BAUSCH HEALTH COS Business Summary

Bausch Health Companies Inc. (BHC) operates as a global diversified pharmaceutical and medical device entity, generating revenue primarily through the manufacture and sale of branded and generic prescription drugs, over-the-counter (OTC) products, and ophthalmic surgical devices. The company’s financial structure is anchored by five reporting segments: Bausch + Lomb (eye health), Salix (gastroenterology), Solta Medical (aesthetic devices), International (global pharma), and Diversified Products (neurology and legacy brands). Its monetization strategy relies on a high-margin prescription model—led by the blockbuster GI drug Xifaxan—complemented by recurring revenue from vision care consumables like contact lenses and surgical implants. Bausch Health maintains a dominant position in the specialty eye care and GI markets, competing directly with industry giants such as Alcon, Johnson & Johnson Vision, and AbbVie. While it remains a market leader in ophthalmic innovation, the company is currently focused on a multi-year strategic deleveraging and the potential full separation of its Bausch + Lomb subsidiary to unlock shareholder value. Originally founded in 1960 as ICN Pharmaceuticals by Milan Panić and later rebranded from Valeant Pharmaceuticals in 2018, the company is currently led by Chief Executive Officer Thomas J. Appio, who brings over three decades of industry experience, including a long tenure at Schering-Plough. The executive suite includes EVP and Chief Financial Officer Jean-Jacques Charhon, who joined in 2024 with a background from Centogene and Novartis, and EVP of R&D and Chief Medical Officer Jonathan Sadeh, formerly of Bristol Myers Squibb. The leadership team is overseen by Non-Executive Chairperson John A. Paulson, president of Paulson & Co. and a major institutional investor. The board was recently strengthened in late 2025 with the appointments of Michael Goettler, former CEO of Viatris, and Sandra Leung, former General Counsel at Bristol Myers Squibb, reflecting a strategic emphasis on corporate governance and navigating complex regulatory landscapes.