Bausch Health Q1 Revenues Jump 12% to $2.52B Despite $1.426B Impairment
Bausch Health posted Q1 revenues of $2.52B, a 12% increase (7% organic), alongside a $1.423B GAAP net loss driven by a $1.426B goodwill impairment. Non-GAAP adjusted EPS rose 32% to $0.78, adjusted EBITDA climbed 27% to $837M, and operating cash flow reached $319M, with full-year 2026 guidance reaffirmed.
1. Consolidated Results
Bausch Health recorded first-quarter revenues of $2.52B, a 12% year-over-year increase driven by 7% organic growth. GAAP net loss was $1.423B, including a $1.426B goodwill impairment, while adjusted EBITDA rose 27% to $837M and adjusted EPS improved by 32% to $0.78.
2. Segment Performance
Excluding Bausch + Lomb, revenues climbed 14% reported (9% organic) to $1.28B, led by Salix's 18% organic growth to $639M and Solta Medical's 19% organic gain to $171M. Bausch + Lomb contributed $1.24B in revenues, up 6% on an organic basis.
3. Goodwill Impairment and Operating Loss
The $1.426B impairment related to the Salix RED-C program drove a consolidated operating loss of $950M versus a $276M operating income last year. The impairment significantly widened the net loss despite improved underlying margins.
4. Cash Flow and Guidance
Adjusted cash flow from operations reached $319M in the quarter. Management reaffirmed its full-year 2026 targets for revenue, adjusted EBITDA, and operating cash flow, underpinned by ongoing pipeline investments and strategic business development.