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Bausch Health Companies

NYSE:BHC
Snowflake Description

Fair value with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BHC
NYSE
$8B
Market Cap
  1. Home
  2. US
  3. Pharmaceuticals & Biotech
Company description

Bausch Health Companies Inc. develops, manufactures, and markets a range of pharmaceutical, medical device, and over-the-counter (OTC) products primarily in the therapeutic areas of eye health, gastroenterology, and dermatology. The last earnings update was 40 days ago. More info.


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BHC Share Price and Events
7 Day Returns
1.1%
NYSE:BHC
-0.5%
US Pharmaceuticals
0.5%
US Market
1 Year Returns
-20.1%
NYSE:BHC
6%
US Pharmaceuticals
0.8%
US Market
BHC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bausch Health Companies (BHC) 1.1% -14.9% -10.5% -20.1% -2.6% -82.4%
US Pharmaceuticals -0.5% 0.9% -2.7% 6% 9.1% 14%
US Market 0.5% 0.2% 1.1% 0.8% 37.4% 37.5%
1 Year Return vs Industry and Market
  • BHC underperformed the Pharmaceuticals industry which returned 6% over the past year.
  • BHC underperformed the Market in United States of America which returned 0.8% over the past year.
Price Volatility
BHC
Industry
5yr Volatility vs Market
Related Companies

BHC Value

 Is Bausch Health Companies undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Bausch Health Companies to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Bausch Health Companies.

NYSE:BHC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 15 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 13.3%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:BHC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Pharmaceuticals Unlevered Beta Simply Wall St/ S&P Global 0.64
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.64 (1 + (1- 26.5%) (323.95%))
1.779
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.78
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.779 * 5.96%)
13.33%

Discounted Cash Flow Calculation for NYSE:BHC using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Bausch Health Companies is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:BHC DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 13.33%)
2019 3,011.88 Analyst x4 2,657.56
2020 3,342.63 Analyst x4 2,602.43
2021 3,420.83 Analyst x4 2,350.00
2022 3,287.67 Analyst x3 1,992.84
2023 3,392.53 Analyst x3 1,814.49
2024 3,421.49 Est @ 0.85% 1,614.70
2025 3,469.95 Est @ 1.42% 1,444.93
2026 3,532.78 Est @ 1.81% 1,298.03
2027 3,606.49 Est @ 2.09% 1,169.22
2028 3,688.69 Est @ 2.28% 1,055.19
Present value of next 10 years cash flows $17,999.39
NYSE:BHC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $3,688.69 × (1 + 2.73%) ÷ (13.33% – 2.73%)
$35,740.95
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $35,740.95 ÷ (1 + 13.33%)10
$10,224.11
NYSE:BHC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $17,999.39 + $10,224.11
$28,223.50
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $28,223.50 / 351.88
$80.21
NYSE:BHC Discount to Share Price
Calculation Result
Value per share (USD) From above. $80.21
Current discount Discount to share price of $21.47
= -1 x ($21.47 - $80.21) / $80.21
73.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Bausch Health Companies is available for.
Intrinsic value
>50%
Share price is $21.47 vs Future cash flow value of $80.21
Current Discount Checks
For Bausch Health Companies to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Bausch Health Companies's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Bausch Health Companies's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Bausch Health Companies's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bausch Health Companies's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:BHC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $-4.61
NYSE:BHC Share Price ** NYSE (2019-06-14) in USD $21.47
United States of America Pharmaceuticals Industry PE Ratio Median Figure of 29 Publicly-Listed Pharmaceuticals Companies 17.22x
United States of America Market PE Ratio Median Figure of 3,091 Publicly-Listed Companies 17.68x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Bausch Health Companies.

NYSE:BHC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:BHC Share Price ÷ EPS (both in USD)

= 21.47 ÷ -4.61

-4.66x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bausch Health Companies is loss making, we can't compare its value to the US Pharmaceuticals industry average.
  • Bausch Health Companies is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does Bausch Health Companies's expected growth come at a high price?
Raw Data
NYSE:BHC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -4.66x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts
17%per year
United States of America Pharmaceuticals Industry PEG Ratio Median Figure of 21 Publicly-Listed Pharmaceuticals Companies 1.55x
United States of America Market PEG Ratio Median Figure of 2,125 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Bausch Health Companies, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Bausch Health Companies's assets?
Raw Data
NYSE:BHC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $7.65
NYSE:BHC Share Price * NYSE (2019-06-14) in USD $21.47
United States of America Pharmaceuticals Industry PB Ratio Median Figure of 183 Publicly-Listed Pharmaceuticals Companies 3.16x
United States of America Market PB Ratio Median Figure of 5,244 Publicly-Listed Companies 1.79x
NYSE:BHC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:BHC Share Price ÷ Book Value per Share (both in USD)

= 21.47 ÷ 7.65

2.81x

* Primary Listing of Bausch Health Companies.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bausch Health Companies is good value based on assets compared to the US Pharmaceuticals industry average.
X
Value checks
We assess Bausch Health Companies's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Pharmaceuticals industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Pharmaceuticals industry average (and greater than 0)? (1 check)
  5. Bausch Health Companies has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

BHC Future Performance

 How is Bausch Health Companies expected to perform in the next 1 to 3 years based on estimates from 15 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
17%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bausch Health Companies expected to grow at an attractive rate?
  • Unable to compare Bausch Health Companies's earnings growth to the low risk savings rate as it is expected to be loss making during the next 1-3 years.
Growth vs Market Checks
  • Unable to compare Bausch Health Companies's earnings growth to the United States of America market average as it is expected to be loss making during the next 1-3 years.
  • Bausch Health Companies's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:BHC Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:BHC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts 17%
NYSE:BHC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 15 Analysts 2.5%
United States of America Pharmaceuticals Industry Earnings Growth Rate Market Cap Weighted Average 14.7%
United States of America Pharmaceuticals Industry Revenue Growth Rate Market Cap Weighted Average 5.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:BHC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:BHC Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 9,370 2,557 7
2022-12-31 9,211 2,258 8
2021-12-31 9,009 1,983 10
2020-12-31 8,758 1,785 -973 14
2019-12-31 8,483 1,439 -677 15
NYSE:BHC Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 8,401 1,476 -1,619
2018-12-31 8,380 1,501 -4,148
2018-09-30 8,422 1,760 -3,291
2018-06-30 8,505 1,728 -1,640
2018-03-31 8,610 1,774 -805
2017-12-31 8,724 2,290 2,404
2017-09-30 8,964 2,224 1,376
2017-06-30 9,224 2,304 -1,143
2017-03-31 9,411 2,484 -1,407
2016-12-31 9,674 2,087 -2,409
2016-09-30 10,024 2,172 -2,280
2016-06-30 10,332 2,360 -1,013

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Bausch Health Companies is not considered high growth as it is expected to be loss making for the next 1-3 years.
  • Bausch Health Companies's revenue is expected to grow by 2.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:BHC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below

All data from Bausch Health Companies Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:BHC Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 2.97 2.97 2.97 1.00
2022-12-31 2.16 2.16 2.16 1.00
2021-12-31 1.22 1.22 1.22 1.00
2020-12-31 -3.30 -1.90 -4.70 2.00
2019-12-31 -2.60 -2.60 -2.60 1.00
NYSE:BHC Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 -4.61
2018-12-31 -11.81
2018-09-30 -9.38
2018-06-30 -4.68
2018-03-31 -2.30
2017-12-31 6.86
2017-09-30 3.93
2017-06-30 -3.27
2017-03-31 -4.04
2016-12-31 -6.94
2016-09-30 -6.57
2016-06-30 -2.94

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Bausch Health Companies is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).
X
Future performance checks
We assess Bausch Health Companies's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Bausch Health Companies has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

BHC Past Performance

  How has Bausch Health Companies performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Bausch Health Companies's growth in the last year to its industry (Pharmaceuticals).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Bausch Health Companies does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Bausch Health Companies's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Bausch Health Companies's 1-year growth to the US Pharmaceuticals industry average as it is not currently profitable.
Earnings and Revenue History
Bausch Health Companies's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Bausch Health Companies Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:BHC Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 8,401.00 -1,619.00 2,469.00 438.00
2018-12-31 8,380.00 -4,148.00 2,473.00 413.00
2018-09-30 8,422.00 -3,291.00 2,486.00 383.00
2018-06-30 8,505.00 -1,640.00 2,495.00 357.00
2018-03-31 8,610.00 -805.00 2,512.00 357.00
2017-12-31 8,724.00 2,404.00 2,582.00 361.00
2017-09-30 8,964.00 1,376.00 2,609.00 364.00
2017-06-30 9,224.00 -1,143.00 2,645.00 384.00
2017-03-31 9,411.00 -1,407.00 2,657.00 414.00
2016-12-31 9,674.00 -2,409.00 2,810.00 421.00
2016-09-30 10,023.70 -2,280.20 2,826.10 423.50
2016-06-30 10,331.50 -1,012.70 2,864.70 424.10
2016-03-31 10,643.90 -763.70 2,879.20 381.20
2015-12-31 10,442.00 -292.00 2,700.00 334.00
2015-09-30 9,905.80 596.30 2,481.40 297.60
2015-06-30 9,175.20 822.20 2,287.90 255.10
2015-03-31 8,483.90 1,001.00 2,118.10 240.50
2014-12-31 8,200.00 881.00 2,026.00 246.00
2014-09-30 8,043.10 502.40 1,952.10 246.40
2014-06-30 7,528.60 -746.20 1,803.70 236.30
2014-03-31 6,583.20 -861.20 1,545.30 194.30
2013-12-31 5,765.60 -866.10 1,305.20 156.80
2013-09-30 4,625.84 -1,079.04 1,059.60 117.47
2013-06-30 3,968.28 -98.20 892.56 87.64
2013-03-31 3,692.67 -130.60 820.70 80.85
2012-12-31 3,480.40 -116.00 756.10 79.10
2012-09-30 3,248.79 28.97 708.69 75.86
2012-06-30 2,965.23 62.19 646.04 73.97

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Bausch Health Companies has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • Bausch Health Companies used its assets less efficiently than the US Pharmaceuticals industry average last year based on Return on Assets.
  • It is difficult to establish if Bausch Health Companies improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Bausch Health Companies's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Pharmaceuticals industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Bausch Health Companies has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

BHC Health

 How is Bausch Health Companies's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Bausch Health Companies's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Bausch Health Companies is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Bausch Health Companies's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Bausch Health Companies's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Bausch Health Companies Company Filings, last reported 2 months ago.

NYSE:BHC Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,779.00 24,474.00 782.00
2018-12-31 2,815.00 24,305.00 721.00
2018-09-30 3,237.00 24,731.00 973.00
2018-06-30 3,558.00 25,088.00 838.00
2018-03-31 4,523.00 25,268.00 909.00
2017-12-31 5,944.00 25,444.00 720.00
2017-09-30 5,422.00 27,141.00 964.00
2017-06-30 4,029.00 28,461.00 1,214.00
2017-03-31 3,994.00 28,551.00 1,210.00
2016-12-31 3,258.00 29,846.00 542.00
2016-09-30 4,273.60 30,445.20 659.50
2016-06-30 5,403.10 31,067.30 853.40
2016-03-31 5,775.60 31,978.50 1,326.40
2015-12-31 6,029.00 31,104.00 613.00
2015-09-30 6,464.70 30,883.30 1,436.00
2015-06-30 6,558.40 30,881.10 983.00
2015-03-31 6,575.20 26,020.70 1,889.40
2014-12-31 5,401.70 15,235.10 365.60
2014-09-30 5,233.60 16,274.90 841.90
2014-06-30 5,367.30 17,325.50 562.40
2014-03-31 5,203.50 17,386.90 599.50
2013-12-31 5,233.30 17,379.80 625.50
2013-09-30 5,061.19 17,404.71 596.35
2013-06-30 5,702.53 10,794.11 2,539.39
2013-03-31 3,586.99 10,617.12 413.74
2012-12-31 3,717.40 11,026.17 916.09
2012-09-30 3,785.18 7,639.89 257.73
2012-06-30 3,695.43 7,556.61 395.27
  • Bausch Health Companies's level of debt (870.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (334% vs 870.1% today).
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Whilst loss making Bausch Health Companies has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Bausch Health Companies has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 28.7% per year.
X
Financial health checks
We assess Bausch Health Companies's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Bausch Health Companies has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

BHC Dividends

 What is Bausch Health Companies's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Bausch Health Companies dividends. Estimated to be 0% next year.
If you bought $2,000 of Bausch Health Companies shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Bausch Health Companies's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Bausch Health Companies's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:BHC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
United States of America Pharmaceuticals Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 2.7%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2011 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:BHC Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.00 1.00
2020-12-31 0.00 1.00
2019-12-31 0.00 1.00
NYSE:BHC Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2012-08-03 0.000 0.000
2012-08-02 0.000 0.000
2012-05-04 0.000 0.000
2012-05-03 0.000 0.000
2012-02-29 0.000 0.000
2012-02-27 0.000 0.000
2011-11-04 0.000 0.000
2011-11-03 0.000 0.000
2011-08-04 0.000 0.000
2011-05-10 0.000 0.000
2011-05-09 0.000 0.000
2010-11-04 0.000 0.000
2010-08-05 0.380 1.504
2010-05-06 0.380 2.195
2010-02-25 0.360 2.222
2009-11-05 0.360 2.510
2009-08-06 0.360 2.613

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Bausch Health Companies has not reported any payouts.
  • Unable to verify if Bausch Health Companies's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Bausch Health Companies's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Bausch Health Companies has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Bausch Health Companies's dividends in 3 years as they are not expected to pay a notable one for United States of America.
X
Income/ dividend checks
We assess Bausch Health Companies's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Bausch Health Companies afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bausch Health Companies has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

BHC Management

 What is the CEO of Bausch Health Companies's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Joseph Papa
COMPENSATION $14,741,050
AGE 63
TENURE AS CEO 3.1 years
CEO Bio

Mr. Joseph C. Papa, also known as Joe, has been the Chairman of the Board and Chief Executive Officer of Valeant Pharmaceuticals International, Inc. since May 2, 2016. He also serves as Director at Valeant Pharmaceuticals International, Inc. Mr. Papa served as the Chief Executive Officer of Perrigo Company plc since October 9, 2006 to April 24, 2016 and served as its Chairman from October 31, 2007 to April 24, 2016. Mr. Papa serves as Chairman and Chief Executive Officer of Wrafton Laboratories Ltd. He served as the President of Perrigo Company of Tennessee Inc. He served as the Chairman and Chief Executive Officer of Perrigo Company of South Carolina, Inc. He served as the President of SPC Trademarks, LLC. He served as the President of Perrigo Company plc from October 2006 to October 22, 2015. He served as the Chairman and Chief Executive Officer of Pharmaceutical Technologies & Services Business of Cardinal Health, Inc. from December 2004 to October 2006. He served as the President of Actavis, Inc. from October 2002 to November 19, 2004 and served as its Chief Operating Officer from November 2001 to November 19, 2004. Prior to joining Actavis, Inc., he served as the President and Chief Operating Officer of DuPont Pharmaceuticals Company from February 2001 to November 2001. He served as the President of Allergan plc from October 2002 to November 2014 and served as its Chief Operating Officer from November 2001 to November 2004. From September 1997 to April 2000, Mr. Papa served as the President of US Operations of Searle Pharmaceuticals Company. In 1999, he led the team that launched the arthritis pain medication Celebrex in the US, widely regarded as the most successful new therapy launch at the time. He held management positions at G.D. Searle & Company, Novartis AG, Novartis Pharmaceuticals Corp., Ciba Geigy Pharmaceuticals and Geneva Pharmaceuticals. He began his career as a Pharmacist. From 2001 to 2004, he served as President and Chief Operating Officer of Watson Pharmaceuticals, Inc. (“Watson”). He served as a Consulting Intern in the health care group of Ernst & Whinney. He served as an Independent Non-Executive Director of Smith & Nephew plc since August 1, 2008 until April 12, 2018 and has been an Independent Non-Executive Director of Smith & Nephew, Inc. since August 1, 2008. Prior to joining Watson, Mr. Papa has also held management positions at Pharmacia/Searle. Mr. Papa served as a Director of Perrigo Company plc from November 10, 2006 to April 24, 2016. Mr. Papa has a Bachelor of Science degree in Pharmacy from the University of Connecticut in 1978 and Master of Business Administration degree in Marketing and Finance from Northwestern University's Kellogg Graduate School of Management in 1983.

CEO Compensation
  • Joseph's compensation has increased whilst company is loss making.
  • Joseph's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Bausch Health Companies management team in years:

2.8
Average Tenure
55
Average Age
  • The tenure for the Bausch Health Companies management team is about average.
Management Team

Joseph Papa

TITLE
CEO & Chairman of the Board
COMPENSATION
$15M
AGE
63
TENURE
3.1 yrs

Paul Herendeen

TITLE
Executive VP & CFO
COMPENSATION
$6M
AGE
62
TENURE
2.8 yrs

Christina Ackermann

TITLE
Executive VP & General Counsel
COMPENSATION
$3M
AGE
53
TENURE
2.8 yrs

Tom Appio

TITLE
President & Co-Head Bausch + Lomb/International
COMPENSATION
$4M
AGE
56

Joe Gordon

TITLE
President & Co-Head Bausch + Lomb/International
COMPENSATION
$2M
AGE
54
TENURE
2.2 yrs

Sam Eldessouky

TITLE
Senior VP
AGE
46
TENURE
3.1 yrs

Robert Butz

TITLE
Vice President of Medical & Scientific Affairs
TENURE
11 yrs

Art Shannon

TITLE
Senior VP and Head of Investor Relations & Communications
TENURE
2 yrs

Michael McMyne

TITLE
Vice President of Sales
TENURE
2.1 yrs

Stacey Williams

TITLE
Vice President of Marketing
TENURE
2.1 yrs
Board of Directors Tenure

Average tenure and age of the Bausch Health Companies board of directors in years:

3.1
Average Tenure
67
Average Age
  • The tenure for the Bausch Health Companies board of directors is about average.
Board of Directors

Joseph Papa

TITLE
CEO & Chairman of the Board
COMPENSATION
$15M
AGE
63
TENURE
3.1 yrs

Robert Power

TITLE
Independent Director
COMPENSATION
$382K
AGE
61
TENURE
10.8 yrs

Chris Fibiger

TITLE
Chairman of External Advisory Board
COMPENSATION
$2M
AGE
75

Rob Hale

TITLE
Independent Director
COMPENSATION
$380K
AGE
33
TENURE
3.8 yrs

Jerry Karabelas

TITLE
Independent Director
COMPENSATION
$386K
AGE
66
TENURE
3 yrs

Russ Robertson

TITLE
Independent Director
COMPENSATION
$403K
AGE
70
TENURE
3 yrs

Andy von Eschenbach

TITLE
Director
COMPENSATION
$149K
AGE
76
TENURE
0.7 yrs

Tom Ross

TITLE
Lead Independent Director
COMPENSATION
$455K
AGE
67
TENURE
3 yrs

Bob Lenox

TITLE
Member of the External Advisory Board
TENURE
10.3 yrs

Karoly Nikolich

TITLE
Member of the External Advisory Board
AGE
70
TENURE
10.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
28. Feb 19 Buy Joseph Papa Individual 28. Feb 19 28. Feb 19 30,000 $23.67 $710,100
18. Dec 18 Buy Thomas Appio Individual 14. Dec 18 14. Dec 18 25,440 $22.96 $584,018
17. Sep 18 Buy Paul Herendeen Individual 14. Sep 18 14. Sep 18 10,000 $22.61 $226,100
17. Sep 18 Buy Joseph Papa Individual 14. Sep 18 14. Sep 18 30,000 $22.32 $669,600
17. Sep 18 Buy Richard DeSchutter Individual 13. Sep 18 13. Sep 18 125,000 $23.96 $2,995,000
X
Management checks
We assess Bausch Health Companies's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Bausch Health Companies has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

BHC News

Simply Wall St News

Our Take On Bausch Health Companies Inc.'s (NYSE:BHC) CEO Salary

Thus we can conclude that Joseph Papa receives more in total compensation than the median of a group of companies in the same market, and of similar size to Bausch Health Companies Inc.. … The graphic below shows how CEO compensation at Bausch Health Companies has changed from year to year. … Given the total loss of 16% over three years, many shareholders in Bausch Health Companies Inc.

Simply Wall St -

Have Insiders Been Buying Bausch Health Companies Inc. (NYSE:BHC) Shares This Year?

So shareholders might well want to know whether insiders have been buying or selling shares in Bausch Health Companies Inc. … The Last 12 Months Of Insider Transactions At Bausch Health Companies. … That means that even when the share price was higher than US$23.44 (the recent price), an insider wanted to purchase shares.

Simply Wall St -

What Kind Of Shareholder Owns Most Bausch Health Companies Inc. (NYSE:BHC) Stock?

Every investor in Bausch Health Companies Inc. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Bausch Health Companies has a market capitalization of US$9.2b, so it's too big to fly under the radar.

Simply Wall St -

The Bausch Health Companies (NYSE:BHC) Share Price Is Down 83% So Some Shareholders Are Rather Upset

Because Bausch Health Companies is loss-making, we think the market is probably more focussed on revenue and revenue growth, at least for now. … Some companies are willing to postpone profitability to grow revenue faster, but in that case one does expect good top-line growth. … Over five years, Bausch Health Companies grew its revenue at 3.3% per year.

Simply Wall St -

Should You Worry About Bausch Health Companies Inc.'s (NYSE:BHC) CEO Pay Cheque?

In 2016 Joseph Papa was appointed CEO of Bausch Health Companies Inc. … First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Joseph Papa's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Have Insiders Been Buying Bausch Health Companies Inc (NYSE:BHC) Shares?

So we'll take a look at whether insiders have been buying or selling shares in Bausch Health Companies Inc (NYSE:BHC). … Bausch Health Companies Insider Transactions Over The Last Year. … In the last twelve months there was more buying than selling by Bausch Health Companies insiders

Simply Wall St -

What Type Of Shareholder Owns Bausch Health Companies Inc's (NYSE:BHC)?

A look at the shareholders of Bausch Health Companies Inc (NYSE:BHC) can tell us which group is most powerful. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … With a market capitalization of US$7.7b, Bausch Health Companies is rather large.

Simply Wall St -

BHC Company Info

Description

Bausch Health Companies Inc. develops, manufactures, and markets a range of pharmaceutical, medical device, and over-the-counter (OTC) products primarily in the therapeutic areas of eye health, gastroenterology, and dermatology. The company operates through four segments: Bausch + Lomb/International, Salix, Ortho Dermatologics, and Diversified Products. The Bausch + Lomb/International segment offers products with a focus on the vision care, surgical, and consumer and ophthalmology Rx products in the United States; and Solta products, branded and generic pharmaceutical products, OTC products, and medical device products, and Bausch + Lomb products in Canada, Europe, Asia, Australia, Latin America, Africa, and the Middle East. The Salix segment provides gastroenterology products in the United States. The Ortho Dermatologics segment offers dermatological products in the United States; and Solta medical aesthetic devices internationally. The Diversified Products segment provides pharmaceutical products in the areas of neurology and other therapeutic classes, as well as generic and dentistry products in the United States. The company was formerly known as Valeant Pharmaceuticals International, Inc. and changed its name to Bausch Health Companies Inc. in July 2018. Bausch Health Companies Inc. was founded in 1983 and is headquartered in Laval, Canada.

Details
Name: Bausch Health Companies Inc.
BHC
Exchange: NYSE
Founded: 1983
$7,554,947,053
351,883,887
Website: http://www.bauschhealth.com
Address: Bausch Health Companies Inc.
2150 St. Elzéar Boulevard West,
Laval,
Quebec, H7L 4A8,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE BHC Common Shares New York Stock Exchange US USD 29. Mar 1994
DB BVF Common Shares Deutsche Boerse AG DE EUR 29. Mar 1994
TSX BHC Common Shares The Toronto Stock Exchange CA CAD 29. Mar 1994
SWX VRX Common Shares SIX Swiss Exchange CH CHF 29. Mar 1994
BMV BHC N Common Shares Bolsa Mexicana de Valores MX MXN 29. Mar 1994
Number of employees
Current staff
Staff numbers
21,100
Bausch Health Companies employees.
Industry
Pharmaceuticals
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/15 23:37
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/06/11
Last earnings filing: 2019/05/06
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.