free Cash Flow	$403	$121	$593	$748	$445	$233	$496	$731	$445	$233	$496	$731
Cash, end of period	1,309	1,299	1,825	2,485	2,930	3,163	3,659	4,389	4,835	5,067	5,563	6,294
Total Debt, end of period	20,817	20,764	20,741	20,637	20,637	20,637	20,637	20,637	20,637	20,637	20,637	20,637
Net Debt / Adj. EBITDA	5.8x	5.4x	4.9x	4.3x	4.1x	4.1x	4.0x	3.8x	3.7x	3.6x	3.5x	3.3x

Revenue is built from Product, Product and Service Other, Price Appreciation Credit, each driven by volume and by price and mix against the same quarter a year earlier. Every cost line, interest, taxes, capital spending and working capital has its own input on the Projections tab of the model. This is a starting case built from history, not a forecast.

Earnings call: Q3 2026 · Oct 28, 2026

Slides Webcast and audio replay Investor relations site

Bausch Health raised 2026 guidance again after a strong third quarter and cut net debt by about $521 million.

Takeaways

Revenue rose 10% to $2.94 billion. Bausch Health excluding Bausch + Lomb grew 12% reported and 8% organic, its fourteenth straight quarter of growth.
Margins widened sharply. Adjusted EBITDA excluding Bausch + Lomb rose 32% to $1.02 billion, a record, and the LTM margin reached 58.5%. Xifaxan grew 16% on higher net pricing.
Cash flow was strong. Operating cash flow excluding Bausch + Lomb was $581 million and adjusted cash flow from operations was $539 million.
Net debt excluding Bausch + Lomb fell $521 million in the quarter to about $13.1 billion. Consolidated cash rose to $2.49 billion from $1.31 billion at year end, with nothing drawn on the parent revolver.
Watch items: Medicare negotiated pricing for Xifaxan starts in 2027, Salix channel inventory rose to 1.23 months on hand, and the year to date includes $1.4 billion of goodwill impairments.
The company still says it is weighing all options to unlock value in Bausch Health and Bausch + Lomb, including the planned separation of the eye health business.

Debt and capital

Consolidated debt was $20.17 billion at principal on September 30, 2026: $5.75 billion of term loans, $10.21 billion of secured notes, $4.10 billion of unsecured notes and $100 million drawn on revolvers.
Debt excluding Bausch + Lomb was about $15.1 billion at principal. Its largest wall is $6.0 billion due in 2032, with smaller towers in 2028 through 2031.
Consolidated maturities are light near term: $15 million in the rest of 2026 and $701 million in 2027, then $3.77 billion in 2028.
Management credits refinancings over the past twelve months for a much better maturity profile. No new debt deal was announced with the quarter.
The board approved a $50 million share buyback, mainly to offset dilution from management equity vesting in 2027.

Guidance

Raised. Bausch Health excluding Bausch + Lomb revenue now $5.525 to $5.625 billion, up from $5.350 to $5.500 billion (7% to 9% growth).
Raised. Adjusted EBITDA excluding Bausch + Lomb now $3.225 to $3.275 billion, up from $3.025 to $3.100 billion (12% to 14% growth).
Raised. Adjusted cash flow from operations excluding Bausch + Lomb now $1.600 to $1.675 billion, up from $1.400 to $1.475 billion.
Raised. Consolidated revenue now $10.975 to $11.175 billion and consolidated adjusted EBITDA $4.315 to $4.415 billion. Bausch + Lomb guidance also moved up.
This was the second guidance raise in 2026. Guidance includes the current estimated cost of tariffs.

Tone: Confident and focused on steady deleveraging, with guidance raised for the second time this year.

Q2 2026Slides · Webcast
Q1 2026Slides · Webcast
Q4 2025Slides · Webcast

Summary written with AI from Press release and slides only. Bausch Health does not publish a call transcript or prepared remarks on its IR site or with the SEC.. Slides, audio and any transcript are the company's and open on its own site. Full transcripts from transcript vendors are not reproduced here.

Last quarter: Third quarter 2026

Bausch Health grew third quarter revenue 10% and adjusted EBITDA 32%, doubled operating cash flow and raised full-year guidance.

Results

Consolidated revenue was $2.94bn in the third quarter, up 10% from $2.68bn a year earlier and up 8% on an organic basis.
Adjusted EBITDA attributable to Bausch Health, the measure the company headlines, was $1,305mm, up 32% from $986mm. Including noncontrolling interests, adjusted EBITDA was $1,350mm against $1,019mm.
Excluding Bausch + Lomb, revenue was $1,566mm, up 12%, and adjusted EBITDA was $1,022mm against $773mm, the first quarter above $1bn.
Cash from operations was $813mm, up from $405mm. Adjusted cash flow from operations was $782mm against $508mm. The release does not give capital spending or free cash flow.
Net income attributable to Bausch Health was $436mm, or $1.15 per diluted share, against $179mm, or $0.48.

Why

Salix revenue rose 16% to $831mm, with Xifaxan revenue also up 16%.
Bausch + Lomb revenue rose 7% to $1,375mm, and 7% on an organic basis.
Solta Medical revenue rose 18% to $165mm because of an acquired distributor in China, but fell 4% on an organic basis. International rose 5% and Diversified rose 5%.
Operating income rose to $983mm from $619mm. Cost of goods sold was lower than a year earlier despite higher sales, and the prior-year quarter carried $81mm of acquired research and development charges.

Balance sheet and guidance

Consolidated cash was $2,485mm at September 30, 2026, up from $1,309mm at the end of 2025.
Debt principal was $20,168mm, against $20,232mm at the end of 2025, with $100mm drawn on revolvers. Maturities are $701mm in 2027 and $3,766mm in 2028.
Management said net debt fell by more than $500mm in the quarter. The board authorized a $50mm share repurchase program to offset dilution from equity awards.
Consolidated full-year 2026 guidance was updated to revenue of $10.975bn to $11.175bn and adjusted EBITDA of $4.315bn to $4.415bn. The release does not show the prior ranges.
Excluding Bausch + Lomb, guidance was raised to revenue of $5.525bn to $5.625bn, adjusted EBITDA of $3.225bn to $3.275bn and adjusted cash flow from operations of $1.600bn to $1.675bn.
The Bausch + Lomb ranges are revenue of $5.450bn to $5.550bn and adjusted EBITDA of $1.090bn to $1.140bn. The guidance includes the estimated effect of tariffs.

What to watch

How the $2.5bn cash balance is used against the $701mm due in 2027 and the $3,766mm due in 2028.
Reliance on Xifaxan. Salix was the largest source of growth outside Bausch + Lomb, and Xifaxan drove it.
Solta Medical organic revenue, which fell 4% with a modest decline in Asia Pacific, and any change in the tariff effect built into guidance.

From the company's press release filed Oct 28, 2026. Figures in this section are as the company reports them, including its own adjusted EBITDA.

Filings

Earnings releases 8

Oct 28, 20268-K for Oct 28, 2026: Results · Press release
Jul 29, 20268-K for Jul 29, 2026: Results · Press release
Apr 29, 20268-K for Apr 29, 2026: Results · Press release
Feb 18, 20268-K for Feb 18, 2026: Results · Press release
Jan 13, 20268-K for Jan 13, 2026: Results; Regulation FD
Oct 29, 20258-K for Oct 29, 2025: Results · Press release
Jul 30, 20258-K for Jul 30, 2025: Results · Press release
Apr 30, 20258-K for Apr 30, 2025: Results · Press release

Annual reports (10-K) 5

Quarterly reports (10-Q) 12

Current reports (8-K) 20

Jul 1, 20268-K for Jun 26, 2026: Director or officer change; Regulation FD
May 19, 20268-K for May 19, 2026: Shareholder vote
Mar 2, 20268-K for Feb 26, 2026: Director or officer change
Jan 23, 20268-K for Jan 23, 2026: Regulation FD
Jan 2, 20268-K for Jan 2, 2026: Material agreement; New debt; Other event
Dec 29, 20258-K for Dec 26, 2025: Material agreement; New debt
Dec 23, 20258-K for Dec 23, 2025: Other event
Dec 12, 20258-K for Dec 12, 2025: Other event
Dec 9, 20258-K for Dec 8, 2025: Other event
Nov 24, 20258-K for Nov 24, 2025: Other event
Oct 9, 20258-K for Oct 7, 2025: Shareholder vote
Sep 11, 20258-K for Sep 11, 2025: Other event
Aug 15, 20258-K for Aug 14, 2025: Agreement terminated; Director or officer change; Regulation FD
Jul 29, 20258-K for Jul 29, 2025: Other event
Jul 24, 20258-K for Jul 22, 2025: Director or officer change; Regulation FD
Jul 10, 20258-K for Jul 10, 2025: Director or officer change; Regulation FD
Jun 27, 20258-K for Jun 26, 2025: Material agreement; New debt; Other event
Jun 18, 20258-K for Jun 18, 2025: Other event
Jun 10, 20258-K for Jun 10, 2025: Other event
May 21, 20258-K for May 20, 2025: Material agreement

Proxy statements 3

Other filings 1

Sep 2, 202210-Q/A for Jun 30, 2022

Links open the document on SEC EDGAR. Earnings call transcripts are not SEC filings and belong to their publishers, so they are not reproduced here; the press release and slides filed with each results 8-K are.

Rating actions

May 9, 2025Fitch: Withdrew all ratings of Bausch Health Companies Inc. (last IDR CCC+). The company disclosed the withdrawal in its next quarterly filing without giving a reason; Fitch continues to rate Bausch + Lomb. · source
Apr 17, 2025Fitch: Bausch + Lomb upgraded to B from B-, senior secured to BB from BB-; Rating Watch Evolving kept. The upgrade followed the April 2025 refinancing at both Bausch Health and Bausch + Lomb that pushed out near-term maturities. · source
Apr 17, 2025Fitch: Upgraded to CCC+ from CCC, senior unsecured to CC from C (senior secured B). The April 2025 refinancing addressed upcoming debt maturities, easing near-term liquidity risk. · source
Mar 20, 2025Moody's: Assigned Bausch + Lomb a B1 corporate family rating, outlook stable. Moody's began rating the Bausch + Lomb subsidiary on its own as it refinanced its credit facilities. · source
Mar 19, 2025S&P: Bausch + Lomb upgraded to B from B-, senior secured to B from B-, outlook revised to developing from positive. S&P lifted the eye-care unit alongside the parent refinancing while flagging the open question of a separation from Bausch Health. · source
Mar 19, 2025S&P: Upgraded to B- from CCC+, senior unsecured to CCC+ from CCC, outlook negative. The refinancing of roughly 6.9 billion US dollars of 2025 to 2028 debt with new 2032 secured notes and a term loan removed most maturities until 2028. · source

Coming up

Jan 31, 2027Maturity. 8.50% Senior Notes due 2027: $643mm outstanding comes due.
Feb 18, 2027Results. Full-year results for the period ending 2026-12-31. The date is an estimate: last year's filing date moved forward a year.
Jan 15, 2028Maturity. 7.00% Senior Notes due 2028: $171mm outstanding comes due.
Jan 30, 2028Maturity. 5.00% Senior Notes due 2028: $433mm outstanding comes due.
Jun 1, 2028Maturity. 4.875% Senior Secured Notes due 2028: $803mm outstanding comes due.
Sep 30, 2028Maturity. 11.00% First Lien Secured Notes due 2028: $888mm outstanding comes due.
Oct 1, 2028Maturity. B+L 8.375% Senior Secured Notes due 2028: $1,400mm outstanding comes due.

Recent 8-K filings

Oct 28, 2026Reported results
Jul 29, 2026Reported results
Jul 1, 2026Director or officer change; Regulation FD disclosure