Bausch Health Companies Inc. reported first‑quarter 2026 revenue of $2.524 billion, a 12% year‑over‑year increase and 7% organic growth, surpassing the consensus estimate of $2.410 billion by $114 million. Adjusted earnings per share came in at $0.78, falling $0.03 short of the $0.81 estimate, marking a miss of 3.7%.
The revenue lift was driven by a 18% rise in the Salix segment, largely from Xifaxan sales, and a 51% jump in Solta Medical, which benefited from a 193% increase in China revenue following its acquisition of Shibo’s aesthetics distribution business. International sales grew 9% year‑over‑year, while the diversified segment declined 10%, offsetting gains in core areas.
Adjusted EBITDA rose to $837 million, up 26% from $661 million in Q1 2025, reflecting a 100‑basis‑point expansion in adjusted gross margin to 70.9%. A $1.426 million goodwill impairment in the Salix reporting unit produced a GAAP net loss of $1.431 million, turning shareholders’ equity from a surplus to a deficit.
For the full year 2026, Bausch Health reiterated guidance for the business excluding Bausch + Lomb: revenue of $5.25 billion to $5.40 billion and adjusted EBITDA of $2.875 billion to $2.95 billion. The guidance incorporates the anticipated impact of new tariffs effective September 29 2026 and the expected gross‑to‑net accrual adjustment for Xifaxan on January 1 2027.
CEO Thomas Appio said the company had achieved “the twelfth consecutive quarter of year‑over‑year growth in both revenue and adjusted EBITDA for Bausch Health, excluding Bausch & Lomb,” attributing the performance to “strategic execution and disciplined accountability.” CFO Jean‑Jacques Charhon noted that the 2026 guidance “now includes the anticipated impact of the new tariffs on pharma products expected to be effective on September 29, 2026.”
Bausch Health continues to focus on deleveraging, with net debt excluding Bausch + Lomb falling by roughly $150 million in the quarter. The company also advanced its larsucosterol Phase III program and maintained a target of reducing net debt to below $10 billion by year‑end, although a specific year‑end figure was not disclosed.
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