Bausch Health vs Visa: Revenue, Profit and Business Model
Bausch Health reported $10.3B of revenue in FY2025 and $157M of net income. Visa reported $40B of revenue in FY2025 and $20.1B 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
Visa
- Latest revenue
- $40B (FY2025)
- Net income
- $20.1B
- Net margin
- 50.1%
- Revenue growth
- +11.4% 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.
Visa
Visa's fiscal year ends September 30. Fiscal 2025 net revenue was USD 40.0 billion, up 11% from USD 35.9 billion in fiscal 2024, and GAAP net income was USD 20.1 billion. Growth continued in fiscal 2026: in the third quarter (April to June 2026) net revenue rose 14% to USD 11.6 billion, quarterly payments volume passed USD 4 trillion for the first time, and Visa returned USD 6.2 billion to shareholders through buybacks and dividends. Fiscal 2026 full-year results are due in late October 2026.
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 |
Visa
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $40B | $20.1B | 50.1% | +11.3% | Source |
| FY2024 | $35.9B | $19.7B | 55.0% | +10.0% | Source |
| FY2023 | $32.7B | $17.3B | 52.9% | +11.4% | Source |
| FY2022 | $29.3B | $15B | 51.0% | +21.6% | Source |
| FY2021 | $24.1B | $12.3B | 51.1% | +10.3% | Source |
| FY2020 | $21.8B | $10.9B | 49.7% | -4.9% | Source |
| FY2019 | $23B | $12.1B | 52.6% | +11.5% | Source |
| FY2018 | $20.6B | $10.3B | 50.0% | +12.3% | Source |
| FY2017 | $18.4B | $6.7B | 36.5% | +21.7% | Source |
| FY2016 | $15.1B | $6B | 39.7% | — | 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.
Visa
- Service revenue
- Data processing revenue
- International transaction revenue
- Value-added services
- Visa Direct
- Fraud and risk tools
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.
Visa
How it makes money
Visa earns fees from the banks and other clients that use its network, not interest from cardholders. Its reported revenue lines are service revenue (based on payments volume), data processing revenue (based on transactions authorized, cleared and settled over VisaNet), international transaction revenue (cross-border and currency conversion activity) and other revenue, including value-added services such as fraud and…
Growth strategy
Visa's growth strategy is to expand credentials, increase digital acceptance, grow cross-border and e-commerce volume, sell more value-added services, scale Visa Direct, support tap-to-pay and tokenized commerce, and embed Visa capabilities inside fintech and banking platforms.
Competitive advantage
Visa's moat is a three-sided network effect. Consumers use Visa because merchants accept it, merchants accept Visa because consumers carry it, and banks issue Visa credentials because both sides already participate. The company also has fraud data, global rules, brand trust, dispute standards, token infrastructure, and bank relationships built across decades. A competitor cannot simply copy the software;
Questions about Bausch Health vs Visa
Which company has higher revenue — Bausch Health Companies Inc. or Visa Inc.?
Bausch Health Companies Inc. reported $10.3B (FY2025), while Visa Inc. reported $40.0B (FY2025). By last reported revenue, Visa Inc. 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 Visa Inc.?
Bausch Health Companies Inc.'s market capitalisation stands at $2.2B, while Visa Inc.'s is $676.0B. Visa Inc. 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 Visa Inc.?
Bausch Health Companies Inc. generates $506k / employee in revenue per employee, while Visa Inc. generates $1.17M / employee. Visa Inc. 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 Visa Inc. make money?
Bausch Health Companies Inc. and Visa Inc. 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. Visa Inc.: Visa earns fees from the banks and other clients that use its network, not interest from cardholders.
Which company is valued higher relative to revenue — Bausch Health Companies Inc. or Visa Inc.?
On a price-to-sales (P/S) basis, Bausch Health Companies Inc. trades at 0.2x P/S and Visa Inc. at 16.9x P/S. Visa Inc. 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 Visa Inc.?
By last reported revenue, Visa Inc. ($40.0B (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 Visa overview