Bausch Health Companies Inc.
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
BHC$8.18+2.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0000885590-25-000032
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0000885590-25-000051
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 533 previous paragraphs and 546 current paragraphs.
364 unchanged; 134 reworded; 43 added; 31 removed; 4 previous and 5 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (43)
Current report
August 2025 Repurchase Activity
Current report
In August 2025, we repurchased and retired our outstanding 9.25% Senior Unsecured Notes (the “August 2025 Repurchase Activity”) with an aggregate par value of approximately $602 million using cash on hand, for an aggregate cost of approximately $601 million.
Current report
•Larsucosterol - During September 2025, we completed the acquisition of DURECT Corporation (“DURECT”). Larsucosterol, DURECT’s lead drug candidate, has the potential to be the first FDA-approved therapeutic option for alcohol-associated hepatitis (“AH”) patients. The FDA has granted a Breakthrough Therapy designation for this drug. A registrational Phase 3 program to evaluate the safety and efficacy of Larsucosterol for the treatment of patients with severe AH is planned to start in early 2026.
Current report
In January 2025, the Centers for Medicare & Medicaid Services (“CMS”) selected Xifaxan® as one of the medicines for its drug price negotiation program as part of the IRA with an initial price applicability in 2027. It is possible that other of our products could be selected in future years. The Company’s negotiations with CMS have concluded, and CMS is expected to publish the negotiated maximum fair prices by November 30, 2025. The negotiated price for Xifaxan® will come into effect on January 1, 2027 and is expected to negatively impact sales revenues for Xifaxan®in 2027. The expected impact on revenues and operating results is expected to be primarily in 2027 due to anticipated generic competition beginning in 2028 and is not anticipated to materially affect the Company’s long-term strategies and cash flows.
Current report
Although management continues to evaluate the potential impact of the IRA, the anticipated short-term impact is not expected to affect the recoverability or useful lives of our Xifaxan®-related intangible assets or the carrying value of Salix’s goodwill based on an initial assessment.
Current report
Over the past several years, numerous legislative changes have caused the Company and other pharmaceutical manufacturers to reevaluate participation in optional Federal programs.
Current report
Bausch Health US, LLC (“BHUS”) recently communicated its intention to cease participation in two optional Federal drug pricing programs – the Medicaid Drug Rebate Program (“MDRP”) and the 340B Drug Pricing Program (“340B”). BHUS provided notice to the CMS and the Health Resources and Services Administration of the end of its participation in these programs effective September 30, 2025. Other Federal programs such as Medicare and the Federal Supply Schedule (supporting agencies such as the Department of Veterans Affairs and the Department of Defense) are not affected by this decision. We continue to evaluate the Company’s participation in government channels.
Current report
The Company remains fully committed to the patients who are prescribed our products and understands the importance of its therapies to patients supported through Federal government programs. To prioritize the needs of patients first, effective October 1, 2025, the Company expanded support of Medicaid-eligible patients for most single-source pharmaceuticals through an enhanced Patient Assistance Program, where eligible patients will receive the pharmaceutical free of charge. Our goal is to maintain a straightforward process to ensure continuity of care for patients, physicians and caregivers during this transition.
Current report
While the ultimate outcome of discontinuing our participation in the MDRP and 340B is still being assessed, the Company does not expect a significant impact on its business and consolidated results of operations at this time.
Current report
•an increase in research and development (“R&D”) expenses of $20 million, primarily attributable to an increase in spend on certain projects in the Bausch + Lomb and Solta Medical segments;
Current report
•a decrease in Other expense, net of $145 million, primarily attributable to: (i) lower provisions for certain legal matters during the third quarter of 2025 and (ii) lower Acquisition-related contingent consideration during the third quarter of 2025, partially offset by an increase in Acquired IPR&D costs related to the acquisition of DURECT.
Current report
Income before income taxes for the three months ended September 30, 2025 was $218 million as compared to Loss before income taxes of $21 million for the three months ended September 30, 2024, a favorable change of $239 million, primarily attributable to the increase in our operating results of $301 million, partially offset by an increase in Interest expense of $66 million.
Current report
Summary of the Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024
Current report
•an increase in SG&A expenses of $80 million, primarily attributable to higher selling expenses primarily attributable to MIEBO®, partially offset by a lower annual industry assessment fee;
Current report
•an increase in R&D expenses of $15 million, primarily attributable to an increase in spend on certain projects in the Bausch + Lomb and Solta Medical segments;
Current report
•a decrease in Other expense, net of $168 million, primarily attributable to: (i) lower provisions for certain legal matters during 2025 and (ii) lower Acquisition-related contingent consideration during 2025, partially offset by an increase in Acquired IPR&D costs related to the acquisition of DURECT.
Current report
Cost of goods sold was $735 million and $682 million for the three months ended September 30, 2025 and 2024, respectively, an increase of $53 million, or 8%. The increase was primarily driven by: (i) the unfavorable impact of foreign currencies and (ii) unfavorable manufacturing variances.
Current report
SG&A expenses were $795 million and $850 million for the three months ended September 30, 2025 and 2024, respectively, a decrease of $55 million, or 6%. The decrease was primarily attributable to a lower annual industry assessment fee, partially offset by higher selling expenses attributable to MIEBO®.
Current report
R&D expenses were $166 million and $146 million for the three months ended September 30, 2025 and 2024, respectively, an increase of $20 million, or 14%. The increase is primarily attributable to an increase in spend on certain projects in the Bausch + Lomb and Solta Medical segments.
Current report
Amortization of intangible assets was $253 million and $274 million for the three months ended September 30, 2025 and 2024, respectively, a decrease of $21 million, or 8%, primarily attributable to fully amortized intangible assets no longer being amortized in 2025.
Current report
Asset impairments for each of the three months ended September 30, 2025 and 2024 were not material.
Current report
Other Expense, Net
Current report
Acquired IPR&D costs are related to the acquisition of DURECT and certain Bausch + Lomb acquisitions.
Current report
Our effective income tax rate for the three months ended September 30, 2024 differs from the statutory Canadian income tax rate primarily due to: (i) the recording of valuation allowances on entities for which no tax benefit of losses is expected, (ii) the discrete treatment of certain tax matters, primarily related to changes in uncertain tax positions and (iii) the tax provision generated from our annualized mix of earnings by jurisdiction.
Current report
The Salix segment profit for the three months ended September 30, 2025 and 2024 was $570 million and $436 million, respectively, an increase of $134 million, or 31%. The increase was primarily driven by: (i) higher contribution attributable to the increase in revenues as previously discussed and (ii) lower SG&A expenses.
Current report
The Solta Medical segment profit for the three months ended September 30, 2025 and 2024 was $70 million and $53 million, respectively, an increase of $17 million, or 32%. The increase was primarily driven by higher contribution attributable to the increase in volumes as previously discussed, partially offset by higher: (i) selling, advertising and promotion expenses and (ii) R&D expenses.
Current report
The Diversified segment revenue for the three months ended September 30, 2025 and 2024 was $258 million and $269 million, respectively, a decrease of $11 million, or 4%. The decrease was primarily driven by a decrease in volumes of $34 million, primarily in our Neurology and Dermatology businesses, partially offset by: (i) an increase in net realized pricing of $17 million, primarily in our Neurology business and (ii) the $6 million impact from the discontinuation of certain non-promoted products which negatively impacted our revenues in 2024.
Current report
Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024
Current report
SG&A expenses were $2,556 million and $2,476 million for the nine months ended September 30, 2025 and 2024, respectively, an increase of $80 million, or 3%. The increase was primarily due to higher selling, advertising and promotion expenses, partially offset by a lower annual industry assessment fee.
Current report
R&D expenses were $468 million and $453 million for the nine months ended September 30, 2025 and 2024, respectively, an increase of $15 million. The increase is primarily attributable to an increase in spend on certain projects in the Bausch + Lomb and Solta Medical segments.
Current report
Amortization of intangible assets was $765 million and $818 million for the nine months ended September 30, 2025 and 2024, respectively, a decrease of $53 million, or 6%. The decrease was primarily attributable to fully amortized intangible assets no longer being amortized in 2025.
Current report
Asset impairments for the nine months ended September 30, 2025 were not material.
Current report
Other Expense, Net
Current report
Acquired IPR&D costs are related to the acquisition of DURECT and certain Bausch + Lomb acquisitions.
Current report
Gain on Extinguishment of Debt
Current report
The Salix segment profit for the nine months ended September 30, 2025 and 2024 was $1,396 million and $1,142 million, respectively, an increase of $254 million, or 22%. The increase was primarily driven by: (i) higher contribution attributable to the increase in revenues as previously discussed, (ii) lower SG&A expenses and (iii) lower R&D expenses.
Current report
The Solta Medical segment profit for the nine months ended September 30, 2025 and 2024 was $177 million and $140 million, respectively, an increase of $37 million, or 26%. The increase was primarily driven by higher contribution attributable to the increase in revenues as previously discussed, partially offset by higher selling, advertising and promotion expenses and R&D expenses.
Current report
During July 2025, we gave notice of our intention to repay in full and terminate the AR Credit Facility in accordance with the terms thereof. On October 27, 2025, the outstanding amount of $300 million was repaid using cash on hand and the AR Credit Facility was terminated.
Current report
•the potential benefits of Breakthrough Therapy Designation and Fast Track Designation;
Current report
•the results and timing of clinical trials, including clinical trial plans and timelines for larsucosterol;
Showing the first 40 of 43 passages. Open the source sections for the rest.
Removed paragraphs (31)
Previous report
In connection with the April 2025 Refinancing Transactions, on April 8, 2025, 126NumberCo terminated its commitment with a third-party lender to provide a senior secured bridge loan facility in an aggregate principal amount of up to $700 million.
Previous report
On July 28, 2025, we issued an irrevocable notice of redemption pursuant to which we will redeem approximately $602 million of aggregate principal amount of our outstanding 9.25% Senior Unsecured Notes due 2026 using cash on hand. The redemption date is August 28, 2025.
Previous report
On July 28, 2025, we gave notice to the administrative agent under our AR Facility Agreement (as defined in Note 10, “FINANCING ARRANGEMENTS” to our unaudited interim Condensed Consolidated Financial Statements), of our intention to repay using cash on hand, all outstanding amounts under our AR Credit Facility (as defined in Note 10, “FINANCING ARRANGEMENTS” to our unaudited interim Condensed Consolidated Financial Statements) and to terminate the AR Credit Facility effective October 27, 2025. As of July 30, 2025, the aggregate principal amount outstanding under the AR Credit Facility was $300 million.
Previous report
The schedule of maturities above does not give effect to the redemption of the 9.25% Senior Unsecured Notes due 2026 and repayment of the AR Credit Facility as described above.
Previous report
In connection with the April 2025 Refinancing Transactions, the Company recognized a net gain on extinguishment of debt of $191 million. In connection with the B+L June 2025 Refinancing Activity, the Company recognized a loss on extinguishment of debt of $13 million.
Previous report
•an increase in Other income of $38 million, primarily attributable to: (i) changes in estimates related to Acquisition-related contingent consideration during the three months ended June 30, 2025 and (ii) charges for Litigation and other matters during the three months ended June 30, 2024 not recurring in 2025.
Previous report
Income before income taxes for the three months ended June 30, 2025 and 2024 was $140 million and $48 million, respectively, an increase of $92 million. The increase is primarily attributable to: (i) an increase in Gain on extinguishment of debt of $166 million and (ii) the increase in our operating results of $55 million, as previously discussed, partially offset by: (i) an increase in Interest expense of $115 million and (ii) an unfavorable change in Foreign exchange and other of $19 million.
Previous report
Summary of the Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024
Previous report
•an increase in SG&A of $135 million primarily attributable to higher selling, advertising and promotion expenses primarily attributable to MIEBO®;
Previous report
•an increase in Other income of $23 million primarily attributable to: (i) changes in estimates related to Acquisition-related contingent consideration during the six months ended June 30, 2025 and (ii) charges for Litigation and other matters during the six months ended June 30, 2024 not recurring in 2025, partially offset by Acquired in-process research and development costs related to certain Bausch + Lomb acquisitions.
Previous report
Cost of goods sold was $748 million and $708 million for the three months ended June 30, 2025 and 2024, respectively, an increase of $40 million, or 6%. The increase was primarily driven: (i) higher volumes as previously discussed and (ii) the unfavorable impact of foreign currencies.
Previous report
SG&A expenses were $894 million and $832 million for the three months ended June 30, 2025 and 2024, respectively, an increase of $62 million, or 7%. The increase was primarily attributable to: (i) selling, advertising and promotion expenses primarily attributable to MIEBO® and (ii) general and administrative expenses, primarily driven by higher compensation costs.
Previous report
R&D expenses were $159 million and $156 million for the three months ended June 30, 2025 and 2024, respectively, an increase of $3 million, or 2%. The increase is primarily attributable to lower spend on certain projects in the Salix segment, partially offset by an increase in spend on certain projects in the Bausch + Lomb segment.
Previous report
Amortization of intangible assets was $256 million and $270 million for the three months ended June 30, 2025 and 2024, respectively, a decrease of $14 million, or 5%, primarily attributable to fully amortized intangible assets no longer being amortized in 2025.
Previous report
Other (Income) Expense, Net
Previous report
In connection with the April 2025 Refinancing Transactions, the Company recognized a net gain on extinguishment of debt of $191 million, during the three months ended June 30, 2025. In connection with the B+L June 2025 Refinancing Activity, the Company recognized a net loss on extinguishment of debt of $13 million, during the three months ended June 30, 2025. Gain on extinguishment of debt was $12 million for the three months ended June 30, 2024 and is attributable to repurchases of certain outstanding senior unsecured notes as previously discussed.
Previous report
Our effective income tax rate for the three months ended June 30, 2024 differs from the statutory Canadian income tax rate primarily due to: (i) the tax provision generated from our annualized mix of earnings by jurisdiction, (ii) the recording of valuation allowances on entities for which no tax benefit of losses is expected and (iii) the discrete treatment of certain tax matters, primarily related to changes in uncertain tax positions.
Previous report
The Salix segment profit for the three months ended June 30, 2025 and 2024 was $455 million and $377 million, respectively, an increase of $78 million, or 21%. The increase was primarily driven by: (i) higher contribution attributable to the increase in revenues as previously discussed and (ii) lower R&D expenses, partially offset by an increase in advertising and promotion expenses.
Previous report
The Solta Medical segment profit for the three months ended June 30, 2025 and 2024 was $54 million and $47 million, respectively, an increase of $7 million, or 15%. The increase was primarily driven by higher contribution attributable to the increase in revenues as previously discussed, partially offset by higher selling, advertising and promotion expenses.
Previous report
The Diversified segment revenue for the three months ended June 30, 2025 and 2024 was $219 million and $251 million, respectively, a decrease of $32 million, or 13%. The decrease was primarily driven by: (i) a decrease in volumes of $24 million, primarily in our Neurology business and (ii) a decrease in net realized pricing of $10 million, primarily in our Dermatology business, partially offset by the $2 million impact from the discontinuation of certain non-promoted products which negatively impacted our revenues in 2024.
Previous report
Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024
Previous report
SG&A expenses were $1,761 million and $1,626 million for the six months ended June 30, 2025 and 2024, respectively, an increase of $135 million, or 8%. The increase was primarily due to higher: (i) selling, advertising and promotion expenses primarily attributable to MIEBO® and (ii) general and administrative expenses, primarily driven by higher compensation costs and higher Bausch + Lomb business transformation costs.
Previous report
R&D expenses were $302 million and $307 million for the six months ended June 30, 2025 and 2024, respectively, a decrease of $5 million. R&D expenses as a percentage of Product sales were approximately 6% and 7% for the six months ended June 30, 2025 and 2024, respectively.
Previous report
Amortization of intangible assets was $512 million and $544 million for the six months ended June 30, 2025 and 2024, respectively, a decrease of $32 million, or 6%. The decrease was primarily attributable to fully amortized intangible assets no longer being amortized in 2025.
Previous report
Other (Income) Expense, Net
Previous report
Acquired in-process research and development costs for the six months ended June 30, 2025 are primarily related to Bausch + Lomb’s acquisition of Whitecap Biosciences.
Previous report
Gain on extinguishment of debt was $178 million and $23 million for the six months ended June 30, 2025 and 2024, respectively.
Previous report
The Salix segment profit for the six months ended June 30, 2025 and 2024 was $826 million and $706 million, respectively, an increase of $120 million, or 17%. The increase was primarily driven by: (i) higher contribution attributable to the increase in revenues as previously discussed and (ii) lower R&D expenses, partially offset by an increase in advertising and promotion expenses.
Previous report
The Solta Medical segment profit for the six months ended June 30, 2025 and 2024 was $107 million and $87 million, respectively, an increase of $20 million, or 23%. The increase was primarily driven by higher contribution attributable to the increase in revenues as previously discussed, partially offset by higher selling, advertising and promotion expenses.
Previous report
On July 28, 2025 we issued an irrevocable notice to redeem approximately $602 million of aggregate principal amount of our outstanding 9.25% Senior Unsecured Notes due 2026 and repay all outstanding amounts under our AR Credit Facility using cash on hand. As of July 30, 2025, the aggregate principal amount outstanding under the AR Credit Facility was $300 million. The schedule of maturities above does not give effect to these transactions announced on July 28, 2025.
Previous report
•Acquisition of DURECT —We expect to make an upfront cash payment of approximately $63 million at closing for the acquisition of DURECT in the third quarter of 2025, subject to the transaction closing and certain conditions satisfied, as previously discussed; and
Reworded paragraphs (134)
Previous wording
Our accompanying unaudited interim Condensed Consolidated Financial Statements as of June 30, 2025 and for the three and six months ended June 30, 2025 and 2024 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for interim financial statements, and should be read in conjunction with our Consolidated Financial Statements for the year ended December 31, 2024, which were included in our Annual Report on Form 10-K filed on February 19, 2025. In our opinion, the unaudited interim Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair statement of the financial condition, results of operations and cash flows for the periods indicated. Additional company information is available on SEDAR+ at www.sedarplus.ca and on the SEC website at www.sec.gov. All currency amounts are expressed in U.S. dollars, unless otherwise noted. Certain defined terms used herein have the meaning ascribed to them in the Financial Statements.
Current wording
Our accompanying unaudited interim Condensed Consolidated Financial Statements as of September 30, 2025 and for the three and nine months ended September 30, 2025 and 2024 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for interim financial statements, and should be read in conjunction with our Consolidated Financial Statements for the year ended December 31, 2024, which were included in our Annual Report on Form 10-K filed with the SEC and the Canadian Securities Administrators (the “CSA”) on February 19, 2025. In our opinion, the unaudited interim Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair statement of the financial condition, results of operations and cash flows for the periods indicated. Additional company information is available on SEDAR+ at www.sedarplus.ca and on the SEC website at www.sec.gov. All currency amounts are expressed in U.S. dollars, unless otherwise noted. Certain defined terms used herein have the meaning ascribed to them in the Financial Statements.
Previous wording
•Bausch Health excluding Bausch + Lomb - a diversified pharmaceutical company with leading positions in gastroenterology, hepatology, dermatology, neurology and international pharmaceuticals, and aesthetic medical devices. The remaining pharmaceutical entity will comprise a diversified portfolio of our brands across the Salix, International, dentistry, neurology, medical dermatology and generics, and aesthetic medical devices businesses; and
Current wording
•Bausch Health excluding Bausch + Lomb - a diversified pharmaceutical company with leading positions in GI, hepatology, dermatology, neurology and international pharmaceuticals, and aesthetic medical devices. The remaining pharmaceutical entity will comprise a diversified portfolio of our brands across the Salix, International, dentistry, neurology, medical dermatology and generics, and aesthetic medical devices businesses; and
Previous wording
See Item 1A. “Risk Factors — Risk Relating to the B+L Separation” of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC and the Canadian Securities Administrators (the “CSA”) on February 19, 2025, for additional risks relating to the B+L Separation.
Current wording
See Item 1A. “Risk Factors — Risk Relating to the B+L Separation” of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC and the CSA on February 19, 2025, for additional risks relating to the B+L Separation.
Previous wording
On June 26, 2025, certain of Bausch + Lomb’s subsidiaries, Bausch + Lomb Netherlands B.V. and Bausch & Lomb Incorporated (the “B+L Issuers”), issued €675 million aggregate principal amount of Senior Secured Floating Rate Notes due January 2031 (the “B+L January 2031 Senior Secured Notes”). The proceeds from the B+L January 2031 Senior Secured Notes, along with the proceeds of the B+L January 2031 Term Loan B Facility, were used by Bausch + Lomb to: (i) repay in full borrowings under the B+L May 2027 Revolving Credit Facility(as defined below), (ii) refinance, in full, its outstanding term loans due 2027 and (iii) pay related fees and expenses.
Current wording
On June 26, 2025, certain of Bausch + Lomb’s subsidiaries, Bausch + Lomb Netherlands B.V. and Bausch & Lomb Incorporated (the “B+L Issuers”), issued €675 million aggregate principal amount of Senior Secured Floating Rate Notes due January 2031 (the “B+L January 2031 Senior Secured Notes”). The proceeds from the B+L January 2031 Senior Secured Notes, along with the proceeds of the B+L January 2031 Term Loan B Facility, were used by Bausch + Lomb to: (i) repay in full borrowings under the B+L May 2027 Revolving Credit Facility, (ii) refinance, in full, its outstanding term loans due 2027 and (iii) pay related fees and expenses.
Previous wording
As of July 30, 2025, we have $300 million of outstanding borrowings, in the aggregate under the AR Credit Facility. On July 28, 2025 we gave notice to the administrative agent under our AR Facility Agreement, of our intention to repay using cash on hand, all outstanding amounts under our AR Credit Facility, and to terminate the AR Credit Facility.
Current wording
During July 2025, we gave notice to the administrative agent under our AR Facility Agreement of our intention to repay using cash on hand, all outstanding amounts under our AR Credit Facility (as these terms are defined in Note 10, “FINANCING ARRANGEMENTS” to our unaudited interim Condensed Consolidated Financial Statements) and to terminate the AR Credit Facility. On October 27, 2025, the outstanding amount of $300 million was repaid using cash on hand and the AR Credit Facility was terminated. With the paydown of our AR Credit Facility, we have no debt maturities until 2027.
Previous wording
•Rifaximin - We are conducting two ongoing global Phase 3 studies to evaluate a soluble solid dispersion (“SSD”) formulation of rifaximin, known as rifaximin SSD-40IR, as part of our RED-C clinical trial program. These trials aim to assess the drug’s ability to delay the first occurrence of overt hepatic encephalopathy (“OHE”) in patients with early decompensated liver cirrhosis. Rifaximin SSD-40IR is designed to enhance gastrointestinal solubility while minimizing systemic exposure, potentially improving efficacy and safety. Top line results for each of the Phase 3 studies are expected in early 2026.
Current wording
•Rifaximin - We are conducting two ongoing global Phase 3 studies to evaluate a soluble solid dispersion (“SSD”) formulation of rifaximin, known as rifaximin SSD-40IR, as part of our RED-C clinical trial program. These trials aim to assess the drug’s ability to delay the first occurrence of overt hepatic encephalopathy (“OHE”) in patients with early decompensated liver cirrhosis. Rifaximin SSD-40IR is designed to enhance gastrointestinal solubility while minimizing systemic exposure, potentially improving efficacy and safety. Top line results for each of the Phase 3 studies are expected by early 2026.
Previous wording
•Amiselimod (S1P modulator) - A Phase 2 study to evaluate Amiselimod (S1P modulator) for the treatment of mild to moderate ulcerative colitis was completed in 2024. In 2024, we met with the Food and Drug Administration (“FDA”) for an end of Phase 2 meeting. We also met with the EU’s European Medicines Agency and Japan’s Pharmaceuticals and Medical Devices Agency. All regulatory feedback is currently under review.
Current wording
•Amiselimod (S1P modulator) - A Phase 2 study to evaluate Amiselimod (S1P modulator) for the treatment of mild to moderate ulcerative colitis was completed in 2024. In 2024, we met with the Food and Drug Administration (“FDA”) for an end of Phase 2 meeting. We also met with the European Union’s (“EU”) European Medicines Agency and Japan’s Pharmaceuticals and Medical Devices Agency. All regulatory feedback is currently under review.
Previous wording
•Clear + Brilliant® Touch - The next generation Clear + Brilliant® laser is designed to deliver a customized and more comprehensive treatment protocol by providing patients of all ages and skin types the benefits of two wavelengths. Approval has been received in the United States, Australia, New Zealand, Philippines, Thailand, Taiwan, Malaysia, Singapore and Canada. We are awaiting a response to our submission from the European Medicines Agency of the European Union.
Current wording
•Clear + Brilliant® Touch - The next generation Clear + Brilliant® laser is designed to deliver a customized and more comprehensive treatment protocol by providing patients of all ages and skin types the benefits of two wavelengths. Approval has been received in the United States, Australia, New Zealand, Philippines, Thailand, Taiwan, Malaysia, Singapore and Canada. We are reviewing the European Medicines Agency’s September 2025 response to our submission. Additionally, we have completed the registration work for China and are awaiting a final response by the Chinese authority.
Previous wording
•Fraxel FTXTM- The next generation Fraxel® is a fractionated laser device for skin resurfacing launched in the U.S. in April 2025 at the American Society for Laser Medicine & Surgery. Further rollouts are planned for dermatologists, plastic surgeons and other licensed professionals.
Current wording
•Fraxel FTXTM- The next generation Fraxel® is a fractionated laser device for skin resurfacing launched in the U.S. in April 2025.
Previous wording
•Thermage® FLX - A non-invasive, FDA-cleared skin rejuvenation treatment designed to reduce wrinkles and rhytids, including those on the upper and lower eyelids. It uses radiofrequency energy to stimulate collagen production, resulting in tighter, more contoured skin. The device was officially launched in China in January 2024 following approval by the National Medical Products Administration and received Health Canada approval in April 2025.
Current wording
•Thermage® FLX - A non-invasive, FDA-cleared skin rejuvenation treatment designed to reduce wrinkles and rhytids, including those on the upper and lower eyelids. It uses radiofrequency energy to stimulate collagen production, resulting in tighter, more contoured skin. The device received Health Canada approval in April 2025.
Previous wording
•CABTREO®Topical Gel - The first and only FDA-approved fixed-dose, triple-combination topical treatment for acne. CABTREO®Topical Gel was launched in the U.S. in the first quarter of 2024, in Canada in October 2024 and completed submission for approval to European Medicines Agency of the European Union.
Current wording
•CABTREO®Topical Gel - The first and only FDA-approved fixed-dose, triple-combination topical treatment for acne. CABTREO®Topical Gel was launched in the U.S. in the first quarter of 2024, in Canada in October 2024 and completed submission for approval to the European Medicines Agency of the EU.
Previous wording
•Lumify® Franchise – An OTC redness reliever eye drop that significantly reduces redness to help eyes look whiter and brighter. To date, Bausch + Lomb has launched and acquired the right to launch Lumify® in various countries. A new line extension formulation, Lumify® Preservative Free, for which the New Drug Application was approved by the FDA in April 2024, began launching in the first quarter of 2025. Additionally, Bausch + Lomb is in the process of initiating a Lumify® next generation clinical study, for which enrollment has been completed and topline results are expected by the end of 2025.
Current wording
•Lumify® Franchise – An OTC redness reliever eye drop that significantly reduces redness to help eyes look whiter and brighter. To date, Bausch + Lomb has launched and acquired the right to launch Lumify® in various countries. A new line extension formulation, Lumify® Preservative Free, for which the New Drug Application was approved by the FDA in April 2024, began launching in the first quarter of 2025. Additionally, Bausch + Lomb is in the process of initiating a Lumify® next generation clinical study, for which a Phase 3 study met all primary and secondary endpoints.
Previous wording
•Bausch + Lomb is expanding its portfolio of premium IOLs built on the enVista® platform with: enVista Aspire® monofocal and toric IOLs with Intermediate Optimized optics launched in the U.S. in October 2023, in Europe in January 2025 and the Canada launch is in process, enVista Envy®launched in Canada in June 2024 and the U.S. and Europe launches are in process. enVista Beyond TM (extended depth of focus) is anticipated to launch in the U.S. early 2027.
Current wording
•Bausch + Lomb is expanding its portfolio of premium IOLs built on the enVista® platform with: enVista Aspire® monofocal and toric IOLs with Intermediate Optimized optics launched in the U.S. in October 2023, in Europe in January 2025 and the Canada launch is in process, enVista Envy®launched in Canada in June 2024 and the U.S., Europe, Singapore and Hong Kong launches are expected and enVista Beyond TM (extended depth of focus) is anticipated to launch in the U.S. in early 2027.
Previous wording
In July 2025, we entered into an agreement to acquire DURECT Corporation (“DURECT”), a biopharmaceutical company engaged in the development of epigenetic therapies that target dysregulated deoxyribonucleic acid methylation to transform the treatment of serious and life-threatening conditions, including acute organ injury. DURECT’s lead drug candidate, Larsucosterol, is a novel therapeutic molecule that has demonstrated promising results in Phase 2 trials for the treatment of alcohol-associated hepatitis and has been granted both Fast Track and Breakthrough Therapy designations by the FDA. We believe our hepatology development and commercial capabilities are well-suited to support the clinical development and potential commercialization of Larsucosterol. The acquisition is expected to close in the third quarter of 2025, subject to the satisfaction of certain closing conditions included in the agreement.
Current wording
In September 2025, we acquired DURECT, a biopharmaceutical company engaged in the development of epigenetic therapies that target dysregulated deoxyribonucleic acid methylation to transform the treatment of serious and life-threatening conditions, including acute organ injury. DURECT’s lead drug candidate, Larsucosterol, is a novel therapeutic molecule that has demonstrated promising results in Phase 2 trials for the treatment of AH and has been granted Breakthrough Therapy designation by the FDA.
Previous wording
In January 2025, Bausch + Lomb acquired Whitecap Biosciences, LLC (“Whitecap Biosciences”). Whitecap Biosciences is currently developing two innovative therapies for potential use in glaucoma and geographic atrophy. This acquisition is expected to expand Bausch + Lomb’s clinical-stage pipeline.
Current wording
In January 2025, Bausch + Lomb acquired Whitecap Biosciences, LLC which is currently developing two innovative therapies for potential use in glaucoma and geographic atrophy.
Previous wording
In July 2024, Bausch + Lomb acquired TearLab Corporation, d/b/a Trukera Medical (“Trukera Medical”), a U.S.-based privately held ophthalmic medical diagnostic company. Trukera Medical commercializes ScoutPro®, a point-of-care portable device for precisely measuring osmolarity, the salt content of a person’s tears. This acquisition expands Bausch + Lomb’s presence in the dry eye disease market.
Current wording
In July 2024, Bausch + Lomb acquired TearLab Corporation, d/b/a Trukera Medical (“Trukera Medical”), a U.S.-based privately held ophthalmic medical diagnostic company. Trukera Medical commercializes ScoutPro®, a point-of-care portable device for precisely measuring osmolarity, the salt content of a person’s tears. This acquisition expands Bausch + Lomb’s presence in the dry eye market.
Previous wording
In response to the investigation, Bausch + Lomb has implemented enhanced inspection protocols for IOLs, as well as more explicit standards for how the monomers that make up its lenses are prepared by vendors. With these new processes in place, Bausch + Lomb has returned to full production of all enVista IOLs and has been shipping into the market to resupply inventory.
Current wording
In response to the investigation, Bausch + Lomb implemented enhanced inspection protocols for IOLs, as well as more explicit standards for how the monomers that make up its lenses are prepared by vendors. With these new processes in place, Bausch + Lomb has returned to full production of all enVista IOLs and has been shipping into the market to resupply inventory.
Previous wording
Our revenues attributable to Russia, Ukraine and Belarus for each of the six months ended June 30, 2025 and 2024 were approximately 2% of our total revenues. In addition, we do not have any research or manufacturing facilities in Russia, Ukraine or Belarus. While we have been monitoring this conflict, and will continue to do so as this conflict continues to evolve, we are unable to predict the impact of this conflict on our business.
Current wording
Our revenues attributable to Russia, Ukraine and Belarus for each of the nine months ended September 30, 2025 and 2024 were approximately 2% of our total revenues. In addition, we do not have any research or manufacturing facilities in Russia, Ukraine or Belarus. While we have been monitoring this conflict, and will continue to do so as this conflict continues to evolve, we are unable to predict the impact of this conflict on our business.
Previous wording
The conflict between Israel and Hamas began during October 2023 and has since expanded to include other countries and militant groups in the region, including Iran. Our revenues attributable to the impacted regions for each of the six months ended June 30, 2025 and 2024 were inconsequential. While we have been monitoring this conflict, and will continue to do so as this conflict continues to evolve, we are unable to predict the impact of this conflict on our business.
Current wording
The conflict between Israel and Hamas began during October 2023 and expanded to include other countries and militant groups in the region, including Iran. The conflict is currently the subject of a ceasefire agreement between Israel and Hamas that was announced in October 2025. Our revenues attributable to the impacted regions for each of the nine months ended September 30, 2025 and 2024 were not material. While we have been monitoring this conflict, and will continue to do so as this conflict continues to evolve, we are unable to predict the impact of this conflict on our business.
Previous wording
On October 8, 2021, the Organisation for Economic Co-operation and Development (“OECD”) published a statement that outlined the key components of a two-pillar plan to address the tax challenges arising from the digitalisation of the economy. The statement was agreed by the OECD/G20 inclusive framework on Base Erosion and Profit Shifting (the “Inclusive Framework”) which now includes 145 member jurisdictions. The timetable for implementation of the two-pillar plan was initially proposed for 2023, then extended to 2024 and, with respect to certain components of the plan, 2025. Under the pillar one proposals, a portion of the residual profits of multinational enterprise (“MNE”) groups with global turnover above €20 billion and a profit margin above 10% will be allocated to market jurisdictions where such allocated profits would be taxed. Under pillar two proposals, a global minimum corporate tax rate of 15% will apply to undertaxed profits of MNE groups with consolidated revenue of at least €750 million. On June 17, 2024 and January 15, 2025, the OECD published further administrative guidance to clarify the operation of the model rules. Many jurisdictions in which the Company operates have adopted the global minimum tax provision of the OECD pillar two effective for tax years beginning in January 2024. On January 20, 2025, U.S. President Trump signed an executive order stating that the Global Tax Deal, including the OECD two-pillar plan, has no force and effect in the US. It further provides for the U.S. Treasury Secretary to develop options for responding to foreign countries’ tax rules that are extraterritorial in nature or that could disproportionately impact US companies, with findings and recommendations to be delivered to the President.
Current wording
On October 8, 2021, the Organisation for Economic Co-operation and Development (“OECD”) published a statement that outlined the key components of a two-pillar plan to address the tax challenges arising from the digitalisation of the economy. The statement was agreed by the OECD/G20 inclusive framework on Base Erosion and Profit Shifting (the “Inclusive Framework”) which now includes 145 member jurisdictions. The timetable for implementation of the two-pillar plan was initially proposed for 2023, then extended to 2024 and, with respect to certain components of the plan, 2025. Under the pillar one proposals, a portion of the residual profits of multinational enterprise (“MNE”) groups with global turnover above €20 billion and a profit margin above 10% will be allocated to market jurisdictions where such allocated profits would be taxed. Under pillar two proposals, a global minimum corporate tax rate of 15% will apply to undertaxed profits of MNE groups with consolidated revenue of at least €750 million. On June 17, 2024 and January 15, 2025, the OECD published further administrative guidance to clarify the operation of the model rules. Many jurisdictions in which the Company operates have adopted the global minimum tax provision of the OECD pillar two effective for tax years beginning in January 2024. On January 20, 2025, President Trump signed an executive order stating that the Global Tax Deal, including the OECD two-pillar plan, has no force and effect in the U.S. It further provides for the U.S. Treasury Secretary to develop options for responding to foreign countries’ tax rules that are extraterritorial in nature or that could disproportionately impact U.S. companies, with findings and recommendations to be delivered to the President. On June 28, 2025, the U.S. Department of the Treasury announced that an agreement was reached between the U.S. and other members of the Group of Seven major advanced economies (the “G7”). Under the terms of this agreement, the U.S. parented MNEs will be exempt from certain elements of pillar two.
Previous wording
December 2017 (both domestic and international). The corporate tax rate remains unchanged but bonus, depreciation and an adjustment to the interest limitation were retroactive to January 1, 2025. The OBBBA makes additional changes to international tax provisions, including substantive changes to existing Global Intangible Low Tax Income, foreign-derived intangible income, and base erosion and anti-abuse tax provisions. These changes are effective for taxable years after 2025. The Company is evaluating the impact of this legislation on its consolidated financial statements and related disclosures for 2025 and future years.
Current wording
On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (the “OBBBA”). The effects of this legislation for the Company include extending and modifying certain key provisions of the Tax Cuts and Jobs Act enacted in December 2017 (both domestic and international). The corporate tax rate remains unchanged but bonus, depreciation and an adjustment to the interest limitation were retroactive to January 1, 2025. The OBBBA makes additional changes to international tax provisions, including substantive changes to existing Global Intangible Low Tax Income, foreign-derived intangible income, and base erosion and anti-abuse tax provisions. These changes are effective for taxable years after 2025. The impact of this legislation does not materially impact the current period nor do we expect it to have a material impact on our tax positions for future years.
Previous wording
In August 2022, the Inflation Reduction Act (“IRA”) was signed into law, which among other matters made significant changes to how drugs are covered and paid for under the Medicare program, including imposing financial penalties if drug prices are increased at a rate faster than inflation, redesigning Medicare Part D benefits to shift a greater portion of the costs to manufacturers and allowing the U.S. government to set prices for certain drugs in Medicare. The IRA also provides for (i) the U.S. government to set or “negotiate” prices for select high-cost Medicare Part D (beginning in 2026) and Medicare Part B drugs (beginning in 2028) that are more than nine years (for small-molecule drugs) or 13 years (for biological products) from their initial FDA approval, (ii) manufacturers to pay a rebate for Medicare Part B and Part D drugs when prices increase faster than inflation beginning in 2022 for Medicare Part D and 2023 for Medicare Part B drugs and (iii) Medicare Part D redesign which replaces the current Part D Coverage Gap Discount Program and establishes a $2,000 cap for out-of-pocket limits costs for Medicare beneficiaries beginning in 2025, with manufacturers being responsible for 10% of costs up to the $2,000 cap and 20% after that cap is reached. In January 2025, the Centers for Medicare & Medicaid Services (“CMS”) selected Xifaxan® as one of the medicines for its drug price negotiation program as part of the IRA with an initial price applicability in 2027. It is possible that other of our products could be selected in future years. These negotiations could, among other things, accelerate revenue erosion prior to the expiration of intellectual property protections. Negotiations with CMS are scheduled to conclude in October 2025, and CMS is expected to announce the final price by November 30, 2025. The effect of reducing prices and reimbursement for certain of our products could significantly impact our business and consolidated results of operations.
Current wording
In August 2022, the Inflation Reduction Act (“IRA”) was signed into law, which among other matters made significant changes to how drugs are covered and paid for under the Medicare program, including imposing financial penalties if drug prices are increased at a rate faster than inflation, redesigning Medicare Part D benefits to shift a greater portion of the costs to manufacturers and allowing the U.S. government to set prices for certain drugs in Medicare. The IRA also provides for (i) the U.S. government to set or “negotiate” prices for select high-cost Medicare Part D (beginning in 2026) and Medicare Part B drugs (beginning in 2028) that are more than nine years (for small-molecule drugs) or 13 years (for biological products) from their initial FDA approval, (ii) manufacturers to pay a rebate for Medicare Part B and Part D drugs when prices increase faster than inflation beginning in 2022 for Medicare Part D and 2023 for Medicare Part B drugs and (iii) Medicare Part D redesign which replaces the current Part D Coverage Gap Discount Program and establishes a $2,000 cap for out-of-pocket limits costs for Medicare beneficiaries beginning in 2025, with manufacturers being responsible for 10% of costs up to the $2,000 cap and 20% after that cap is reached. Although we have taken certain actions which we believe may mitigate any negative pricing impact, the reduction of prices or reimbursement levels for certain of our products could materially affect our business and consolidated results of operations and may accelerate revenue erosion prior to the expiration of intellectual property protections.
Previous wording
In addition, a number of U.S. states have implemented IRA-like price controls on pharmaceutical manufacturers. All state Medicaid programs have implemented voluntary supplemental drug rebate programs that may provide states with additional manufacturer rebates in exchange for preferred status on a state’s formulary or for patient populations that are not included in the traditional Medicaid drug benefit coverage. In addition, certain U.S. states have passed legislation intended to impact pricing or requiring manufacturers to report price increases to states, including certain states also allowing for drug affordability (i.e. price control) review boards. It is expected that state legislatures will continue to focus on drug pricing in 2025 and beyond and that similar bills will be passed in more states. These proposals create new authorities for state regulatory bodies to limit reimbursement for certain drugs and such efforts may expand to additional states. We continue to evaluate the Company’s participation in government channels.
Current wording
In addition, a number of U.S. states have implemented IRA-like price controls on pharmaceutical manufacturers. Certain U.S. states have passed legislation intended to impact pricing or requiring manufacturers to report price increases to states, including certain states also allowing for drug affordability (i.e. price control) review boards. It is expected that state legislatures will continue to focus on drug pricing in 2026 and beyond and that similar bills will be passed in more states. These proposals create new authorities for state regulatory bodies to limit reimbursement for certain drugs and such efforts may expand to additional states.
Previous wording
The following table provides selected unaudited financial information for the three and six months ended June 30, 2025 and 2024:
Current wording
The following table provides selected unaudited financial information for the three and nine months ended September 30, 2025 and 2024:
Previous wording
Revenues for the six months ended June 30, 2025 and 2024 were $4,789 million and $4,556 million, respectively, an increase of $233 million, or 5%. The increase is attributable to growth in our Salix, Bausch + Lomb and Solta Medical segments driven by: (i) higher volumes, (ii) improved net realized pricing and (iii) incremental sales attributable to acquisitions, partially offset by the unfavorable impact of foreign currencies.
Current wording
Revenues for the three months ended September 30, 2025 and 2024 were $2,681 million and $2,510 million, respectively, an increase of $171 million, or 7%. The increase is primarily attributable to growth in our Bausch + Lomb, Salix and Solta Medical segments driven by: (i) higher volumes, (ii) improved net realized pricing and (iii) the favorable impact of foreign currencies.
Previous wording
Operating income for the three months ended June 30, 2025 and 2024 was $444 million and $389 million, respectively, and included non-cash charges for Depreciation and amortization of intangible assets of $307 million and $318 million, Asset impairments of $0 and $5 million, and Share-based compensation of $46 million and $36 million, respectively. The increase in our operating results of $55 million reflects, among other factors:
Current wording
Operating income for the three months ended September 30, 2025 and 2024 was $619 million and $318 million, respectively, and included non-cash charges for Depreciation and amortization of intangible assets of $306 million and $322 million, Acquired IPR&D costs of $81 million and $15 million and Share-based compensation of $43 million and $38 million, respectively. The increase in our operating results of $301 million reflects, among other factors:
Previous wording
•an increase in contribution (Product sales revenue less Cost of goods sold, excluding amortization and impairments of intangible assets) of $85 million primarily due to the increase in revenues as previously discussed;
Current wording
•an increase in contribution (Product sales revenue less Cost of goods sold, excluding amortization and impairments of intangible assets) of $122 million, primarily due to the increase in revenues as previously discussed;
Previous wording
•an increase in selling, general and administrative (“SG&A”) of $62 million primarily attributable to higher selling, advertising and promotion expenses primarily attributable to MIEBO®;
Current wording
•a decrease in selling, general and administrative (“SG&A”) expenses of $55 million, primarily attributable to a lower annual industry assessment fee, partially offset by higher selling expenses attributable to MIEBO®;
Previous wording
•a decrease in amortization of intangible assets of $14 million, primarily attributable to fully amortized intangible assets no longer being amortized in 2025; and
Current wording
•a decrease in amortization of intangible assets of $21 million, primarily attributable to fully amortized intangible assets no longer being amortized in 2025; and
Previous wording
Net income attributable to Bausch Health for the three months ended June 30, 2025 and 2024 was $148 million and $10 million, respectively, an increase of $138 million, which is primarily attributable to the increase in Income before income taxes of $92 million as previously discussed, and the decrease in Provision for income taxes of $37 million.
Current wording
Net income attributable to Bausch Health for the three months ended September 30, 2025 was $179 million as compared to Net loss attributable to Bausch Health of $85 million for the three months ended September 30, 2024, an increase of $264 million, which is primarily attributable to a favorable change in Income before income taxes of $239 million, as previously discussed, and the decrease in Provision for income taxes of $34 million.
Previous wording
Revenues for the three months ended June 30, 2025 and 2024 were $2,530 million and $2,403 million, respectively, an increase of $127 million, or 5%. The increase is primarily attributable to growth in our Salix, Bausch + Lomb and Solta
Current wording
Revenues for the nine months ended September 30, 2025 and 2024 were $7,470 million and $7,066 million, respectively, an increase of $404 million, or 6%. The increase is attributable to growth in our Salix, Bausch + Lomb and Solta
Previous wording
Medical segments driven by: (i) higher volumes, (ii) improved net realized pricing, (iii) the favorable impact of foreign currencies and (iv) incremental sales attributable to acquisitions.
Current wording
Medical segments driven by: (i) higher volumes, (ii) improved net realized pricing and (iii) incremental sales attributable to acquisitions.
Previous wording
Operating income for the six months ended June 30, 2025 and 2024 was $720 million and $670 million, respectively, and included non-cash charges for Depreciation and amortization of intangible assets of $612 million and $638 million, Asset impairments of $0 and $6 million and Share-based compensation of $89 million and $69 million, respectively. The increase in our operating results of $50 million reflects, among other factors:
Current wording
Operating income for the nine months ended September 30, 2025 and 2024 was $1,339 million and $988 million, respectively, and included non-cash charges for Depreciation and amortization of intangible assets of $918 million and $960 million, Acquired IPR&D costs of $110 million and $18 million, Asset impairments of $1 million and $6 million and Share-based compensation of $132 million and $107 million, respectively. The increase in our operating results of $351 million reflects, among other factors:
Previous wording
•an increase in contribution of $128 million primarily due to the increase in revenues as previously discussed;
Current wording
•an increase in contribution of $250 million, primarily due to the increase in revenues as previously discussed;
Previous wording
•a decrease in amortization of intangible assets of $32 million, primarily attributable to fully amortized intangible assets no longer being amortized in 2025;
Current wording
•a decrease in amortization of intangible assets of $53 million, primarily attributable to fully amortized intangible assets no longer being amortized in 2025;
Previous wording
•a decrease in Asset impairments of $6 million, attributable to higher impairments for the six months ended June 30, 2024; and
Current wording
•a decrease in Asset impairments of $5 million, attributable to higher impairments for the nine months ended September 30, 2024; and
Previous wording
Income before income taxes for the six months ended June 30, 2025 was $93 million as compared to Loss before income taxes for the six months ended June 30, 2024 of $21 million, an increase in our results of $114 million. The change is primarily attributable to: (i) an increase in Gain on extinguishment of debt of $155 million and (ii) the increase in our operating results of $50 million as previously discussed, partially offset by an increase in interest expense of $90 million.
Current wording
Income before income taxes for the nine months ended September 30, 2025 was $311 million as compared to Loss before income taxes for the nine months ended September 30, 2024 of $42 million, an increase in our results of $353 million. The change is primarily attributable to: (i) the increase in our operating results of $351 million, as previously discussed, and (ii) an increase in Gain on extinguishment of debt of $158 million, partially offset by an increase in interest expense of $156 million.
Previous wording
Net income attributable to Bausch Health for the six months ended June 30, 2025 was $90 million as compared to Net Loss attributable to Bausch Health of $54 million for the six months ended June 30, 2024, an increase in our results of $144 million, primarily due to the increase in our results of $114 million as previously discussed.
Current wording
Net income attributable to Bausch Health for the nine months ended September 30, 2025 was $269 million as compared to Net loss attributable to Bausch Health of $139 million for the nine months ended September 30, 2024, an increase in our results of $408 million, primarily due to the increase in our results of $353 million, as previously discussed, and the decrease in Provision for income taxes of $40 million.
Previous wording
Our unaudited operating results for the three and six months ended June 30, 2025 and 2024 were as follows:
Current wording
Our unaudited operating results for the three and nine months ended September 30, 2025 and 2024 were as follows:
Previous wording
Our revenues were $2,530 million and $2,403 million for the three months ended June 30, 2025 and 2024, respectively, an increase of $127 million, or 5%. The increase was primarily due to: (i) an increase in volumes of $77 million, primarily attributable to our Bausch + Lomb, Solta Medical and Salix segments, (ii) an increase in net realized pricing of $21 million, attributable to our Salix and International segments, (iii) the favorable impact of foreign currencies of $21 million and (iv) incremental sales attributable to acquisitions of $6 million.
Current wording
Our revenues were $2,681 million and $2,510 million for the three months ended September 30, 2025 and 2024, respectively, an increase of $171 million, or 7%. The increase was primarily due to: (i) an increase in volumes of $76 million, primarily attributable to our Bausch + Lomb, Salix and Solta Medical segments, (ii) an increase in net realized pricing of $60 million, attributable to our Salix, International and Diversified segments, (iii) the favorable impact of foreign currencies of $29 million and (iv) incremental sales attributable to acquisitions of $3 million.
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Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
See Note 10, “FINANCING ARRANGEMENTS” to our unaudited interim Condensed Consolidated Financial Statements for additional information regarding the B+L June 2025 Refinancing Activity, including the definitions of certain defined terms used above.
Current report — wording carried from elsewhere
R&D expenses as a percentage of Product sales were approximately 6% for each of the nine months ended September 30, 2025 and 2024.
Current report — wording carried from elsewhere
Litigation and other matters, net of insurance recoveries and restitutions primarily relates to adjustments to provisions for certain legal matters. Litigation and other matters, net of insurance recoveries and restitutions in 2025 also includes restitution received in connection with a certain legal matter.
Current report — wording carried from elsewhere
Repurchase Activity, (ii) $251 million of contractual interest payments on the 2022 Secured Notes allocated to the reduction of the recorded premiums and (iii) $42 million of amortization payments related to our term loan facilities. Payments of financing costs primarily relate to the April 2025 Refinancing Transactions and the B+L June 2025 Refinancing Activity.
Current report — wording carried from elsewhere
Obligations” included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC and the CSA on February 19, 2025.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (the “OBBBA”). The effects of this legislation for the Company include extending and modifying certain key provisions of the Tax Cuts and Jobs Act enacted in
Previous report — wording carried elsewhere
There were no asset impairments for the three months ended June 30, 2025. Asset impairments for the three months ended June 30, 2024 were $5 million and primarily related to the discontinuance of a certain product brand.
Previous report — wording carried elsewhere
See Note 10, “FINANCING ARRANGEMENTS” to our unaudited interim Consolidated Financial Statements and the section titled “— Liquidity and Capital Resources — Liquidity and Debt — Long-term Debt” for further details.
Previous report — wording carried elsewhere
ACQUISITIONS” to our unaudited interim Condensed Consolidated Financial Statements. Payments associated with the upfront fee for these agreements cannot be reasonably estimated at this time and could be material.