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Bausch Health Companies Inc BHC

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Bausch Health Divestitures Accelerate Debt Paydown and Spin-Off Plans; Few Surprises in Q3 Earnings

Aaron Degagne Equity Analyst

Analyst Note

| Aaron Degagne |

While Bausch Health's third-quarter earnings did not provide much surprise, the company announced an acceleration of the Bausch and Lomb and Solta Medical spin-offs. We are maintaining our $26 fair value estimate (CAD 32) and no-moat rating, and there is no change to our long-term expectations. We intend to re-evaluate our valuation of Bausch Health once more details are disclosed on the upcoming spun businesses in early 2022.

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Company Profile

Business Description

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.

2150 Saint Elzear Boulvard West
Laval, QC, H7L 4A8, Canada
T +1 514 744-6792
Sector Healthcare
Industry Drug Manufacturers - Specialty & Generic
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 21,600