Recent Insider Transactions Derivative • May 22
Independent Director exercised options to buy US$297k worth of stock. On the 18th of May, Amy Wechsler exercised options to buy 54k shares at a strike price of around US$5.34, costing a total of US$290k. This transaction amounted to 51% of their direct individual holding at the time of the trade. Since June 2025, Amy's direct individual holding has increased from 42.14k shares to 106.60k. Company insiders have collectively bought US$5.3m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • May 21
Bausch Health Companies Inc. Elects Eiry W. Roberts as Board Member and Chair of Science and Technology Committee Bausch Health Companies Inc. announced that shareholders elected Eiry W. Roberts, M.D as a new director at its 2026 Annual Meeting of Shareholders held on May 19, 2026. Dr. Roberts brings extensive pharmaceutical leadership experience, including expertise in clinical development, medical strategy and business development, and previously served as Chief Medical Officer of Neurocrine Biosciences Inc. Dr. Roberts will serve as chair of the Science and Technology Committee. New Risk • May 06
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$305k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Negative equity (-US$1.1b). Minor Risk Significant insider selling over the past 3 months (US$305k sold). New Risk • May 05
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$1.1b This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. This is currently the only risk that has been identified for the company. Announcement • May 02
Bausch Health Companies Inc. Updates Consolidated Earnings Guidance for the Fiscal Year 2026 Bausch Health Companies Inc. updated consolidated earnings guidance for the fiscal year 2026. For the year, the company expects revenues of $10.670 Billions to $10.920 Billions. Reported Earnings • Apr 30
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: US$3.82 loss per share (further deteriorated from US$0.16 loss in 1Q 2025). Revenue: US$2.52b (up 12% from 1Q 2025). Net loss: US$1.42b (loss widened US$1.37b from 1Q 2025). Revenue exceeded analyst estimates by 4.8%. Earnings per share (EPS) missed analyst estimates significantly. Revenue is expected to decline by 2.2% p.a. on average during the next 3 years, while revenues in the Pharmaceuticals industry in the US are expected to grow by 8.6%. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 28
Consensus EPS estimates fall by 62% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from US$1.49 to US$0.573 per share. Revenue forecast steady at US$10.7b. Net income forecast to grow 40% next year vs 14% decline forecast for Pharmaceuticals industry in the US. Consensus price target broadly unchanged at US$7.57. Share price was steady at US$5.67 over the past week. Announcement • Apr 14
Bausch Health Companies Inc. and Ortho Dermatologics Announces Launch Of Biafine Skin Recovery Emulsion Through Convenient Online Ordering Bausch Health Companies Inc. and its dermatology business, Ortho Dermatologics, announced Biafine Skin Recovery Emulsion is now offered through convenient online ordering in the United States. The skin recovery emulsion for dry, sensitive, or stressed skin is now available through select online channels. First developed in France in 1971, Biafine is a lightweight emulsion formula designed to support the skin's natural barrier function while helping to maintain skin hydration and comfort. For decades, the formula has been recognized by dermatologists and consumers for its unique texture and versatility in skincare routines. The renowned formulation is gentle enough for sensitive skin, helps soothe skin, and is clinically proven to support the skin barrier. Its versatility in skincare routines has contributed to Biafine's recognition among dermatologists and consumers alike. Biafine is available directly to patients through select online channels, including Amazon. Dermatology practices can provide the product through the Ortho Dermatologics Direct platform which supports in-office access when a dermatologist recommends it as part of a skincare regimen. Biafine is a French-developed skincare emulsion introduced in 1971, designed to support the skin's natural barrier function while maintaining hydration and comfort. For decades, the formula has been recognized by dermatologists and consumers for its unique texture and versatility in skincare routines. Biafine is offered in the United States as a cosmetic for skincare. Announcement • Mar 31
Bausch Health Companies Inc. to Report Q1, 2026 Results on Apr 29, 2026 Bausch Health Companies Inc. announced that they will report Q1, 2026 results After-Market on Apr 29, 2026 Recent Insider Transactions Derivative • Mar 06
CEO & Director exercised options to buy US$972k worth of stock. On the 2nd of March, Thomas Appio exercised 347.49k options to receive shares at no cost, then sold around 166.80k of them at US$5.95 each and kept the remainder. Since March 2025, Thomas' direct individual holding has increased from 627.22k shares to 2.32m. Company insiders have collectively bought US$4.8m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Feb 25
Bausch Health Companies Inc., Annual General Meeting, May 19, 2026 Bausch Health Companies Inc., Annual General Meeting, May 19, 2026. Major Estimate Revision • Feb 25
Consensus EPS estimates fall by 59%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from US$10.5b to US$10.7b. EPS estimate fell from US$1.45 to US$0.588 per share. Net income forecast to grow 42% next year vs 0.6% decline forecast for Pharmaceuticals industry in the US. Consensus price target of US$7.71 unchanged from last update. Share price was steady at US$6.02 over the past week. Price Target Changed • Feb 22
Price target increased by 7.8% to US$7.86 Up from US$7.29, the current price target is an average from 7 analysts. New target price is 28% above last closing price of US$6.13. Stock is down 16% over the past year. The company is forecast to post earnings per share of US$0.59 for next year compared to US$0.42 last year. New Risk • Feb 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 37% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.4x net interest cover). Minor Risks Large one-off items impacting financial results. Significant insider selling over the past 3 months (US$231k sold). Reported Earnings • Feb 19
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$0.42 (up from US$0.13 loss in FY 2024). Revenue: US$10.3b (up 6.7% from FY 2024). Net income: US$157.0m (up US$203.0m from FY 2024). Profit margin: 1.5% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 65%. Revenue is expected to decline by 2.1% p.a. on average during the next 3 years, while revenues in the Pharmaceuticals industry in the US are expected to grow by 8.5%. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Feb 19
Bausch Health Companies Inc. Announces 25 Years of Arestin®? (Minocycline Hcl) Microspheres Bausch Health Companies Inc. and its dental products business, OraPharma, announced the 25th anniversary milestone of ARESTIN®? (minocycline HCl) Microspheres, 1 mg, a locally administered antibiotic used as an adjunct to scaling and root planing (SRP) for the reduction of pocket depth in adult patients with periodontitis. ARESTIN is supported by over two decades of clinical experience and remains the only Food and Drug Administration (FDA) approved locally applied antibiotic for this use. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$5.91, the stock trades at a forward P/E ratio of 4x. Average trailing P/E is 20x in the Pharmaceuticals industry in the US. Total loss to shareholders of 29% over the past three years. Announcement • Jan 23
Bausch Health Companies Inc. Provides Update on RED-C Phase 3 Clinical Trials Bausch Health Companies Inc. announced the results of the global Phase 3 RED-C clinical program evaluating amorphous-rifaximin solid soluble dispersion (SSD) in adults with liver cirrhosis for the primary prevention of hepatic encephalopathy (HE). While safe and well-tolerated, both clinical trials did not meet the primary endpoint. Bausch Health remains committed to bringing new treatments to patients across hepatology and other therapeutic areas. New Risk • Jan 22
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$231k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.4x net interest cover). Minor Risk Significant insider selling over the past 3 months (US$231k sold). Announcement • Jan 21
Bausch Health Companies Inc. to Report Q4, 2025 Results on Feb 18, 2026 Bausch Health Companies Inc. announced that they will report Q4, 2025 results After-Market on Feb 18, 2026 Recent Insider Transactions • Dec 12
Insider recently sold US$151k worth of stock On the 3rd of December, Frederick Munsch sold around 22k shares on-market at roughly US$7.00 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$353k more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$7.05, the stock trades at a forward P/E ratio of 5x. Average trailing P/E is 21x in the Pharmaceuticals industry in the US. Total loss to shareholders of 6.6% over the past three years. Major Estimate Revision • Nov 05
Consensus EPS estimates increase by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from US$1.07 to US$1.23. Revenue forecast steady at US$10.2b. Net income forecast to grow 44% next year vs 1.0% decline forecast for Pharmaceuticals industry in the US. Consensus price target of US$7.17 unchanged from last update. Share price rose 8.9% to US$6.74 over the past week. New Risk • Oct 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings are forecast to decline by an average of 2.2% per year for the foreseeable future. Reported Earnings • Oct 30
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$0.48 (up from US$0.23 loss in 3Q 2024). Revenue: US$2.68b (up 6.8% from 3Q 2024). Net income: US$179.0m (up US$264.0m from 3Q 2024). Profit margin: 6.7% (up from net loss in 3Q 2024). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Revenue is expected to decline by 1.7% p.a. on average during the next 3 years, while revenues in the Pharmaceuticals industry in the US are expected to grow by 9.0%. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Sep 30
Bausch Health Companies Inc. to Report Q3, 2025 Results on Oct 29, 2025 Bausch Health Companies Inc. announced that they will report Q3, 2025 results After-Market on Oct 29, 2025 Recent Insider Transactions Derivative • Sep 10
Executive VP & General Counsel exercised options to buy US$686k worth of stock. On the 5th of September, Seana Carson exercised options to buy 96k shares at a strike price of around US$7.35, costing a total of US$705k. This transaction amounted to 85% of their direct individual holding at the time of the trade. Since December 2024, Seana's direct individual holding has increased from 111.86k shares to 157.81k. Company insiders have collectively bought US$898k more than they sold, via options and on-market transactions, in the last 12 months. New Risk • Aug 29
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$244k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risks Large one-off items impacting financial results. Significant insider selling over the past 3 months (US$244k sold). Recent Insider Transactions • Aug 15
Independent Chairman recently bought US$21m worth of stock On the 13th of August, John Paulson bought around 3m shares on-market at roughly US$6.56 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. John has been a buyer over the last 12 months, purchasing a net total of US$25m worth in shares. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$6.66, the stock trades at a forward P/E ratio of 7x. Average trailing P/E is 18x in the Pharmaceuticals industry in the US. Total returns to shareholders of 6.1% over the past three years. Reported Earnings • Jul 31
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.40 (up from US$0.027 in 2Q 2024). Revenue: US$2.53b (up 5.3% from 2Q 2024). Net income: US$148.0m (up US$138.0m from 2Q 2024). Profit margin: 5.8% (up from 0.4% in 2Q 2024). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is forecast to stay flat during the next 3 years compared to a 8.6% growth forecast for the Pharmaceuticals industry in the US. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 5% per year. Announcement • Jul 31
Bausch Health Companies Inc. Increases Consolidated Revenue Guidance for the Year 2025 Bausch Health Companies Inc. increased consolidated revenue guidance for the year 2025. For the year, the company increase revenues of $10.000 billion to $10.250 billion. Announcement • Jul 29
Bausch Health Companies Inc. (NYSE:BHC) entered into an Agreement and Plan of Merger to acquire DURECT Corporation (NasdaqCM:DRRX) for $55.5 million. Bausch Health Companies Inc. (NYSE:BHC) entered into an Agreement and Plan of Merger to acquire DURECT Corporation (NasdaqCM:DRRX) for $55.5 million on July 28, 2025. Under the terms of the definitive agreement, a wholly owned subsidiary of Bausch Health will commence a tender offer for all outstanding shares of DURECT Corporation. Under the terms of the definitive agreement, Bausch Health will pay $1.75 per share in an all-cash transaction for an upfront consideration of approximately $63 million at closing, with the potential for two additional net sales milestone payments of up to $350 million in the aggregate. Sell side termination fee is $3.5 million. The transaction has been approved by the target and acquirer board of directors. The transaction is conditioned on a majority of the outstanding shares of DURECT Corporation's common stock being tendered into the tender offer and not withdrawn, as well as other customary closing conditions. The transaction is expected to close in the third quarter of 2025. Centerview Partners LLC is serving as exclusive financial advisor and Allison S. Ressler and Scott B. Crofton of Sullivan & Cromwell LLP acted as legal advisor to Bausch Health Americas, Inc. Locust Walk is serving as exclusive financial advisor and Stephen Thau and David Schwartz of Orrick, Herrington and Sutcliffe LLP acted as legal advisor to DURECT Corporation. Announcement • Jul 11
Bausch Health Companies Inc. Appoints Steven Lee as Chief Accounting Officer, Senior Vice President and Controller, Effective July 14, 2025 Bausch Health Companies Inc. that on July 1, 2025, its Board of Directors appointed Steven Lee, 55, as the Senior Vice President, Controller and Chief Accounting Officer, to be effective July 14, 2025. Prior to his appointment, from October 2023 to April 2025, Mr. Lee served as Vice President and Chief Financial Officer of the Industrial and Energy Division, and the North America Division, from June 2024 to April 2025, for BrandSafway, a portfolio company of Clayton, Dubilier & Rice and Brookfield Business Partners. From April 2022 through November 2023, he served as Vice President and Chief Accounting Officer of BrandSafway. Prior to joining BrandSafway, Mr. Lee served in various leadership roles at Mohwak Industries, including Vice President, Corporate Controller and Chief Accounting Officer from April 2021 through April 2022, Vice President and Assistant Corporate Controller from 2018 through March 2021 and Vice President, Chief Financial Officer, Ceramic Europe from 2015 through 2018.Steven brings extensive experience in financial transformation, mergers and acquisitions, and operational execution. With over two decades of experience, Steven has consistently demonstrated his proficiency in capital strategy to drive long-term value. Announcement • Jul 02
Bausch Health Companies Inc. to Report Q2, 2025 Results on Jul 30, 2025 Bausch Health Companies Inc. announced that they will report Q2, 2025 results After-Market on Jul 30, 2025 Recent Insider Transactions • Jun 17
Independent Chairman recently bought US$3.8m worth of stock On the 10th of June, John Paulson bought around 754k shares on-market at roughly US$5.05 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was John's only on-market trade for the last 12 months. Price Target Changed • May 04
Price target decreased by 7.1% to US$7.67 Down from US$8.25, the current price target is an average from 6 analysts. New target price is 41% above last closing price of US$5.42. Stock is down 31% over the past year. The company is forecast to post earnings per share of US$0.67 next year compared to a net loss per share of US$0.13 last year. Reported Earnings • May 01
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: US$0.16 loss per share (improved from US$0.17 loss in 1Q 2024). Revenue: US$2.26b (up 4.9% from 1Q 2024). Net loss: US$58.0m (loss narrowed 9.4% from 1Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 8.8% growth forecast for the Pharmaceuticals industry in the US. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Announcement • Mar 27
Bausch Health Companies Inc. to Report Q1, 2025 Results on Apr 30, 2025 Bausch Health Companies Inc. announced that they will report Q1, 2025 results After-Market on Apr 30, 2025 Price Target Changed • Mar 03
Price target increased by 23% to US$10.86 Up from US$8.83, the current price target is an average from 7 analysts. New target price is 46% above last closing price of US$7.44. Stock is down 22% over the past year. The company is forecast to post earnings per share of US$1.17 next year compared to a net loss per share of US$0.13 last year. Announcement • Feb 22
Bausch Health Companies Inc. Provides Earnings Guidance for the Full Year 2025 Bausch Health Companies Inc. provided earnings guidance for the full year 2025. For the year, the company expects revenues to be $9.900 billion - $10.150 billion. Reported Earnings • Feb 20
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: US$0.13 loss per share (improved from US$1.62 loss in FY 2023). Revenue: US$9.63b (up 9.9% from FY 2023). Net loss: US$46.0m (loss narrowed 92% from FY 2023). Post-clinical trial products Launched (during full year): 1 Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 44%. Revenue is forecast to stay flat during the next 3 years compared to a 8.6% growth forecast for the Pharmaceuticals industry in the US. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Announcement • Feb 18
Bausch Health Companies Inc., Annual General Meeting, May 13, 2025 Bausch Health Companies Inc., Annual General Meeting, May 13, 2025. Price Target Changed • Feb 07
Price target decreased by 7.0% to US$8.83 Down from US$9.50, the current price target is an average from 6 analysts. New target price is 37% above last closing price of US$6.45. Stock is down 21% over the past year. The company is forecast to post a net loss per share of US$0.23 next year compared to a net loss per share of US$1.62 last year. Announcement • Jan 23
Bausch Health Companies Inc. to Report Q4, 2024 Results on Feb 19, 2025 Bausch Health Companies Inc. announced that they will report Q4, 2024 results at 4:00 PM, US Eastern Standard Time on Feb 19, 2025 Announcement • Dec 02
Bausch Health Companies Inc. Appoints Jonathan Sadeh M.D., M.Sc as Executive Vice President, Chief Medical Officer and Head of R&D Bausch Health Companies Inc. announced the appointment of Jonathan Sadeh M.D., M.Sc as Executive Vice President, Chief Medical Officer and Head of R&D. This strategic addition to leadership team underscores commitment to innovation, excellence, and enriching lives. Jonathan brings a wealth of experience and a proven track record of success both as a physician-scientist and a leader in the pharmaceutical industry. With over 20 years of expertise in clinical research and drug development, he has consistently demonstrated the ability to drive growth and foster innovation. Most recently, at Bristol-Meyers Squibb, he was responsible for multiple drug approvals in dermatology and gastroenterology and held several key roles including Senior Vice President and Global Programs Head for Immunology, Cardiovascular and Neuroscience, Immunology Therapeutic Area Head, as well as the China R&D Head. Jonathan received a master's degree in clinical research from Harvard Medical School and earned his medical degree from the Mount Sinai School of Medicine. He has held key positions at Sanofi, Astra-Zeneca and Schering-Plough. In his new role, Jonathan will be responsible for overseeing the entire R&D process, working closely with scientists and engineers. He will set the strategic direction and ensure alignment with overall goal of enriching lives through relentless drive to deliver better health outcomes. The company are confident that Jonathan will make a significant contribution to company's success and commitment to being an innovative healthcare company. Announcement • Nov 19
Bausch Health Companies Inc. Receives Positive Reimbursement Recommendations for Cabtreo in Canada Bausch Health Companies Inc. announced that PrCABTREOTM (clindamycin phosphate, adapalene and benzoyl peroxide) gel 1.2% w/w, 0.15% w/w and 3.1% w/w, a new triple-combination topical prescription treatment for acne vulgaris in patients 12 years of age and older,1 has received positive reimbursement recommendations from Canada'sDrug Agency (CDA, formerly the Canadian Agency for Drugs and Technology in Health) and Quebec's Institut national d'excellence en santé et en services sociaux (INESSS). The recommendations are an important element in the process to achieve reimbursement of a new medication by Canada's public drug plans operated by the provinces, territories and federal government. Bausch Health, Canada will now work with the pan-Canadian Pharmaceutical Alliance (pCPA) to agree on the particulars regarding the reimbursement of CABTREO by Canada's public drug plans. CABTREO is the first and only triple-combination topical treatment for acne approved by Health Canada with three mechanisms of action - an antibiotic, a retinoid and an antibacterial agent - to provide a safe and effective treatment. CABTREO is a topical gel that is administered once daily to affected areas of the skin. Its active ingredients are the antibiotic clindamycin phosphate, the topical retinoid adapalene, and the oxidizing agent benzoyl peroxide which has a broad-spectrum bactericidal activity. The prescription therapy is available now through pharmacies across Canada. Acne vulgaris ("vulgaris" means "common") is the most common skin problem seen by doctors in Canada. It occurs when the pores of the skin become plugged with oil and skin cells, often causing whiteheads, blackheads, pimples or cysts to appear on the face, forehead, chest, upper back and shoulders. Acne affects about 5.6 million Canadians, or nearly 20% of the population, including about 90 per cent of adolescents. About 25% of teens will still have acne at age 25. Acne causes emotional distress and can cause permanent scarring.2 It can also cause skin pigmentation changes. CABTREO was studied in two phase 3 multicentre, randomized, placebo controlled clinical trials in 363 patients with acne vulgaris. Both studies met all co-primary efficacy endpoints, including absolute change from baseline in inflammatory lesion count, absolute change from baseline in non-inflammatory lesion count, and percentage of patients achieving pre-defined treatment success. Combined efficacy results for both trials for CABTREO achieved approximately 50% treatment success and a greater than 70% reduction in both inflammatory and noninflammatory lesions at Week 12. The most frequent adverse reactions that may occur with CABTREO are mild to moderate application site reactions, such as skin irritation characterized by scaling, dryness, erythema, and burning/stinging. CABTREO should not be used by those who are hypersensitive to any of the ingredients in it (clindamycin phosphate, adapalene, benzoyl peroxide or to any ingredient in the formulation), patients with a history of regional enteritis (Crohn's disease), ulcerative colitis or antibiotic-associated colitis or by pregnant women and women planning a pregnancy. CABTREO may bleach hair and coloured fabric so caution should be used when applying it near the hairline. Price Target Changed • Nov 03
Price target increased by 7.1% to US$8.57 Up from US$8.00, the current price target is an average from 7 analysts. New target price is 12% below last closing price of US$9.78. Stock is up 29% over the past year. The company is forecast to post a net loss per share of US$0.058 next year compared to a net loss per share of US$1.62 last year. Breakeven Date Change • Nov 03
Forecast breakeven date pushed back to 2025 The 7 analysts covering Bausch Health Companies previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 91% to 2024. The company is expected to make a profit of US$404.6m in 2025. Average annual earnings growth of 218% is required to achieve expected profit on schedule. Reported Earnings • Nov 01
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: US$0.23 loss per share (improved from US$1.03 loss in 3Q 2023). Revenue: US$2.51b (up 12% from 3Q 2023). Net loss: US$85.0m (loss narrowed 78% from 3Q 2023). Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Pharmaceuticals industry in the US. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Announcement • Oct 28
Bausch Health Companies Inc. and Salix Pharmaceuticals Announce Results of an Analysis of Xifaxan (rifaximin) Monotherapy Will Be Presented During A Presidential Plenary Session of the American College of Gastroenterology 2024 Annual Scientific Meeting Taking Place October 25-30 in Philadelphia, PA Bausch Health Companies Inc. and its Gastroenterology (GI) business, Salix Pharmaceuticals ("Salix"), announced that results of an analysis of Xifaxan (rifaximin) monotherapy will be presented during a Presidential Plenary Session of The American College of Gastroenterology 2024 Annual Scientific Meeting taking place October 25-30 in Philadelphia, PA. This post cohort analysis of data from two randomized trials evaluated the efficacy of Xifaxan monotherapy compared to lactulose monotherapy for risk reduction of overt hepatic encephalopathy (OHE) recurrence and all-cause mortality. During ACG, Salix will also present new data on the impact of Xifaxan use on rehospitalizations following an OHE hospitalization discharge in both commercially insured and Medicare patient populations. Two posters to be presented at the ACG meeting will also share findings for Plenvu (polyethylene glycol 3350, sodium ascorbate, sodium sulfate, ascorbic acid, sodium chloride, and potassium chloride for oral solution) as a bowel preparation medication, including efficacy findings from colonoscopy patients who have either comorbid conditions or are taking concomitant medications that are known to impact bowel prep quality. The complete list of Salix research and analyses to be presented at ACG 2024 is as follows: XIFAXAN (rifaximin) 550 mg tablets are indicated for the reduction in risk of overt hepatic encephalopathy (HE) recurrence in adults and for the treatment of irritable bowel syndrome with diarrhea (IBS-D) in adults. PLENVU (polyethylene glycol 3350, sodium ascorbate, sodium sulfate, ascorbic acid, sodium chloride, and potassium chloride for oral solution) is a prescription medication used by adults to clean the colon before a colonoscopy. Announcement • Oct 10
Bausch Health Companies Inc. to Report Q3, 2024 Results on Oct 30, 2024 Bausch Health Companies Inc. announced that they will report Q3, 2024 results After-Market on Oct 30, 2024 Price Target Changed • Sep 14
Price target decreased by 18% to US$7.79 Down from US$9.44, the current price target is an average from 7 analysts. New target price is 23% above last closing price of US$6.32. Stock is down 26% over the past year. The company is forecast to post earnings per share of US$0.25 next year compared to a net loss per share of US$1.62 last year. Announcement • Sep 11
Health Canada Approves the Bausch Health's (Pr)CABTREO Topical Gel Bausch Health, Canada Inc. part of Bausch Health Companies Inc. announced the approval by Health Canada of (Pr)CABTREO(TM) (clindamycin phosphate, adapalene and benzoyl peroxide) Topical Gel 1.2%/0.15%/3.1%, a new triple-combination topical prescription treatment for acne vulgaris in patients 12 years of age and older. CABTREO is the first and only triple-combination topical treatment for acne approved by Health Canada with three mechanisms of action - an antibiotic, a retinoid and an antibacterial agent - to provide a safe and effective treatment. CABTREO is a topical gel that is administered by patients once daily to affected areas of their skin. Its active ingredients are the antibiotic clindamycin phosphate, the topical retinoid adapalene, and the oxidizing agent benzoyl peroxide which has a broad-spectrum anti-bacterial activity. CABTREO will be made available through pharmacies across Canada in the fourth quarter this year. About Acne Vulgaris: Acne vulgaris is the most common skin problem seen by doctors in Canada. It occurs when the pores of the skin become plugged with oil and skin cells, often causing whiteheads, blackheads, pimples or cysts to appear on the face, forehead, chest, upper back and shoulders. Acne affects about 5.6 million Canadians, or nearly 20% of the population, including about 90% of adolescents. About 25% of teens will still have acne at age 25. Acne causes emotional distress and can cause permanent scarring. It can also cause skin pigmentation changes. CABTREO Clinical Data and Safety Information: CABTREO was studied in two phase 3 multicentre, randomized, placebo controlled clinical trials in 363 patients with acne vulgaris. Both studies met all co-primary efficacy endpoints, including absolute change from baseline in inflammatory lesion count, absolute change from baseline in non-inflammatory lesion count, and percentage of patients achieving pre-defined treatment success. Combined efficacy results for both trials for CABTREO achieved approximately 50% treatment success and a greater than 70% reduction in both inflammatory and noninflammatory lesions at Week 12. The most frequent adverse reactions that may occur with CABTREO are mild to moderate application site reactions, such as skin irritation characterized by scaling, dryness, erythema, and burning/stinging. CABTREO should not be used by those who are hypersensitive to any of the ingredients in it, patients with a history of regional enteritis, ulcerative colitis or antibiotic-associated colitis or by pregnant women and women planning a pregnancy. CABTREO may bleach hair and coloured fabric so caution should be used when applying it near the hairline. Health Canada has not authorized CABTREO for pediatric use under the age of 12 years. CABTREO is for topical use only and is not for oral, ophthalmic use or intravaginal use. Recent Insider Transactions Derivative • Sep 10
Executive VP & General Counsel exercised options and sold US$318k worth of stock On the 5th of September, Seana Carson exercised 95.90k options to receive shares at no cost, then sold 51k of them for an average price of -US$6.19 per share and kept the remainder. Since December 2023, Seana's direct individual holding has increased from 67.76k shares to 82.80k. Company insiders have collectively bought US$965k more than they sold, via options and on-market transactions, in the last 12 months. Price Target Changed • Aug 04
Price target decreased by 11% to US$8.36 Down from US$9.44, the current price target is an average from 7 analysts. New target price is 48% above last closing price of US$5.63. Stock is down 38% over the past year. The company is forecast to post earnings per share of US$0.25 next year compared to a net loss per share of US$1.62 last year. Reported Earnings • Aug 02
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.03 (down from US$0.071 in 2Q 2023). Revenue: US$2.40b (up 11% from 2Q 2023). Net income: US$10.0m (down 62% from 2Q 2023). Profit margin: 0.4% (down from 1.2% in 2Q 2023). Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Pharmaceuticals industry in the US. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. Announcement • Aug 01
Bausch Health Companies Inc. Raises Earnings Guidance for the Full Year 2024 Bausch Health Companies Inc. raised earnings guidance for the full year 2024. For the year, the company expects revenue in the range of $9.400 billion - $9.650 billion. Current Guidance (as of May 2, 2024) BHC (excl. B+L) is revenue in the range of $4.700 billion - $4.850 billion. Announcement • Jul 12
Bausch Health Companies Inc. to Report Q2, 2024 Results on Aug 01, 2024 Bausch Health Companies Inc. announced that they will report Q2, 2024 results on Aug 01, 2024 Price Target Changed • Jul 10
Price target decreased by 7.7% to US$9.56 Down from US$10.36, the current price target is an average from 8 analysts. New target price is 31% above last closing price of US$7.32. Stock is down 14% over the past year. The company is forecast to post earnings per share of US$0.33 next year compared to a net loss per share of US$1.62 last year. Announcement • May 18
Bausch Health Companies Inc. and Salix Pharmaceuticals to Present Late-Breaking Data from Phase 2 Trial of Amiselimod in Active Ulcerative Colitis at Digestive Disease Week 2024 Bausch Health Companies Inc. and Salix Pharmaceuticals announced that they will be presenting data from its Phase 2 trial evaluating Amiselimod as treatment for active ulcerative colitis (UC). The data will be presented at Digestive Disease Week (DDW) 2024 during the IMIBD Late Breakers and Innovations in IBD session on Sunday, May 19, 2024, in Washington, D.C. The research to be featured at DDW 2024 and available via the meeting's online platform is as follows: Hanauer, Stephen B. et al. "Amiselimod for the treatment of active ulcerative colitis: a randomized, double-blind, placebo-controlled trial" Abstract #4094796. The Phase 2 clinical trial was a 12-week, double-blind, placebo-controlled, randomized, dose ranging study to evaluate the efficacy and safety of Amiselimod in 320 patients with mildly-to- moderately active UC. Bausch Health announced positive topline results from this study in December 2023. Amiselimod is a sphingosine-1-phosphate (S1P) receptor functional antagonist and, by inhibiting the receptor function of the lymphocyte sphingosine-1-phosphate (S1P) receptor, retains lymphocytes sequestered in the lymph nodes and prevents them from contributing to autoimmune reactions. Due to this mechanism of action, Amiselimod may potentially be useful for various autoimmune diseases. Affinity to S1P1 and S1P5 receptor subtypes, suggests that Amiselimod could potentially have a more pronounced effect on ulcerative colitis related inflammation than compounds with restricted activity on S1P1 receptor subtype exclusively or combined activity on S1P1 and S1P5. Announcement • May 16
Bausch Health Companies Inc. Approves Directorate Appointments The shareholders of Bausch Health Companies Inc. elected the following individuals to the Company’s Board of Directors, to serve until the close of the Company’s 2025 Annual Meeting of Shareholders held on May 14, 2024, their successors are duly elected or appointed, or such director’s earlier resignation or removal: Christian A. Garcia and Frank D. Lee. Reported Earnings • May 03
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: US$0.17 loss per share (improved from US$0.55 loss in 1Q 2023). Revenue: US$2.15b (up 11% from 1Q 2023). Net loss: US$64.0m (loss narrowed 68% from 1Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 48%. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Pharmaceuticals industry in the US. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Announcement • Apr 13
Bausch Health, Canada Inc. Announces Acne Vulgaris Treatment PrARAZLO(TM) (Tazarotene Lotion, 0.045%) Now Available to Patients Through British Columbia PharmaCare Public Drug Plan Bausch Health, Canada Inc. announced that its topical prescription treatment for acne vulgaris, PrARAZLOTM (tazarotene lotion, 0.045% w/w), is now available to patients through BC PharmaCare, the public drug program of British Columbia. ARAZLO is the only tazarotene lotion treatment approved by Health Canada for the topical treatment of acne vulgaris in patients 10 years of age and older.1 The listing by BC PharmaCare means ARAZLO is now available to patients on all public drug plans across Canada. ARAZLO is the only tazarotene acne treatment available in a lotion formulated with PRISMATREXTM technology (formulation with known hydrating and moisturizing effects, which may alleviate dryness of skin).1 Retinoids like tazarotene are a core component of acne treatment. Providing the treatment in a lotion form helps limit the dryness and irritation that has historically been a barrier to the long-term use of tazarotene by patients. Approximately 5.6 million Canadians are impacted by acne3 and often need to try different treatment options to find one that is effective for them. ARAZLO is produced by Bausch Health, Canada for Canadian patients and for export at the company's manufacturing facility in Laval, Quebec. Announcement • Apr 12
Bausch Health Companies Inc. to Report Q1, 2024 Results on May 02, 2024 Bausch Health Companies Inc. announced that they will report Q1, 2024 results on May 02, 2024 Price Target Changed • Apr 05
Price target increased by 10% to US$10.33 Up from US$9.36, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of US$10.41. Stock is up 42% over the past year. The company is forecast to post earnings per share of US$0.62 next year compared to a net loss per share of US$1.62 last year. Announcement • Apr 03
Bausch Health, Canada Inc. Announces First Public Drug Plan Listings for (Pr)UCERIS(R) (budesonide) Aerosol Foam to Help Address the Unmet Need for the Treatment of Mild to Moderate Distal Ulcerative Colitis in Adults Bausch Health, Canada Inc. announced the first public drug plan listings for PrUCERIS® (budesonide) aerosol foam to treat mild to moderate distal ulcerative colitis in adults. UCERIS is now available for patients through the public drug plans of five Canadian provinces: Ontario, Quebec, Saskatchewan, New Brunswick and Nova Scotia. These first public drug plan listings for UCERIS come following the signing of a letter of intent with the pan-Canadian Pharmaceutical Alliance (pCPA) early this year, setting out the parameters for listing of the treatment by the public drug plans of the provinces, territories and federal government. UCERIS, part of the Company's growing gastrointestinal franchise, has been available in Canada by prescription since September 2023 and is covered by the majority of private insurance drug plans in Canada. UCERIS is the only glucocorticosteroid rectal foam available in Canada indicated for the induction of remission in adult patients with active mild to moderate distal ulcerative colitis extending up to 40 cm from the anal verge. In a study comparing budesonide foam and budesonide enema in patients with active distal ulcerative colitis, most patients (84%) preferred the foam formulation because of its better tolerability and easier application. Ulcerative colitis is a chronic disease affecting the large intestine, or colon. The condition causes inflammation and ulceration (sores) along the lining of the colon, which can lead to abdominal pain, cramps, bleeding and diarrhea. In ulcerative colitis, the inflammation starts at the rectum and continues through the colon. Symptoms include diarrhea with blood and mucus, pain on the left-hand side of the abdomen, urgency and tenesmus (the feeling of needing to pass stools even if the bowel is empty). In the two clinical studies on which the approval of UCERIS rectal aerosol foam was based, a significantly higher proportion of patients in the UCERIS group than in the placebo group were in remission at Week 6 (38.3% and 44.0% vs. 25.8% and 22.4% respectively, pooled p<0.0001) and had a rectal bleeding sub-score of 0 at Week 6 (46.6% and 50.0% vs. 28.0% and 28.6% respectively, pooled p<0.0001). There was also a higher proportion of patients in the UCERIS group than in the placebo group with an endoscopy sub-score of 0 or 1 at Week 6 (55.6% and 56.0% vs. 43.2% and 36.7% respectively. Board Change • Apr 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 5 highly experienced directors. Independent Chairman John Paulson was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 06
Bausch Health Companies Inc. and Salix Pharmaceuticals Announces Phase 2 Investigator-Initiated Study of RELISTOR in Patients with Resectable Head and Neck Squamous Cell Carcinoma Bausch Health Companies Inc. and Salix Pharmaceuticals announced that it is supporting a Phase 2 Investigator-initiated study (IIS) of RELISTOR®? (methylnaltrexone bromide: MNTX) in patients with resectable head and neck squamous cell carcinoma. An IIS is a study that is proposed, developed, and conducted by a qualified sponsor external to Bausch Health/Salix who assumes full responsibility for the study. The clinical study is being led by Juan P. Cata, M.D. at The University of Texas MD Anderson Cancer Center. The trial is designed to evaluate the potential of treating oral cavity squamous cell carcinoma patients with MNTX. It is a prospective, nonrandomized pilot "proof of concept" study where patients receive subcutaneous MNTX two weeks preoperatively and two weeks postoperatively. Upon completion of the study, participants will be monitored every 3 months during the first two years. The primary endpoint is the successful administration of MNTX for two weeks preoperatively and postoperatively without interruption due to adverse events. Secondary endpoints include tumor viability, proliferation and apoptosis index, objective response rate, survival rates, and patient-reported outcomes. Reported Earnings • Feb 23
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: US$1.62 loss per share (further deteriorated from US$0.62 loss in FY 2022). Revenue: US$8.76b (up 7.8% from FY 2022). Net loss: US$592.0m (loss widened 163% from FY 2022). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 27%. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Pharmaceuticals industry in the US. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Major Estimate Revision • Feb 22
Consensus EPS estimates fall from profit to US$0.03 loss The consensus outlook for fiscal year 2024 has been updated. Expected to report loss instead of -US$0.03 instead of US$0.023 per share profit previously forecast. Revenue forecast unchanged at US$8.97b Pharmaceuticals industry in the US expected to see average net income growth of 1.4% next year. Consensus price target down from US$9.50 to US$9.21. Share price rose 9.5% to US$9.30 over the past week. Announcement • Feb 21
Bausch Health Companies Inc., Annual General Meeting, May 14, 2024 Bausch Health Companies Inc., Annual General Meeting, May 14, 2024. Announcement • Jan 31
Bausch Health Companies Inc. Announces the U.S. Launch of CABTREO Topical Gel Bausch Health Companies Inc. and its dermatology business, Ortho Dermatologics, announced the U.S. launch of CABTREO (clindamycin, adapalene, benzoyl peroxide) Topical Gel, 1.2%/0.15%/3.1% indicated for the topical treatment of acne vulgaris in patients 12 years of age and older. CABTREO Topical Gel is the first and only U.S. Food and Drug Administration-approved fixed-dose, once-daily triple-combination topical treatment for acne and offers three mechanisms of action, combining an antibiotic, retinoid and antibacterial, to provide a proven, safe and effective treatment. The FDA approved CABTREO Topical Gel on October 20, 2023, based on data from two multicenter, randomized, double-blind, vehicle-controlled Phase 3 studies that demonstrated CABTREO Topical Gel resulted in statistically significant reductions in both inflammatory and non-inflammatory lesions compared to vehicle. At week 12, 50.0% of participants achieved treatment success with CABTREO versus 22.6% with vehicle gel (P<0.001). CABTREO resulted in >70% reductions in inflammatory and noninflammatory lesions at week 12 (77.9%% and 73.0%, respectively), which were significantly greater than vehicle (57.9% and 48.2%; P<0.001, both). The most common adverse reactions (occurring in >1% of the CABTREO group and greater than the vehicle group) were application site reactions, pain, erythema, dryness, irritation, exfoliation, and dermatitis. 
