Bausch Health Reports 5% Revenue Growth to $2.53 Billion in Q2 2025

Bausch Health Companies Inc. reported a revenue increase of 5% for the second quarter of 2025, reaching $2.53 billion compared to $2.40 billion in the same period last year. The growth was primarily driven by higher volumes and improved net realized pricing across its Salix, Bausch + Lomb, and Solta Medical segments. Operating income for the quarter was $444 million, up from $389 million in the prior year, reflecting a $55 million increase attributed to higher product sales and a decrease in amortization of intangible assets. The company also reported a net income of $148 million, a significant rise from $10 million in the previous year, largely due to a gain on extinguishment of debt amounting to $178 million.

For the first half of 2025, Bausch Health's revenues totaled $4.79 billion, also a 5% increase from $4.56 billion in the same period of 2024. The company’s operating income for this period was $720 million, compared to $670 million in the prior year. The increase in operating income was supported by a $128 million rise in contribution from product sales, although this was partially offset by a $135 million increase in selling, general, and administrative expenses. The net income for the first half of 2025 was $90 million, a turnaround from a net loss of $54 million in the same period last year.

Strategically, Bausch Health has been active in acquisitions, including the planned acquisition of DURECT Corporation for approximately $63 million, with potential milestone payments of up to $350 million. This acquisition is expected to enhance the company’s gastrointestinal portfolio, particularly with DURECT's lead drug candidate, Larsucosterol, which has shown promise in clinical trials. Additionally, Bausch + Lomb has made several acquisitions to bolster its clinical-stage pipeline, including Whitecap Biosciences and Elios Vision, aimed at expanding its offerings in glaucoma treatments.

Operationally, Bausch Health reported a total of 369.79 million shares outstanding as of July 25, 2025. The company continues to focus on improving its capital structure, having completed significant refinancing transactions in April 2025 that extended debt maturities and reduced short-term cash requirements. The company’s cash and cash equivalents increased to $1.73 billion as of June 30, 2025, up from $1.18 billion at the end of 2024, providing a stronger liquidity position to support ongoing operations and strategic initiatives.

Looking ahead, Bausch Health remains committed to its B+L Separation strategy, which aims to create two independent entities focused on their respective core businesses. The company is optimistic about its future growth prospects, driven by its diversified product portfolio and ongoing investments in research and development. However, it acknowledges potential risks, including market conditions and regulatory challenges, that could impact its performance.