Bausch Health Companies Inc. has recently released its 10-K report, revealing its status as a global, diversified specialty pharmaceutical and medical device company. The company operates primarily in the therapeutic areas of gastroenterology, hepatology, neurology, dermatology, and eye health, marketing its products directly or indirectly in approximately 90 countries. Bausch Health generated revenues of $8,757 million in 2023, $8,124 million in 2022, and $8,434 million in 2021.
The company's portfolio of products falls into five reportable segments: Salix, International, Solta Medical, Diversified, and Bausch + Lomb. The Salix segment primarily focuses on GI products, with the Xifaxan® product line representing approximately 80% of Salix segment revenues. The International segment includes sales of branded pharmaceutical products, branded generic pharmaceutical products, and OTC products outside the U.S. and Puerto Rico, excluding sales of Bausch + Lomb products and Solta Medical aesthetic medical devices. The Solta Medical segment engages in global sales of aesthetic medical devices. The Diversified segment encompasses sales of pharmaceutical products in neurology and other therapeutic classes, dermatology products, generic pharmaceutical products, and dentistry products in the U.S. The Bausch + Lomb segment includes global sales of vision care, surgical, and pharmaceuticals products.
Bausch Health has been undergoing significant changes, including the separation of its eye health business into an independent publicly traded entity, Bausch + Lomb. The company's focus has been on executing a multi-year plan to transform and bring out value, with efforts to improve its product portfolio, infrastructure, geographic footprint, and capital structure. Bausch Health has also been managing its capital structure, including repurchasing and retiring outstanding senior unsecured notes in 2024 and entering into new term loan facilities and issuing new senior secured notes in 2023. The company has also made efforts to reduce its debt obligations, with maturities and mandatory payments of its principal balances of debt obligations as of December 31, 2023, totaling $21,006 million.
In 2022, Bausch Health improved its capital structure and reduced the aggregate principal amount of its debt obligations by approximately $3,800 million through various actions, including the B+L IPO, issuance of senior secured notes, credit agreement refinancing, and early extinguishment of debt. The company has been focused on effectively managing its capital structure to maximize value across its portfolio of assets.
Overall, Bausch Health has been navigating through significant changes, including the separation of its eye health business, while striving to transform and bring out value in its core businesses. The company's financial metrics and capital management strategies demonstrate its commitment to improving its financial condition and operations.
Today the company's shares have moved -0.9% to a price of $9.21. For more information, read the company's full 10-K submission here.
