Bausch Health Companies Inc.: Model Update Following Q126 Results

研报英文原文证据摘录

Bausch Health Companies Inc.: Model Update Following Q126 Results

Deutsche Bank

Research

North America Company Date

11 June 2026

High Yield Corporates Bausch Health

Healthcare

Companies Inc.

Model Update Following Q126 Results

Miles Highsmith

Summary and Recommendation Research Analyst

There are numerous moving parts to this story. Some of the biggest considerations +1-212-250-1606

relate to the potential timing and impact of generic competition on Xifaxan,

litigation, various considerations related to B&L, FCF, other operating trends

including Solta performance, the potential contribution of pipeline products, future

liability management, potential impacts from tariffs/transfer pricing, and other.

BHCCN’s first substantial maturities come in 2028 (roughly $2.3 billion). We rate

BHCCN’s bonds buy but we appreciate the uncertainties and potential volatility in There are a number of risks to our rating

the story. If BHCCN hits our 2026 estimates (consolidated), EBITDA would be including potential timing and impact of

generic competition on Xifaxan, litigation,

$3,956 mm, and this would put consolidated net leverage at 4.6x. BHCCN’s

various considerations related to B&L, FCF,

guidance for consolidated 2026 EBITDA is $3,948 mm at the mid-point ($2,913 mm other operating trends including Solta

for Bausch Health ex-B&L). On a previous earnings call, BHCCN reiterated that it performance, the potential contribution of

expects the average of 2026-2027 EBITDA to be in a similar range as 2025 EBITDA, pipeline products, future liability

and that mathematically this would imply around $2.7 billion in 2027 (we assume management, potential impacts from

tariffs/transfer pricing. If one or some of

this relates to Bausch Health excluding B&L).

these risks came to pass in a negative way,