Bausch Health (BHC) Q4 2025 earnings summary

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.