0000885590-25-000051
SEC filingQ3 营收增长 7%，净利转正至 $179M，Salix 与 Bausch + Lomb 驱动，债务重组改善流动性。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $2,681M | $2,510M | +7% |
| Gross Profit | $1,931M | $1,814M | +6% |
| Gross Margin | 72.0% | 72.8% | -80 bps |
| Operating Income | $619M | $318M | +95% |
| Operating Margin | 23.1% | 12.7% | +1040 bps |
| Net Income (attributable) | $179M | -$85M | 扭亏 |
| Diluted EPS | $0.48 | -$0.23 | 扭亏 |
| Operating Cash Flow (9M) | $905M | $996M | -9% |
| Free Cash Flow (9M) | $600M | $765M | -22% |
增长桥：Q3 营收 $2,681M，同比 +$171M（+7%）。量增 $76M（B+L、Salix、Solta 驱动），价格提升 $60M（Salix、International、Diversified），汇率利好 $29M，并购贡献 $3M。九个月营收 $7,470M，同比 +6%，量增 $255M 为主。
利润率：Gross Margin 72.0%，同比 -80 bps，主要因产品组合和汇率。Operating Margin 23.1%，同比 +1040 bps，主因 SG&A 下降 $55M（行业评估费降低）和 Other expense 减少 $145M（诉讼拨备和或有对价改善）。剔除一次性项后，run-rate 利润率改善显著。
盈利质量：Net Income $179M 扭亏，但含 $81M DURECT IPR&D 费用和 $35M 诉讼拨备。九个月经营现金流 $905M，低于净利 $223M，主因应收增加 $199M。FCF $600M，capex $305M 同比 +32%，反映产能投资。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Salix | $716M | +12% | $570M | 80% | Xifaxan 量价齐升，SG&A 下降 |
| International | $286M | -2% | $90M | 31% | 拉美量降，价格提升 |
| Solta Medical | $140M | +25% | $70M | 50% | 韩国市场放量 |
| Diversified | $258M | -4% | $182M | 71% | 神经/皮肤业务量降 |
| Bausch + Lomb | $1,281M | +7% | $301M | 23% | Pharmaceuticals 和 Vision Care 量增 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $1,308M | +$127M |
| Total Debt (principal) | $20,529M | +$49M |
| Net Debt | $19,221M | -$78M |
| Inventory | $1,598M | +$3M |
| Operating Cash Flow (9M) | $905M | -$91M |
| Capex (9M) | $305M | +$74M |
| Free Cash Flow (9M) | $600M | -$165M |
| FCF 转化率 (FCF/Net Income) | 269% | — |
Net Debt/EBITDA 未披露，无法计算。
资本配置：4 月再融资 $6,870M 债务延至 2030-2032，10 月偿还 AR 信贷 $300M。8 月回购 $601M 9.25% Senior Unsecured Notes。九个月债务净偿还 $418M。
前瞻指引：
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY25 Q4 | Capex | approximately $35M | reported |
| FY25 Q4 | 债务偿还 | approximately $315M | reported |
| FY25 Q4 | 利息支付 | approximately $500M | reported |
关注点：Xifaxan 2028 年 LOE 风险，IRA 谈判价 2027 年生效；Bausch + Lomb enVista IOL 召回影响；高杠杆（加权平均利率 8.57%）与利息负担；Solta Medical 增长持续性。