Bausch Health Companies Inc.

Company profile

• Global, diversified specialty pharmaceutical and medical device company.
• Focus areas: gastroenterology (GI), hepatology, neurology, dermatology, and eye health.
• Through its ownership of Bausch + Lomb (B+L) (about 88% ownership as of Feb 11, 2026), the company operates a fully integrated eye health business covering Vision Care, Surgical, and Pharmaceuticals.

Corporate structure and separation plan

• Five reportable segments: Salix, International, Solta Medical, Diversified, and Bausch + Lomb.
• The company plans to separate the eye health business into an independent public company (the B+L Separation). The separation may include monetization of all or part of the B+L stake and could occur via several structural options.
• The separation is subject to targeted debt leverage ratios, required approvals, and may unfold over time using various structures.

Revenue and financial snapshot (recent full-year figures)

• Consolidated revenues:
  • 2025: $10,266 million
  • 2024: $9,625 million
  • 2023: $8,757 million
• Primary customers (share of total revenue):
  • Cencora Inc.: 18% (2025), 19% (2024), 19% (2023)
  • McKesson Corporation: 16% (2025), 15% (2024), 15% (2023)
  • Cardinal Health, Inc.: 14% (2025), 14% (2024), 13% (2023)
• Geographic revenue (2025): U.S. approximately 60%, China approximately 5%; other countries make up the remainder.

Global footprint and portfolio

• Markets directly or indirectly in about 90 countries.
• Product portfolio of approximately 1,000 products.

Employees and human capital

• Total employees: approximately 20,300 (as of December 31, 2025).
• Bausch + Lomb employees: approximately 13,000 (of the total).
• Company-wide employee distribution:
  • Production: about 10,300
  • Sales and marketing: about 6,800
  • General and administrative: about 1,800
  • R&D: about 1,400

Operations and infrastructure

• Manufacturing sites: about 37 worldwide; 25 are B+L facilities.
• Third-party manufacturing: about 28% of product sales were produced in whole or in part by third-party manufacturers in 2025.
• R&D: around 80 pipeline projects; about 1,400 R&D and quality assurance employees across 25 R&D facilities.
• Several sites co-locate R&D and manufacturing.

Segments and principal products

• Salix (U.S. GI products)

  • Core product: Xifaxan (rifaximin). Xifaxan revenue: $2,212 million (2025); $1,993 million (2024); $1,810 million (2023).
  • Other Salix products: Relistor, Trulance.

• International (outside the U.S.; excluding B+L and Solta Medical)

  • Branded pharmaceuticals, branded generics, and OTC products.
  • Examples: Bedoyecta (multivitamin), Jublia (efinaconazole) in Canada, Bisocard (bisoprolol), Diclofenac (Central/Eastern Europe), Contrave/Mysimba (weight management), Ryaltris (nasal spray), Espaven (gastrointestinal).

• Solta Medical (global aesthetic medical devices)

  • Major systems: Thermage (non-invasive skin tightening), Clear + Brilliant (laser), Fraxel (laser skin rejuvenation), VASERlipo (liposuction adjunct).

• Diversified (U.S. sales across multiple therapeutic areas)

  • Neuroscience: Wellbutrin XL, Aplenzin, Ativan, Mysoline, Xenazine.
  • Dermatology: Jublia, CABTREO (acne), Siliq, Arazlo, Targretin.
  • Generics: generic and authorized generic products.
  • Dentistry: Arestin.

• Bausch + Lomb (eye health)

  • Eye care, surgical products, and pharmaceuticals.
  • Principal products: XIIDRA (lifitegrast) for dry eye disease; PreserVision AREDS/AREDS2/AREDS3 vitamins; Lumify (OTC redness reliever); MIEBO (formerly NOV03) tear evaporation treatment; contact lens solutions and lens technologies (Biotrue, Biotrue Hydration Plus, Biotrue ONEday, Lumera-like lines); Stellaris Elite cataract system.
  • Product development and regulatory activity include an NDA for next-generation Lumify and an anticipated AREDS 3 launch in 2026.

Research and development focus

• R&D efforts are focused on refreshing the pipeline and introducing new products.
• The company pursues collaborations, licensing, and potential acquisitions to build on its commercial footprint.

Industry position and capabilities

• Competes across GI, neurology, dermatology, eye health, diagnostic/medical devices, and generics.
• Faces generic competition as product exclusivities lapse and maintains focus on IP protection, regulatory compliance, and product quality.

Summary

Bausch Health is a diversified, global pharmaceutical and medical device company with five reportable segments, a portfolio of about 1,000 products, and substantial eye-health operations through its majority stake in Bausch + Lomb. The company generated about $10.3 billion in revenue in 2025, employed roughly 20,300 people, and operates 37 manufacturing sites (25 B+L facilities). The company is pursuing a separation of its eye-health business and continues product development and global commercial activities.