Bausch Health vs Novo Nordisk: Revenue, Profit and Business Model
Bausch Health had $10.3B of annual revenue in FY2025 and $157M of net income. Novo Nordisk had ~$47B of annual revenue in FY2025 and ~$15.6B 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
Novo Nordisk
- Latest annual revenue
- ~$47B (FY2025)
- Net income
- ~$15.6B
- Net margin
- 33.1%
- Revenue growth
- +16.8% a year, FY2019–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.
Novo Nordisk
Sales grew from ~$18.5B (DKK 122.0B) in 2019 to ~$47B (DKK 309.1B) in 2025, and net profit rose from ~$5.93B (DKK 39.0B) to ~$15.6B (DKK 102.4B), driven by Ozempic and Wegovy. Growth slowed to 6.4% in reported DKK in 2025 as US prices fell and competition rose. In H1 2026 reported sales were ~$26.6B (DKK 175.3B), inflated by a one-off 340B rebate provision reversal; adjusted sales were ~$22.6B (DKK 148.6B). Q2 2026 adjusted sales rose 7% at constant exchange rates, and management guided full-year 2026 adjusted sales and operating profit growth of 0% to -6% at CER.
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 |
Novo Nordisk
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$47B | ~$15.6B | 33.1% | +6.4% | Source |
| FY2024 | ~$44.1B | ~$15.4B | 34.8% | +25.0% | Source |
| FY2023 | ~$35.3B | ~$12.7B | 36.0% | +31.3% | Source |
| FY2022 | ~$26.9B | ~$8.4B | 31.4% | +25.7% | Source |
| FY2021 | ~$21.4B | ~$7.3B | 33.9% | +10.9% | Source |
| FY2020 | ~$19.3B | ~$6.4B | 33.2% | +4.0% | Source |
| FY2019 | ~$18.5B | ~$5.9B | 31.9% | — | 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.
Novo Nordisk
- GLP-1 Diabetes MedicinesMajor
Ozempic, Rybelsus, and related diabetes products sold globally.
- Obesity Care
Major growth
Wegovy and related obesity-care products sold through prescription channels.
- Insulin And Diabetes CareMaterial
Insulin and other diabetes medicines across developed and emerging markets.
- Rare Disease
Complementary
Hemophilia, growth hormone, and rare endocrine therapies.
- Pipeline And Lifecycle ExpansionFuture
New indications, formulations, and next-generation metabolic medicines.
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.
Novo Nordisk
How it makes money
Novo Nordisk sells prescription medicines through two segments. Diabetes and Obesity care is the bulk of sales: GLP-1 drugs (Ozempic, Rybelsus, Wegovy injection, the Wegovy pill launched in the US in January 2026 and Wegovy HD 7.2 mg), plus insulins such as Tresiba and NovoRapid. Rare disease covers haemophilia, growth hormone and other endocrine products.
Growth strategy
Under CEO Mike Doustdar the strategy is to cut costs (about 9,000 roles targeted in 2025, with reported headcount down further since), push volume through cheaper self-pay and oral options such as the Wegovy pill, roll out Wegovy 7.2 mg internationally, and rebuild the pipeline through deals such as the Akero Therapeutics acquisition for MASH and in-licensing agreements.
Competitive advantage
Novo Nordisk's edge is a century of peptide and insulin manufacturing know-how, large owned API and fill-finish capacity (including three former Catalent sites bought for $11B in 2024), outcomes data such as SELECT (20% lower risk of major cardiovascular events) and FLOW, and the first approved oral GLP-1 for obesity. Foundation control also lets it invest for the long term without takeover risk.
Questions about Bausch Health vs Novo Nordisk
Which company has higher revenue — Bausch Health Companies Inc. or Novo Nordisk A/S?
Bausch Health Companies Inc. had $10.3B (FY2025), while Novo Nordisk A/S had ~$47B (FY2025). By latest annual revenue, Novo Nordisk A/S 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 Novo Nordisk A/S?
Bausch Health Companies Inc.'s market capitalisation stands at $2.2B, while Novo Nordisk A/S's is $170.0B. Novo Nordisk A/S 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 Novo Nordisk A/S?
Bausch Health Companies Inc. has $506k / employee in revenue per employee, while Novo Nordisk A/S has $704k / 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 Novo Nordisk A/S make money?
Bausch Health Companies Inc. and Novo Nordisk A/S 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. Novo Nordisk A/S: Novo Nordisk sells prescription medicines through two segments.
Which company is valued higher relative to revenue — Bausch Health Companies Inc. or Novo Nordisk A/S?
On a price-to-sales (P/S) basis, Bausch Health Companies Inc. trades at 0.2x P/S and Novo Nordisk A/S at 3.6x P/S. Novo Nordisk A/S 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 Novo Nordisk A/S?
By last reported revenue, Novo Nordisk A/S (~$47B (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 Novo Nordisk overview