Bausch Health Companies Inc.
BHC evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for BHC—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · BHC
Bausch Health Companies Inc. is a diversified pharmaceutical company focused on developing and commercializing branded medicines, generics, and medical devices, with a significant pipeline including larsucosterol for alcohol-associated hepatitis, while managing a high debt load and patent expirations.
Key risk: High debt burden
BioSniper Score
Based on 6 of 6 signals
Market Cap
$2.36B
Cash Runway
—
Lead Asset
Larsucosterol (Phase 3)Next Catalyst
Phase3_Topline · Feb 1, 2028Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 11 clinical trials · 6 catalysts · 1 FDA decision for Bausch Health Companies Inc..
Bausch Health Companies Inc. is a diversified pharmaceutical company focused on developing and commercializing branded medicines, generics, and medical devices, with a significant pipeline including larsucosterol for alcohol-associated hepatitis, while managing a high debt load and patent expirations.
- Cash and equivalents of $1,838.0M as of 2026-06-30 [sec].
- Total revenue of $2,852.0M and net income of $258.0M for the period ending 2026-06-30 [sec].
- Shareholders' equity of -$764.0M and total debt of $21,607.0M as of 2026-06-30 [sec].
- Approximately 80 projects in the global pipeline as of March 31, 2026, including larsucosterol for alcohol-associated hepatitis [sec_mda · as of 2026-04-30].
- Key patent expirations expected for products such as Xifaxan (2028), Jublia (2028), and others through 2030 [sec_mda · as of 2026-04-30].
What works
- Larsucosterol has the potential to be the first FDA-approved therapeutic option for alcohol-associated hepatitis, addressing a significant unmet need [sec_mda · as of 2026-04-30].
- The company maintains a diversified product portfolio across core businesses, providing a sustainable revenue stream [sec_mda · as of 2025-07-31].
- Active pipeline management with approximately 80 projects and a large R&D organization of about 1,400 employees supports future innovation [sec_mda · as of 2026-04-30].
What to weigh
- High total debt of $21,607.0M and negative shareholders' equity of -$764.0M as of 2026-06-30 indicate significant financial leverage [sec].
- Several key branded products face expected loss of exclusivity and generic competition from 2026 through 2030, which could adversely impact revenue and pricing [sec_mda · as of 2026-04-30].
- The company operates in a highly competitive industry with inherent risks from generic competition and patent challenges [sec_mda · as of 2026-07-30].
From the filings
Quoted directly from source documents.
Larsucosterol has potential to be first FDA-approved therapy for alcohol-associated hepatitis.
“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.”
SEC MD&A · April 30, 2026
Company has approximately 80 pipeline projects as of March 31, 2026.
“As of March 31, 2026, we had approximately 80 projects in our global pipeline.”
SEC MD&A · April 30, 2026
Key products face loss of exclusivity and generic competition through 2030.
“Based on current patent expiration dates, settlement agreements and/or competitive information, we have identified branded products that we believe could begin facing potential LOE and/or generic competition in the U.S. during the years 2026 through 2030.”
SEC MD&A · April 30, 2026
Company has a diversified product portfolio providing sustainable revenue.
“We believe that we have a well-established product portfolio that is diversified within our core businesses and provides a sustainable revenue stream to fund our operations.”
SEC MD&A · July 31, 2025
Catalyst timeline
- 2028-02-01 · Phase3_Topline · larsucosterol — Phase 3 Topline: RE-AHFIRM — Topline data from the Phase 3 RE-AHFIRM trial for larsucosterol in alcohol-associated hepatitis will be a key readout for pipeline value.
- 2029-08-05 · Patent_Expiry · ACANYA — Patent/exclusivity expiry for ACANYA may open the product to generic competition.
- 2030-07-14 · Patent_Expiry · LUMIFY — Patent/exclusivity expiry for LUMIFY could affect market exclusivity.
- 2031-11-17 · Patent_Expiry · SOLODYN — Patent/exclusivity expiry for SOLODYN may lead to generic entry.
- 2037-06-21 · Patent_Expiry · MIEBO — Long-dated patent expiry for MIEBO, providing extended exclusivity.
- 2040-12-28 · Patent_Expiry · CABTREO — Patent/exclusivity expiry for CABTREO, the furthest-dated expiry among listed products.
Risks & what to watch (4)›
Key risks
- High debt burden — Total debt of $21,607.0M as of 2026-06-30, with negative equity, poses refinancing and interest cost risks [sec].
- Patent expirations and generic competition — Multiple key products face LOE from 2026-2030, potentially reducing revenue and market share [sec_mda · as of 2026-04-30].
- Clinical and regulatory uncertainty — Pipeline success, including larsucosterol, depends on clinical trial outcomes and FDA approval, which are uncertain [sec_mda · as of 2026-04-30].
- Forward-looking risks — Company's expectations may not materialize due to competitive, regulatory, and operational factors [sec_mda · as of 2026-07-30].
What to watch
- Phase 3 topline results for larsucosterol in alcohol-associated hepatitis expected around 2028-02-01 [catalyst].
- Patent expirations for key products like Xifaxan (2028) and Jublia (2028) and their impact on revenue [sec_mda · as of 2026-04-30].
- Debt management and refinancing activities given the high leverage [sec].
- Progress of the approximately 80 pipeline projects and any new regulatory filings [sec_mda · as of 2026-04-30].
Sources: SEC MD&A · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
Profitable (positive operating cash flow)
OCF $670M · Net income $258M · Debt/OCF 7.4×
Lead: Phase 3
1 candidate
6 upcoming, next in ~520d
0 buys · 3 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
228
Total value held
$854.9M
| Holder | Shares | Value |
|---|---|---|
| goldentree asset management lp | 34,665,731 | $187.0M |
| vanguard capital management llc | 14,807,518 | $80.0M |
| royal bank of canada | 11,363,498 | $61.4M |
| nomura holdings inc | 8,986,372 | $48.5M |
| healthcare of ontario pension plan trust fund | 8,000,000 | $43.2M |
| geode capital management, llc | 4,228,871 | $31.4M |
| goldman sachs group inc | 5,207,966 | $28.1M |
| hudson bay capital management lp | 5,000,000 | $27.0M |
| ing groep nv | 5,000,000 | $27.0M |
| nuveen, llc | 3,798,957 | $20.5M |
Showing top 10 of 228 institutional holders of Bausch Health Companies Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 2.1%
- Days to cover
- 4.1
- Shares short
- 6,366,152
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
BHC short interestGovernance
Frequently asked questions
What is the AI investment thesis for Bausch Health Companies Inc.?
Bausch Health Companies Inc. is a diversified pharmaceutical company focused on developing and commercializing branded medicines, generics, and medical devices, with a significant pipeline including larsucosterol for alcohol-associated hepatitis, while managing a high debt load and patent expirations.
What is Bausch Health Companies Inc.'s lead drug candidate?
Bausch Health Companies Inc.'s most advanced tracked candidate is Larsucosterol (Phase 3) for Hepatitis.
What is Bausch Health Companies Inc.'s next catalyst?
Bausch Health Companies Inc.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: RE-AHFIRM (RandomizEd Study of Larsucosterol in Alcohol-associated Hepatitis to Confirm saFety and e" — expected February 1, 2028.
Who is the CEO of Bausch Health Companies Inc.?
Mr. Thomas J. Appio is the chief executive officer of Bausch Health Companies Inc. (BHC).
Where is Bausch Health Companies Inc. headquartered?
Bausch Health Companies Inc. (BHC) is headquartered in Laval, QC, Canada.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.