BHC · Bausch Health Companies Inc.

Bausch Health's Q2 2026 results exceeded expectations, driven by broad-based segment strength. Consolidated revenue of $2,852 million grew 13% reported and 11% organic, with Salix leading at 21% growth from Xifaxan. Solta Medical surged 38% (12% organic) aided by a distributor acquisition. GAAP net income attributable to BHC rose to $258 million from $148 million, while adjusted EBITDA grew 28% to $1,075 million, reflecting operating leverage. The company raised full-year 2026 guidance for BHC excluding Bausch+Lomb, now expecting revenue of $5.350-$5.500 billion, adjusted EBITDA of $3.025-$3.100 billion, and adjusted cash flow from operations of $1.400-$1.475 billion. Consolidated guidance was also raised: revenue $10.790-$11.040 billion (4-6% growth) and adjusted EBITDA $4.050-$4.175 billion (8-11% growth). Cash flow generation was robust, with operating cash flow of $671 million (up 132%) and adjusted CFO of $637 million. The balance sheet strengthened with cash and equivalents of $1,825 million. Management highlighted the thirteenth consecutive quarter of growth and debt reduction, signaling confidence in the portfolio's momentum and financial flexibility for pipeline investments and business development.