Bausch Health Companies Stock Earnings Reports

Bausch Health (ex-Bausch & Lomb) reported a strong Q1 2026: revenue of $2.524B consolidated (ex-BL revenue $1.28B, +14% reported / +9% organic) and adjusted EBITDA for the company (ex-BL) of $673M (+17% YoY). This marks the 12th consecutive quarter of year-over-year revenue and adjusted EBITDA growth for Bausch Health (ex-BL). Key commercial drivers were Salix (notably Xifaxan: +21% YoY, continued prescription growth) and Solta (revenues +51% reported; strong China performance aided by the December 2025 Shibo acquisition and heavy volume/pricing uplift). Adjusted gross margin expanded and adjusted operating cash flow improved materially (adjusted operating cash flow ex-BL $319M, nearly $200M higher YoY). Net debt (ex-BL) fell by roughly $150M in the quarter despite legacy litigation outflows. Management reaffirmed full-year 2026 guidance for Bausch Health (ex-BL): revenue $5.25–5.40B, adjusted EBITDA $2.875–2.95B, and adjusted operating cash flow $1.20–1.275B (guidance includes anticipated new pharma tariffs effective Sept 29, 2026). R&D and BD focus: advancing larsucosterol Phase III (alcohol-associated hepatitis) after acquiring DURECT, prioritizing late-stage/commercial-ready assets aligned with existing commercial capabilities, and expanding AI-driven commercial and R&D tools. Key risks/near-term considerations called out by management: potential generic entry for Xifaxan (Teva first filer with FDA approval; company planning around exclusivity through 1/1/2028 but preparing contingencies), tariff impacts (minimal in 2026 per management; noted in guidance), and the need to monitor gross-to-net adjustments tied to policy changes (e.g., IRA effects). Overall tone: disciplined capital allocation (deleveraging priority), selective BD, continued commercial execution and confidence in delivering 2026 guidance.