Bausch Health Companies Inc. BHC
Bausch Health Companies Inc. ("we", "us", "our", the "Company" or "Bausch Health") is a global, diversified specialty pharmaceutical and medical device company that develops, manufactures and markets, primarily in the therapeutic areas of gastroenterology ("GI"), hepatology, neurology and dermatology, a broad range of branded, generic and branded generic pharmaceuticals, over-the-counter ("OTC") products and aesthetic medical devices and, through our approximately 88% ownership of Bausch + Lomb Corporation ("Bausch + Lomb" or "B+L"), branded, and branded generic pharmaceuticals, OTC products and medical devices (contact lenses, intraocular lenses, ophthalmic surgical equipment) in the therapeutic areas of eye health. The Company's products are marketed directly or indirectly in approximately 90 countries.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.27B | $9.62B | $8.76B | $8.12B | $8.43B | $8.03B | $8.60B | $8.38B | $8.72B | $9.67B |
| Cost of revenue | — | — | — | — | — | — | — | — | $2.51B | $2.57B |
| Gross profit | — | — | — | — | — | — | — | — | $6.22B | $7.10B |
| SG&A | $3.44B | $3.30B | $2.92B | $2.62B | $2.62B | $2.37B | $2.55B | $2.47B | $2.58B | $2.81B |
| Total operating expenses | $8.45B | $8.08B | $7.79B | $7.67B | $7.98B | $7.35B | $8.80B | $10.76B | $8.62B | $10.24B |
| Operating income | $1.81B | $1.55B | $963.0M | $454.0M | $450.0M | $676.0M | -$203.0M | -$2.38B | $102.0M | -$566.0M |
| Pre-tax income | $367.0M | $167.0M | -$390.0M | -$129.0M | -$1.02B | -$934.0M | -$1.84B | -$4.15B | -$1.74B | -$2.44B |
| Income tax | $247.0M | $239.0M | $221.0M | $83.0M | $87.0M | $375.0M | $54.0M | $10.0M | $4.14B | $27.0M |
| Net income | $157.0M | -$46.0M | -$592.0M | -$225.0M | -$948.0M | -$560.0M | -$1.79B | -$4.14B | $2.40B | -$2.41B |
| EPS, basic | 0.42 | -0.13 | -1.62 | -0.62 | -2.64 | -1.58 | -5.08 | -11.81 | 6.86 | -6.94 |
| EPS, diluted | 0.42 | -0.13 | -1.62 | -0.62 | -2.64 | -1.58 | -5.08 | -11.81 | 6.83 | -6.94 |
| Shares, diluted (wtd. avg.) | $375.0M | $368.0M | $364.9M | $362.0M | $358.9M | $355.0M | $352.1M | $351.3M | $351.8M | $347.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.31B | $1.18B | $947.0M | $591.0M | $2.12B | $1.82B | $3.24B | $721.0M | $797.0M | $542.0M |
| Receivables | $2.35B | $2.14B | $2.00B | $1.79B | $1.77B | $1.58B | $1.84B | $1.86B | $2.13B | $2.52B |
| Inventory | $1.63B | $1.59B | $1.54B | $1.09B | $993.0M | $1.09B | $1.11B | $934.0M | $1.05B | $1.06B |
| Total current assets | $6.16B | $5.77B | $5.60B | $4.25B | $5.61B | $5.34B | $6.97B | $4.21B | $4.75B | $5.08B |
| Property, plant and equipment | $2.07B | $1.78B | $1.71B | $1.60B | $1.60B | $1.57B | $1.47B | $1.35B | $1.40B | $1.31B |
| Goodwill | $11.27B | $11.09B | $11.18B | $11.55B | $12.46B | $13.04B | $13.13B | $13.14B | $15.59B | $15.79B |
| Other intangibles | $4.64B | $5.55B | $6.46B | $5.80B | $6.95B | $8.45B | $10.20B | $12.00B | $15.21B | $18.88B |
| Total assets | $26.37B | $26.52B | $27.35B | $25.69B | $29.20B | $31.20B | $33.86B | $32.49B | $37.50B | $43.53B |
| Accounts payable | $600.0M | $589.0M | $719.0M | $521.0M | $407.0M | $337.0M | $503.0M | $411.0M | $365.0M | $324.0M |
| Short-term debt | $225.0M | $2.67B | $450.0M | $432.0M | $0 | $0 | $1.23B | $228.0M | $209.0M | $1.0M |
| Total current liabilities | $4.18B | $6.75B | $4.30B | $3.94B | $5.20B | $4.91B | $6.25B | $3.84B | $4.27B | $3.61B |
| Long-term debt | $20.59B | $18.94B | $21.94B | $20.33B | $22.65B | $23.93B | $24.66B | $24.08B | $25.23B | $29.84B |
| Total liabilities | $25.99B | $26.84B | $27.43B | $25.43B | $29.24B | $30.59B | $32.73B | $29.68B | $31.55B | $40.27B |
| Retained earnings | -$9.67B | -$9.82B | -$9.78B | -$9.19B | -$8.96B | -$8.01B | -$7.45B | -$5.66B | -$2.73B | -$5.13B |
| Total equity | -$554.0M | -$1.28B | -$82.0M | $260.0M | -$34.0M | $605.0M | $1.14B | $2.81B | $5.94B | $3.26B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.40B | $1.60B | $1.03B | -$728.0M | $1.43B | $1.11B | $1.50B | $1.50B | $2.29B | $2.09B |
| Depreciation and amortisation | $207.0M | $190.0M | $187.0M | $179.0M | $177.0M | $180.0M | $178.0M | $175.0M | $168.0M | $193.0M |
| Stock-based compensation | $216.0M | $150.0M | $132.0M | $126.0M | $128.0M | $105.0M | $102.0M | $87.0M | $87.0M | $165.0M |
| Capital expenditure | $397.0M | $337.0M | $215.0M | $218.0M | $269.0M | $302.0M | $270.0M | $157.0M | $171.0M | $235.0M |
| Investing cash flow | -$595.0M | -$454.0M | -$2.15B | -$303.0M | $409.0M | -$261.0M | -$419.0M | -$196.0M | $2.89B | -$125.0M |
| Financing cash flow | -$742.0M | -$868.0M | $1.48B | -$474.0M | -$1.51B | -$2.29B | $1.44B | -$1.35B | -$4.96B | -$1.96B |
| Buybacks | — | — | — | — | — | — | — | — | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-013816.
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