Bausch Health Companies (BVF) Q3 2026 Earnings Report
DE:BVF Q3 2026 EPS Results
- Actual EPS
- EUR 1.58
- Consensus EPS
- EUR 1.14
- Beat/Miss
- Beat by +EUR 0.44
- One Year Ago EPS
- EUR 1.03
DE:BVF Q3 2026 Revenue Results
- Actual Revenue
- EUR 2.63B
- Expected Revenue
- EUR 2.48B
- Beat/Miss
- Beat by +EUR 151.78M
- YoY Revenue Growth
- +11.52%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- After Close
- Conference Call
- Wednesday, October 28, 2026
Bausch Health Companies's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Highlights significantly outweighed the lowlights, supported by broad-based revenue and profit growth, record adjusted EBITDA for Bausch Health excluding Bausch + Lomb, substantial cash generation and debt reduction, another increase in full-year guidance, and continued pipeline and portfolio development. The principal challenges were expected Q4 and 2027 Xifaxan pricing and inventory effects, Solta's quarterly organic decline and market competition, and unresolved litigation timing.
For full-year 2026, revenue is expected to be between $5.525 billion and $5.625 billion, with the midpoint translating to an 8% increase year over year; adjusted EBITDA is expected to be between $3.225 billion and $3.275 billion, with the midpoint representing a 13% increase versus 2025; and adjusted cash flow from operations is expected to be between $1.6 billion and $1.675 billion, with the mid point translating to a 29% increase year over year. The company increased the midpoint of its full year guidance by $150 million for revenue, approximately $190 million for adjusted EBITDA and $200 million for adjusted cash flow from operations. Q4 guidance includes an 800 basis points of revenue growth reduction and 1.4 thousand basis points of adjusted EBITDA growth reductions from the Xifaxan gross to net accrual, plus at least another 300 basis points of growth reduction and 500 basis points of adjusted EBITDA reduction from normalization of Xifaxan channel inventory; Solta is expected to be in the mid-single-digits for overall SALTA on an organic basis in Q4. The implicit guidance provided for 2027 is about $2.7 billion, with the net impact of all the puts and takes around $400 million to $500 million year over year.
- Strong Consolidated Third-Quarter Financial ResultsConsolidated revenue was $2.941 billion, up 10% on a reported basis and 8% on an organic basis year over year. Adjusted gross margin was 75%, up 32 basis points. Adjusted EBITDA was $1.305 billion, up $319 million or 32%, and adjusted cash flow from operations was $782 million, up $274 million or 54%.
- Bausch Health Excluding Bausch + Lomb Delivered Record Quarterly ResultsRevenue for Bausch Health excluding Bausch + Lomb was $1.566 billion, up 12% year over year. Adjusted EBITDA was $1.022 billion, the strongest quarterly performance since the IPO of Bausch + Lomb, while adjusted cash flow from operations was $539 million, up $192 million year over year. All segments grew revenue and segment profits during the quarter.
- Sustained Revenue and Adjusted EBITDA GrowthBausch Health excluding Bausch + Lomb achieved four consecutive quarters of year-over-year revenue and adjusted EBITDA growth, while the broader business delivered 14 consecutive quarters of revenue and adjusted EBITDA growth. Last-twelve-month revenue has grown every quarter since year-end 2023, resulting in approximately 24% cumulative growth over that period.
- Salix Continued Double-Digit GrowthSalix revenue was $831 million, an increase of $115 million, with double-digit growth in both revenue and segment profit. Revenue increased 16% within the channels currently served, driven by net realized pricing and increased volume. This represented Salix's 17th consecutive quarter of growth.
- Xifaxan Maintained Strong DemandXifaxan grew 16% year over year, supported by favorable net realized pricing and continued solid demand. Total retail prescriptions excluding Medicaid grew 1.8%, and quarterly new-to-brand patients increased by 1.8 thousand sequentially. Management noted that Q3 volume growth was also boosted by an increase in channel inventory.
- International Portfolio Delivered Broad-Based GrowthInternational revenue was $299 million, up 4% on an organic basis, with contributions from all major geographies. EMEA revenue increased 3% organically, marking its 15th consecutive quarter of organic revenue growth; Poland grew 7% and Hungary grew 32%. LATAM's top 10 products grew 18% organically, led by Bedoyecta, which increased 28% organically. Canada returned to growth with organic revenue up 7%, led by double-digit gains in promoted products including Rialtris and Cabtreo.
- Solta Reported Strong Growth and Product MomentumSolta revenue was $165 million, up 18% on a reported basis. China and Taiwan increased 66% and 23%, respectively, while Korea consumables grew 18% year over year. Year to date, Solta revenue increased 34% on a reported basis and 8% on an organic basis. Globally, Thermage FLX grew 21%, while Fraxel and Clear + Brilliant Touch grew 52% and 49%, respectively, off more modest bases.
- Diversified Segment and Dermatology GrowthDiversified segment revenue was $271 million, up 5% year over year. Growth was primarily driven by double-digit growth in dermatology, supported by favorable net realized pricing.
- Bausch + Lomb Revenue IncreasedBausch + Lomb revenue was $1.375 billion, up 7% on an organic basis compared with the same period last year.
- Significant Debt Reduction and Strong Cash PositionThe company reduced net debt by $521 million during the quarter and by more than $1 billion since the beginning of the year. Management stated that net debt has been reduced every quarter since the fourth quarter of 2023. The company ended the quarter with $2 billion of cash on hand.
- Adjusted EBITDA Margin ExpansionDisciplined resource allocation, profitable growth and operating leverage contributed to approximately 740 basis points of last-twelve-month adjusted EBITDA margin expansion compared with 2023.
- Full-Year 2026 Guidance Raised AgainThe company raised full-year 2026 guidance for the second consecutive quarter. The midpoint increased by $150 million for revenue, approximately $190 million for adjusted EBITDA and $200 million for adjusted cash flow from operations. Revenue is now expected to be between $5.525 billion and $5.625 billion, with the midpoint representing an 8% year-over-year increase. Adjusted EBITDA is expected to be between $3.225 billion and $3.275 billion, with the midpoint representing a 13% increase versus 2025. Adjusted cash flow from operations is expected to be between $1.6 billion and $1.675 billion, with the midpoint representing a 29% year-over-year increase.
- Strong Nine-Month PerformanceThrough the first nine months of 2026, revenue increased 14% and adjusted EBITDA increased 26% year over year.
- Capital Allocation Actions AnnouncedWith $2 billion of cash on hand, management is evaluating early redemptions of its 2027 notes and up to $100 million of open-market repurchases of certain public debt. The company also announced a $50 million share repurchase program primarily aimed at offsetting dilution from anticipated vesting of management equity awards in 2027.
- Pipeline and Business Development Activities ContinuedThe Phase 3 program for larsucosterol in alcohol-associated hepatitis continues to progress and remains on track toward a goal of approval in 2029, subject to successful clinical development and regulatory review. Business development remains a high priority, with opportunities being evaluated across hepatology, gastroenterology, dermatology and neuroscience.
- Portfolio Platforms Positioned for Further GrowthManagement highlighted EMEA's nearly four consecutive years of quarterly organic revenue growth and diversified branded-generics portfolio, LATAM's presence in Mexico and 10 additional Central American countries, Canada's scalable commercial infrastructure, the expected strengthening of the U.S. dermatology franchise through optimized commercial deployment, and Solta's global medical-aesthetics platform with premium brands and recurring consumables revenue.
- Operational Priorities Remained Clearly DefinedManagement's priorities are to drive peak performance across the portfolio, enhance portfolio value through organic growth and operational excellence, build a sustainable pipeline through internal innovation and business development, and maximize the value of Bausch + Lomb for shareholders.
DE:BVF Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 24, 2027 | 2026 (Q4) | 1.21- | 0.94 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | 1.141.58 | 1.03 | 52.72% (+0.55) | |
| Jul 29, 2026 | 2026 (Q2) | 0.891.13 | 0.92 | 22.05% (+0.20) | |
| Apr 29, 2026 | 2026 (Q1) | 0.590.68 | 0.54 | 26.43% (+0.14) | |
| Feb 18, 2026 | 2025 (Q4) | 1.060.94 | 1.04 | -9.13% (-0.09) | |
| Oct 29, 2025 | 2025 (Q3) | 0.941.03 | 1.02 | 1.76% (+0.02) | |
| Jul 30, 2025 | 2025 (Q2) | 0.810.92 | 0.94 | -1.90% (-0.02) | |
| Apr 30, 2025 | 2025 (Q1) | 0.740.54 | 0.55 | -2.67% (-0.01) | |
| Feb 19, 2025 | 2024 (Q4) | 1.041.04 | 0.84 | 23.65% (+0.20) | |
| Oct 30, 2024 | 2024 (Q3) | 0.901.02 | 0.95 | 7.57% (+0.07) |
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.