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About Bausch Health Americas, Inc.

Bausch Health (formerly Valeant Pharmaceuticals International) is Canada's largest publicly traded drugmaker. The multinational specialty pharmaceutical company specializes in developing, manufacturing, and marketing pharmaceuticals and medical devices, with a portfolio of branded prescription, branded generic, and OTC products. Its core specialty areas are eye care (largely due to the work of its Bausch + Lomb subsidiary), gastroenterology, and dermatology. Subsidiary Salix Pharmaceuticals makes such gastrointestinal medications as Xifaxan, Relistor, and Lucemyra. Products in Bausch Health's dermatology segment include genital herpes treatment Zovirax and acne treatment Acanya.


Bausch Health operates through four segments: Bausch + Lomb/International, Salix, Ortho Dermatologics, and Diversified Products.

The Bausch + Lomb/International segment sells pharmaceuticals in the US, the Bausch + Lomb lines of vision care and other products, and all products in Canada, Europe, the Asia/Pacific region, Latin America, Africa, and the Middle East. The segment's products include ocular pain and inflammation treatment Lotemax, eye vitamin PreserVision, and SofLens Daily Disposable contact lenses. It accounts for about 55% of sales.

The Salix and Ortho Dermatologics segments account for some 20% and more than 5% of sales, respectively. Salix offers gastrointestinal products in the US, including irritable bowel treatment Xifaxan and Relistor for opioid induced constipation. Ortho Dermatologics sells medicines and medical devices used in the treatment of psoriasis (Siliq, Bryhali), cold sores (Zovirax), toenail fungus (Jublia), and other skin conditions. 

The last 15%-plus of Bausch Health's revenue is generated from Diversified Products, which include neurology and therapeutic drugs, dental products, and generics. Its portfolio of more than a dozen major products includes antidepressant Wellbutrin, Migranal nasal spray for migraines, acid reflux treatment Zegerid, and NeutraSal for dry mouth.

Geographic Reach

Bausch Health sells its products around the world; the US market accounts for some 60% of its annual revenues. Its next five-largest markets -- China, Canada, Japan, Poland, and Mexico -- contribute fairly equally to a total of more than 15%.

The company has some 40 manufacturing sites around the world, including facilities in Brazil, Canada, China, Egypt, France, Germany, Ireland, Italy, Mexico, Poland, and the US.  

Sales and Marketing

Bausch Health's top customers are wholesale distributors McKesson and AmerisourceBergen (each accounting for about 20% of revenue) as well as Cardinal Health (more than 10%); the loss of any of those customers could significantly impact the firm's fiscal health. Other customers include hospitals, physicians, and pharmacies. 

Financial Performance

Bausch Health's revenue fell for the third year in a row in 2018 -- as expected -- because of divestitures and discontinuations. Net income has been more sporadic but is down significantly since 2014.

In 2018 the company reported revenue of $8.4 billion, down 4% from the prior year. The Bausch + Lomb/International segment was impacted by the divestitures of a trio of skincare brands and its iNova Pharmaceuticals business. Similarly, the Diversified Products segment was impacted by the divestitures of Dendreon (cancer), Obagi (skincare), and Sprout (sexual health).

Net income that year plummeted from $2.4 billion in 2017 to a loss of $4.1 billion. Results were impacted by goodwill impairments related to the adoption of new accounting guidance in 2018 and a much smaller benefit from income taxes as compared to 2017 when the company saw a one-time bump from the 2017 Tax Cut and Jobs Act.

Cash at the end of 2018 was $723 million, a decrease of $74 million from the prior year. Cash from operations contributed $1.5 billion to the coffers, while investing activities used $196 million, mainly for capital expenditures. Financing activities used another $1.4 billion for repayments of long-term debt, which is a pretty substantial $24.1 billion. 



Laden with long-term debt and focusing on its core growth areas of eye health, gastroenterology, and dermatology, Bausch Health has been divesting or discontinuing a host of non-core operations. Sales from its three core areas have been solid and now represent more than 70% of revenue, up nearly 10 percentages points in just three years.

In the last few years, the company has sold the commercialization rights to angiodema drug Ruconest; skincare brands CeraVe, acneFree, and AMBI to L'Oréal for $1.3 billion; and the Dendreon cancer business to Sanpower Group for $819.9 million. To further reduce debt, Bausch sold iNova Pharmaceuticals for $930 million and skin care business Obagi Medical Products for $190 million.

In another deal, the company sold Sprout Pharmaceutical back to its former owners. It had purchased Sprout in 2015 for $1 billion, just a couple of days after Sprout was granted FDA approval for the first-ever women's libido drug Addyi. However, the drug never really took off, and then-named Valeant agreed to divest Sprout.

Through these asset sales, Bausch has reduced its debt levels from $30 billion in 2015 to $24 billion. The company may proceed with further divestitures as it continues to explore options.

Mergers and Acquisitions

In 2019 Bausch acquired Synergy Pharmaceuticals out of Chapter 11 bankruptcy for $195 million. Synergy is a US-based biopharmaceutical with a focus on gastrointestinal treatments; Bausch intends to boost its Salix Pharmaceuticals unit.

Company Background

The company began as Biovail Corporation, which was formed in 2000 from the combination of TXM Corporation and Biovail Corporation International. In 2010 it acquired Valeant Pharmaceuticals International and took the Valeant name.

It changed its name to Bausch Health Companies in 2018.

Bausch Health Americas, Inc.

400 Somerset Corp Blvd
Bridgewater, NJ 08807-2867
Phone: 1 (908) 927-1400

Firm Stats

Employer Type: Privately Owned
Pres European Operations: Charles J Bramlage
Vice President: Laurie Little
Pres: G M Morfit
Employees (This Location): 355
Employees (All Locations): 4,044

Major Office Locations

Bridgewater, NJ

Other Locations

Irvine, CA
Durham, NC
Chantilly, VA
Bothell, WA