Bausch Health (BHC) Q3 2024 earnings summary

Executive summary

• Achieved sixth consecutive quarter of year-over-year growth in both revenue and Adjusted EBITDA, with all segments delivering organic growth and segment profit increases.

• Third quarter consolidated revenues reached $2.51 billion, up 12% year-over-year, with growth in all segments.

• Consolidated GAAP net loss attributable to shareholders improved to $85 million from $378 million in Q3 2023, mainly due to better operating results and lower impairment charges.

• Raised full-year 2024 guidance for revenue, Adjusted EBITDA, and adjusted operating cash flow, reflecting strong execution and strategic progress.

• Continued focus on innovation, operational excellence, and value creation, including leveraging AI, expanding R&D initiatives, and progressing on the Bausch + Lomb separation.

Financial highlights

• Q3 2024 consolidated revenue: $2.51 billion, up 12% year-over-year; organic revenue up 9%.

• Adjusted EBITDA: $909 million, up 10% from Q3 2023.

• Adjusted net income: $415 million, up from $377 million in Q3 2023.

• Cash from operating activities: $405 million in Q3 2024, up from $281 million in Q3 2023.

• YTD 2024 revenue up 11% to $7,066 million; YTD adjusted EBITDA up 11% to $2,372 million.

Outlook and guidance

• Full-year 2024 revenue guidance raised to $9.5–$9.675 billion (organic growth 4–6%).

• Adjusted EBITDA guidance increased to $3.275–$3.375 billion; adjusted operating cash flow to $975–$1,025 million.

• Adjusted gross margin guidance increased to approximately 81%.

• Bausch + Lomb segment revenue guidance: $4.725–$4.825 billion.