Bausch Health Companies Inc.
BHC · Pharmaceutical Preparations · 373.5M shares · +1%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$60M (gross $72M, SBC $132M)
Reference price $5.43 · est. market cap ~$2.0B — last insider sale, 2026-05-19 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D52Specialty pharma with strong FCF but a heavily-indebted, negative-equity balance sheet.
Strengths
- Strong free cash flow — FCF $1.0B (96th), operating margin 18% (88th)
- Some growth — revenue +7%
Risks
- Negative equity / massive debt — D/E -37.2 (2nd), net income -441%
- Bausch+Lomb separation overhang — per 10-K
- Refinancing/patent (Xifaxan) risk — per 10-K
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Negative equityNegative book equity (debt/equity -37.17)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Strong balance sheetStrong balance sheet — $1.3B cash & investments
- Notable holderHeld by 4 notable fund(s): GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC, RENAISSANCE TECHNOLOGIES LLC +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 4 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
17.7%
Net margin
1.5%
Return on equity
-28.3%
Return on assets
0.6%
ROIC
7.1%
Revenue growth (QoQ)
-9.7%
Debt / equity
-37.2×
Net debt / EBITDA
6.4×
Current ratio
1.5×
Free cash flow
$1.0B
EBITDA
$3.0B
Tangible book value
-$16.5B
Cash & investments
$1.3B
Stock comp / revenue
2.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-22 | Paulson John | Grant | 46K | — |
| 2026-05-22 | POWER ROBERT N | Grant | 46K | — |
| 2026-05-22 | ROBERTS EIRY | Grant | 46K | — |
| 2026-05-22 | WECHSLER AMY B | Grant | 46K | — |
| 2026-05-22 | LEUNG SANDRA | Grant | 46K | — |
| 2026-05-22 | Lee Frank D. | Grant | 46K | — |
| 2026-05-22 | KAVANAGH SARAH B | Grant | 46K | — |
| 2026-05-22 | GOETTLER MICHAEL | Grant | 46K | — |
| 2026-05-22 | Garcia Christian A | Grant | 46K | — |
| 2026-05-19 | Lee Frank D. | Sell | 24K | $5.43 |
| 2026-03-31 | LEUNG SANDRA | Grant | 5.9K | $5.40 |
| 2026-03-31 | Paulson John | Grant | 12K | $5.40 |
| 2026-03-31 | WECHSLER AMY B | Grant | 1.3K | $5.40 |
| 2026-03-03 | Carson Seana | Sell | 4.4K | $5.77 |
| 2026-03-02 | APPIO THOMAS | Tax withheld | 84K | $5.95 |
| 2026-03-02 | Carson Seana | Sell | 6.9K | $5.78 |
| 2026-03-02 | Carson Seana | Tax withheld | 17K | $5.95 |
| 2026-03-02 | Carson Seana | Other | 138K | $5.95 |
| 2026-03-02 | APPIO THOMAS | Other | 1.1M | $5.95 |
| 2026-02-27 | Carson Seana | Sell | 8.4K | $5.95 |
| 2026-02-27 | Charhon Jean-Jacques | Tax withheld | 49K | $5.93 |
| 2026-02-27 | Carson Seana | Tax withheld | 26K | $5.93 |
| 2026-02-27 | APPIO THOMAS | Tax withheld | 83K | $5.93 |
| 2026-02-26 | Lenar Aimee J. | Tax withheld | 18K | $6.04 |
| 2026-02-26 | Carson Seana | Tax withheld | 32K | $6.04 |
| 2026-02-26 | Charhon Jean-Jacques | Tax withheld | 36K | $6.04 |
| 2026-02-26 | APPIO THOMAS | Tax withheld | 117K | $6.04 |
| 2026-02-25 | LEE STEVEN HYOSIG | Grant | 46K | — |
| 2026-02-25 | Charhon Jean-Jacques | Grant | 276K | — |
| 2026-02-25 | Lenar Aimee J. | Grant | 157K | — |
| 2026-02-25 | Carson Seana | Grant | 212K | — |
| 2026-02-25 | APPIO THOMAS | Grant | 815K | — |
| 2026-02-09 | Carson Seana | Grant | 138K | — |
| 2026-02-09 | APPIO THOMAS | Grant | 1.1M | — |
| 2025-12-31 | LEUNG SANDRA | Grant | 4.6K | — |
| 2025-12-31 | Paulson John | Grant | 9.0K | — |
| 2025-12-31 | WECHSLER AMY B | Grant | 989 | — |
| 2025-11-25 | PAULSON & CO. INC. | Buy | 2.5M | $6.25 |
| 2025-09-30 | LEUNG SANDRA | Grant | 3.7K | — |
| 2025-09-30 | Paulson John | Grant | 9.7K | — |
| 2025-09-30 | WECHSLER AMY B | Grant | 1.1K | — |
| 2025-09-08 | Carson Seana | Sell | 13K | $7.31 |
| 2025-09-05 | Carson Seana | Tax withheld | 51K | $7.35 |
| 2025-08-21 | Lee Frank D. | Sell | 16K | $7.66 |
| 2025-08-14 | Paulson John | Buy | 34.7M | $9.00 |
| 2025-08-13 | Paulson John | Buy | 86K | $7.06 |
| 2025-08-12 | Paulson John | Buy | 1.2M | $6.88 |
| 2025-08-11 | Paulson John | Buy | 2.0M | $6.35 |
| 2025-07-25 | GOETTLER MICHAEL | Grant | 30K | — |
| 2025-07-25 | LEUNG SANDRA | Grant | 30K | — |
| 2025-07-17 | Lenar Aimee J. | Grant | 31K | — |
| 2025-07-15 | Lenar Aimee J. | Tax withheld | 23K | $6.42 |
| 2025-07-14 | LEE STEVEN HYOSIG | Grant | 27K | — |
| 2025-06-30 | Paulson John | Grant | 9.4K | — |
| 2025-06-30 | ICAHN BRETT | Grant | 4.0K | — |
| 2025-06-30 | WECHSLER AMY B | Grant | 1.0K | — |
| 2025-06-13 | Paulson John | Buy | 3.6M | $5.94 |
| 2025-06-12 | Paulson John | Buy | 1.0M | $5.47 |
| 2025-06-11 | Paulson John | Buy | 1.0M | $5.24 |
| 2025-06-10 | Paulson John | Buy | 754K | $5.05 |
| 2025-05-16 | ICAHN BRETT | Grant | 54K | — |
| 2025-05-16 | Garcia Christian A | Grant | 54K | — |
| 2025-05-16 | KAVANAGH SARAH B | Grant | 54K | — |
| 2025-05-16 | Lee Frank D. | Grant | 54K | — |
| 2025-05-16 | Miller Steven D | Grant | 54K | — |
| 2025-05-16 | Mulligan Richard | Grant | 54K | — |
| 2025-05-16 | Paulson John | Grant | 54K | — |
| 2025-05-16 | POWER ROBERT N | Grant | 54K | — |
| 2025-05-16 | WECHSLER AMY B | Grant | 54K | — |
| 2025-03-31 | WECHSLER AMY B | Grant | 1.1K | $6.47 |
| 2025-03-31 | ICAHN BRETT | Grant | 5.1K | $6.47 |
| 2025-03-31 | Paulson John | Grant | 9.7K | $6.47 |
| 2025-02-28 | Barresi John S | Tax withheld | 2.9K | $7.44 |
| 2025-02-28 | Barresi John S | Tax withheld | 5.1K | $7.44 |
| 2025-02-28 | APPIO THOMAS | Tax withheld | 25K | $7.44 |
| 2025-02-28 | APPIO THOMAS | Tax withheld | 85K | $7.44 |
| 2025-02-28 | APPIO THOMAS | Tax withheld | 97K | $7.44 |
| 2025-02-28 | Carson Seana | Tax withheld | 6.0K | $7.44 |
| 2025-02-28 | Carson Seana | Tax withheld | 17K | $7.44 |
| 2025-02-28 | Carson Seana | Tax withheld | 26K | $7.44 |
| 2025-02-26 | Barresi John S | Grant | 50K | — |
| 2025-02-26 | Lenar Aimee J. | Grant | 108K | — |
| 2025-02-26 | Carson Seana | Grant | 181K | — |
| 2025-02-26 | Charhon Jean-Jacques | Grant | 217K | — |
| 2025-02-26 | APPIO THOMAS | Grant | 635K | — |
| 2024-12-31 | WECHSLER AMY B | Grant | 852 | $8.06 |
| 2024-12-31 | Paulson John | Grant | 7.8K | $8.06 |
| 2024-12-31 | ICAHN BRETT | Grant | 4.1K | $8.06 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (1)
- Lundbeck LLC
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-19 | Shareholder vote | filing ↗ |
| 2026-04-29 | ResultsExhibits | filing ↗ |
| 2026-03-02 | Exec/director change | filing ↗ |
| 2026-02-18 | ResultsExhibits | filing ↗ |
| 2026-01-23 | Reg FD | filing ↗ |
| 2026-01-13 | ResultsReg FD | filing ↗ |
| 2026-01-02 | Material agreementDebt obligationOtherExhibits | filing ↗ |
| 2025-12-29 | Material agreementDebt obligationExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-19 | 2026-05-19 | 0000885590-26-000057 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0000885590-26-000053 ↗ |
| 8-K | 2026-04-29 | 2026-04-29 | 0000885590-26-000051 ↗ |
| 8-K | 2026-03-02 | 2026-02-26 | 0001193125-26-085755 ↗ |
| 10-K | 2026-02-19 | 2025-12-31 | 0000885590-26-000023 ↗ |
| 8-K | 2026-02-18 | 2026-02-18 | 0000885590-26-000020 ↗ |
| 8-K | 2026-01-23 | 2026-01-23 | 0000885590-26-000008 ↗ |
| 8-K | 2026-01-13 | 2026-01-13 | 0000885590-26-000005 ↗ |
| 8-K | 2026-01-02 | 2026-01-02 | 0000950103-26-000052 ↗ |
| 8-K | 2025-12-29 | 2025-12-26 | 0000885590-25-000059 ↗ |
| 8-K | 2025-12-23 | 2025-12-23 | 0000885590-25-000057 ↗ |
| 8-K | 2025-12-12 | 2025-12-12 | 0000950103-25-016089 ↗ |