Bausch Health vs Unilever: Revenue, Profit and Business Model
Bausch Health reported $10.3B of revenue in FY2025 and $157M of net income. Unilever reported ~$57.1B of revenue in FY2025 and ~$10.7B of net income.
Latest financial snapshot
Bausch Health
- Latest revenue
- $10.3B (FY2025)
- Net income
- $157M
- Net margin
- 1.5%
- Revenue growth
- +0.7% a year, FY2016–FY2025
Unilever
- Latest revenue
- ~$57.1B (FY2025)
- Net income
- ~$10.7B
- Net margin
- 18.7%
- Revenue growth
- -0.5% a year, FY2016–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.
Unilever
Unilever's 2025 turnover from continuing operations was ~$57.1 billion (EUR 50.5 billion), down 3.8% in reported terms because of adverse currency moves and disposals, even as underlying sales grew 3.5% with 1.5% from volume. Free cash flow was ~$6.67 billion (EUR 5.9 billion), about $757 million (EUR 670 million) of productivity savings had been delivered by the end of 2025, and the company announced a new ~$1.69 billion (EUR 1.5 billion) share buyback. Momentum improved in 2026: first-half turnover was ~$28.9 billion (EUR 25.6 billion) (up 0.5%), underlying sales grew 4.8% with 4.2% volume, Q2 underlying growth reached 5.8%, and the underlying operating margin was 20.3%. Unilever raised its full-year outlook after the H1 2026 results.
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 | — | 0.0% | -3.9% | Source |
| FY2017 | $8.7B | — | 0.0% | -9.8% | Source |
| FY2016 | $9.7B | — | 0.0% | — | Source |
Unilever
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$57.1B | ~$10.7B | 18.7% | -3.8% | Source |
| FY2024 | ~$59.3B | ~$6.5B | 10.9% | +1.5% | Source |
| FY2023 | ~$58.4B | ~$7.3B | 12.6% | -14.0% | Source |
| FY2022 | ~$67.9B | ~$8.6B | 12.7% | +14.5% | Source |
| FY2021 | ~$59.3B | ~$6.8B | 11.5% | +3.4% | Source |
| FY2020 | ~$57.3B | ~$6.3B | 11.0% | -2.4% | Source |
| FY2019 | ~$58.7B | ~$6.4B | 10.8% | +2.0% | Source |
| FY2018 | ~$57.6B | ~$10.6B | 18.4% | -5.1% | Source |
| FY2017 | ~$60.7B | ~$6.8B | 11.2% | +1.9% | Source |
| FY2016 | ~$59.6B | ~$5.9B | 9.8% | — | 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.
Unilever
- Power Brands
78% of 2025 turnover
Dove, Vaseline, Rexona, Sunsilk, OMO, Knorr and the other Power Brands made up 78% of turnover in 2025.
- Beauty & Wellbeing
Not formally reported
One of four business groups reported after the 2025 Ice Cream demerger; it includes prestige beauty and wellbeing supplements.
- Personal Care
Not formally reported
One of the four business groups reported after the 2025 Ice Cream demerger.
- Home Care
Not formally reported
One of the four business groups reported after the 2025 Ice Cream demerger.
- Foods
Not formally reported
Largely to be combined with McCormick in a pending transaction; it includes Unilever Food Solutions for foodservice.
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.
Unilever
How it makes money
Unilever makes money by manufacturing and selling branded, repeat-purchase consumer products through supermarkets, convenience stores, pharmacies, small independent shops and e-commerce. After the 2025 Ice Cream demerger it reports four business groups: Beauty & Wellbeing, Personal Care, Home Care and Foods. Its Power Brands, such as Dove, Vaseline, Rexona, Sunsilk, OMO and Knorr, made up 78% of turnover in 2025.
Growth strategy
Under Fernando Fernandez, Unilever is concentrating investment behind about 30 Power Brands, increasing marketing spend through social and influencer channels, rotating the portfolio toward premium beauty and wellbeing (2025 deals included Dr. Squatch, Wild and Minimalist), and separating lower-growth food and ice cream assets.
Competitive advantage
Unilever's advantage is a mix of trusted brands, emerging-market distribution, local manufacturing, repeat-purchase categories, Power Brand marketing scale, and deep category knowledge in personal care, home care, beauty, and foods.
Questions about Bausch Health vs Unilever
Which company has higher revenue — Bausch Health Companies Inc. or Unilever PLC?
Bausch Health Companies Inc. reported $10.3B (FY2025), while Unilever PLC reported ~$57.1B (FY2025). By last reported revenue, Unilever PLC is the larger business, with Bausch Health Companies Inc. reporting a smaller revenue base.
What is the market cap of Bausch Health Companies Inc. vs Unilever PLC?
Bausch Health Companies Inc.'s market capitalisation stands at $2.2B, while Unilever PLC's is $132.5B. Unilever PLC carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Bausch Health Companies Inc..
Which is more financially efficient — Bausch Health Companies Inc. or Unilever PLC?
Bausch Health Companies Inc. generates $506k / employee in revenue per employee, while Unilever PLC generates $594k / employee. Unilever PLC shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Bausch Health Companies Inc. and Unilever PLC make money?
Bausch Health Companies Inc. and Unilever PLC 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. Unilever PLC: Unilever makes money by manufacturing and selling branded, repeat-purchase consumer products through supermarkets, convenience stores, pharmacies, small independent shops and e-commerce.
Which company is valued higher relative to revenue — Bausch Health Companies Inc. or Unilever PLC?
On a price-to-sales (P/S) basis, Bausch Health Companies Inc. trades at 0.2x P/S and Unilever PLC at 2.3x P/S. Unilever PLC 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 Unilever PLC?
By last reported revenue, Unilever PLC (~$57.1B (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 Unilever overview