Bausch Health vs Novartis: Revenue, Profit and Business Model
Bausch Health had $10.3B of annual revenue in FY2025 and $157M of net income. Novartis had $56.7B of annual revenue in FY2025 and $14B of net income.
Latest financial snapshot
Bausch Health
- Latest annual revenue
- $10.3B (FY2025)
- Net income
- $157M
- Net margin
- 1.5%
- Revenue growth
- +0.7% a year, FY2016–FY2025
Novartis
- Latest annual revenue
- $56.7B (FY2025)
- Net income
- $14B
- Net margin
- 24.7%
- Revenue growth
- +6.5% a year, FY2021–FY2025
Financial summary
Bausch Health
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.
Novartis
Novartis grew FY2025 net sales 8% to $54.5 billion with a core operating margin above 40% and free cash flow of $17.6 billion. 2026 is a reset year: US generics of Entresto and Promacta cut Q1 2026 net sales 5% at constant currencies to $13.1 billion and core operating income 14%. Q2 2026 net sales rose 1% cc to $14.4 billion with a 41.2% core margin, though net income fell 19%. Management guides for low single-digit sales growth and a low single-digit decline in core operating income for 2026 at constant currencies. Novartis is a Swiss multinational pharmaceutical corporation with a market valuation generally exceeding $200 billion.
Revenue and profit by year
Bausch Health
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $10.3B | $157M | 1.5% | +6.7% | Source |
| FY2024 | $9.6B | -$46M | -0.5% | +9.9% | Source |
| FY2023 | $8.8B | -$592M | -6.8% | +7.8% | Source |
| FY2022 | $8.1B | -$225M | -2.8% | -3.7% | Source |
| FY2021 | $8.4B | -$948M | -11.2% | +5.1% | Source |
| FY2020 | $8B | -$560M | -7.0% | -6.7% | Source |
| FY2019 | $8.6B | -$1.8B | -20.8% | +2.6% | Source |
| FY2018 | $8.4B | — | — | -3.9% | Source |
| FY2017 | $8.7B | — | — | -9.8% | Source |
| FY2016 | $9.7B | — | — | — | Source |
Where the revenue comes from
Bausch Health
- Bausch + Lomb (eye health)~50%
The consolidated, roughly 88%-owned Bausch + Lomb segment generated $5.101B of FY2025 revenue, up 6%, from vision care, surgical and ophthalmic pharmaceutical products.
- Salix (U.S. gastroenterology)~25%
Salix generated $2.578B in FY2025, up 11%, with Xifaxan contributing $2.212B of that and roughly 85% of segment revenue. Relistor and Trulance make up most of the remainder.
- International~11%
Branded generics, prescription medicines and consumer-health products sold outside the United States generated $1.132B in FY2025, up 2%, led by growth in Europe, the Middle East and Africa.
- Diversified Products~9%
U.S. neuroscience, dermatology, generics and dentistry lines generated $937M in FY2025, down 1%, including Wellbutrin XL, Cabtreo, authorized generics and the Arestin dental antibiotic.
- Solta Medical~5%
Aesthetic devices and consumables generated $518M in FY2025, up 18%, driven by the Thermage product line and growth in South Korea.
Novartis
- Cardiovascular, Renal, And MetabolicMajor
Medicines such as Entresto and Leqvio sold through specialist and primary-care channels.
- OncologyMajor
Cancer medicines and radioligand therapies including Kisqali, Pluvicto, and Scemblix.
- ImmunologyMajor
Autoimmune and inflammatory disease products, including Cosentyx.
- NeuroscienceMaterial
Neurology products including Kesimpta and related pipeline programs.
- Established Brands And Other Medicines
Complementary
Remaining prescription medicines sold across global markets.
Business model and strategy
Bausch Health
How it makes money
Bausch Health sells prescription medicines, over-the-counter products and medical devices in about 90 countries through five reportable segments. Salix sells gastrointestinal drugs in the United States and is built around Xifaxan, which brought in $2.212B in 2025, roughly 85% of the segment.
Growth strategy
Growth spending is subordinated to the balance sheet. Bausch Health refinanced $9.6B of debt in 2025 to push out near- and medium-term maturities and directs cash flow to debt reduction, generating $1.2B of adjusted cash flow from operations for the year.
Competitive advantage
Bausch Health's strongest asset is Bausch + Lomb, the 1853-founded eye-health business it bought in 2013, listed on the NYSE and TSX in May 2022 and still owns about 88% of. That segment generated $5.101B of revenue in 2025 across contact lenses, lens care, ophthalmic pharmaceuticals and surgical equipment.
Novartis
How it makes money
Novartis earns almost all of its revenue by selling patented prescription medicines to wholesalers, hospitals, pharmacies and national health systems in about 140 countries. FY2025 net sales of $54.5 billion came from four core areas (cardiovascular-renal-metabolic, immunology, neuroscience and oncology) plus established brands.
Growth strategy
Novartis concentrates on four therapeutic areas and on the US, its largest market. It pairs internal research with bolt-on acquisitions of late-stage or platform biotechs: Chinook (2023, kidney disease), MorphoSys (2024, myelofibrosis), Kate Therapeutics (2024, gene therapy capsids) and Avidity Biosciences (closed February 27, 2026, about $12 billion, neuromuscular RNA medicines).
Competitive advantage
Novartis's edge rests on scale in late-stage development and specialist platforms that are hard to copy. It owns the leading commercial radioligand therapy franchise (Pluvicto and Lutathera) along with dedicated isotope manufacturing sites in the US and Europe, an siRNA cardiovascular drug (Leqvio), and, since February 2026, Avidity Biosciences' antibody-oligonucleotide conjugate platform.
Questions about Bausch Health vs Novartis
Which company has higher revenue — Bausch Health Companies Inc. or Novartis AG?
Bausch Health Companies Inc. had $10.3B (FY2025), while Novartis AG had $56.7B (FY2025). By latest annual revenue, Novartis AG is the larger business, with Bausch Health Companies Inc. showing a smaller revenue base.
What is the market cap of Bausch Health Companies Inc. vs Novartis AG?
Bausch Health Companies Inc.'s market capitalisation stands at $2.2B, while Novartis AG's is $275.3B. Novartis AG carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Bausch Health Companies Inc..
How does revenue per employee compare for Bausch Health Companies Inc. and Novartis AG?
Bausch Health Companies Inc. has $506k / employee in revenue per employee, while Novartis AG has $753k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Bausch Health Companies Inc. and Novartis AG make money?
Bausch Health Companies Inc. and Novartis AG generate revenue in fundamentally different ways. Bausch Health Companies Inc.: Bausch Health sells prescription medicines, over-the-counter products and medical devices in about 90 countries through five reportable segments. Novartis AG: Novartis earns almost all of its revenue by selling patented prescription medicines to wholesalers, hospitals, pharmacies and national health systems in about 140 countries.
Which company is valued higher relative to revenue — Bausch Health Companies Inc. or Novartis AG?
On a price-to-sales (P/S) basis, Bausch Health Companies Inc. trades at 0.2x P/S and Novartis AG at 4.9x P/S. Novartis AG commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Bausch Health Companies Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Bausch Health Companies Inc. bigger than Novartis AG?
By last reported revenue, Novartis AG ($56.7B (FY2025)) is the larger company compared to Bausch Health Companies Inc. ($10.3B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Bausch Health vs Novartis overview