Bausch Health (BHC) Q4 2024 earnings summary

Executive summary

• Achieved seventh consecutive quarter of revenue and adjusted EBITDA growth, delivering results at or above 2024 guidance with strong operational execution and cash flow generation.

• All business segments delivered revenue and segment profit growth for the full year, with notable strength in Salix, Solta Medical, and Bausch + Lomb.

• Strategic priorities included growth, innovation, operational efficiency, value creation, and continued focus on separating the eye health business.

• 2024 marked significant progress on people, growth, innovation, efficiency, and unlocking value.

• GAAP net income for Q4 was $93 million; full-year GAAP net loss was $46 million, a significant improvement from prior year.

Financial highlights

• Full-year consolidated revenue was $9.63 billion, up 10% reported and 8% organic; Q4 revenue was $2.56 billion, up 6% reported and 9% organic.

• Adjusted EBITDA for the year was $3.31 billion, up 10% year-over-year; Q4 adjusted EBITDA was $935 million, up 8%.

• Adjusted operating cash flow for 2024 was $1.57 billion, more than doubling year-over-year; cash from operating activities was $1.60 billion.

• Net debt reduced by $990 million in 2024; cash and equivalents at year-end totaled $1.2 billion.

• Adjusted gross margin for the year was 71.9%, up 90 basis points from 2023.

Outlook and guidance

• 2025 revenue guidance: $9.90–$10.15 billion; Bausch + Lomb and BHC (excl. B+L) each guided to ~$5 billion.

• 2025 adjusted EBITDA guidance: $3.525–$3.675 billion, representing 2–6% growth over prior year.

• Adjusted operating cash flow expected between $975 million and $1.03 billion, reflecting normalization after one-time 2024 benefits.

• Management expresses confidence in continued momentum and strong profit/cash flow performance into 2025.