EarningsQ2 2026 Earnings Report
DE:BVF Q2 2026 EPS Results
Actual EPS€1.10
Consensus EPS€0.87
Beat/MissBeat by +€0.23
One Year Ago EPS€0.91
DE:BVF Q2 2026 Revenue Results
Actual Revenue€2.47B
Expected Revenue€2.30B
Beat/MissBeat by +€170.18M
YoY Revenue Growth+12.70%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeAfter Close
Conference CallWednesday, July 29, 2026
DE:BVF Upcoming Earnings
Bausch Health Companies's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:BVF Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational and financial momentum with multiple quarters of consistent top-line and margin expansion, exceptional cash generation, meaningful net-debt reduction, and raised full-year guidance. Management flagged identifiable second-half headwinds (gross-to-net accruals, Aplenzin LOE, gradual Medicaid/340B erosion) and longer-term uncertainties (Xifaxan IP outcome, policy risks), but characterized many drivers of outperformance as transitional. Overall, the positive growth, margin improvement, cash flow strength, and upgraded guidance outweigh the listed challenges.Company Guidance
Sustained Top- and Bottom-Line Growth
13 consecutive quarters of revenue and adjusted EBITDA growth; LTM revenue growth of 20% since year-end 2023.
Strong Q2 Revenue and EBITDA Expansion
Consolidated revenue of $2.852B (reported +13%, organic +11% YoY); consolidated adjusted EBITDA of $1.075B (+28% YoY).
Exceptional Margin and Cash Flow Performance
Adjusted EBITDA margin of 59% (up 530 basis points YoY); adjusted gross margin 72.9% (+230 bps YoY); adjusted cash flow from operations $637M (+44% YoY).
Bausch Health (ex-Bausch + Lomb) Outperformance
Revenue $1.458B (+16% YoY); adjusted EBITDA $865M (+28% YoY); adjusted cash flow from operations $471M (+$116M YoY).
Salix and Xifaxan Driving Growth
Salix revenue $758M (+21% YoY); Xifaxan revenue +26% YoY; retail scripts excl. Medicaid +4% while expanded units excl. Medicaid -2%, with favorable net pricing after exits from Medicaid and 340B.
Solta Medical Momentum and Integration Benefits
Solta revenue $176M (+38% reported, +12% organic YoY); segment profit +69% YoY; China revenue +136% YoY following integration of full-service distributor (Shibo); Q2 segment profit $91M and management estimates a full-year run rate of ~$330M (approx. +$100M vs 2025).
International Growth in Key Regions
International revenues $305M (+10% reported, +5% organic); EMEA achieved 14 consecutive quarters of organic growth; LATAM organic growth +16% led by cardiometabolic franchise; Canada promoted brands +14% excl. one-time benefit.
Balance Sheet and Net Debt Improvement
Adjusted operating cash flow $471M and adjusted free cash flow $465M for the quarter; net debt reduced by $434M in Q2 to approximately $13.7B; opt-out litigations fully settled.
Raised Full-Year Guidance (ex-Bausch + Lomb)
Guidance raised: revenue now $5.35B–$5.50B (midpoint ≈ +5% YoY), adjusted EBITDA $3.025B–$3.100B (midpoint ≈ +10% YoY), adjusted cash flow from operations $1.4B–$1.475B (midpoint ≈ +21% YoY); midpoints increased by $100M (revenue), $150M (adj. EBITDA), $200M (adj. cash flow).
DE:BVF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed