Bausch Health Companies Inc. (BHC) Earnings
Bausch Health Companies Inc. is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $0.96. BHC has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise -3.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $0.81 | $0.78 | -3.7% | $2.5B | +4.3% |
| Feb 18, 2026 | $1.21 | $1.08 | -10.7% | $2.8B | +4.9% |
| Oct 29, 2025 | $1.07 | $1.16 | +8.4% | $2.7B | -1.0% |
| Jul 30, 2025 | $0.97 | $0.90 | -7.2% | $2.5B | -2.1% |
| Apr 30, 2025 | $0.83 | $0.59 | -28.9% | $2.3B | -8.9% |
| Feb 19, 2025 | $1.65 | $1.15 | -30.3% | $2.6B | +11.9% |
| Aug 1, 2024 | $0.88 | $0.89 | +1.1% | $2.4B | +2.7% |
| May 2, 2024 | $0.75 | $0.59 | -21.3% | $2.2B | -8.0% |
| Feb 22, 2024 | $1.01 | $1.15 | +13.9% | $2.4B | +4.8% |
| Nov 2, 2023 | $0.92 | $1.03 | +12.0% | $2.2B | +4.2% |
| Aug 3, 2023 | $0.75 | $0.81 | +8.0% | $2.2B | +6.2% |
| May 4, 2023 | $0.75 | $0.52 | -30.7% | $1.9B | -1.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Key messages include: Started 2026 with strong performance, 12 consecutive quarters of year-over-year revenue and adjusted EBITDA growth for Bausch Health excluding Bausch & Lomb; Priorities are execution in core business, R&D innovation, business development, and optimizing capital structure; Cash flow generation was healthy, net debt reduced by over $100 million; Progress in R&D with Larsu Kosterl acquisition Phase III program for alcohol-associated hepatitis and evaluating business development opportunities; Financial priorities include increasing value of Bosch Health, evaluating value unlocking options, and optimizing capital structure; Operational highlights like strong performance in Salix and SOLTA medical segments, international segment mixed performance, and various product launches and initiatives across regions.
Guidance
Reaffirming full year 2026 guidance for Bausch Health excluding Bausch & Lomb: Revenue expected between $5,250,000,000 and $5,400,000,000 (midpoint 3% Y/Y growth); Adjusted EBITDA expected between $2,875,000,000 and $2,950,000,000 (midpoint 4% Y/Y growth, includes new tariffs impact); Adjusted operating cash flow expected between $1,200,000,000 and $1,275,000,000 (midpoint 4% Y/Y growth) at current FX rates.
Segment performance
For Bausch Health excluding Bausch & Lomb: Revenue was $1,280,000,000, up 14% on reported basis and 9% organic compared to Q1 2025; Adjusted EBITDA was $673 million, up 17% year-over-year. By segment: Salix had revenues $639 million, up 18% on reported basis, driven by ZYFAX growth; International segments had revenues $285 million, up 9% reported, EMEA up 3% organic, LATAM flat, Canada down 7% organic; SOLTA medical segments had revenues $171 million, up 51% reported and 19% organic, with China up 193% reported; Diversified segments had revenues $185 million, down 10% reported; Bausch & Lomb revenues $1,244,000,000, up 9% reported and 6% organic compared to Q1 2025.
Analyst Q&A
Q: What are your expectations for the vaccine inventory to stocking in 4Q due to IRA? Do you have any color on how you expect wholesalers to act ahead of the pricing step down in 2027?
A: In terms of volume, not anticipating change versus current volume; will take a gross to net accrual adjustment due to higher discount rate effective Jan 1, 2027.
Q: Very strong numbers out of Solta, especially out of China, why so much success and sustainable?
A: Acquisition of Shibo, outstanding team in China, integration going well, high demand, product viewed as gold standard, durable business with capital and consumables.
Q: Planning around separation, debt refi, etc., how changes if DC Circuit Court reverses prior findings, contingency plan on Saffaxan?
A: Waiting on DC Circuit Court decision, remain confident in IP and planning for 1-1-2028, always looking at contingencies.
Q: Planning around tuck-in opportunities, flexibility to raise equity?
A: Capital structure optimization relies on free cash flow, AP Depo's FX and LOE, and average selling price from monetizing equity stake; equity not high on priority list at this stage but possibilities exist.
Q: Key changes to Lorsu-Costerol Phase III trial to avoid Phase IIb failure, status of MSL mod internal review, tariff exposure?
A: Phase III trial focused on US population, randomized early, highly powered; MSL mod review is part of overall portfolio review prioritizing best indication; tariffs have minimal impact in 2026, 2027 to see mitigants.