Bausch Health Companies Inc.
CorpDigest
Bausch Health Companies Inc.
Financial Performance
Last reviewed: June 2026 · By Swet Parvadiya
Revenue
$8.9B
Market Cap
$2.5B
Net Income
$450M
Employees
25,000
Xifaxan generates $3.1 billion annually. Bausch Health operates across gastroenterology, dermatology, and neurology, generating $8.9 billion in FY2024 revenue with approximately 25,000 employees and a market capitalization of roughly $2.5 billion. The market cap against $8.9 billion in revenue reflects a $15.5 billion debt load that leaves equity holders with a residual claim on whatever cash survives debt service. The company generated $2.1 billion in free cash flow in FY2024, but a substantial portion flows to interest payments before reaching shareholders. Revenue of $8.9 billion in FY2024 shows a recovery from the post-Valeant restructuring period, when assets were sold to pay down debt and revenue fell from peak levels. The $15.5 billion debt load is the defining financial constraint — every operating decision, every capital allocation choice, every acquisition or divestiture is evaluated through the lens of debt service capacity. The Xifaxan franchise's $3.1 billion in FY2024 revenue at 35% of total corporate revenue makes the company essentially a one-drug business with supporting operations in dermatology and neurology. Free cash flow of $2.1 billion in FY2024 and an operating income of $1.8 billion against $8.9 billion in revenue reflect a 72% gross margin that demonstrates the pricing power of specialty pharmaceutical products with limited competition. The R&D investment of $1.2 billion in FY2024, representing 13.5% of total revenue, funds over 30 clinical projects — a significant increase from the Valeant era, when R&D was treated as optional overhead. Market capitalization of approximately $2.5 billion against $8.9 billion in revenue and $2.1 billion in free cash flow is a structure that prices equity holders as residual claimants who will receive value only after the $15.5 billion in debt obligations are satisfied. The acquisition of Salix Pharmaceuticals in 2016 for $14.5 billion added Xifaxan, the gastrointestinal antibiotic that would become the company's most important single asset.
Revenue Trend Analysis
YoY Change
+2.3%
2-Year CAGR
-15.6%
Peak Year
2022
Trend
Mostly Growing
Bausch Health Companies Inc. has reported revenue across 3 fiscal years, compounding at -15.6% annually over 2 years. The most recent year saw a 2.3% increase versus the prior year. Revenue peaked in 2022 at $12.5B. Out of 2 reported periods, 1 showed growth and 1 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2024 | $8.9B | $450M | +2.3% |
| FY2023 | $8.7B | — | -30.4% |
| FY2022 | $12.5B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Bausch Health's $450 million net income on $8.9 billion revenue generates 5% net margins, significantly suppressed by $1.2 billion in annual interest expense on $21 billion debt and $1.5 billion in non-cash amortisation of acquired intangibles from Valeant's acquisition era. EBITDA runs approximately $3.0-3.2 billion (34% margin) demonstrating solid operating economics, but the debt service consumes 40% of EBITDA, leaving limited cash flow for growth investment. The company's enterprise value of approximately $23 billion ($21B debt + $2.5B equity) implies the market values the business at 7.5x EBITDA — a reasonable pharmaceutical multiple — but all of that value accrues to debt holders, leaving equity near worthless unless the debt burden is resolved.
Bausch Health targets debt reduction through the planned full separation of Bausch + Lomb — which would allow B+L to issue its own debt and retire Bausch Health parent debt using separation proceeds — plus operating free cash flow of $1.0-1.2 billion annually allocated primarily to debt paydown. The B+L separation has stalled due to debt covenant complexity and unfavourable credit market conditions, and management has resorted to open-market debt repurchases at discounts when bonds trade below par. Each year of operating without completing the separation increases cumulative interest costs by $1.2 billion, creating urgency for resolution, though creditors' leverage in approving debt modifications gives them significant control over timing and terms.
Xifaxan's US patent protection through approximately 2029 for IBS-D and related indications shields Bausch Health's most profitable product from the generic competition that typically eliminates 80-90% of branded pharmaceutical revenue within 12 months of patent expiry. The $2 billion Xifaxan franchise represents 40%+ of the pharmaceutical segment's value, making its patent cliff the most critical financial event in Bausch Health's medium-term outlook. Bausch Health has aggressively defended Xifaxan patents against generic challenges from Alvogen, Lannett, and others, with ongoing patent litigation that has so far maintained exclusivity; a loss would reduce operating cash flow by $800 million+ annually, potentially making current debt levels unsustainable.
Bausch Health derives approximately 40% of revenue internationally, with material exposure to the euro, Canadian dollar, Chinese yuan, and Brazilian real against the US dollar, creating significant FX translation risk. In years of dollar strength (2022, 2023), international revenue declined $200-400 million when translated to USD despite local-currency growth, suppressing reported total revenue and EBITDA. The company has limited hedging programme coverage, typically protecting 30-50% of near-term international cash flows, and the structural FX exposure cannot be eliminated as Bausch + Lomb's manufacturing in Germany and Ireland creates natural euro cost hedges for European revenues but residual exposure remains. Management adjusts for FX impacts in non-GAAP metrics to help investors assess underlying operational performance.
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CorpDigest. "Bausch Health Companies Inc. 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 Companies Inc. reported $9B in revenue (FY2024).</strong><br>Source: <a href="https://corpdigest.com/company/bausch-health/financials" target="_blank" rel="noopener">CorpDigest — Bausch Health Companies Inc. financials</a></div>