BAUSCH HEALTH ANNOUNCES THIRD QUARTER 2026 RESULTS, RAISES GUIDANCE
Bausch Health Companies Inc. (BHC) filed an SEC Form 8-K — Results of Operations and Financial Condition. Investor Contact: Media Contact: Garen Sarafian Alexis Navratil ir@bauschhealth.com corporate.communications@bauschhealth.com (877) 281-6642 (toll free) (848) 264-0934 BAUSCH HEALTH ANNOUNCES THIRD QUARTER 2026 RESULTS, RAISES GUIDANCE • Third Quarter Consolidated Revenues of $2.
How this was made
The 30-second read
Why it matters
The earnings beat and raised outlook provide fresh material for traders, likely prompting buying interest.
Market read
The new guidance and strong quarterly performance are material for the stock and its sector.
What to watch
Potential headwinds from foreign exchange volatility and integration costs of recent acquisitions
Bausch Health Announces Third Quarter 2026 Results, Raises Guidance
Consolidated revenue increased 10%, GAAP net income attributable to Bausch Health increased to $436 million from $179 million, adjusted EBITDA attributable to Bausch Health increased to $1,305 million from $986 million, and the Company raised full-year revenue, adjusted EBITDA and adjusted cash flows from operations guidance for Bausch Health excluding Bausch + Lomb.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total consolidated revenues, three months ended September 30, 2026GAAP | $2.94B | – | 10% |
| Total consolidated revenues, nine months ended September 30, 2026GAAP | $8.32B | – | 11% |
| Product sales, three months ended September 30, 2026GAAP | $2.91B | – | – |
| Other revenues, three months ended September 30, 2026GAAP | $29M | – | – |
| Operating income, three months ended September 30, 2026GAAP | $983M | – | – |
| Operating income, nine months ended September 30, 2026GAAP | $773M | – | – |
| Net income, three months ended September 30, 2026GAAP | $446M | – | – |
| Net income attributable to Bausch Health Companies Inc., three months ended September 30, 2026GAAP | $436M | – | – |
| Net income attributable to Bausch Health Companies Inc., nine months ended September 30, 2026GAAP | −$729M | – | – |
| Adjusted net income attributable to Bausch Health Companies Inc., three months ended September 30, 2026non-GAAP | $673M | – | – |
| Adjusted net income attributable to Bausch Health Companies Inc., nine months ended September 30, 2026non-GAAP | $1.45B | – | – |
| Diluted earnings per share attributable to Bausch Health Companies Inc., three months ended September 30, 2026GAAP | $1.15 | – | – |
| Adjusted earnings per share attributable to Bausch Health Companies Inc., three months ended September 30, 2026non-GAAP | $1.77 | – | 53% |
| Diluted earnings per share attributable to Bausch Health Companies Inc., nine months ended September 30, 2026GAAP | $ (1.95) | – | – |
| Adjusted earnings per share attributable to Bausch Health Companies Inc., nine months ended September 30, 2026non-GAAP | $ 3.81 | – | – |
| Adjusted EBITDA attributable to Bausch Health Companies Inc., three months ended September 30, 2026non-GAAP | $1.30B | – | – |
| Adjusted EBITDA attributable to Bausch Health Companies Inc., nine months ended September 30, 2026non-GAAP | $3.22B | – | – |
| Cash provided by operating activities, three months ended September 30, 2026GAAP | $813M | – | 101% |
| Cash provided by operating activities, nine months ended September 30, 2026GAAP | $1.71B | – | – |
| Adjusted cash flows from operations, three months ended September 30, 2026non-GAAP | $782M | – | – |
| Adjusted cash flows from operations, nine months ended September 30, 2026non-GAAP | $1.79B | – | – |
| Cost of goods sold excluding amortization and impairments of intangible assets, three months ended September 30, 2026GAAP | $721M | – | – |
| Selling, general and administrative, three months ended September 30, 2026GAAP | $834M | – | – |
| Research and development, three months ended September 30, 2026GAAP | $141M | – | – |
| Provision for income taxes, three months ended September 30, 2026GAAP | $151M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Salix segmentXifaxan® was the primary contributor to growth, with 16% revenue growth in the third quarter of 2026. | $831M | – | 16% reported; 14% organic |
| International segmentLed by Canada. | $299M | – | 5% reported; 4% organic |
| Solta Medical segmentReported growth was aided by the acquisition of the full service distributor in China; the Asia Pacific region decreased modestly on an organic basis. | $165M | – | 18% reported; (4%) organic |
| Diversified segmentOrganic revenue growth was primarily driven by double-digit growth in Dermatology. | $271M | – | 5% reported; 5% organic |
| Bausch + Lomb segmentNo specific segment driver was stated. | $1.38B | – | 7% reported; 7% organic |
| Bausch + Lomb Vision CareNo specific subsegment driver was stated. | $774M | – | 5% reported; 5% organic |
| Bausch + Lomb SurgicalNo specific subsegment driver was stated. | $234M | – | 9% reported; 8% organic |
| Bausch + Lomb PharmaceuticalsNo specific subsegment driver was stated. | $367M | – | 11% reported; 11% organic |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
full year 2026, current guidance as of October 28, 2026 outlook
- RevenueBHC: $10.975 - $11.175 billion; BHC (excl. B+L): $5.525 - $5.625 billion; B+L: $5.450 - $5.550 billion
- NoteBHC revenue growth vs. prior year: 7% - 9%
- NoteBHC adjusted EBITDA: $4.315 - $4.415 billion
- NoteBHC (excl. B+L) adjusted EBITDA: $3.225 - $3.275 billion
- NoteB+L adjusted EBITDA: $1.090 - $1.140 billion
- NoteBHC adjusted EBITDA growth vs. prior year: 12% - 14%
- NoteBHC (excl. B+L) adjusted cash flows from operations: $1.600 - $1.675 billion
Capital returns
- Board of Directors authorized a $50 million share repurchase program, with the primary objective of offsetting dilution associated with the anticipated vesting of management equity awards in 2027.
What drove it
- Total consolidated reported revenue increased $260 million, or 10%, to $2.94 billion; acquisitions contributed $37 million and divestitures and discontinuations contributed $11 million to the organic-revenue reconciliation.
- Bausch Health excluding Bausch + Lomb generated 12% reported revenue growth and 8% organic revenue growth.
- Salix grew 16% on a reported basis and 14% on an organic basis, led by Xifaxan®.
- Bausch + Lomb revenue increased 7% on both a reported and organic basis.
- Consolidated adjusted EBITDA attributable to Bausch Health increased $319 million to $1,305 million.
- The Company stated that quarterly adjusted EBITDA excluding Bausch + Lomb exceeded $1 billion for the first time, at $1,022 million.
Concerns
- Solta Medical organic revenue decreased (4%), after reported growth was aided by the acquisition of the full service distributor in China; the Asia Pacific region decreased modestly.
- Nine-month operating income was $ 773 (in millions), compared with $ 1,339 (in millions), and nine-month net loss attributable to Bausch Health Companies Inc. was $ (729) (in millions), compared with net income of $ 269 (in millions).
- The Company recorded $ 1,426 (in millions) of goodwill impairments during the nine months ended September 30, 2026.
- Total long-term debt and other was $20,637 million as of September 30, 2026.
- The Company cited uncertainty surrounding tariffs, retaliatory tariffs and other trade protectionist measures, stating that there can be no assurance their impacts will not be adverse.
What to watch
- Delivery against full-year BHC revenue guidance of $10.975 - $11.175 billion and adjusted EBITDA guidance of $4.315 - $4.415 billion.
- Delivery against Bausch Health excluding Bausch + Lomb adjusted cash flows from operations guidance of $1.600 - $1.675 billion.
- Whether Salix and Xifaxan® continue to support organic revenue growth.
- Solta Medical organic revenue performance and the Asia Pacific region.
- Cash generation, debt reduction and management of the debt maturity profile.
- Progress in evaluating options to unlock shareholder value, including maximizing the value of Bausch Health and Bausch + Lomb assets.
Balance sheet and cash flow
- Cash and cash equivalents were $2,485 million as of September 30, 2026, compared with $1,309 million as of December 31, 2025.
- Total long-term debt and other, net of premiums, discounts and issuance costs was $20,168 million as of September 30, 2026, compared with $20,232 million as of December 31, 2025.
- Total long-term debt and other was $20,637 million as of September 30, 2026, compared with $20,817 million as of December 31, 2025.
- Cash provided by operating activities was $813 million for the three months ended September 30, 2026, compared with $405 million for the three months ended September 30, 2025.
- Bausch Health excluding Bausch + Lomb generated $581 million in cash provided by operating activities and $539 million in adjusted cash flows from operations for the three months ended September 30, 2026.
Analysis
Bausch Health reported a strong third quarter. Consolidated revenue was $2.94 billion, up 10% from $2.68 billion, with 8% organic growth. Growth was broad across the reported segments, including 16% reported growth at Salix, 5% at International, 5% at Diversified and 7% at Bausch + Lomb. Salix was led by Xifaxan®, while Diversified benefited from double-digit Dermatology growth.
Profitability improved materially in the quarter. GAAP operating income increased to $983 million from $619 million, GAAP net income attributable to Bausch Health increased to $436 million from $179 million, and diluted GAAP EPS increased to $1.15 from $0.48. Adjusted net income attributable to Bausch Health was $673 million versus $434 million, adjusted EPS was $1.77 versus $1.16, and adjusted EBITDA attributable to Bausch Health increased to $1,305 million from $986 million. Bausch Health excluding Bausch + Lomb produced $1,022 million of adjusted EBITDA, its first quarter above $1 billion.
Mix and underlying growth require attention. Solta Medical reported 18% revenue growth, but organic revenue declined (4%) because the reported result was aided by the acquisition of the full service distributor in China and the Asia Pacific region decreased modestly. In contrast, Bausch + Lomb posted 7% reported and organic growth, with Pharmaceuticals growing 11% reported and organic, Surgical growing 9% reported and 8% organic, and Vision Care growing 5% reported and organic.
Cash generation was substantial. Consolidated cash provided by operating activities rose to $813 million from $405 million, while adjusted cash flows from operations were $782 million compared with $508 million. Cash and cash equivalents rose to $2,485 million from $1,309 million at December 31, 2025. Total long-term debt and other was $20,637 million at September 30, 2026, compared with $20,817 million at year end. The Board also authorized a $50 million share repurchase program intended primarily to offset anticipated management-equity-award dilution in 2027.
Management raised full-year 2026 guidance. Consolidated revenue guidance is $10.975 - $11.175 billion, with adjusted EBITDA guidance of $4.315 - $4.415 billion. Bausch Health excluding Bausch + Lomb guided revenue of $5.525 - $5.625 billion, adjusted EBITDA of $3.225 - $3.275 billion and adjusted cash flows from operations of $1.600 - $1.675 billion. The release also identifies tariff-related uncertainty, and the nine-month results include a $ 1,426 (in millions) goodwill impairment, leaving year-to-date GAAP operating income and net income below the prior-year period despite third-quarter momentum.
Management, verbatim
Bausch Health, excluding Bausch + Lomb, delivered another solid quarter, marking fourteen consecutive quarters of year-over-year Revenue and Adjusted EBITDA growth. We also achieved an important milestone, with quarterly Adjusted EBITDA, excluding Bausch + Lomb, exceeding $1 billion for the first time. Our performance reflects disciplined execution across the portfolio, with healthy cash generation supporting more than $500 million of net debt reduction during the quarter. These results give us confidence to again raise our full year 2026 guidance. We remain focused on operational excellence, sustainable growth, and long-term value creation.
Thomas J. Appio, Chief Executive Officer, Bausch Health
Not in the filing
stated, not guessed- Gross margin was not reported.
- Free cash flow was not reported.
- GAAP tax rate was not reported.
- Quarter-over-quarter comparisons were not reported.
- Prior-quarter financial metrics were not reported.
- Dividend information was not reported.
- Previous-release outlook was not provided, so comparison of actual results with prior guidance is unavailable.
- A reconciliation of forward-looking adjusted EBITDA and adjusted cash flows from operations to GAAP measures was not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Bausch Health Companies Inc. filed a Form 8‑K reporting Q3 2026 results and announced raised full‑year guidance along with a $50 million share repurchase program.
Ticker impact
raised guidance for full-year 2026 after reporting strong Q3 2026 results
likely upward pressure as investors price in higher full-year outlook
Q3 revenue up 10% YoY, adjusted EBITDA up 32%, and a $50M share repurchase program signal confidence, prompting buyers to target the stock
Market effects
Positive earnings may lift the broader specialty pharma sector
Boosts sentiment for North American healthcare stocks
Limited to investors tracking US-listed pharma companies
Counterpoint
If the guidance raise is already priced in, the stock could face a short-term pullback
Key entities
- companyBausch Health Companies Inc.
US‑listed specialty pharma firm