Bausch Health Companies Inc.
Explore Bausch Health Companies Inc.
Core profile pages, annual revenue records, and related research hubs for this company.
CorpDigest
Bausch Health Companies Inc.
Explore Bausch Health Companies Inc.
Core profile pages, annual revenue records, and related research hubs for this company.
Annual Revenue
FY2025 Revenue
$10.3B
▲ 15.3% vs FY2024 ($8.9B)
Source: Annual report / company filing
Bausch Health Companies Inc. reported $10.3B in revenue for fiscal year 2025. This represents a growth of 15.3% compared to the 2024 figure of $8.9B.
Xifaxan generates $3.1 billion annually. Bausch Health operates across gastroenterology, dermatology, and neurology, generating $10.3B in FY2025 revenue with approximately 25,000 employees and a market capitalization of roughly $2.5 billion. The market cap against $10.3B 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 FY2025, but a substantial portion flows to interest payments before reaching shareholders. Revenue of $10.3B in FY2025 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 FY2025 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 FY2025 and an operating income of $1.8 billion against $10.3B 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 FY2025, 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 $10.3B 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.
| Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $10.3B | — | +15.3% |
| 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.