Bausch Health Companies Inc.
Explore Bausch Health Companies
Core profile pages, annual revenue records, and related research hubs for this company.
Bausch Health Companies Inc.
Explore Bausch Health Companies
Core profile pages, annual revenue records, and related research hubs for this company.
Company History
Founded 1994 in Laval, Quebec, Canada
The company that became Bausch Health started not as a pharmaceutical giant but as a small Canadian firm called ICO Corporation, incorporated in 1994. The 2015 collapse began with a congressional hearing where Senator Bernie Sanders displayed a chart showing Valeant's price increases on heart drugs, followed by a Citron Research report questioning the company's accounting and its relationship with the specialty pharmacy Philidor. Pearson was replaced by Joseph Papa, who began the process of shedding assets, cutting debt, and rebuilding relationships with the medical community.
J. Michael Pearson is a Canadian businessman and former CEO of Valeant Pharmaceuticals, who served as the company's chief executive from 2008 to 2016. He played a pivotal role in the company's aggressive expansion, navigating the complex debt financing structures provided by Pershing Square and Oaktree Capital to execute a series of transformational acquisitions. Pearson's background as a McKinsey consultant gave him a unique perspective on the pharmaceutical industry, driving his focus on financial engineering and cost-cutting rather than internal drug discovery. During his tenure, he oversaw the acquisition of over 50 companies, including Coria Laboratories, Medicis, and Salix Pharmaceuticals, which generated tens of billions of dollars in cumulative revenue. Pearson was also known for his controversial pricing strategies, which sparked public outrage and led to a massive SEC investigation and a 96% collapse in the company's stock price in 2015. Despite the controversy, Pearson is widely credited with transforming Valeant from a struggling niche player into a global pharmaceutical powerhouse, although his legacy is permanently tarnished by the regulatory and reputational damage caused by his aggressive tactics.
The corporate lineage of Bausch Health began with the founding of ICO Corporation in Canada, which later merged with Biolyse Pharma to form the foundation of the modern entity.
Biolyse Pharma changed its name to Valeant Pharmaceuticals, marking the beginning of the aggressive acquisition-driven strategy that would define the company for the next two decades.
Valeant acquired Coria Laboratories for $350 million, securing a diversified portfolio of dermatology brands and establishing a foothold in the lucrative topical therapeutics market.
Valeant merged with Biovail in a reverse merger transaction, creating a significantly larger entity with enhanced manufacturing capabilities and a broader international footprint.
Following a Citron Research short-seller report and a subsequent SEC investigation, Valeant's stock price collapsed by 96%, forcing the ousting of CEO J. Michael Pearson and the complete restructuring of the board.
Valeant acquired Salix Pharmaceuticals for $10.3 billion, securing the Xifaxan franchise and establishing a dominant position in the gastroenterology market.
Valeant Pharmaceuticals officially changed its name to Bausch Health Companies Inc., attempting to distance the corporate identity from the toxic legacy of the Valeant era.
Bausch Health acquired the Ortho Dermatologics portfolio from Johnson & Johnson for $800 million, significantly expanding its presence in the acne and psoriasis markets.
Bausch Health acquired Dermira for $1.2 billion, securing the proprietary olumacostat glasaretil asset and expanding its pipeline in the dermatology space.
Bausch Health completed the Bausch + Lomb public listing, creating a strategic separation path while Bausch + Lomb continued to be reported as a consolidated segment in later filings.
Bausch Health reported $10.266B in FY2025 consolidated revenue, $1.813B in operating income, and $3.54B in adjusted EBITDA attributable to Bausch Health.
Bausch Health acquired Dermira for $1.2 billion to gain control of the proprietary olumacostat glasaretil asset, a first-in-class topical inhibitor of sebaceous lipase for the treatment of acne vulgaris.
Bausch Health acquired the Ortho Dermatologics portfolio from Johnson & Johnson for $800 million, securing a diversified portfolio of topical acne and psoriasis therapies, including Epsolay and Wynzora.
Valeant Pharmaceuticals acquired Salix Pharmaceuticals for $10.3 billion to gain control of the Xifaxan franchise, establishing a dominant position in the gastroenterology market.
Bausch Health traces its origins to 1994, with Valeant and Bausch predecessor leaders tied to the founding story.
The Valeant pricing scandal forced a rebrand, management reset, and balance-sheet repair strategy.
Bausch Health expanded by building branded drugs, generics, eye-health products, dermatology medicines, gastroenterology therapies, and medical devices, serving patients, physicians, pharmacies, hospitals, payers, and eye-care professionals, and using debt reduction, eye-health focus, durable brands, legal resolution, and selective pipeline investment.
This Bausch Health history page covers founding, growth milestones, leadership changes, and modern strategic context.
Bausch Health's history explains how its current scale, brand, distribution, and risk profile developed.