Bausch Health Companies Inc.
Financial Performance
Bausch Health Revenue & Financials
Revenue
$10.3B (FY2025)
Market Cap
$2.2B
Net Income
$157M
Employees
20,300
What is Bausch Health's revenue?
Bausch Health had $10.3B in revenue for fiscal year 2025, up 6.7% from 2024. Net income was $157M.
- Latest revenue
- $10.3B (FY2025)
- Year-over-year
- +6.7%
- Growth rate (CAGR)
- 0.7% over 9 years
- Peak revenue
- $10.3B (FY2025)
- Years of data
- 10
- Employees
- 20,300
- What is Bausch Health's operating income?
- Bausch Health reported operating income of $1.8B for fiscal year 2025. sec.gov
- How much profit does Bausch Health make?
- Bausch Health reported net income of $157M for fiscal year 2025. sec.gov
- How many employees does Bausch Health have?
- Bausch Health has about 20,300 employees.
Financial Analysis
FY2025 revenue was $10.266B, up $641M or 7% over 2024, split between product sales of $10.156B and other revenue of $110M. Operating costs included cost of goods sold of $2.949B, selling, general and administrative expense of $3.438B, research and development of $629M and intangible amortization of $1.001B, plus $145M of goodwill impairments in the Generics reporting unit. Income before income taxes was $367M and net income attributable to Bausch Health was $157M, against a $46M loss in 2024, helped by a $139M larger gain on debt extinguishment and held back by interest expense of $1.604B, up 16%. Debt remains the dominant line item: $20.232B of principal outstanding at December 31, 2025, or $20.817B including unamortised premiums, discounts and issuance costs, with maturities of $58M in 2026, $701M in 2027, $4.240B in 2028, $1.662B in 2029, $4.118B in 2030 and $9.453B thereafter. During 2025 the company refinanced $9.6B of debt, including April 2025 transactions that put in place a $3.0B term loan B due October 2030, a $500M revolving facility due April 2030 and $4.4B of 10.00% senior secured notes, and a $1.7B exchange offer in the fourth quarter. The first quarter of 2026 then carried a $1.426B goodwill impairment at Salix after the RED-C trial results. Bausch Health Companies Inc. maintains a multi-billion dollar market valuation, having stabilized following its era as Valeant Pharmaceuticals.
Revenue Trend Analysis
YoY Change
+6.7%
9-Year CAGR
+0.7%
Peak Year
2025
Trend
Mostly Growing
Bausch Health Companies Inc. has 10 full fiscal year figures on this page, compounding at +0.7% annually over 9 years. The most recent year saw a 6.7% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $10.3B. Of 9 comparable year-over-year steps, 5 showed growth and 4 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $10.3B | $1.8Bfiling | $157M | +6.7% | sec.gov FY2025 revenue of $10.266B, up 7% as reported, with net income attributable to Bausch Health of $157M. |
| FY2024 | $9.6B | $1.5Bfiling | -$46M | +9.9% | sec.gov Revenue increased to $9.625B in 2024 with a net loss attributable to Bausch Health of $46M. |
| FY2023 | $8.8B | $963Mfiling | -$592M | +7.8% | sec.gov Revenue rose to $8.757B in 2023, led by Xifaxan and the Bausch + Lomb segment. |
| FY2022 | $8.1B | $454Mfiling | -$225M | -3.7% | data.sec.gov Revenue of $8.124B in 2022, the year Bausch + Lomb was listed separately but stayed consolidated. |
| FY2021 | $8.4B | $450Mfiling | -$948M | +5.1% | data.sec.gov Revenue recovered to $8.434B in 2021; the company still reported a net loss of $948M. |
| FY2020 | $8B | $676Mfiling | -$560M | -6.7% | data.sec.gov Revenue dipped to $8.027B in 2020 as elective procedures and aesthetics demand were disrupted. |
| FY2019 | $8.6B | -$203Mfiling | -$1.8B | +2.6% | data.sec.gov Revenue of $8.601B in 2019 with a net loss of $1.788B, driven by legacy litigation provisions. |
| FY2018 | $8.4B | -$2.4Bfiling | — | -3.9% | data.sec.gov Revenue of $8.380B in 2018, the year the company took the Bausch Health name. |
| FY2017 | $8.7B | $102Mfiling | — | -9.8% | data.sec.gov Revenue fell to $8.724B in 2017 as the company sold non-core businesses to repay debt. |
| FY2016 | $9.7B | -$566Mfiling | — | — | data.sec.gov Valeant reported revenue of $9.674B in 2016, its first full year after the Salix acquisition. |
Click any row to see year details.
Bausch Health Companies Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $1.4B | $397M | $26.4B | $26B | -$554M | $1B | Form 10-K |
| FY2024ended Dec 31, 2024 | $1.6B | $337M | $26.5B | $26.8B | -$1.3B | $1.3B | Form 10-K |
| FY2023ended Dec 31, 2023 | $1B | $215M | $27.4B | $27.4B | -$1B | $817M | Form 10-K |
| FY2022ended Dec 31, 2022 | -$728M | $218M | $25.7B | $25.4B | -$692M | -$946M | Form 10-K |
| FY2021ended Dec 31, 2021 | $1.4B | $269M | $29.2B | $29.2B | -$106M | $1.2B | Form 10-K |
| FY2020ended Dec 31, 2020 | $1.1B | $302M | $31.2B | $30.6B | $535M | $809M | Form 10-K |
| FY2019ended Dec 31, 2019 | $1.5B | $270M | $33.9B | $32.7B | $1.1B | $1.2B | Form 10-K |
| FY2018ended Dec 31, 2018 | $1.5B | $157M | $32.5B | $29.7B | $2.7B | $1.3B | Form 10-K |
| FY2017ended Dec 31, 2017 | $2.3B | $171M | $37.5B | $31.6B | $5.8B | $2.1B | Form 10-K |
| FY2016ended Dec 31, 2016 | $2.1B | $235M | $43.5B | $40.3B | $3.2B | $1.9B | Form 10-K |
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Bausch Health Revenue and Financial FAQ
What is Bausch Health's annual revenue?
Revenue was $10.266B in FY2025, up 7% from $9.625B in 2024, of which $10.156B was product sales. Second-quarter 2026 revenue rose 13% to $2.85B and the company raised its full-year 2026 guidance.
What are Bausch Health's margins and adjusted EBITDA?
Consolidated adjusted EBITDA attributable to Bausch Health was $3.54B for FY2025, up 7%, on revenue of $10.266B. Cost of goods sold was $2.949B, selling, general and administrative expense $3.438B and intangible amortization $1.001B.
How much debt does Bausch Health carry and when does it mature?
Principal debt was $20.232B at December 31, 2025, or $20.817B including unamortized premiums, discounts and issuance costs. Maturities are $58M in 2026, $701M in 2027, $4.240B in 2028, $1.662B in 2029, $4.118B in 2030 and $9.453B thereafter.
How much cash flow does Bausch Health generate?
It generated $1.2B of adjusted cash flow from operations in FY2025, including $362M in the fourth quarter, and $471M of adjusted cash flow from operations in the second quarter of 2026. Cash flow is directed mainly at debt reduction.
Which products contribute the most revenue?
Xifaxan is the largest single product at $2.212B in 2025, about 85% of Salix segment revenue. By segment, Bausch + Lomb contributed $5.101B, Salix $2.578B, International $1.132B, Diversified $937M and Solta Medical $518M.
How large is the stake in Bausch + Lomb (BLCO)?
Bausch Health indirectly held 310,449,643 Bausch + Lomb common shares as of February 11, 2026, about 88% of the company, and consolidates its results. Completing the separation depends on reaching targeted debt leverage ratios and obtaining approvals.
What does Bausch Health's leverage cost it each year?
Interest expense was $1.604B in 2025, up 16% from $1.388B in 2024. The company refinanced $9.6B of debt during 2025, including a $3.0B term loan due October 2030, $4.4B of 10.00% secured notes and a $1.7B exchange offer in the fourth quarter.
How much does Bausch Health spend on research and development?
Research and development expense was $629M in 2025 against $616M in 2024, covering about 80 pipeline projects. Spending also included $114M of acquired in-process research and development, mostly from the DURECT acquisition.
Is Bausch Health in debt?
Yes, the company carries a massive, crippling debt load of over $20 billion, an enduring hangover from Valeant's ruthless, debt-fueled acquisition spree under former CEO J. Michael Pearson.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Bausch Health Revenue & Financials." CorpDigest, https://corpdigest.com/company/bausch-health/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Bausch Health reported $10.3B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/bausch-health/financials" target="_blank" rel="noopener">CorpDigest — Bausch Health financials</a></div>Related Financial Audits
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