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Bausch Health had a decent end to the year, slightly exceeding our expectations, and the company remains on a gradual path to recovery from the pandemic lows of mid-2020. We are maintaining our $23 fair value estimate and no-moat rating, though we may make minor adjustments to our valuation when full annual data is published later this week.
Formerly known as Valeant Pharmaceuticals, Bausch Health is a global specialty pharmaceutical, consumer health, and medical device company with a focus on branded products for the dermatology, gastrointestinal, and ophthalmology markets. The company reports revenue in four segments: Bausch+Lomb and international (55% of revenue), Salix pharmaceuticals (25%), ortho dermatology (6%), and diversified products (14%), and approximately 13% of revenue is attributable to non-U.S. markets. Bausch is the market leader in consumer visioncare in India and China, and the fourth- largest visioncare company by sales in the United States.
