Analyst Note
| Aaron Degagne |Bausch Health had a tough second quarter, with business hampered by the COVID-19 pandemic, though earnings were overshadowed by the major announcement that the firm will spin off its Bausch+Lomb eye health unit, which accounts for nearly 45% of the business. We are maintaining our $23 fair value estimate, with lower-than-expected revenue through the year being offset by hints of positive market share trends in liquid eyecare solutions and intraocular lenses.