Bausch Health Companies Inc.
For the period ended Sep 30, 2026. Filed Oct 29, 2026.
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, 2026 · Filed Oct 29, 2026
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 2026-06-30; filed 2026-07-30.
0000885590-26-000107
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-29.
0000885590-26-000123
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 385 previous paragraphs and 394 current paragraphs.
252 unchanged; 110 reworded; 29 added; 21 removed; 2 previous and 3 current paragraphs rearranged.
Tables are not compared: 16 previous and 16 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 (29)
Current report
On October 8, 2026, Bausch + Lomb entered into an agreement to acquire certain ophthalmic surgical manufacturing businesses. The acquisition is expected to close during the fourth quarter of 2026 for an upfront cash payment of approximately $85 million, due at closing.
Current report
Revenues for the three months ended September 30, 2026 and 2025 were $2,941 million and $2,681 million, respectively, an increase of $260 million, or 10%. The increase reflects broad-based growth across all reportable segments and was primarily driven by: (i) improved net realized pricing and (ii) incremental sales attributable to acquisitions, partially offset by lower volumes. These changes in net realized pricing and volumes were partially the result of our decision to exit certain channels, as discussed below.
Current report
•a decrease in Other expense, net of $70 million, primarily attributable to lower acquired IPR&D costs related to the 2025 acquisition of DURECT.
Current report
Summary of the Nine Months Ended September 30, 2026 Compared to the Nine Months Ended September 30, 2025
Current report
•an increase in SG&A expenses of $46 million, primarily attributable to higher compensation costs and selling expenses, partially offset by lower general and administrative expenses;
Current report
•a decrease in Other expense, net of $9 million, primarily attributable to lower: (i) acquired IPR&D costs related to the 2025 acquisition of DURECT and (ii) provisions for certain legal matters, partially offset by higher Acquisition-related contingent consideration during 2026.
Current report
Our revenues were $2,941 million and $2,681 million for the three months ended September 30, 2026 and 2025, respectively, an increase of $260 million, or 10%. The increase was primarily due to: (i) an increase in net realized pricing, partially the result of the change in channel mix, of $244 million attributable to our Salix, Diversified, Bausch + Lomb and International segments, (ii) incremental sales attributable to acquisitions of $37 million and (iii) the impact from the discontinuation of certain non-promoted products of $11 million, partially offset by a decrease in volumes of $32 million attributable to our Salix, Diversified and Solta Medical segments, partially offset by an increase in volumes in our Bausch + Lomb segment. These changes in net realized pricing and volumes were partially the result of our decision to exit certain channels, as discussed above.
Current report
SG&A expenses were $834 million and $795 million for the three months ended September 30, 2026 and 2025, respectively, an increase of $39 million, or 5%. The increase was primarily attributable to higher compensation costs and selling expenses, partially offset by lower general and administrative expenses.
Current report
R&D expenses were $141 million and $166 million for the three months ended September 30, 2026 and 2025, respectively, a decrease of $25 million, or 15%. The decrease is primarily attributable to lower spend on certain projects in our Salix and Bausch + Lomb segments.
Current report
Other Expense, Net
Current report
Acquired IPR&D costs in 2025 are related to the DURECT acquisition.
Current report
Acquisition-related contingent consideration reflects changes in: (i) estimated amount and timing of projected cash flows of certain products and (ii) the timing of regulatory approval of certain pipeline products in 2025.
Current report
The International segment profit for the three months ended September 30, 2026 and 2025 was $99 million and $90 million, respectively, an increase of $9 million, or 10% and was primarily driven by higher contribution attributable to the increase in revenues, as previously discussed, partially offset by higher SG&A expenses.
Current report
The Diversified segment profit for the three months ended September 30, 2026 and 2025 was $195 million and $182 million, respectively, an increase of $13 million, or 7%. The increase was primarily driven by higher contribution attributable to the increase in revenues, as previously discussed.
Current report
The Bausch + Lomb segment revenue was $1,375 million and $1,281 million for the three months ended September 30, 2026 and 2025, respectively, an increase of $94 million, or 7%. The increase was primarily driven by: (i) an increase in volumes of $63 million, (ii) an increase in net realized pricing of $31 million, primarily driven by the Vision Care and Pharmaceuticals businesses and (iii) incremental sales attributable to acquisitions of $8 million, partially offset by: (i) the unfavorable impact of foreign currencies of $6 million and (ii) the impact of divestitures and discontinuations of $2 million.
Current report
The Bausch + Lomb segment profit for the three months ended September 30, 2026 and 2025 was $410 million and $301 million, respectively, an increase of $109 million, or 36%. The increase was primarily driven by: (i) the increase in revenues, as previously discussed and (ii) the impact of the amortization of inventory step-up related to the acquisition of XIIDRA® during the three months ended September 30, 2025, partially offset by higher selling expenses.
Current report
Nine Months Ended September 30, 2026 Compared to the Nine Months Ended September 30, 2025
Current report
SG&A expenses were $2,602 million and $2,556 million for the nine months ended September 30, 2026 and 2025, respectively, an increase of $46 million, or 2%. The increase is primarily attributable to higher compensation costs and selling expenses, partially offset by lower general and administrative expenses.
Current report
Other Expense, Net
Current report
Acquired IPR&D costs in 2025 are primarily related to the DURECT acquisition and certain acquisitions by Bausch + Lomb.
Current report
Acquisition-related contingent consideration reflects changes in: (i) estimated amount and timing of projected cash flows of certain products and (ii) the timing of regulatory approval of certain pipeline products in 2025.
Current report
The Diversified segment profit for the nine months ended September 30, 2026 and 2025 was $449 million and $448 million, respectively, an increase of $1 million.
Current report
•Acquisitions—On October 8, 2026, Bausch + Lomb entered into an agreement to acquire certain ophthalmic surgical manufacturing businesses. The acquisition is expected to close during the fourth quarter of 2026 for an upfront cash payment of approximately $85 million, due at closing; and
Current report
•On October 12, 2026, Brent Saunders, former Chief Executive Officer of Bausch + Lomb and a member of its Board of Directors, departed Bausch + Lomb pursuant to a mutual agreement with the Bausch + Lomb Board. Under the Separation Agreement entered into on October 11, 2026, Mr. Saunders will receive an aggregate lump-sum cash payment of approximately $75 million, payable in accordance with the agreement’s terms.
Current report
Share Repurchase Program
Current report
On October 24, 2026, the Company’s Board of Directors authorized a share repurchase program pursuant to which we may repurchase up to $50 million of our outstanding common shares. The timing and amount of any repurchases will depend on market conditions and other factors, and the program does not obligate us to repurchase any particular amount of common shares and may be suspended or discontinued at any time.
Current report
Redemption of 8.500% Senior Notes Due 2027
Current report
On October 28, 2026, the Company announced that its subsidiary, BHA will issue an irrevocable notice of redemption dated October 29, 2026 to redeem all of its outstanding 8.500% Senior Notes due 2027, representing approximately $643 million in aggregate principal amount and will be funded using cash on hand. The redemption is scheduled for November 30, 2026. In connection with the redemption, the indenture governing these notes will be terminated.
Current report
For the interim quantitative goodwill impairment assessment of the Generics reporting unit and the related forecast assumptions, see Note 8, “INTANGIBLE ASSETS AND GOODWILL” to our unaudited interim Condensed Consolidated Financial Statements.
Removed paragraphs (21)
Previous report
•an increase in Other expense (income), net of $44 million, primarily attributable to higher: (i) acquisition-related contingent consideration, (ii) asset impairments and (iii) acquired in-process research and development (“IPR&D”) costs, partially offset by lower provisions for certain legal matters.
Previous report
Summary of the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025
Previous report
•an increase in R&D expenses of $34 million, primarily attributable to an increase in spend on certain projects in the Bausch + Lomb and Solta Medical segments;
Previous report
•an increase in Other expense (income), net of $61 million, primarily attributable to higher acquisition-related contingent consideration.
Previous report
Our revenues were $2,852 million and $2,530 million for the three months ended June 30, 2026 and 2025, respectively, an increase of $322 million, or 13%. The increase was primarily due to: (i) an increase in net realized pricing of $326 million, (ii) incremental sales attributable to acquisitions of $35 million and (iii) the favorable impact of foreign currencies of $25 million, partially offset by: (i) a decrease in volumes of $57 million and (ii) the impact of divestitures and discontinuations of $7 million. These changes in net realized pricing and volumes were partially the result of our decision to exit certain channels, as discussed above.
Previous report
SG&A expenses were $907 million and $894 million for the three months ended June 30, 2026 and 2025, respectively, an increase of $13 million, or 1%. The increase was primarily attributable to higher compensation costs and selling expenses, partially offset by lower general and administrative expenses.
Previous report
Other Expense (Income), Net
Previous report
Acquisition-related contingent consideration reflects adjustments for changes in estimates in the timing and amounts of expected future royalty and milestone payments and accretion for the time value of money.
Previous report
See Note 10, “FINANCING ARRANGEMENTS” to our unaudited interim Condensed Consolidated Financial Statements and the section titled “— Liquidity and Capital Resources — Liquidity and Debt — Long-term Debt” for further details.
Previous report
The International segment profit for the three months ended June 30, 2026 and 2025 was $90 million and $78 million, respectively, an increase of $12 million, or 15% and was primarily driven by higher contribution primarily attributable to the increase in revenues, as previously discussed.
Previous report
The Diversified segment profit for the three months ended June 30, 2026 and 2025 was $142 million and $139 million, respectively, an increase of $3 million, or 2%. The increase was primarily driven by lower advertising and promotion expenses.
Previous report
The Bausch + Lomb segment revenue was $1,394 million and $1,278 million for the three months ended June 30, 2026 and 2025, respectively, an increase of $116 million, or 9%. The increase was primarily driven by: (i) an increase in net realized pricing of $59 million, primarily driven by the Vision Care and Pharmaceuticals businesses, (ii) an increase in volumes of $47 million primarily within the Surgical business, (iii) the favorable impact of foreign currencies of $12 million and (iv) incremental sales attributable to acquisitions of $3 million, partially offset by the impact of divestitures and discontinuations of $5 million.
Previous report
Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025
Previous report
SG&A expenses were $1,768 million and $1,761 million for the six months ended June 30, 2026 and 2025, respectively, an increase of $7 million. The increase is primarily attributable to higher compensation costs and selling expenses, partially offset by lower general and administrative expenses.
Previous report
R&D expenses were $336 million and $302 million for the six months ended June 30, 2026 and 2025, respectively, an increase of $34 million, or 11%. The increase is primarily attributable to an increase in spend on certain projects in the Bausch + Lomb and Solta Medical segments, partially offset by lower spend in our Salix segment.
Previous report
Other Expense (Income), Net
Previous report
Acquisition-related contingent consideration reflects adjustments for changes in estimates in the timing and amounts of expected future royalty and milestone payments and accretion for the time value of money.
Previous report
Gain on Extinguishment of Debt
Previous report
Gain on extinguishment of debt was $178 million for the six months ended June 30, 2025, as discussed above.
Previous report
The Diversified segment profit for the six months ended June 30, 2026 and 2025 was $254 million and $266 million, respectively, a decrease of $12 million, or 5% and was primarily attributable to lower contribution attributable to the decrease in revenues, as previously discussed.
Previous report
The Bausch + Lomb segment profit for the six months ended June 30, 2026 and 2025 was $612 million and $428 million, respectively, an increase of $184 million, or 43%. The increase was primarily driven by the increase in revenues as previously discussed, partially offset by higher selling and R&D expenses.
Reworded paragraphs (110)
Previous wording
These statements are based upon the current expectations and beliefs of management. Readers are cautioned that actual results may vary from those in the forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making such forward-looking statements, including, but not limited to, factors and assumptions relating to: (i) our ability to execute our business strategy, business plans and operational efficiency initiatives; (ii) demand for, competitive positioning of and pricing for our current and anticipated products and our ability to achieve expected revenues, margins and expense levels; (iii) the successful development, regulatory approval, manufacture and timing of launches and commercialization of pipeline and other products; (iv) the completion, timing, integration and expected benefits of acquisitions and other strategic transactions and the potential separation of our eye health business consisting of our Bausch + Lomb global Vision Care, Surgical and Pharmaceuticals businesses on anticipated terms, timing and costs; (v) the scope, duration and financial and operational impact of product quality matters and manufacturing facility compliance and certification matters; (vi) the continued availability and performance of key third‑party distribution, fulfillment and other arrangements and the stability of global supply chains; (vii) the continuation of patent protection and regulatory exclusivity for key products; (viii) the expected impacts of the Inflation Reduction Act (“IRA”), and the impact of the negotiated prices, expected to become effective in 2027, for Xifaxan®under certain programs of the Centers for Medicare & Medicaid Services (“CMS”) and other healthcare reform measures and our ability to mitigate the impact thereof; (ix) our ability to generate cash flows and access liquidity to meet working capital needs, satisfy debt maturities as they become due, reduce debt levels and comply with financial and other covenants under our financing arrangements; (x) the expected scope and impact of tariffs, counter‑tariffs and other trade restrictions and the effectiveness of mitigation actions and the Company’s ability to recover any tariffs that are eligible for refund claims; (xi) macroeconomic and geopolitical conditions (including inflation, recessionary pressures, foreign currency exchange rates and interest rates), changes in tax laws and related guidance (including legislation referred to as the One Big Beautiful Bill Act (the “OBBBA”) and Organisation for Economic Co-operation and Development (“OECD”) related measures); (xii) the expected outcomes of litigation and other contingencies; and (xiii) the factors described under Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended Dece…
Excerpt shortened here; the source contains the full paragraph.
Current wording
These statements are based upon the current expectations and beliefs of management. Readers are cautioned that actual results may vary from those in the forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making such forward-looking statements, including, but not limited to, factors and assumptions relating to: (i) our ability to execute our business strategy, business plans and operational efficiency initiatives; (ii) demand for, competitive positioning of and pricing for our current and anticipated products and our ability to achieve expected revenues, margins and expense levels; (iii) the successful development, regulatory approval, manufacture and timing of launches and commercialization of pipeline and other products; (iv) the completion, timing, integration and expected benefits of completed and pending acquisitions and other strategic transactions and the potential separation of our eye health business consisting of our Bausch + Lomb global Vision Care, Surgical and Pharmaceuticals businesses on anticipated terms, timing and costs; (v) the scope, duration and financial and operational impact of product quality matters and manufacturing facility compliance and certification matters; (vi) the continued availability and performance of key third‑party distribution, fulfillment and other arrangements and the stability of global supply chains; (vii) the continuation of patent protection and regulatory exclusivity for key products; (viii) the expected impacts of the Inflation Reduction Act (“IRA”), and the impact of the negotiated prices for Xifaxan®, expected to become effective in 2027, under certain programs of the Centers for Medicare & Medicaid Services (“CMS”) and other healthcare reform measures and our ability to mitigate the impact thereof; (ix) our ability to generate cash flows and access liquidity to meet working capital needs, satisfy debt maturities as they become due, reduce debt levels and comply with financial and other covenants under our financing arrangements; (x) the expected scope and impact of tariffs, counter‑tariffs and other trade restrictions and the effectiveness of mitigation actions and the Company’s ability to recover any tariffs that are eligible for refund claims; (xi) macroeconomic and geopolitical conditions (including inflation, recessionary pressures, foreign currency exchange rates and interest rates), changes in tax laws and related guidance (including legislation referred to as the One Big Beautiful Bill Act (the “OBBBA”) and Organisation for Economic Co-operation and Development (“OECD”) related measures); (xii) the expected outcomes of litigation, subpoenas, investigations, reviews, audits, regulatory proceedings and other contingencies; (xiii) the recent changes to …
Excerpt shortened here; the source contains the full paragraph.
Previous wording
Our accompanying unaudited interim Condensed Consolidated Financial Statements as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025 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, 2025, which were included in our Annual Report on Form 10-K. 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, 2026 and for the three and nine months ended September 30, 2026 and 2025 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, 2025, which were included in our Annual Report on Form 10-K. 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
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, 2025 for additional risks relating to the B+L Separation.
Current wording
See Item 1A. “Risk Factors — Risks Relating to the B+L Separation” of our Annual Report on Form 10-K for the year ended December 31, 2025 for risks relating to the B+L Separation.
Previous wording
In December 2025, the Company and 126NumberCo, completed offers to exchange (the “December 2025 Exchange”) $797 million aggregate principal amount of 4.875% Senior Secured Notes due in 2028 (the “June 2028 Senior Secured Notes”) and $886 million aggregate principal amount of 11.00% First Lien Secured Notes due in 2028 (the “11.00% First Lien Secured Notes”), for $1,600 million in aggregate principal amount of new 10.00% Senior Secured Notes due April 2032, which form a single series with the 2032 Senior Secured Notes issued in April 2025 which reduced the outstanding principal value of our debt by $83 million. In connection with the December 2025 Exchange, 26,495,472 common shares of Bausch + Lomb were transferred to 126NumberCo, which owns, in the aggregate, 211,963,893 common shares of Bausch + Lomb following such transfer.
Current wording
In December 2025, the Company and 126NumberCo, completed offers to exchange (the “December 2025 Exchange”) $797 million aggregate principal amount of 4.875% Senior Secured Notes due in 2028 (the “June 2028 Senior Secured Notes”) and $886 million aggregate principal amount of 11.00% First Lien Secured Notes due in 2028 (the “11.00% First Lien Secured Notes”), for $1,600 million in aggregate principal amount of new 10.00% Senior Secured Notes due April 2032, which form a single series with the 2032 Senior Secured Notes issued in April 2025 which reduced the outstanding principal value of our debt by $83 million. In connection with the December 2025 Exchange, 26,495,472 common shares of
Previous wording
On June 26, 2025, Bausch + Lomb entered into an incremental amendment to its credit agreement (the “B+L June 2025 Credit Facility Amendment”, which consisted of a new $800 million revolving credit facility maturing June 26, 2030 (the “B+L 2030 Revolving Credit Facility”) and a new $2,325 million term B loan facility maturing January 15, 2031 (the “B+L January 2031 Term Loan B Facility”). In addition, Bausch + Lomb’s subsidiaries, Bausch + Lomb Netherlands B.V. and Bausch & Lomb Incorporated, issued €675 million aggregate principal amount of Senior Secured Floating Rate Notes due January 2031 (the “B+L January 2031 Secured Notes” and, together with the B+L October 2028 Senior Secured Notes, the “B+L Secured Notes”). The B+L January 2031 Secured Notes accrue interest at a rate per annum of: (i) three-month EURIBOR (subject to a 0% floor) plus (ii) 3.875%, reset quarterly, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, commencing on January 15, 2026.
Current wording
On June 26, 2025, Bausch + Lomb entered into an incremental amendment to its credit agreement (the “B+L June 2025 Credit Facility Amendment”), which consisted of a new $800 million revolving credit facility maturing June 26, 2030 (the “B+L 2030 Revolving Credit Facility”) and a new $2,325 million term B loan facility maturing January 15, 2031 (the “B+L January 2031 Term Loan B Facility”). In addition, Bausch + Lomb’s subsidiaries, Bausch + Lomb Netherlands B.V. and Bausch & Lomb Incorporated, issued €675 million aggregate principal amount of Senior Secured Floating Rate Notes due January 2031 (the “B+L January 2031 Secured Notes” and, together with the B+L October 2028 Senior Secured Notes, the “B+L Senior Secured Notes”). The B+L January 2031 Secured Notes accrue interest at a rate per annum of: (i) three-month EURIBOR (subject to a 0% floor) plus (ii) 3.875%, reset quarterly, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, commencing on January 15, 2026.
Previous wording
In January 2026, Bausch + Lomb entered into a refinancing transaction amendment (the “Bausch + Lomb January 2026 Credit Facility Amendment”; the B+L Original Credit Agreement, as amended by the B+L September 2023 Credit Facility Amendment, the B+L November 2024 Credit Facility Amendment, the B+L June 2025 Credit Facility Amendment and the B+L January 2026 Credit Facility Amendment, the “B+L Amended Credit Agreement”) providing for a new $2,802 million term loan facility maturing on January 15, 2031 (the “B+L January 2031 Refinancing Term Facility” or the “B+L Term Facilities”; the B+L Term Facilities, together with the B+L 2030 Revolving Credit Facility, the “B+L Senior Secured Credit Facilities”). The proceeds from the B+L January 2031 Refinancing Term Facility were used to refinance, in full, the B+L September 2028 Term Loan B Facility and the B+L January 2031 Term Loan B Facility.
Current wording
In January 2026, Bausch + Lomb entered into a refinancing transaction amendment (the “B+L January 2026 Credit Facility Amendment”; the B+L Original Credit Agreement, as amended by the B+L September 2023 Credit Facility Amendment, the B+L November 2024 Credit Facility Amendment, the B+L June 2025 Credit Facility Amendment and the B+L January 2026 Credit Facility Amendment, the “B+L Amended Credit Agreement”) providing for a new $2,802 million term loan facility maturing on January 15, 2031 (the “B+L January 2031 Refinancing Term Facility” or the “B+L Term Facilities”; the B+L Term Facilities, together with the B+L 2030 Revolving Credit Facility, the “B+L Senior Secured Credit Facilities”). The proceeds from the B+L January 2031 Refinancing Term Facility were used to refinance, in full, the B+L September 2028 Term Loan B Facility and the B+L January 2031 Term Loan B Facility.
Previous wording
•Larsucosterol - In September 2025, we completed the acquisition of DURECT Corporation (“DURECT”). Larsucosterol, DURECT’s lead drug candidate, has the potential to be the first U.S. Food and Drug Administration (“FDA”) approved therapeutic option for alcohol-associated hepatitis (“AH”) patients. The FDA has granted a
Current wording
•Larsucosterol - In September 2025, we completed the acquisition of DURECT Corporation (“DURECT”). Larsucosterol, DURECT’s lead drug candidate, has the potential to be the first U.S. Food and Drug Administration (“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 began in January 2026.
Previous wording
•Clear + Brilliant® Touch - The latest generation Clear + Brilliant® laser is designed to deliver a customized and more comprehensive skin resurfacing treatment protocol by providing patients of all ages and skin types the benefits of two wavelengths in one treatment. Clear + Brilliant®Touch was launched in Canada in February 2026 and was submitted for approval in multiple markets globally to support the ongoing globalization.
Current wording
•Clear + Brilliant® Touch - The latest generation Clear + Brilliant® laser is designed to deliver a customized and more comprehensive skin resurfacing treatment protocol by providing patients of all ages and skin types the benefits of two wavelengths in one treatment. To support its ongoing global expansion, the device has been submitted for regulatory approval in multiple markets globally. Clear + Brilliant®Touch was launched in Canada in February 2026 and subsequently received EU Medical Device Regulation (“MDR”) approval in September 2026, enabling the device to be marketed in the EU.
Previous wording
•Fraxel FTX®- The next generation Fraxel® is a fractionated laser device for skin resurfacing that has been submitted for approval in multiple markets globally.
Current wording
•Fraxel FTX®- The next generation Fraxel® is a fractionated laser device for skin resurfacing that has been submitted for approval in multiple markets globally. Fraxel FTX®was launched in Australia in September 2026.
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 was launched in the first quarter of 2025. In addition, 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 and for which the New Drug Application has been submitted and approval is anticipated during the first half of 2027.
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 was launched in the first quarter of 2025. In addition, Bausch + Lomb has completed a Lumify® next generation development program, for which a Phase 3 study met all primary and secondary endpoints and for which the New Drug Application has been submitted and approval is anticipated during the first half of 2027.
Previous wording
•Blink®Franchise – During June 2024, Bausch + Lomb expanded its OTC dry eye portfolio with the launch of Blink®NutriTears®, a clinically proven OTC supplement that targets the key root causes of dry eyes, promotes healthy tear production and provides noticeable relief of eye dryness symptoms. In June 2025, Bausch + Lomb began launching Blink® Nourish and Blink® Boost lubricating eye drops in the U.S. Bausch + Lomb recently developed a preservative free lipid-based formulation for its Blink®Triple Care product, which began launching in 2026.
Current wording
•Blink®Franchise – During June 2024, Bausch + Lomb expanded its OTC dry eye portfolio with the launch of Blink®NutriTears®, a clinically proven OTC nutritional supplement that targets the key root causes of dry eyes, promotes healthy tear production and provides noticeable relief of eye dryness symptoms. In June 2025, Bausch + Lomb launched Blink® Boost preservative-free lubricating eye drops in the U.S. and in March 2026, launched a preservative-free lipid-based formulation of the Blink Triple Care® product.
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 and Canada in 2025, enVista Envy®trifocal IOLs launched in Canada in June 2024, in the U.S. in November 2024 and in Europe in October 2025, and launches in Singapore and Hong Kong are expected and enVista Beyond TM extended depth of focus is anticipated to launch in the U.S. in 2027. Bausch + Lomb recently received topline results and is conducting a comprehensive review of the data.
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 and Canada in 2025, enVista Envy®trifocal IOLs launched in Canada, the U.S., Europe and Hong Kong, and rollouts into additional geographies are expected and enVista Beyond TM extended depth of focus IOL is anticipated to launch in the U.S. in 2027. Bausch + Lomb recently received topline results and is conducting a comprehensive review of the data.
Previous wording
Patient Access and Pricing Team - We formed the Patient Access and Pricing Team which is committed to maintaining patients’ ability to access our branded prescription pharmaceutical products. All future pricing actions will be subject to review by the Patient Access and Pricing Team. Future pricing changes and programs could affect the average realized pricing for our products and may have a significant impact on our revenues and profits.
Current wording
Patient Access and Pricing Team - Our Patient Access and Pricing Team is committed to maintaining patients’ ability to access our branded prescription pharmaceutical products. All pricing actions are subject to review by the Patient Access and Pricing Team. Future pricing changes and programs could affect the average realized pricing for our products and may have a significant impact on our revenues and profits.
Previous wording
Solta Medical - More than 75% of our Solta Medical business revenue has historically come from consumables, which we believe results in a durable business model. We continue to invest in key markets, including through the acquisition of Shibo Zhenmei in China. Our Thermage® FLX, Fraxel FTX® and Clear + Brilliant® Touch platforms continue to expand, reaching more customers, with Clear + Brilliant® Touch launched in Canada in February 2026.
Current wording
Solta Medical - More than 75% of our Solta Medical business revenue has historically come from consumables, which we believe results in a durable business model. We continue to invest in key markets, including through the acquisition of Shibo Zhenmei in China. Our Thermage® FLX, Fraxel FTX® and Clear + Brilliant® Touch platforms continue to expand, reaching more customers. Clear + Brilliant® Touch launched in Canada in February 2026 and subsequently received EU MDR approval in September 2026, enabling the device to be marketed in the EU.
Previous wording
On April 2, 2026, the White House posted a Presidential proclamation that following an investigation into the effects of imports of pharmaceuticals and pharmaceutical ingredients on the national security of the United States under section 232 of the Trade Expansion Act of 1962, as amended, the President imposed a one hundred percent (100%) tariff on patented pharmaceutical products and ingredients imported after September 29, 2026. The tariff rate is reduced to fifteen percent (15%) for products originating from the European Union, Japan, Korea or Switzerland and Liechtenstein. A zero percent (0%) tariff will apply through January 20, 2029 for companies that enter Most Favored Nation pricing agreements with the Department of Health and Human Services and onshoring agreements with the Department of Commerce. We are evaluating the impact of such tariffs and do not expect a material impact on our business and consolidated results of operations.
Current wording
On April 2, 2026, the White House posted a Presidential proclamation imposing, effective September 29, 2026, a one hundred percent (100%) tariff on patented pharmaceutical products and ingredients imported into the United States following an investigation into the effects of imports of pharmaceuticals and pharmaceutical ingredients on the national security of the United States under section 232 of the Trade Expansion Act of 1962, as amended. The tariff rate is reduced to fifteen percent (15%) for products originating from the European Union, Japan, Korea or Switzerland and Liechtenstein. A zero percent (0%) tariff applies through January 20, 2029 for companies that enter Most Favored Nation pricing agreements with the Department of Health and Human Services and onshoring agreements with the Department of Commerce. We do not expect these tariffs to have a material impact on our business and consolidated results of operations.
Previous wording
Our revenues attributable to Russia, Ukraine and Belarus for each of the six months ended June 30, 2026 and 2025 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, 2026 and 2025 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 United States did not announce plans to enact the tax measures under the two-pillar plan. On January 20, 2025, the Trump administration issued an executive order declaring the Inclusive Framework has no force or effect in the U.S. absent congressional action, and directing the U.S. Department of Treasury to: (i) investigate whether any non-U.S. countries are not in compliance with any U.S. tax treaty or have implemented or are likely to implement tax rules that are extraterritorial or disproportionately affect U.S. companies, which may include actions or taxes imposed under Pillar One or Pillar Two, and (ii) develop options for “protective measures” in response to any such noncompliance or tax rules. On June 28, 2025, the United States and the rest of the G7 countries announced an agreement that would, in principle, exclude U.S. parented groups from certain taxes under Pillar Two and address certain risks of base erosion and profit shifting. In January 2026, the OECD published the “side by side” arrangement package to implement this exclusion. However, we cannot predict whether the United States will adopt any other protective measures including with respect to any taxes imposed under Pillar One, or whether or how any non-U.S. countries may change their tax laws, including with respect to taxes imposed under Pillar One or Pillar Two, in response to the executive order, the “side by side” arrangement described above, or otherwise. It is possible that any changes in United States or non-U.S. tax law could have a material adverse effect on our future tax liabilities and our effective tax rate.
Current wording
The United States did not announce plans to enact the tax measures under the two-pillar plan. On January 20, 2025, the Trump administration issued an executive order declaring the Inclusive Framework has no force or effect in the U.S. absent congressional action, and directing the U.S. Department of Treasury to: (i) investigate whether any non-U.S. countries are not in compliance with any U.S. tax treaty or have implemented or are likely to implement tax rules that are extraterritorial or disproportionately affect U.S. companies, which may include actions or taxes imposed under Pillar One or Pillar Two, and (ii) develop options for “protective measures” in response to any such noncompliance or tax rules. On June 28, 2025, the United States and the rest of the G7 countries announced an agreement that would, in principle, exclude U.S. parented groups from certain taxes under Pillar Two and address certain risks of base erosion and profit shifting. In January 2026, the OECD published the “side by side” arrangement package to implement this exclusion. In September 2026, the Inclusive Framework released further guidance and an updated GloBE Information Return to incorporate the simplifications included in the “side by side” arrangement package. However, we cannot predict whether the United States will adopt any other protective measures including with respect to any taxes imposed under Pillar One, or whether or how any non-U.S. countries may change their tax laws, including with respect to taxes imposed under Pillar One or Pillar Two, in response to the executive order, the “side by side” arrangement described above, or otherwise. It is possible that any changes in United States or non-U.S. tax law could have a material adverse effect on our future tax liabilities and our effective tax rate.
Previous wording
On July 4, 2025, President Trump signed into law 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. We believe the impact of this legislation will be favorable to our future tax positions.
Current wording
On July 4, 2025, President Trump signed into law 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 net controlled foreign corporation tested income, foreign-derived intangible income, and base erosion and anti-abuse tax provisions. These changes are effective for taxable years after 2025. We believe the impact of this legislation will be favorable to our future tax positions.
Previous wording
In June 2026, following a routine FDA inspection of our B+L Tampa, Florida facility, as part of its findings, the FDA issued an Official Action Indicated (“OAI”) of B+L’s Tampa, Florida facility. B+L has submitted to the FDA a response to the initial inspection and a subsequent response to the OAI, in connection with which B+L has fully completed all comprehensive corrective and preventive actions raised, and has requested both a meeting with the FDA and a re-inspection of the facility. B+L is awaiting a response from the FDA on B+L’s submission and the scheduling of the re-inspection of the facility.
Current wording
In June 2026, following a routine FDA inspection of Bausch + Lomb’s Tampa, Florida facility, as part of its findings, the FDA issued an Official Action Indicated (“OAI”) of this facility. Bausch + Lomb submitted to the FDA a response to the initial inspection and a subsequent response to the OAI, in connection with which it fully completed all comprehensive corrective and preventive actions raised. Subsequently, in September 2026, Bausch + Lomb received a warning letter from the FDA in connection with this matter. Bausch + Lomb has submitted its response to the FDA in connection with the warning letter, and is in the process of completing the corrective and preventive actions raised. Bausch + Lomb has also requested a meeting with the FDA and is awaiting a response from the FDA. The warning letter does not require the Tampa facility to cease manufacturing operations and does not require a product recall, withdrawal or other market action. The Tampa facility continues to manufacture, release and distribute products and Bausch + Lomb does not anticipate any interruption to product supply and remains confident in the quality and safety of products manufactured at the Tampa facility.
Previous wording
As of June 30, 2026, our remaining global operations and facilities have the relevant operational good manufacturing practices certificates and all Company products and our operating sites are in compliance in all material respects with all relevant notified bodies and global health authorities, subject to ordinary course inspections, observations and remediations. See Item 1A “Risk Factors – Manufacturing and Supply Risks” of our Annual Report on Form 10-K for the year ended December 31, 2025 for additional information on certain risks relating to manufacturing activities.
Current wording
As of September 30, 2026, our remaining global operations and facilities have the relevant operational good manufacturing practices certificates and all Company products and our operating sites are in compliance in all material respects with the requirements of all relevant notified bodies and global health authorities, subject to ordinary course inspections, observations and remediations. See Item 1A “Risk Factors – Manufacturing and Supply Risks” of our Annual Report on Form 10-K for the year ended December 31, 2025 for additional information on certain risks relating to manufacturing activities.
Previous wording
The following table provides selected unaudited financial information for the three and six months ended June 30, 2026 and 2025:
Current wording
The following table provides selected unaudited financial information for the three and nine months ended September 30, 2026 and 2025:
Previous wording
Operating income for the three months ended June 30, 2026 and 2025 was $740 million and $444 million, respectively, and included non-cash charges for Depreciation and amortization of intangible assets of $281 million and $307 million and Share-based compensation of $54 million and $46 million, respectively. The increase in our operating results of $296 million reflects, among other factors:
Current wording
Operating income for the three months ended September 30, 2026 and 2025 was $983 million and $619 million, respectively, and included non-cash charges for Depreciation and amortization of intangible assets of $284 million and $306 million, acquired in-process research and development (“IPR&D”) costs of $0 and $81 million and Share-based compensation of $52 million and $43 million, respectively. The increase in our operating income of $364 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 $316 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 $269 million, primarily due to the increase in revenues, as previously discussed;
Previous wording
•an increase in selling, general and administrative (“SG&A”) expenses of $13 million, primarily attributable to higher compensation costs and selling expenses, partially offset by lower general and administrative expenses;
Current wording
•an increase in selling, general and administrative (“SG&A”) expenses of $39 million, primarily attributable to higher compensation costs and selling expenses, partially offset by lower general and administrative expenses; and
Previous wording
Income before income taxes for the three months ended June 30, 2026 and 2025 was $348 million and $140 million, respectively, a favorable change of $208 million. The change is primarily attributable to the increase in our operating results of $296 million, as previously discussed, and a decrease in Interest expenses of $69 million.
Current wording
Income before income taxes for the three months ended September 30, 2026 and 2025 was $597 million and $218 million, respectively, a favorable change of $379 million. The change is primarily attributable to the increase in our operating income of $364 million, as previously discussed, and a decrease in Interest expenses of $14 million.
Previous wording
Net income attributable to Bausch Health for the three months ended June 30, 2026 and 2025 was $258 million and $148 million, respectively, a favorable change of $110 million, which is primarily attributable to a favorable change in Income before income taxes of $208 million, as previously discussed, offset by an unfavorable change in Provision for income taxes of $76 million.
Current wording
Net income attributable to Bausch Health for the three months ended September 30, 2026 and 2025 was $436 million and $179 million, respectively, a favorable change of $257 million, which is primarily attributable to a favorable change in Income before income taxes of $379 million, as previously discussed, offset by an unfavorable change in Provision for income taxes of $114 million.
Previous wording
Revenues for the six months ended June 30, 2026 and 2025 were $5,376 million and $4,789 million, respectively, an increase of $587 million, or 12%. The increase is attributable to growth in our Salix, Bausch + Lomb, Solta Medical and International segments driven by: (i) improved net realized pricing, (ii) the favorable impact of foreign currencies and (iii) incremental sales attributable to acquisitions, partially offset by: (i) lower volumes and (ii) the impact of divestitures and discontinuations. These changes in net realized pricing and volumes were partially the result of our decision to exit certain channels, as discussed below.
Current wording
Revenues for the nine months ended September 30, 2026 and 2025 were $8,317 million and $7,470 million, respectively, an increase of $847 million, or 11%. The increase is attributable to growth in our Salix, Bausch + Lomb, Solta Medical and International segments driven by: (i) improved net realized pricing, (ii) incremental sales attributable to acquisitions and (iii) the favorable impact of foreign currencies, partially offset by lower volumes. These changes in net realized pricing and volumes were partially the result of our decision to exit certain channels, as discussed below.
Previous wording
Operating loss for the six months ended June 30, 2026 was $210 million as compared to Operating income of $720 million for the six months ended June 30, 2025, and included non-cash charges for Depreciation and amortization of intangible assets of $576 million and $612 million, Goodwill impairments of $1,426 million and $0 and Share-based compensation of $106 million and $89 million, respectively. The decrease in our operating results of $930 million reflects, among other factors:
Current wording
Operating income for the nine months ended September 30, 2026 and 2025 was $773 million and $1,339 million, respectively, and included non-cash charges for Depreciation and amortization of intangible assets of $860 million and $918 million, Acquired IPR&D costs of $16 million and $110 million, Goodwill impairments of $1,426 million and $0 and Share-based compensation of $158 million and $132 million, respectively. The decrease in our operating income of $566 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 $551 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 $820 million, primarily due to the increase in revenues, as previously discussed;
Previous wording
Loss before income taxes for the six months ended June 30, 2026 was $1,006 million as compared to Income before income taxes of $93 million for the six months ended June 30, 2025, a decrease in our results of $1,099 million. The change is primarily attributable to: (i) a decrease in our operating results of $930 million, as previously discussed, and (ii) a decrease in Gain on extinguishment of debt of $179 million.
Current wording
Loss before income taxes for the nine months ended September 30, 2026 was $409 million as compared to Income before income taxes of $311 million for the nine months ended September 30, 2025, a decrease in our results of $720 million. The change is primarily attributable to: (i) a decrease in our operating income of $566 million, as previously discussed, and (ii) a decrease in Gain on extinguishment of debt of $182 million.
Previous wording
Net loss attributable to Bausch Health for the six months ended June 30, 2026 was $1,165 million as compared to Net income attributable to Bausch Health of $90 million for the six months ended June 30, 2025, a decrease of $1,255 million, primarily due to a decrease in our results of $1,099 million, as previously discussed, and an unfavorable change in Provision for income taxes of $114 million.
Current wording
Net loss attributable to Bausch Health for the nine months ended September 30, 2026 was $729 million as compared to Net income attributable to Bausch Health of $269 million for the nine months ended September 30, 2025, a decrease of $998 million, primarily due to a decrease in our results of $720 million, as previously discussed, and an unfavorable change in Provision for income taxes of $228 million.
Previous wording
Our unaudited operating results for the three and six months ended June 30, 2026 and 2025 were as follows:
Current wording
Our unaudited operating results for the three and nine months ended September 30, 2026 and 2025 were as follows:
Previous wording
For 2026, revenues were impacted by our decision to exit certain channels within the Salix and Diversified segments during the second half of 2025. Historically, sales through these channels were subject to high rebates and chargebacks. While this strategic decision resulted in lower volumes within the exited channels, it contributed to an improvement in net realized pricing. At the same time, we have continued to see volume growth in other channels, which has helped to offset the reduction in sales from the exited channels.
Current wording
For 2026, revenues were impacted by our decision to exit certain channels within the Salix and Diversified segments during the second half of 2025. Historically, sales through these channels were subject to high rebates and chargebacks. While this strategic decision resulted in lower volumes within the exited channels, it contributed to an improvement in net realized pricing through the change in channel mix. At the same time, we have continued to see volume growth in other channels, which has helped to offset the reduction in sales from the exited channels.
Previous wording
Cash discounts and allowances, returns, rebates, chargebacks and distribution fees as a percentage of gross product sales were 35.4% and 42.4% for the three months ended June 30, 2026 and 2025, respectively, a decrease of 7.0 percentage points and includes:
Current wording
Cash discounts and allowances, returns, rebates, chargebacks and distribution fees as a percentage of gross product sales were 38.8% and 41.0% for the three months ended September 30, 2026 and 2025, respectively, a decrease of 2.2 percentage points and includes:
Previous wording
•rebates as a percentage of gross product sales which were lower primarily due to lower rebates for lower gross product sales for certain branded products such as Xifaxan®, Relistor®, Apriso®, Jublia® and Wellbutrin® and Bausch + Lomb’s XIIDRA®;
Current wording
•rebates as a percentage of gross product sales which were lower primarily due to lower rebates for certain branded products such as Apriso®, Jublia® and Wellbutrin® and Bausch + Lomb’s XIIDRA®, partially offset by higher product sales for Xifaxan® and Trulance®;
Previous wording
•chargebacks as a percentage of gross product sales which were lower primarily due to lower chargebacks for Xifaxan®and Wellbutrin® and lower gross product sales of certain generic products such as Elidel® AG.
Current wording
•chargebacks as a percentage of gross product sales which were lower primarily due to lower chargebacks for Xifaxan®and lower gross product sales of certain generic products such as Elidel® AG.
Previous wording
Cost of goods sold was $753 million and $748 million for the three months ended June 30, 2026 and 2025, respectively, an increase of $5 million. The increase was primarily driven by: (i) favorable change in product mix and (ii) higher manufacturing variances, partially offset by: (i) decrease in volumes and (ii) the impactin 2025 of the amortization of inventory step-up related to Bausch + Lomb’s acquisition of XIIDRA®.
Current wording
Cost of goods sold was $721 million and $735 million for the three months ended September 30, 2026 and 2025, respectively, a decrease of $14 million. The decrease was primarily driven by: (i) favorable change in product mix, (ii) lower manufacturing variances and (iii) the impactin 2025 of the amortization of inventory step-up related to Bausch + Lomb’s acquisition of XIIDRA®.
Previous wording
Cost of goods sold as a percentage of product sales revenue was 26.7% and 29.9% for the three months ended June 30, 2026 and 2025, respectively. The favorable change was primarily driven by: (i) increase in net realizable pricing, (ii) favorable change in product mix and (iii) the favorable impact of foreign currencies to revenues. Cost of goods sold as a percentage of Product sales during the three months ended June 30, 2025, was unfavorably impacted by the amortization of inventory step-up related to Bausch + Lomb’s acquisition of XIIDRA®.
Current wording
Cost of goods sold as a percentage of product sales revenue was 24.8% and 27.7% for the three months ended September 30, 2026 and 2025, respectively. The favorable change was primarily driven by: (i) increase in net realizable pricing and (ii) favorable change in product mix. Cost of goods sold as a percentage of Product sales during the three months ended September 30, 2025, was unfavorably impacted by the amortization of inventory step-up related to Bausch + Lomb’s acquisition of XIIDRA®.
Previous wording
Included in Research and development are costs related to our product development and quality assurance programs. Expenses related to product development include: employee compensation costs; overhead and occupancy costs; depreciation of research and development facilities and equipment; clinical trial costs; clinical manufacturing and scale-up costs; and other third-party development costs. Quality assurance are the costs incurred to meet evolving customer and regulatory standards and include: employee compensation costs; overhead and occupancy costs; amortization of software; and other third-party costs.
Current wording
Included in Research and development are costs related to our product development and quality assurance programs. Expenses related to product development include: employee compensation costs; overhead and occupancy costs; depreciation of research and development facilities and equipment; clinical trial costs; clinical manufacturing and scale-up costs; and other third-party development costs. Quality assurance costs are the costs incurred to meet evolving customer and regulatory standards and include: employee compensation costs; overhead and occupancy costs; amortization of software; and other third-party costs.
Previous wording
R&D expenses as a percentage of Product sales were approximately 6% for each of the six months ended June 30, 2026 and 2025.
Current wording
R&D expenses as a percentage of Product sales were approximately 5% and 6% for the three months ended September 30, 2026 and 2025, respectively.
Showing the first 40 of 110 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Bausch + Lomb were transferred to 126NumberCo, which owns, in the aggregate, 211,963,893 common shares of Bausch + Lomb following such transfer.
Current report — wording carried from 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.
Current report — wording carried from elsewhere
2026, the Salix reporting unit had remaining goodwill of $1,733 million.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
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 began in January 2026.
Previous report — wording carried elsewhere
Revenues for the three months ended June 30, 2026 and 2025 were $2,852 million and $2,530 million, respectively, an increase of $322 million, or 13%. The increase is primarily attributable to growth in our Salix, Bausch + Lomb, Solta Medical and International segments driven by: (i) improved net realized pricing, (ii) incremental sales attributable to acquisitions and (iii) the favorable impact of foreign currencies, partially offset by: (i) lower volumes and (ii) the impact of divestitures and discontinuations. These changes in net realized pricing and volumes were partially the result of our decision to exit certain channels, as discussed below.