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Bausch Health Companies Inc BHC

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Morningstar’s Analysis

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No-Moat Bausch Not Quite Back to Normal, but Decent Q4 Shows Recovery Well Underway; Maintaining FVE

Aaron Degagne Equity Analyst

Analyst Note

| Aaron Degagne |

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.

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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 Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type
Employees 21,600