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Bausch Health Companies (BHC)
NYSE:BHC
Earnings Data
Report Date
Apr 30, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.7Last Year’s EPS
0.61Same Quarter Last Year
Based on 5 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a generally positive operational and financial picture: strong revenue and EBITDA growth, robust cash generation (> $1 billion adjusted operating cash flow for 2025), meaningful debt and maturity profile improvements, targeted M&A to strengthen strategic footholds (notably in China), and advancement of a promising larsucosterol Phase III program. Key negatives include the RED-C Phase III failures, one-time Q4 impacts related to Solta China integration, margin pressure (adjusted gross margin down 80 bps), a Q4 timing-related reduction in adjusted operating cash flow for the Bausch Health segment, and medium-term risks to Xifaxan from Medicare rebate changes and generic/patent litigation uncertainty that imply a likely EBITDA step-down in 2027. Overall, the positives (consistent multi-quarter growth, strong cash flow, balance sheet repair, and targeted BD/portfolio investments) outweigh the setbacks, though the company flagged clear near- and medium-term headwinds that investors should monitor.Company Guidance
Consecutive Growth Streak and Full-Year Outperformance
11th consecutive quarter of growth in both revenue and adjusted EBITDA; full year 2025 revenue (Bausch Health ex Bausch + Lomb) grew 7% reported and 6% organic year-over-year, with double-digit adjusted EBITDA growth for the full year (excluding Bausch + Lomb).
Strong Q4 Revenue and EBITDA
Consolidated Q4 revenue of $2.796 billion, up 9% year-over-year; Bausch Health (ex B&L) Q4 revenue $1.391 billion, up 9% reported. Consolidated adjusted EBITDA for Q4 was $1.52 billion, up 13% year-over-year; Bausch Health (ex B&L) Q4 adjusted EBITDA was $773 million, up 9% year-over-year.
Robust Cash Generation and Debt Reduction
Generated over $1 billion in adjusted operating cash flow for 2025; consolidated Q4 adjusted operating cash flow $515 million and Bausch Health (ex B&L) Q4 adjusted operating cash flow $362 million. Net debt reduced by approximately $320 million in Q4 and by several hundred million over the year.
Capital Structure Improvements
Completed a $1.7 billion secured debt exchange (pushing maturities ~4 years) and executed $9.6 billion of refinancing transactions in 2025; repaid a $300 million accounts receivable facility and captured $80 million of debt discounts, leaving less than $700 million of maturities outstanding through end-2027.
Commercial Strength: Salix and Solta Performance
Salix Q4 revenue $693 million, up 9% year-over-year and ahead of expectations; full-year Salix double-digit top-line growth. Solta delivered double-digit top-line growth for the full year (Solta full-year growth cited as 18%), and management expects continued double-digit growth in 2026 supported by the China distribution acquisition.
Product-Level Growth Drivers
Xifaxan grew 11% for the year; Thermage revenue grew 19%; other products such as Ryaltris and CABTREO also showed strong growth, contributing to diversified portfolio performance (three of four segments grew revenue in 2025 and three improved profitability).
Strategic M&A to Strengthen China Presence
Completed acquisition of Shibo (full-service aesthetics distributor) on December 1, 2025 to bring Solta's China distribution, sales and marketing fully in-house — intended to reclaim China as Solta's #1 geography and drive higher utilization and direct provider engagement.
Advancement of Larsucosterol (DURECT Acquisition)
Began enrollment in Phase III study for larsucosterol (alcohol-associated hepatitis) shortly after acquisition; Phase III is U.S.-only, ~350 patients, primary endpoint 90-day transplant-free survival, targeting effect size consistent with Phase II (DURECT observed >50% reduction in 90-day mortality in Phase II).
2026 Guidance Reflects Continued Growth
Guidance for 2026 (Bausch Health ex B&L): revenues $5.25–$5.40 billion (midpoint ≈ +3% year-over-year), adjusted EBITDA $2.875–$2.95 billion (midpoint ≈ +4%), and adjusted operating cash flow $1.20–$1.275 billion (midpoint ≈ +4%); company expects stronger growth in H1 2026 due to phasing effects.
BHC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
BHC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 18, 2026 | $6.19 | $5.93 | -4.20% |
Oct 29, 2025 | $5.90 | $6.61 | +12.03% |
Jul 30, 2025 | $6.39 | $5.89 | -7.82% |
Apr 30, 2025 | $5.30 | $5.30 | 0.00% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Bausch Health Companies (BHC) report earnings?
Bausch Health Companies (BHC) is schdueled to report earning on Apr 30, 2026, Before Open (Confirmed).
What is Bausch Health Companies (BHC) earnings time?
Bausch Health Companies (BHC) earnings time is at Apr 30, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BHC EPS forecast?
BHC EPS forecast for the fiscal quarter 2026 (Q1) is 0.7.