-- Second Quarter Consolidated Revenues of $2.85 billion, up 13% on a
Reported basis and 11% on an Organic (non-GAAP)1 basis over the prior
year period
-- GAAP Net Income Attributable to Bausch Health of $258 million and GAAP
Net Income of $260 million
-- GAAP Earnings per Diluted Share Attributable to Bausch Health of $0.68
compared to $0.40 in the prior year period; Adjusted Earnings per Diluted
Share (non-GAAP)1 of $1.26 compared to $0.90 in the prior year period, an
increase of 40%
-- Consolidated Adjusted EBITDA Attributable to Bausch Health (non-GAAP)1 of
$1,075 million, up 28% on a Reported basis over the prior year period
BAUSCH HEALTH EXCLUDING BAUSCH + LOMB SECOND QUARTER 2026 RESULTS
-- Delivered thirteenth consecutive quarter of year-over-year Revenue growth,
with Revenue up 16% on a Reported basis and 13% on an Organic (non-GAAP)1
basis
-- Net Income increased $84 million over the prior year period, and Adjusted
EBITDA (non-GAAP)1 grew 28%
-- Generated $517 million in Cash Provided by Operating Activities and $471
million in Adjusted Cash Flows from Operations (non-GAAP)1
-- Raising full-year 2026 Revenue, Adjusted EBITDA (non-GAAP)1, and Adjusted
Cash Flows from Operations (non-GAAP)1 guidance
LAVAL, QC, July 29, 2026 /PRNewswire/ -- Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) ("Bausch Health" or the "Company" or "we" or "our") today announced its second quarter 2026 financial results and other key updates from the quarter.
"The second quarter marks our thirteenth consecutive quarter of year-over-year growth in Revenue and Adjusted EBITDA for Bausch Health, excluding Bausch + Lomb, reflecting the strength of our portfolio, disciplined execution, and the dedication of our teams around the world. We delivered our highest Revenue and Adjusted EBITDA growth rates in the past three years, generated our strongest Adjusted Cash Flow from Operations since Q4 2024, and reduced Net Debt by one of our largest amounts since our 2022 debt refinancing. This performance strengthens our financial flexibility and supports continued investment in our business, our pipeline, and business development opportunities. We remain focused on driving long-term value creation," said Thomas J. Appio, Chief Executive Officer, Bausch Health.
(1) This is a non-GAAP measure or a non-GAAP ratio. For further information
on non-GAAP measures and non-GAAP ratios, please refer to the "Non-GAAP
Information" section of this news release. Please also refer to tables at
the end of this news release for a reconciliation of this and other
non-GAAP measures and ratios to the most directly comparable GAAP
measure.
Second Quarter 2026 Revenue Performance
Total consolidated reported revenues were $2.85 billion for the second quarter of 2026, compared with $2.53 billion in the second quarter of 2025, an increase of $322 million, or 13%. Excluding the impact of foreign exchange of $25 million, acquisitions of $35 million, and divestitures and discontinuations of $7 million, revenue increased 11% on an organic(1) basis compared with the second quarter of 2025.
Reported revenues by segment were as follows:
Three Months
Ended June Reported
30, Change
-------------- -------------- ----------- ----------
Change at Change in
Constant Organic
Currency(1) Revenue(1)
(in millions) 2026 2025 Amount Pct. (Non-GAAP) (Non-GAAP)
--------------- ------ ------ ------ ------ ----------- ----------
Total Bausch
Health
Revenues $2,852 $2,530 $322 13 % 12 % 11 %
Bausch Health
(excl. B+L) $1,458 $1,252 $206 16 % 15 % 13 %
Salix segment $758 $627 $131 21 % 21 % 21 %
International
segment $305 $278 $27 10 % 5 % 5 %
Solta Medical
segment $176 $128 $48 38 % 37 % 12 %
Diversified
segment $219 $219 $0 -- % -- % -- %
Bausch + Lomb
segment $1,394 $1,278 $116 9 % 8 % 8 %
---------------- ------ ------ ------ ------ ----------- ----------
Salix Segment
Salix segment reported revenues were $758 million for the second quarter of 2026, compared with $627 million for the second quarter of 2025, an increase of $131 million, or 21%. Segment revenues increased 21% on an organic(1) basis compared with the second quarter of 2025. Xifaxan$(R)$ was the primary contributor to growth, with 26% revenue growth in the second quarter of 2026.
International Segment
International segment reported revenues were $305 million for the second quarter of 2026, compared with $278 million for the second quarter of 2025, an increase of $27 million, or 10%. Excluding the impact of foreign exchange of $12 million, segment revenues grew 5% on an organic(1) basis compared with the second quarter of 2025, with strong execution across LATAM and EMEA more than offsetting softer results in Canada.
Solta Medical Segment
Solta Medical segment reported revenues were $176 million for the second quarter of 2026, compared with $128 million in the second quarter of 2025, an increase of $48 million, or 38% aided by the acquisition of our full service distributor in China. Excluding a $1 million favorable impact from foreign exchange and acquisitions of $32 million, segment revenues increased by 12% on an organic(1) basis compared with the second quarter of 2025, led by growth in APAC including South Korea, China and Taiwan.
Diversified Segment
Diversified segment reported revenues were $219 million for the second quarter of 2026, flat compared with $219 million for the second quarter of 2025. Segment revenues were flat on an organic(1) basis compared with the second quarter of 2025. Results in the Neuroscience business balanced softer performance in Dermatology, Generics, and Dentistry.
Bausch + Lomb Segment
Bausch + Lomb segment reported revenues were $1.39 billion for the second quarter of 2026, compared with $1.28 billion for the second quarter of 2025, an increase of $116 million, or 9%. Excluding the impact of foreign exchange of $12 million, acquisitions of $3 million and divestitures and discontinuations of $5 million, segment revenues increased 8% on an organic(1) basis compared with the second quarter of 2025.
Consolidated Operating Income
Consolidated operating income was $740 million for the second quarter of 2026, compared with consolidated operating income of $444 million for the second quarter of 2025, an increase of $296 million, primarily attributable to results in the Salix, Bausch + Lomb, and Solta Medical segments.
Consolidated Net Income Attributable to Bausch Health
Consolidated net income attributable to Bausch Health for the second quarter of 2026 was $258 million, compared with consolidated net income attributable to Bausch Health of $148 million for the second quarter of 2025.
Consolidated Adjusted Net Income Attributable to Bausch Health (non-GAAP)(1) Consolidated adjusted net income attributable to Bausch Health (non-GAAP)(1) for the second quarter of 2026 was $476 million, compared with $335 million for the second quarter of 2025, an increase of $141 million, primarily due to higher revenues.
Consolidated Earnings Per Share Attributable to Bausch Health
Consolidated earnings per share attributable to Bausch Health for the second quarter of 2026 was $0.68 on a diluted basis, compared with consolidated earnings per share of $0.40 on a diluted basis for the second quarter of 2025.
Consolidated Adjusted Earnings Per Share Attributable to Bausch Health (non-GAAP)(1) Consolidated adjusted earnings per share attributable to Bausch Health (non-GAAP)(1) for the second quarter of 2026 was $1.26, compared with $0.90 for the second quarter of 2025.
Consolidated Adjusted EBITDA Attributable to Bausch Health (non-GAAP)(1) Consolidated adjusted EBITDA attributable to Bausch Health (non-GAAP)(1) was $1,075 million for the second quarter of 2026, compared with $842 million for the second quarter of 2025, an increase of $233 million.
Consolidated Cash Provided by Operating Activities
The Company generated $671 million of cash from operating activities in the second quarter of 2026, an increase of 132% versus $289 million in the second quarter of 2025.
Balance Sheet Highlights
As of June 30, 2026, Bausch Health reported consolidated cash and cash equivalents of $1,825 million, up from $1,309 million as of December 31, 2025. The Company remains focused on strengthening its balance sheet and delivering value to all stakeholders.
Focus on Strategic Priorities
The Company entered the second half of 2026 with strong financial momentum, with revenue and earnings growth across multiple segments. Upon the successful completion of major refinancing initiatives in the prior twelve-month period, the Company materially improved its debt maturity profile. The Company remains committed to evaluating all options for unlocking shareholder value, including maximizing the value of our Bausch Health and Bausch + Lomb assets.
2026 Financial Outlook
The Company updated its Consolidated full-year Revenue and Adjusted EBITDA (non-GAAP)(1) guidance for 2026.
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