Bausch Health Companies Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Bausch Health Companies Inc. has submitted its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Bausch Health Companies Inc. (BHC) filed a Annual Report (10-K) with the SEC on February 22, 2024. Bausch Health Companies Inc. filed its 2023 Form 10-K on February 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 2150 St. Elzear Blvd. West, Laval, Quebec. Bausch Health was formerly known as Valeant Pharmaceuticals International, Inc. The company operates in the Pharmaceutical Preparations industry (SIC 2834).

Why It Matters

For investors and stakeholders tracking Bausch Health Companies Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Bausch Health's financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess the company's current standing and future prospects. As a key regulatory filing, the 10-K offers insights into the company's risk factors, legal proceedings, and executive compensation, which are vital for understanding potential challenges and management's alignment with shareholder interests.

Risk Assessment

Risk Level: — Bausch Health Companies Inc. shows moderate risk based on this filing. The company has a history of significant debt and has undergone restructurings, indicating potential financial risks that require careful monitoring.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Bausch Health's debt management and operational stability.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-22 — Filing Date (Filed as of date)
• 001-14956 — SEC File Number (SEC file number)

Key Players & Entities

• Bausch Health Companies Inc. (company) — Filer name
• Valeant Pharmaceuticals International, Inc. (company) — Former company name
• 2150 St. Elzear Blvd. West (address) — Business address
• Laval, Quebec (location) — Business address city and state
• 2834 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Bausch Health operates within the pharmaceutical preparations industry, focusing on the development, manufacturing, and marketing of a wide range of healthcare products.

Regulatory Implications

As a publicly traded company, Bausch Health is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Review the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Analyze the Management's Discussion and Analysis of Financial Condition and Results of Operations section.
3. Examine the Risk Factors section for potential business and financial risks.

Key Dates

• 2023-12-31: Fiscal Year End — Covers the full fiscal year's financial performance.
• 2024-02-22: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the annual report for the fiscal year ending December 31, 2023, superseding previous filings and providing updated financial and operational information.

Key Financial Figures

• $8,757 m — r revenues for 2023, 2022 and 2021 were $8,757 million, $8,124 million and $8,434 millio
• $8,124 million — 023, 2022 and 2021 were $8,757 million, $8,124 million and $8,434 million, respectively. Curre
• $8,434 m — were $8,757 million, $8,124 million and $8,434 million, respectively. Currently, we have
• $1,810 m — faxan product accounted for revenues of $1,810 million, $1,692 million and $1,644 millio
• $1,692 million — counted for revenues of $1,810 million, $1,692 million and $1,644 million for 2023, 2022 and 2
• $1,644 million — s of $1,810 million, $1,692 million and $1,644 million for 2023, 2022 and 2021, respectively.

Filing Documents

• bhc-20231231.htm (10-K) — 4613KB
• exhibit1055.htm (EX-10.55) — 1141KB
• exhibit2112023ye.htm (EX-21.1) — 106KB
• exhibit2312023ye.htm (EX-23.1) — 2KB
• exhibit3112023ye.htm (EX-31.1) — 10KB
• exhibit3122023ye.htm (EX-31.2) — 10KB
• exhibit3212023ye.htm (EX-32.1) — 6KB
• exhibit3222023ye.htm (EX-32.2) — 6KB
• exhibit97.htm (EX-97) — 42KB
• bhc-20231231_g1.jpg (GRAPHIC) — 31KB
• 0000885590-24-000011.txt (&nbsp;) — 25139KB
• bhc-20231231.xsd (EX-101.SCH) — 159KB
• bhc-20231231_cal.xml (EX-101.CAL) — 148KB
• bhc-20231231_def.xml (EX-101.DEF) — 951KB
• bhc-20231231_lab.xml (EX-101.LAB) — 1711KB
• bhc-20231231_pre.xml (EX-101.PRE) — 1303KB
• bhc-20231231_htm.xml (XML) — 4316KB

Risk Factors 18

Item 1A. Risk Factors 18

Unresolved Staff Comments 56

Item 1B. Unresolved Staff Comments 56

Cybersecurity

Item 1C. Cybersecurity 56

Properties 58

Item 2. Properties 58

Legal Proceedings 58

Item 3. Legal Proceedings 58

Mine Safety Disclosures 58

Item 4. Mine Safety Disclosures 58 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 59

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 59

Management's Discussion and Analysis of Financial Condition and Results of Operations 63

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 63

Quantitative and Qualitative Disclosures About Market Risk 107

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 107

Financial Statements and Supplementary Data 107

Item 8. Financial Statements and Supplementary Data 107

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 107

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 107

Controls and Procedures 108

Item 9A. Controls and Procedures 108

Other Information 108

Item 9B. Other Information 108

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 108 PART III

Directors, Executive Officers and Corporate Governance 109

Item 10. Directors, Executive Officers and Corporate Governance 109

Executive Compensation 109

Item 11. Executive Compensation 109

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 109

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 109

Certain Relationships and Related Transactions, and Director Independence 109

Item 13. Certain Relationships and Related Transactions, and Director Independence 109

Principal Accounting Fees and Services 109

Item 14. Principal Accounting Fees and Services 109 PART IV

Exhibits and Financial Statement Schedules 110

Item 15. Exhibits and Financial Statement Schedules 110

Form 10-K Summary 110

Item 16. Form 10-K Summary 110 SIGNATURES 117 i Basis of Presentation General Except where the context otherwise requires, all references in this Annual Report on Form 10-K ("Form 10-K") to the "Company", "we", "us", "our" or similar words or phrases are to Bausch Health Companies Inc. and its subsidiaries, taken together. In this Form 10-K, references to "$" or "USD" are to United States dollars, references to "" are to Euros, and references to "CAD" are to Canadian dollars. Unless otherwise indicated, the statistical and financial data contained in this Form 10-K are presented as of December 31, 2023. Trademarks This Form 10-K contains trademarks, trade names and service marks that are the property of the Company, as well as, for informational purposes, trademarks, trade names, and service marks that are the property of other organizations. Solely for convenience, certain trademarks, trade names, and service marks referred to in this report appear without the , and SM symbols, but those references are not intended to indicate that we or the applicable owner, as the case may be, will not assert, to the fullest extent under applicable law, our or their rights to such trademarks, trade names, and service marks.

Forward-Looking Statements

Forward-Looking Statements Caution regarding forward-looking information and statements and "Safe-Harbor" statements under the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws: This Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"), as described in more detail under the heading "Forward-Looking Statements" in Item 7 of Part II of this Form 10-K. Additional information about these statements and about the material factors or assumptions underlying such forward-looking statements may be found under Item 1A. "Risk Factors" in this Form 10-K and in the Company's other filings with the U.S. Securities and Exchange Commission (the "SEC") and the Canadian Securities Administrators (the "CSA"). When relying on our forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the aforementioned factors and other uncertainties and potential events. These forward-looking statements speak only as of the date made. We undertake no obligation to update or revise any of these forward-looking statements to reflect events or circumstances after the date of this Form 10-K or to reflect actual outcomes, except as required by law. We caution that, as it is not possible to predict or identify all relevant factors that may impact forward-looking statements, the factors referred to in this Form 10-K are not exhaustive and should not be considered a complete statement of all potential risks and uncertainties. ii PART I

Business

Item 1. Business Introduction Bausch Health Companies Inc. ("we", "us", "our", the "Company" or "Bausch Health") is a global, diversified specialty pharmaceutical and medical device company that develops, manufactures and markets, primarily in the therapeutic areas of gastroenterology ("GI"), hepatology, neurology and dermatology, a broad range of branded, generic and branded generic pharmaceuticals, over-the-counter ("OTC") products and aesthetic medical devices and, through its approximately 88% ownership of Bausch + Lomb Corporation ("Bausch + Lomb"), branded, and branded generic pharmaceuticals, OTC products and medical devices (contact lenses, intraocular lenses, ophthalmic surgical equipment) in the therapeutic area of eye health. The Company's products are marketed directly or indirectly in approximately 90 countries. Our portfolio of products falls into five reportable segments: (i) Salix, (ii) International, (iii) Solta Medical, (iv) Diversified and (v) Bausch + Lomb. These segments are discussed in detail in Note 22, "SEGMENT INFORMATION" to our audited Consolidated Financial Statements. The following is a brief description of the Company's segments: The Salix segment consists of sales in the U.S. of GI products. Sales of the Xifaxan product line represented approximately 80% of Salix segment revenues. The International segment consists of sales, with the exception of sales of Bausch + Lomb products and Solta Medical aesthetic medical devices, outside the U.S and Puerto Rico of branded pharmaceutical products, branded generic pharmaceutical products and OTC products. The Solta Medical segment consists of global sales of Solta Medical aesthetic medical devices. The Diversified segment consists of sales in the U.S. of: (i) pharmaceutical products in the areas of neurology and certain other therapeutic classes, (ii) dermatology products, (iii) generic pharmaceutical products and (iv) dentistry products. The Bausch + Lomb segment consists of global sa

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