Bausch Health Posts 9% Q4 Growth, Cuts $320M Debt, Sets 2026 Targets
Bausch Health posted Q4 revenue of $2.796 billion, up 9%, and adjusted EBITDA of $1.052 billion, up 13%, and guided 2026 revenue of $5.25–5.4 billion with $2.0–2.1 billion in adjusted EBITDA excluding Bausch + Lomb. The company cut net debt by $320 million via $1.7 billion exchange, flagged RED-C Phase III failures and launched a U.S. Phase III larsucosterol trial.
1. Fourth-Quarter Results
Bausch Health excluding Bausch + Lomb delivered fourth-quarter revenue of $1.391 billion, up 9%, and adjusted EBITDA of $773 million, also up 9%, while adjusted operating cash flow fell to $362 million following refinancing-related interest timing. Consolidated revenue reached $2.796 billion, up 9%, with adjusted EBITDA of $1.052 billion, up 13%, and operating cash flow of $515 million.
2. 2026 Financial Guidance
Management guided 2026 revenue of $5.25–5.4 billion and adjusted EBITDA of $2.0–2.1 billion excluding Bausch + Lomb, forecasting stronger growth in the first half due to one-time benefits recorded in late 2025 easing.
3. Balance Sheet and Pipeline Updates
During the quarter the company cut net debt by $320 million through a $1.7 billion debt exchange, extended maturities by four years and captured $80 million of discounts. Executives reported Phase III RED-C trial failures under review and began enrollment in a U.S. Phase III alcohol-associated hepatitis study of larsucosterol after positive Phase II results.