Bausch Health vs Roche: Revenue, Profit and Business Model
Bausch Health had $10.3B of annual revenue in FY2025 and $157M of net income. Roche had ~$76B of annual revenue in FY2025 and ~$15.5B 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
Roche
- Latest annual revenue
- ~$76B (FY2025)
- Net income
- ~$15.5B
- Net margin
- 20.3%
- Revenue growth
- -1.0% 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.
Roche
Roche's 2025 group sales were ~$73.8 billion (CHF 61.5 billion), up 7% at constant exchange rates but only 2% in Swiss francs. Core operating profit grew 13% CER to ~$26.2 billion (CHF 21.8 billion), core EPS was CHF 19.46, and IFRS net income jumped to ~$16.6 billion (CHF 13.8 billion) from ~$11 billion (CHF 9.2 billion) in 2024, when impairments depressed profit. In H1 2026 core operating margin widened 1.7 points to 39.0%, while a strong franc pushed reported sales down 2%. The board raised the dividend to CHF 9.80, the 39th consecutive increase, and guided for mid-single-digit CER sales growth and high-single-digit core EPS growth in 2026. F. Hoffmann-La Roche AG is a colossal Swiss multinational healthcare company operating heavily under two massive divisions: Pharmaceuticals and Diagnostics, sustaining a market valuation generally exceeding $250 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.
Roche
- Prescription medicines
- Biologics and oncology drugs
- Diagnostic instruments
- Diagnostic reagents and tests
- Sequencing and molecular diagnostics
- Clinical data and companion diagnostics
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.
Roche
How it makes money
Roche makes money in two ways. The Pharmaceuticals Division (~$57.2 billion (CHF 47.7 billion) in 2025) sells patented medicines, mostly biologics, in oncology, neuroscience, immunology, ophthalmology and haemophilia; top growth drivers in 2025 were Phesgo, Xolair, Ocrevus, Hemlibra and Vabysmo.
Growth strategy
Roche is building a cardiovascular, renal and metabolic franchise through acquisitions of Carmot Therapeutics (2023, $2.7 billion upfront) and 89bio (2025, up to about $3.5 billion), the petrelintide partnership with Zealand Pharma, and a new Innovation Center in Boston opened in September 2026.
Competitive advantage
Roche's edge comes from three things: scale in both drugs and diagnostics, a long-horizon ownership structure, and a federated R&D model. The Hoffmann and Oeri family pool holds the majority of voting shares, which shields management from takeover pressure.
Questions about Bausch Health vs Roche
Which company has higher revenue — Bausch Health Companies Inc. or F. Hoffmann-La Roche AG?
Bausch Health Companies Inc. had $10.3B (FY2025), while F. Hoffmann-La Roche AG had ~$76B (FY2025). By latest annual revenue, F. Hoffmann-La Roche 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 F. Hoffmann-La Roche AG?
Bausch Health Companies Inc.'s market capitalisation stands at $2.2B, while F. Hoffmann-La Roche AG's is $355.0B. F. Hoffmann-La Roche 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 F. Hoffmann-La Roche AG?
Bausch Health Companies Inc. has $506k / employee in revenue per employee, while F. Hoffmann-La Roche AG has $674k / 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 F. Hoffmann-La Roche AG make money?
Bausch Health Companies Inc. and F. Hoffmann-La Roche 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. F. Hoffmann-La Roche AG: Roche makes money in two ways.
Which company is valued higher relative to revenue — Bausch Health Companies Inc. or F. Hoffmann-La Roche AG?
On a price-to-sales (P/S) basis, Bausch Health Companies Inc. trades at 0.2x P/S and F. Hoffmann-La Roche AG at 4.7x P/S. F. Hoffmann-La Roche 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 F. Hoffmann-La Roche AG?
By last reported revenue, F. Hoffmann-La Roche AG (~$76B (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 Roche overview