Bausch Health Raises Full-Year 2026 Outlook

The Tip Desk · November 2, 2026 · 3 min read

Third-quarter revenue reached $2.94 billion as the company lifted full-year revenue, Adjusted EBITDA and operating-cash guidance.

Bausch Health Companies Inc. (BHC) reported third-quarter 2026 consolidated revenue of $2.94 billion, up 10% from $2.68 billion a year earlier, and raised its full-year 2026 revenue, Adjusted EBITDA and Adjusted Cash Flows from Operations outlook.

Organic revenue rose 8% after $37 million of acquisitions and $11 million of divestitures and discontinuations. Reported growth slowed from 13% in the second quarter, and organic growth slowed from 11%.

GAAP net income attributable to Bausch Health was $436 million, or $1.15 a share, compared with $179 million, or $0.48 a share, a year earlier. Adjusted earnings were $1.77 a share, up 53% from $1.16. Consolidated Adjusted EBITDA attributable to Bausch Health was $1,305 million, up 32% from $986 million. Operating income was $983 million.

Bausch Health excluding Bausch + Lomb posted $1,566 million of revenue, up 12% reported and 8% organic, the fourteenth consecutive quarter of year-over-year revenue and Adjusted EBITDA growth. Excluding B+L, reported growth slowed from 16% in the second quarter. The company said quarterly Adjusted EBITDA excluding Bausch + Lomb exceeded $1 billion for the first time. That unit generated $581 million of cash from operating activities and $539 million of Adjusted Cash Flows from Operations, and net income increased $205 million over the prior year.

Salix, the largest BHC-excluding-B+L segment, reported $831 million of revenue, up 16% reported and 14% organic. Xifaxan was the primary contributor, with 16% revenue growth. Salix reported growth slowed from 21% in the second quarter.

Bausch + Lomb revenue was $1.38 billion, up 7% reported and organic after $6 million of foreign-exchange impact, $8 million of acquisitions and $2 million of divestitures and discontinuations. International segment revenue was $299 million, up 5% reported and 4% organic after $4 million of foreign-exchange impact, led by Canada. Diversified segment revenue was $271 million, up 5% reported and organic, primarily from double-digit Dermatology growth. Solta Medical revenue was $165 million, up 18% reported, aided by a China distributor acquisition of $29 million; organic revenue decreased 4% after $2 million of foreign-exchange impact, with Asia Pacific down modestly.

Cash provided by operating activities was $813 million, up 101% from $405 million a year earlier. Cash and cash equivalents were $2,485 million as of September 30, 2026, up from $1,309 million as of December 31, 2025. The company said it reduced net debt by more than $500 million during the quarter.

Chief Executive Officer Thomas J. Appio said the results reflected disciplined execution across the portfolio and that healthy cash generation supported the net-debt reduction. The company said it remains committed to evaluating options for unlocking shareholder value, including maximizing the value of Bausch Health and Bausch + Lomb assets.

The board authorized a $50 million share repurchase program, with the primary objective of offsetting dilution associated with anticipated vesting of management equity awards in 2027.

Full-year 2026 consolidated revenue guidance is $10.975 billion to $11.175 billion, or 7% to 9% growth, and Adjusted EBITDA is $4.315 billion to $4.415 billion, or 12% to 14% growth. Bausch Health excluding Bausch + Lomb raised revenue guidance to $5.525 billion to $5.625 billion, Adjusted EBITDA to $3.225 billion to $3.275 billion, and Adjusted Cash Flows from Operations to $1.600 billion to $1.675 billion, including the currently estimated impact of applicable tariffs for the calendar year. Bausch + Lomb revenue guidance is $5.450 billion to $5.550 billion and Adjusted EBITDA is $1.090 billion to $1.140 billion.

The company said rapid developments in tariffs and responses have created uncertainty regarding those measures and their effects, and that it continues to assess direct and indirect impacts, including retaliatory tariffs, with no assurance such impacts will not be adverse.