1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
Bausch Health slightly underperformed our expectations in the first quarter with sales about the same as the year-ago period and continued net losses. However, there is no material change to our long-term view, and we are maintaining our $26 fair value estimate. We view shares as fairly valued.
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.
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