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what it is
Bausch sells eye-care, gut-health, skin-care, and medical-aesthetics products in about 100 countries.
how it gets paid
Last year Bausch Health Cos made $10.3B in revenue. Bausch + Lomb was the main engine at $4.92B, or 48% of sales.
why it's growing
Revenue grew 6.7% last year. Third-quarter consolidated sales of $2.68 billion rose 7% on a reported basis.
what just happened
Bausch posted $1.10 in EPS for the latest report, below the $1.24 consensus estimate by 11.3%.
At a glance
C++ balance sheet — some cracks in the foundation
80/100 earnings predictability — you can trust these numbers
1.7x trailing p/e — the market's not buying it — or you found a deal
12.5% return on capital — nothing to write home about
$4.40 fy2026 eps est
xvary composite: 25/100 — weak
What they do
Bausch sells eye-care, gut-health, skin-care, and medical-aesthetics products in about 100 countries.
This business wins by selling hard-to-replace treatments and devices across eye health, gastroenterology, and dermatology in 100 countries, according to the company profile. You do not swap out a trusted GI drug or eye-surgery tool casually. That reach helped produce $10.3 billion in annual revenue, while the Salix unit alone generated $716 million in Q3 2025.
How they make money
$10.3B
annual revenue · their business grew +6.7% last year
Bausch + Lomb
$4.92B
+6.7%
Salix
$2.75B
+7.0%
International Rx
$1.39B
+6.7%
Diversified Products
$0.70B
+6.7%
Solta Medical
$0.54B
+7.0%
The products that matter
eye health platform
Bausch + Lomb
$1.28B quarterly revenue
this segment posted $1.28B in quarterly revenue and grew 6% organically from a year ago. it's big enough that any separation plan matters to the entire equity story.
largest disclosed segment
gastrointestinal franchise
Salix / Xifaxan
$716M quarterly revenue
Salix delivered $716M in quarterly revenue, with xifaxan driving an 11% organic sales increase inside the segment. that's proof the core franchise still has life.
growth driver
medical aesthetics devices
Solta Medical
$140M quarterly revenue
Solta produced $140M in quarterly revenue and grew 24% organically, helped by South Korea. it's smaller, but it's one of the few places on the page with real acceleration.
small but moving
Key numbers
$9
18m target
The 18-month target is $9 versus a $6.91 stock price. Plain English: that is about $2.09 of upside. So what: even the near-term case only offers roughly 30%.
$20.5B
long debt
Long-term debt is $20.5 billion. Plain English: the company owes almost seven times its market cap. So what: debt, not demand, is the main character.
1.7x
trailing p/e
Trailing P/E → price-to-earnings ratio → how much investors pay for each dollar of profit. So what: 1.7x says the market thinks those profits are risky.
17.7%
op margin
Operating margin → profit after running the business, before interest and taxes → how much the core business keeps. So what: the operations work better than the stock price suggests.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $20.5B (89% of capital)
- net profit margin 16.0% — keeps 16 cents of every dollar in revenue
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
You invested $10,000 in BHC 3 years ago → it's now worth $8,940.
The index would have given you $13,920.
source: institutional data · total return
What just happened
missed estimates
Bausch posted $1.10 in EPS for the latest report, below the $1.24 consensus estimate by 11.3%.
The quarter missed estimates even as the business kept growing. Q3 2025 consolidated sales were $2.68 billion, up 7% reported, while full-year EPS in the quarterly history reached $4.00 versus $3.79 in 2024.
$10.3B
revenue
$1.10
eps
17.7%
operating margin
the number that mattered
The key number was the 11.3% EPS miss, because this stock already trades like investors do not trust the earnings stream.
-
bausch health achieved respectable revenue and adjusted ebitda growth in the september period.
-
third-quarter consolidated sales of $2.68 billion rose 7% on a reported basis, vs. prior year, and 5% organically (adjusted for foreign exchange, acquisitions, divestitures and discontinuations).
-
the salix segment continues to lead the charge, registering $716 million in revenue on the strength of xifaxan, which drove an 11% organic sales increase within the segment.
-
meanwhile, the solta medical segment reported revenues of $140 million, led by ongoing strength in south korea that drove a 24% organic top-line increase.
-
finally, the bausch & lomb (b+l) segment posted revenues of $1.28 billion, representing a steady 6% organic increase over the prior-year period.
source: company earnings report, 2026
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What could go wrong
the #1 risk is the debt stack overwhelming an otherwise profitable business.
med
leverage stays the headline
Long-term debt is $20.5B, which is 89% of capital, against a market cap of roughly $3B. That means even decent operating performance can be swallowed by financing pressure.
This risk sits above the entire equity story. If the debt does not come down, the low multiple can stay low.
med
product concentration around xifaxan and other key brands
Management leans on a few products for 55% of revenue. Xifaxan is the name that keeps showing up, and concentration works both ways.
When a few products support more than half of a $10.3B revenue base, any setback hits harder than the headline revenue line suggests.
med
Bausch + Lomb overhang and separation complexity
The page already points to a pending Bausch + Lomb separation that keeps getting delayed, while a securities-fraud investigation has added another layer of noise around the asset.
Bausch + Lomb posted $1.28B of quarterly revenue. Any delay, dispute, or governance issue tied to that asset matters to a large part of the operating story.
Put it together and you get a company with $10.3B in revenue, 15.5% net margins, and a debt stack that still dominates the investment case.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
whether revenue stays above $10B
The business produced $10.3B last year and the fy2026 estimate is roughly $10B. Holding that line keeps the turnaround argument intact.
risk
debt reduction, not just debt management
$20.5B of long-term debt and 89% debt in the capital structure is too large to ignore. You want to see actual progress, not just survivable quarters.
trend
xifaxan-led growth inside Salix
Salix posted $716M in quarterly revenue and xifaxan drove an 11% organic increase. If that cools off, the concentration risk gets louder.
calendar
the next update on Bausch + Lomb separation plans
The market keeps waiting for cleaner structure around the asset. Delays are not neutral when the stock already trades like a trust problem.
Analyst rankings
risk profile
high risk
stability score 5 means real drawdown risk. in human-speak, this is not a stock you own for a calm ride.
earnings predictability
80 / 100
The business has been more predictable than the share price. That's unusual, and it tells you the market's argument is mostly about leverage.
source: institutional data
Institutional activity
institutions have been net buying for 2 consecutive quarters — 88 buyers vs. 87 sellers in 3q2025. total institutional holdings: 0.2B shares. net buying for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$4
$14
$7
current price
$9
target midpoint · +30% from current · 3-5yr high: $14 (+105% · 19% ann'l return)
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