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Bausch Health (BHC) investor relations material
Bausch Health Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved ninth consecutive quarter of revenue and adjusted EBITDA growth, with Q2 2025 revenue up 5% year-over-year to $2.53B and net income rising to $148M from $10M in Q2 2024.
Strong double-digit revenue growth in Salix and Solta Medical; EMEA and Canada were notable contributors.
Completed $7.9B refinancing, extended major debt maturities, and announced $900M debt repayment post-quarter.
Entered agreement to acquire DURECT Corporation, expanding the hepatology pipeline.
Strategic priorities include value creation, innovation, capital structure optimization, and business development.
Financial highlights
Q2 2025 consolidated revenue: $2.53B, up 5% year-over-year; adjusted EBITDA: $842M–$871M, up 5–6%; adjusted net income: $335M.
GAAP net income: $148M (EPS $0.40) vs. $10M (EPS $0.03) in Q2 2024; operating income: $444M, up from $389M.
Cash and cash equivalents at June 30, 2025: $1.73B–$1.74B; adjusted operating cash flow: $442M.
Gross margin: 70.1–70.6% (adjusted); GAAP gross margin: 59.7%.
Weighted average interest rate on debt increased to 8.63%; total long-term debt: $21.7B.
Outlook and guidance
Full-year 2025 consolidated revenue guidance raised to $10.0–$10.25B; adjusted EBITDA to $3.485–$3.635B.
Bausch Health (excluding Bausch + Lomb) revenue guidance: $4.95–$5.10B; adjusted EBITDA: $2.625–$2.725B.
Revenue growth expected at 2–6% and adjusted EBITDA growth at 3–7% versus prior year.
Strategic focus on innovation, portfolio growth, and capital structure optimization.
Bausch + Lomb separation remains a priority, contingent on leverage and legal outcomes.
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