Bausch Health Companies Inc.
BHC evidence brief
What we can confirm
- BioSniper Score:
- 7.4 / 10
- Market Cap:
- $2.32B
- Lead Asset:
- addit. indication for fyodorov collagen corneal
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. (BHC) is a diversified healthcare company with a focus on dermatology, gastrointestinal, and eye health, operating a large debt load while pursuing pipeline growth through acquisitions and R&D.
Key risk: High debt burden
BioSniper Score
Based on 5 of 6 signals
Market Cap
$2.32B
Cash Runway
—
Lead Asset
addit. indication for fyodorov collagen corneal
Next Catalyst
Patent_Expiry · Aug 5, 2029Financial data as of Jun 30, 2026.
Tracking 77 pipeline candidates · 11 clinical trials · 5 catalysts · 1 FDA decision for Bausch Health Companies Inc..
Bausch Health Companies Inc. (BHC) is a diversified healthcare company with a focus on dermatology, gastrointestinal, and eye health, operating a large debt load while pursuing pipeline growth through acquisitions and R&D.
- Cash & equivalents of $1,825.0M as of 2026-06-30 [sec]
- Total revenue of $2,852.0M and net income of $258.0M as of 2026-06-30 [sec]
- Shareholders' equity of -$1,771.0M and total debt of $20,239.0M as of 2026-06-30 [sec]
- Acquired DURECT Corporation in September 2025, adding Larsucosterol for alcohol-associated hepatitis with FDA Breakthrough Therapy designation [sec_mda · as of 2026-04-30]
- Approximately 80 projects in global pipeline as of March 31, 2026, with 1,400 R&D employees as of December 31, 2025 [sec_mda · as of 2026-04-30]
What works
- Achieved 11 consecutive quarters of Revenue and Adjusted EBITDA growth (excluding B+L) as of April 2026 [sec · filed 2026-04-08]
- Larsucosterol has FDA Breakthrough Therapy designation and potential to be first FDA-approved therapeutic for alcohol-associated hepatitis [sec_mda · as of 2026-04-30]
- Diversified product portfolio across core businesses provides sustainable revenue stream to fund operations [sec_mda · as of 2026-07-30]
- Selective acquisitions (DURECT, Shibo Zhenmei, Whitecap Biosciences) aim to add pipeline assets and expand market presence [sec_mda · as of 2026-04-30]
What to weigh
- Shareholders' equity is negative (-$1,771.0M) as of 2026-06-30, indicating accumulated losses exceed equity [sec]
- Total debt of $20,239.0M as of 2026-06-30 is very high relative to revenue and equity [sec]
- Pipeline success is highly uncertain; forward-looking statements caution that actual results may vary due to risks in development, regulatory approval, and commercialization [sec_mda · as of 2026-07-30]
- Generic competition and patent expiries (e.g., NDA050819 in 2029) pose ongoing risk to profitability [sec_mda · as of 2026-07-30]
From the filings
Quoted directly from source documents.
Larsucosterol acquisition and FDA designation
“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.”
SEC MD&A · April 30, 2026
11 consecutive quarters of growth
“achieving 11 consecutive quarters of growth.”
SEC filings · April 8, 2026
Catalyst timeline
- 2029-08-05 · Patent_Expiry · BENZOYL PEROXIDE; CLINDAMYCIN PHOSPHATE — Patent_Expiry: NDA050819 — Patent expiry for a dermatology product may open the door to generic competition.
- 2030-07-14 · Patent_Expiry · BRIMONIDINE TARTRATE — Patent_Expiry: NDA208144 — Patent expiry for an ophthalmic product may affect market exclusivity.
- 2031-11-17 · Patent_Expiry · MINOCYCLINE HYDROCHLORIDE — Patent_Expiry: NDA050808 — Patent expiry for a dermatology antibiotic may lead to generic entry.
- 2037-06-21 · Patent_Expiry · PERFLUOROHEXYLOCTANE — Patent_Expiry: NDA216675 — Patent expiry for an ophthalmic product may affect long-term revenue.
- 2040-12-28 · Patent_Expiry · ADAPALENE; BENZOYL PEROXIDE; CLINDAMYCIN PHOSPHATE — Patent_Expiry: NDA216632 — Patent expiry for a combination dermatology product may impact future sales.
Risks & what to watch (4)›
Key risks
- High debt burden — Total debt of $20,239.0M as of 2026-06-30 is very high relative to revenue and equity [sec]
- Negative shareholders' equity — Shareholders' equity of -$1,771.0M as of 2026-06-30 indicates accumulated losses exceed equity [sec]
- Pipeline and regulatory uncertainty — Forward-looking statements caution that actual results may vary due to risks in development, regulatory approval, and commercialization [sec_mda · as of 2026-07-30]
- Patent expiries and generic competition — Patent expiries (e.g., NDA050819 in 2029) pose ongoing risk to profitability from generic competition [sec_mda · as of 2026-07-30]
What to watch
- Progress of Larsucosterol Phase 3 program (RE-AHFIRM) for alcohol-associated hepatitis [sec_mda · as of 2026-04-30]
- Debt refinancing and management of $20,239.0M total debt [sec]
- Patent expiries starting 2029-08-05 for key products [catalyst]
- Ability to sustain 11 consecutive quarters of growth trend [sec · filed 2026-04-08]
Sources: Catalysts · SEC filings · SEC MD&A · Generated October 9, 2026 · How we verify sources →
Run Bausch Health Companies Inc. through your own thesis
Use the pipeline, catalyst, financial, FDA, and market facts on this page as inputs to a protocol you control.
Your protocol can:
- Turn available Bausch Health Companies Inc. facts into screen rules or deeper checks
- Show cited findings, blockers, and unresolved evidence together
- Save the logic and rerun it as the company evidence changes
Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
Cash runway data unavailable
Net income $258M
Lead: Approved
77 candidates
5 upcoming, next in ~1026d
0 buys · 2 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
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. (BHC) is a diversified healthcare company with a focus on dermatology, gastrointestinal, and eye health, operating a large debt load while pursuing pipeline growth through acquisitions and R&D.
What is Bausch Health Companies Inc.'s next catalyst?
Bausch Health Companies Inc.'s next tracked catalyst is a Patent_Expiry event — "Patent_Expiry: NDA050819" — expected August 5, 2029.
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.
What therapeutic areas does Bausch Health Companies Inc. focus on?
Bausch Health Companies Inc. develops therapies across Oncology, Rare Disease, Immunology, Ophthalmology, Infectious Disease, Respiratory, Dermatology, Gastroenterology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.