Bausch Health Beats Q3, Raises 2026 Guidance and Authorizes $50M Buyback
BHC sits 91% above its 52-week low of $4.33 on elevated volume (2.3× avg).
Summary
Bausch Health beat Q3 estimates with 10% revenue growth and 53% adjusted EPS growth, raised 2026 guidance for its ex-Bausch+Lomb business, and authorized a $50 million share repurchase program.
Key Events · Earnings and Guidance · BHC
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Q3 Revenue Up 10% to $2.94B
Consolidated revenue of $2.94 billion versus $2.68 billion a year ago, up 10% reported and 8% organic; Salix led with 16% growth on Xifaxan.
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Adjusted EPS Jumps 53%
Adjusted EPS of $1.77 versus $1.16, and adjusted EBITDA attributable to BHC of $1,305 million, up 32% from $986 million.
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Ex-B+L EBITDA Tops $1B
BHC excluding Bausch + Lomb posted $1,022 million of adjusted EBITDA and $539 million of adjusted operating cash flow, its fourteenth straight quarter of year-over-year revenue and EBITDA growth.
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2026 Guidance Raised
Full-year 2026 revenue guidance of $10.975-$11.175 billion and adjusted EBITDA of $4.315-$4.415 billion, with the ex-B+L business raising revenue, EBITDA and adjusted cash flow guidance.
Analysis · BHC · Life Sciences
Bausch Health delivered a strong Q3 across the board. Revenue of $2.94 billion rose 10% reported and 8% organically, adjusted EPS jumped 53% to $1.77, and adjusted EBITDA attributable to BHC rose 32% to $1,305 million. The BHC-excluding-Bausch+Lomb piece crossed $1 billion of quarterly adjusted EBITDA for the first time ($1,022 million) and generated $539 million of adjusted operating cash flow, funding more than $500 million of net debt reduction in the quarter. Management raised full-year 2026 guidance for the ex-B+L business, and the board authorized a $50 million buyback aimed at offsetting dilution from 2027 equity vesting. For a company carrying roughly $20.6 billion of debt, the combination of rising EBITDA and falling net debt is what actually moves the equity story.
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At the time of this filing, BHC was trading at $8.25 on NYSE in the Life Sciences sector, with a market capitalization of approximately $2.6B. The 52-week trading range was $4.33 to $8.00. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.