Bausch Health Companies Reports $9.625 Billion Revenue for 2024, Net Loss Improves to $72 Million

Bausch Health Companies Inc. reported revenues of $9.625 billion for the year ended December 31, 2024, a 10% increase compared to $8.757 billion in 2023. This increase stemmed from growth across all segments, driven by higher volumes, incremental sales from acquisitions, and improved net realized pricing. These gains were partially offset by divestitures, discontinuations, and unfavorable foreign currency impacts. Operating income rose significantly to $1.546 billion in 2024 from $963 million in 2023, a change primarily attributed to increased contribution from product sales and a decrease in goodwill impairments. The company reported a net loss of $72 million in 2024, a substantial improvement from a net loss of $611 million in 2023.

Significant changes compared to the previous year included a $583 million increase in operating income, driven by higher product sales and lower goodwill impairments. The company also saw a $557 million improvement in income before income taxes, moving from a loss of $390 million in 2023 to a profit of $167 million in 2024. These improvements were partially offset by increased selling, general, and administrative expenses, primarily due to higher selling, advertising, and promotion expenses related to recent acquisitions and product launches. The company's net loss attributable to Bausch Health Companies Inc. improved by $546 million, from $592 million in 2023 to $46 million in 2024.

Strategic developments during the year included several acquisitions by Bausch + Lomb, the company's 88%-owned eye health subsidiary. These acquisitions included Whitecap Biosciences LLC, Elios Vision, Inc., and TearLab Corporation, expanding Bausch + Lomb's presence in glaucoma, geographic atrophy, and dry eye disease treatment. Bausch Health also continued to evaluate the separation of Bausch + Lomb into a fully independent publicly traded entity, a process that remains subject to achieving targeted debt leverage ratios and obtaining necessary approvals. The company also actively managed its debt, repurchasing and retiring senior unsecured notes totaling $555 million in par value.

Operationally, Bausch Health employs approximately 20,700 employees globally, with approximately 1,500 dedicated to research and development. The company's largest customers in 2024 were Cencora Inc. (19% of total revenue), McKesson Corporation (15%), and Cardinal Health, Inc. (14%). The company's product portfolio includes approximately 1,000 products across five reportable segments: Salix, International, Solta Medical, Diversified, and Bausch + Lomb. The company's Xifaxan® product line accounted for $1.993 billion in revenue in 2024. The company also noted that it is subject to ongoing regulatory review of its marketed drugs and faces potential generic competition for several key products in the coming years.

Looking ahead, Bausch Health anticipates continued pressure on pricing due to factors such as government regulations and industry consolidation. The company expects to continue managing its debt and evaluating opportunities to improve its capital structure. The company also expects to continue investing in research and development and strategic acquisitions to drive future growth. The completion of the Bausch + Lomb separation remains a key strategic objective, although the timing and structure remain uncertain. The company also highlighted several ongoing legal proceedings and potential future litigation as key risks to its financial performance.