Bausch Health (BHC) Q1 2025 earnings summary

Executive summary

• Achieved eighth consecutive quarter of year-over-year revenue and adjusted EBITDA growth, with Q1 2025 consolidated revenue up 5% to $2.26 billion and adjusted EBITDA (excluding Bausch + Lomb) up 14% year-over-year.

• Net loss attributable to Bausch Health was $58 million, an improvement from $64 million in Q1 2024, mainly due to lower interest expense and higher revenues.

• Completed $7.9 billion refinancing in April 2025, extending debt maturities and enhancing financial flexibility.

• Maintained full-year 2025 revenue and adjusted EBITDA guidance; adjusted operating cash flow guidance was lowered due to higher interest expense.

• Received favorable court ruling in the Norwich case, supporting Xifaxan exclusivity.

Financial highlights

• Q1 2025 consolidated revenue was $2.26 billion, up 5% reported and 6% organic year-over-year.

• Adjusted EBITDA (excluding Bausch + Lomb) was $576 million, up 14% year-over-year; total adjusted EBITDA was $661 million, nearly flat year-over-year.

• Adjusted operating cash flow was $110 million, down from $181 million in Q1 2024, reflecting timing of outflows.

• GAAP net loss was $58 million, improved by $6 million year-over-year.

• Cash and cash equivalents were $1.13 billion as of March 31, 2025.

Outlook and guidance

• Full-year 2025 revenue guidance: $9.95–$10.2 billion; adjusted EBITDA: $3.475–$3.625 billion.

• Bausch Health (excluding Bausch + Lomb) revenue guidance: $4.95–$5.10 billion; adjusted EBITDA: $825–$875 million.

• Bausch + Lomb revenue guidance: $5.0–$5.1 billion; adjusted EBITDA: $850–$900 million.

• Adjusted operating cash flow guidance lowered to $825–$875 million due to higher interest expense.

• Strategic priorities include asset value growth, unlocking shareholder value, and capital structure optimization.