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Bausch Health (BHC) investor relations material
Bausch Health Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved eleventh consecutive quarter of revenue and adjusted EBITDA growth, with full-year results exceeding guidance on all key metrics and double-digit segment profit growth in Salix and Diversified segments in Q4 2025.
Completed acquisitions of DURECT Corporation and Shibo's aesthetics distribution business in China, supporting international expansion.
Reduced net debt by $318M in Q4 2025 and $562M for FY25, with $9.6B in total refinancing to enhance financial flexibility.
Financial highlights
Q4 consolidated revenue was $2.80B (+9% YoY); full-year revenue $10.27B (+7% YoY); organic growth was 6% for Q4 and 5% for the year.
Q4 adjusted EBITDA was $1.05B (+13% YoY); full-year adjusted EBITDA $3.54B (+7% YoY).
Q4 adjusted operating cash flow was $515M; full-year adjusted cash flow from operations was $1.60B.
Adjusted gross margin for Q4 was 71.6%; full-year adjusted gross margin was 71.3%.
Q4 GAAP net loss was $112M (EPS: -$0.30); full-year GAAP net income was $157M (EPS: $0.42).
Outlook and guidance
2026 consolidated revenue guidance: $10.625B–$10.875B (2–5% growth); adjusted EBITDA: $3.875B–$4.0B (3–5% growth); adjusted operating cash flow: $1.2B–$1.275B.
Excluding Bausch + Lomb, 2026 net revenue guidance: $5.25B–$5.4B; adjusted EBITDA: $2.0B–$2.1B.
Stronger growth anticipated in H1 2026 due to temporary 2025 benefits; average EBITDA for 2026 and 2027 projected to be similar to 2025, with a dip expected in 2027 due to pricing and LOE events.
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