# Bausch Health Companies Inc. (BHC)

> Source: Nexqual · https://nexqual.com/BHC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Bausch Health Companies Inc. (BHC), nexqual.com/BHC" · informational, not investment advice.

**Price:** USD 6.49 (+0.62% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 6.45 · day 6.41–6.51 · 52w 4.33–8 · market cap $2.43B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $10.9B, net income -$1.10B (-10.1% margin), free cash flow $1.43B (SEC filings).
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $392K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.00 on a 1–5 scale) (7 analysts), mean target USD 7.5 (range 6.5–9).
- Total return with dividends: 1Y +1.7% vs S&P 500 +14.9%; 5Y -77.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 1.24, revenue estimate $2.75B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $8.43B | $8.12B | $8.76B | $9.63B | $10.3B | $10.9B |
| Operating income | $450M | $454M | $963M | $1.55B | $1.81B | $883M |
| Net income | -$948M | -$225M | -$592M | -$46.0M | $157M | -$1.10B |
| EPS (diluted) | -$2.64 | -$0.62 | -$1.62 | -$0.13 | $0.42 | — |
| Free cash flow | $1.16B | -$946M | $817M | $1.26B | $1.00B | $1.43B |
| Operating margin | 5.3% | 5.6% | 11.0% | 16.1% | 17.7% | 8.1% |
| Net margin | -11.2% | -2.8% | -6.8% | -0.5% | 1.5% | -10.1% |
| Revenue growth | +5.1% | -3.7% | +7.8% | +9.9% | +6.7% | — |
| Cash + short-term investments | $582M | $564M | $947M | $1.18B | $1.31B | — |
| Total debt | $22.7B | $20.8B | $22.4B | $21.6B | $20.8B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.2x · EV/EBITDA 10.4x · EV/Sales 2.0x · P/FCF 1.7x · FCF yield 58.96% · Earnings yield -45.24% · Net debt $18.9B · EV $21.3B
P/E at fiscal year-ends: Dec 2025 16.6x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-19 | Lenar Aimee J. | President, US Pharma | 36,827 | $259K | 9.9% | Yes (adopted May 21, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-19 | Lee Frank D. | Director | 24,456 | $133K | 33.1% | Yes | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 7 analysts; mean target USD 7.5 (low 6.5, high 9).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +1.7% | -77.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +1.7% | -25.7% |
| Volatility (annualized) | 54.4% | 71.3% |
| Max drawdown | -43.9% (Jan 2026→Jul 2026) | -85.0% (Oct 2021→Apr 2025) |

## Peers (Drug Manufacturers - Specialty & Generic)
SUPN (Supernus Pharmaceuticals, Inc.) USD 42.07 +2.09% · HCM (HUTCHMED (China) Limited) USD 14.28 -0.63% · LQDA (Liquidia Corporation) USD 39.69 +2.14% · AMLX (Amylyx Pharmaceuticals, Inc.) USD 28.57 -1.58% · INDV (Indivior Pharmaceuticals, Inc.) USD 35.33 +1.55% · RGC (Regencell Bioscience Holdings L) USD 9.81 -9.17%

## More
Full page: https://nexqual.com/BHC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BHC's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/885590/000088559026000023/bhc-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Lundbeck | "In the U.S., Xenazine® is distributed for us by Lundbeck LLC under an exclusive marketing, distribution and supply agreement." |
| Customer | McKesson (MCK) | "The Company has Distribution Services Agreements ("DSAs") with several large wholesale customers such as McKesson Corporation, Cencora Inc., Cardinal Health, Inc. and McKesson Specialty." |
| Customer | Cencora (COR) | "The Company has Distribution Services Agreements ("DSAs") with several large wholesale customers such as McKesson Corporation, Cencora Inc., Cardinal Health, Inc. and McKesson Specialty." |
| Customer | Cardinal Health (CAH) | "The Company has Distribution Services Agreements ("DSAs") with several large wholesale customers such as McKesson Corporation, Cencora Inc., Cardinal Health, Inc. and McKesson Specialty." |
| Related party | Lomb | "Although all transactions with related parties will be approved by independent members of our Board of Directors that may meet in the absence of senior executive officers or non-independent directors, the ownership of Ba…" |

Other companies that name BHC in their own reports (relationship from BHC's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | HYPERION DEFI, INC. (HYPD) | 10-K 2026-03-30 | "During 2020, the Company entered into a license agreement, or the Arctic Vision License Agreement, with Arctic Vision (Hong Kong) Limited, or Arctic Vision, and a license agreement, or the Bausch Lice…" |
| partner | Xenon Pharmaceuticals Inc. (XENE) | 10-K 2026-02-26 | "In April 2017, we entered into an asset purchase agreement with 1st Order Pharmaceuticals, Inc., or 1st Order, pursuant to which we acquired all rights with respect to azetukalner (previously known as…" |
| partner | Lantheus Holdings, Inc. (LNTH) | 10-K 2026-02-26 | "In 2011 Progenics licensed methylnaltrexone ("MNTX") and products containing MNTX, including both approved forms of RELISTOR, to Salix Pharmaceuticals, Inc., an affiliate of Bausch Health Companies, I…" |
| related | Bausch & Lomb Corp (BLCO) | 10-K 2026-02-18 | "Although all transactions with related parties will be approved by independent members of our Board of Directors that may meet in the absence of senior executive officers or non-independent directors,…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Bausch + Lomb | $1.39B | 48.9% | +9.1% | $335.0M | 24.0% |
| Salix | $758.0M | 26.6% | +20.9% | $605.0M | 79.8% |
| International | $305.0M | 10.7% | +9.7% | $90.0M | 29.5% |
| Diversified | $219.0M | 7.7% | +0.0% | $142.0M | 64.8% |
| Solta Medical | $176.0M | 6.2% | +37.5% | $91.0M | 51.7% |
| Corporate costs (not allocated) | — | — | — | -$263.0M | — |
| Total revenue | $2.85B | 100% | — | $740.0M | 25.9% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product sales | $2.83B | 99.1% | +12.8% |
| Other revenues | $27.0M | 0.9% | +3.8% |
| Total revenue | $2.85B | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United Statesand Puerto Rico | $6.14B | 59.8% | +6.4% |
| Other Countries | $1.15B | 11.2% | +6.5% |
| China | $493.0M | 4.8% | -0.6% |
| CANADA | $417.0M | 4.1% | +3.7% |
| Poland | $382.0M | 3.7% | +9.1% |
| Mexico | $278.0M | 2.7% | -11.7% |
| France | $249.0M | 2.4% | +8.3% |
| South Korea | $234.0M | 2.3% | +60.3% |
| Russia | $198.0M | 1.9% | +23.0% |
| Japan | $192.0M | 1.9% | +2.1% |
| Germany | $176.0M | 1.7% | +10.7% |
| United Kingdom | $141.0M | 1.4% | +4.4% |
| Spain | $109.0M | 1.1% | +10.1% |
| Italy | $106.0M | 1.0% | +12.8% |
| Total revenue | $10.27B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 18%, 16%, 14% of revenue from unnamed direct customers (10-K, filed 2026-02-19).

## Company outlook (8-K filed 2026-07-29)

- "The Company updated its Consolidated full-year Revenue and Adjusted EBITDA (non-GAAP) 1 guidance for 2026."
- "Bausch Health (excluding Bausch + Lomb) is raising its full year Revenue, Adjusted EBITDA (non-GAAP) 1 , and Adjusted Cash Flows from Operations (non-GAAP) 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 July 29, 2026) BHC BHC (excl."
- "Prior Year 8% - 11% Adjusted Cash Flows from Operations 1 (in Billions) $1.400 - $1.475 Other than with respect to GAAP revenues, the Company only provides guidance on a non-GAAP basis."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.24 | $1.28 | -3.0% | $2.75B | 6 |
| Next quarter (ends 2026-12-31) | $1.29 | $1.36 | -5.4% | $2.79B | 6 |
| Current fiscal year (ends 2026-12-31) | $4.52 | $4.42 | +2.3% | $10.92B | 6 |
| Next fiscal year (ends 2027-12-31) | $4.29 | $4.22 | +1.8% | $10.94B | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-28): ±11.2%; last 8 reports averaged ±9.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 94.3% | ±11.2% |
| 2026-11-06 | 14 | 73.5% | ±11.9% |
| 2026-11-13 | 21 | 106.0% | ±15.0% |
| 2026-11-20 | 28 | 56.4% | ±12.7% |
| 2026-12-18 | 56 | 71.4% | ±18.0% |
| 2027-01-15 | 84 | 84.3% | ±34.3% |
| 2027-04-16 | 175 | 48.0% | ±26.2% |