second quarter 2026
Filed Jul 29, 2026Bausch Health announced second quarter 2026 consolidated revenues of $2.85 billion, up 13% on a Reported basis, and raised full-year 2026 guidance.
Revenue growth was broad-based, consolidated operating income and net income increased substantially, adjusted EBITDA grew 28%, operating cash flow increased 132%, and the Company raised full-year revenue, adjusted EBITDA, and adjusted cash flows from operations guidance for Bausch Health excluding Bausch + Lomb.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total Bausch Health RevenuesGAAP | $2.85 billion | – | 13% |
| Total Bausch Health revenue change at constant currencynon-GAAP | 12% | – | – |
| Total Bausch Health organic revenue changenon-GAAP | 11% | – | – |
| Bausch Health excluding Bausch + Lomb revenuesGAAP | $1,458 million | – | 16% |
| Bausch Health excluding Bausch + Lomb revenue change at constant currencynon-GAAP | 15% | – | – |
| Bausch Health excluding Bausch + Lomb organic revenue changenon-GAAP | 13% | – | – |
| Consolidated operating incomeGAAP | $740 million | – | – |
| Consolidated net income attributable to Bausch HealthGAAP | $258 million | – | – |
| GAAP net incomeGAAP | $260 million | – | – |
| Consolidated adjusted net income attributable to Bausch Healthnon-GAAP | $476 million | – | – |
| Consolidated earnings per share attributable to Bausch Health, dilutedGAAP | $0.68 | – | – |
| Consolidated adjusted earnings per share attributable to Bausch Healthnon-GAAP | $1.26 | – | 40% |
| Consolidated adjusted EBITDA attributable to Bausch Healthnon-GAAP | $1,075 million | – | 28% |
| Cash provided by operating activitiesGAAP | $671 million | – | 132% |
| Adjusted Cash Flows from Operations, Bausch Health excluding Bausch + Lombnon-GAAP | $471 million | – | – |
| Cash and cash equivalentsGAAP | $1,825 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Salix segmentSegment revenues increased 21% on an organic basis compared with the second quarter of 2025. Xifaxan® was the primary contributor to growth, with 26% revenue growth in the second quarter of 2026. | $758 million | – | 21% |
| International segmentExcluding the impact of foreign exchange of $12 million, segment revenues grew 5% on an organic basis compared with the second quarter of 2025, with strong execution across LATAM and EMEA more than offsetting softer results in Canada. | $305 million | – | 10% |
| Solta Medical segmentGrowth was aided by the acquisition of the full service distributor in China. Excluding a $1 million favorable impact from foreign exchange and acquisitions of $32 million, segment revenues increased by 12% on an organic basis, led by growth in APAC including South Korea, China and Taiwan. | $176 million | – | 38% |
| Diversified segmentSegment revenues were flat on an organic basis compared with the second quarter of 2025. Results in the Neuroscience business balanced softer performance in Dermatology, Generics, and Dentistry. | $219 million | – | — % |
| Bausch + Lomb segmentExcluding the impact of foreign exchange of $12 million, acquisitions of $3 million and divestitures and discontinuations of $5 million, segment revenues increased 8% on an organic basis compared with the second quarter of 2025. | $1,394 million | – | 9% |
full-year 2026 outlook
- RevenueBHC: $10.790 - $11.040 billion
- NoteBHC excluding Bausch + Lomb Revenues: $5.350 - $5.500 billion
- NoteBausch + Lomb Revenues: $5.440 - $5.540 billion
- NoteRevenue growth vs. Prior Year: 4% - 6%
- NoteBHC Adjusted EBITDA (non-GAAP): $4.050 - $4.175 billion
- NoteBHC excluding Bausch + Lomb Adjusted EBITDA (non-GAAP): $3.025 - $3.100 billion
- NoteBausch + Lomb Adjusted EBITDA (non-GAAP): $1.025 - $1.075 billion
- NoteAdjusted EBITDA growth vs. Prior Year: 8% - 11%
- NoteBHC excluding Bausch + Lomb Adjusted Cash Flows from Operations (non-GAAP): $1.400 - $1.475 billion
What drove it
- Total consolidated reported revenues increased $322 million, or 13%, with organic revenue growth of 11%.
- Bausch Health excluding Bausch + Lomb delivered its thirteenth consecutive quarter of year-over-year revenue growth, with reported revenue growth of 16% and organic revenue growth of 13%.
- Salix growth was primarily driven by Xifaxan® revenue growth of 26%.
- Solta Medical growth included the acquisition of the full service distributor in China and APAC growth including South Korea, China and Taiwan.
- Consolidated operating income increased primarily due to results in the Salix, Bausch + Lomb, and Solta Medical segments.
- Adjusted net income increased primarily due to higher revenues.
Concerns
- International segment organic revenue growth was 5%, as strong execution across LATAM and EMEA more than offset softer results in Canada.
- Diversified segment revenue was flat, with Neuroscience balancing softer performance in Dermatology, Generics, and Dentistry.
- The Company cited uncertainty from the evolving landscape of tariffs, retaliatory tariffs and other trade protectionist measures, and stated that impacts could be adverse.
- The Company does not provide a reconciliation of forward-looking Adjusted EBITDA or Adjusted Cash Flows from Operations to GAAP measures because adjustments may be material and cannot be forecast with reasonable certainty.
What to watch
- Delivery against full-year 2026 BHC revenue guidance of $10.790 - $11.040 billion and adjusted EBITDA guidance of $4.050 - $4.175 billion.
- Delivery against Bausch Health excluding Bausch + Lomb revenue guidance of $5.350 - $5.500 billion, adjusted EBITDA guidance of $3.025 - $3.100 billion, and adjusted cash flows from operations guidance of $1.400 - $1.475 billion.
- The trajectory of Salix and Xifaxan® growth, International performance in Canada, and the organic contribution from Solta Medical after the China distributor acquisition.
- The direct and indirect effects of tariffs and related trade measures.
- The Company's evaluation of options for unlocking shareholder value, including maximizing the value of its Bausch Health and Bausch + Lomb assets.
Balance sheet and cash flow
- Cash provided by operating activities was $671 million in the second quarter of 2026, compared with $289 million in the second quarter of 2025.
- Bausch Health excluding Bausch + Lomb generated $471 million in Adjusted Cash Flows from Operations (non-GAAP).
- Consolidated cash and cash equivalents were $1,825 million as of June 30, 2026, compared with $1,309 million as of December 31, 2025.
- The Company stated that it materially improved its debt maturity profile following major refinancing initiatives in the prior twelve-month period.
Analysis
Bausch Health reported a strong second quarter, with consolidated revenue of $2.85 billion versus $2.53 billion in the prior-year period. Reported growth was 13%, while organic revenue growth was 11%. Bausch Health excluding Bausch + Lomb grew revenue 16% on a reported basis and 13% on an organic basis, extending what the Company described as its thirteenth consecutive quarter of year-over-year revenue growth.
Growth was broad-based across the portfolio. Salix revenue increased 21%, with Xifaxan® the primary contributor and delivering 26% revenue growth. Solta Medical revenue increased 38%, aided by the China distributor acquisition, while organic revenue increased 12% and APAC contributed growth. Bausch + Lomb revenue increased 9%, with 8% organic growth. International revenue increased 10% but only 5% organically, as LATAM and EMEA execution offset softer Canada results. Diversified revenue was flat.
Profitability and cash generation improved materially. Consolidated operating income rose to $740 million from $444 million, while GAAP net income attributable to Bausch Health increased to $258 million from $148 million. Adjusted EBITDA attributable to Bausch Health increased to $1,075 million from $842 million. Cash provided by operating activities was $671 million, compared with $289 million, and Bausch Health excluding Bausch + Lomb generated $471 million in adjusted cash flows from operations.
The balance sheet showed cash and cash equivalents of $1,825 million as of June 30, 2026, compared with $1,309 million as of December 31, 2025. Management also cited a materially improved debt maturity profile after refinancing initiatives in the prior twelve-month period. No capital-return actions were reported in the provided filing text.
The Company raised its full-year 2026 guidance. BHC now expects revenue of $10.790 - $11.040 billion and adjusted EBITDA of $4.050 - $4.175 billion. Bausch Health excluding Bausch + Lomb raised revenue, adjusted EBITDA, and adjusted cash flows from operations outlook, although tariff impacts remain an explicit uncertainty. Investors should monitor the durability of Salix growth, International organic performance, Solta's post-acquisition organic contribution, and the effect of tariff developments on the updated outlook.
Management, verbatim
The second quarter marks our thirteenth consecutive quarter of year-over-year growth in Revenue and Adjusted EBITDA for Bausch Health, excluding Bausch + Lomb, reflecting the strength of our portfolio, disciplined execution, and the dedication of our teams around the world. We delivered our highest Revenue and Adjusted EBITDA growth rates in the past three years, generated our strongest Adjusted Cash Flow from Operations since Q4 2024, and reduced Net Debt by one of our largest amounts since our 2022 debt refinancing. This performance strengthens our financial flexibility and supports continued investment in our business, our pipeline, and business development opportunities. We remain focused on driving long-term value creation.
Thomas J. Appio, Chief Executive Officer, Bausch Health
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so comparison of actual results versus prior guidance is unavailable.
- Gross profit and gross margin were not reported in the provided filing text.
- Operating expenses were not reported in the provided filing text.
- Tax rate was not reported in the provided filing text.
- Total debt and net debt were not reported numerically in the provided filing text.
- Free cash flow was not reported in the provided filing text.
- Share repurchases and dividends were not reported in the provided filing text.
- Prior-quarter comparisons were not reported for the presented key metrics.
- A prior-year comparison for GAAP net income of $260 million was not reported in the provided filing text.
- A prior-year comparison for Bausch Health excluding Bausch + Lomb adjusted cash flows from operations of $471 million was not reported in the provided filing text.
AlphaAI 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.