Bausch Health Companies Inc. reported third‑quarter 2025 results with revenue of $2.68 billion, a 7 % increase on a reported basis and 5 % organic growth versus the same quarter last year. GAAP net income attributable to the company was $179 million, and adjusted EBITDA reached $986 million, up 8 % year‑over‑year. The earnings beat consensus estimates of $140 million net income and $2.90 billion revenue.
In comparison, the company’s Q3 2024 consolidated revenue was $2.51 billion, GAAP net loss was $85 million, and adjusted EBITDA was $909 million, illustrating a significant turnaround in profitability and cash‑generating ability.
Segment performance contributed to the growth: Salix revenue rose 12 %, driven by a 16 % increase in Xifaxan sales; Solta Medical revenue increased 25 %; other segments delivered modest gains, supporting the overall revenue expansion.
Bausch Health raised its full‑year 2025 guidance, projecting revenue of $10.05 billion to $10.25 billion (up from $10.00 billion to $10.25 billion) and adjusted EBITDA of $3.57 billion to $3.66 billion (up from $3.485 billion to $3.635 billion).
The company completed its acquisition of DURECT Corporation on September 11 , 2025. The transaction, valued at up to $413 million, included an upfront cash payment of $63 million and potential milestone payments of up to $350 million. The acquisition adds larsucosterol, an FDA Breakthrough Therapy‑designated treatment for alcohol‑associated hepatitis, to Bausch Health’s hepatology portfolio.
Financially, Bausch Health carries long‑term debt of $21 billion and a cash balance of $1.3 billion. The company’s Altman Z‑Score is 0.21, indicating a high risk of financial distress, and its debt‑to‑equity ratio remains elevated.
Strategically, the DURECT acquisition expands Bausch Health’s focus on liver disease and positions the company to pursue a first‑in‑class therapy for a condition with no approved treatments. The company continues to invest heavily in research and development, while its significant debt load remains a key headwind to long‑term financial stability.
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