Bausch Health Companies Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Bausch Health Companies Inc. has submitted its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

Bausch Health Companies Inc. (BHC) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Bausch Health Companies Inc. filed a 10-Q report for the period ending March 31, 2024. The company's former names include Valeant Pharmaceuticals International, Inc., BIOVAIL Corp, and BIOVAIL CORP INTERNATIONAL. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal business address is 2150 St. Elzear Blvd. West, Laval, Quebec, H7L 4A8. The Standard Industrial Classification code for the company is Pharmaceutical Preparations [2834].

Why It Matters

For investors and stakeholders tracking Bausch Health Companies Inc., this filing contains several important signals. This filing provides an update on the company's financial performance and operational status for the first quarter of 2024. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: — Bausch Health Companies Inc. shows moderate risk based on this filing. The company has a history of name changes and former entities, indicating potential past restructuring or strategic shifts that could impact current operations and investor perception.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to understand Bausch Health's current performance and outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-02 — Filing Date (Filed as of date)
• 2834 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Bausch Health Companies Inc. (company) — Filer name
• Valeant Pharmaceuticals International, Inc. (company) — Former company name
• BIOVAIL Corp (company) — Former company name
• BIOVAIL CORP INTERNATIONAL (company) — Former company name
• 2150 St. Elzear Blvd. West (location) — Business address
• Quebec (location) — Business address state

FAQ

Industry Context

Bausch Health Companies Inc. 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 SEC regulations, including the requirement to file quarterly reports (10-Q) to ensure transparency and provide timely financial information to investors.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators.
2. Review any disclosed risk factors or management discussion and analysis for potential challenges or opportunities.
3. Compare the current quarter's performance to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance during a specific quarter.)

SIC Code

Standard Industrial Classification code, used to classify industries. (Helps categorize Bausch Health's primary business activity in the pharmaceutical sector.)

Year-Over-Year Comparison

This filing represents the first 10-Q for the fiscal year 2024, providing updated financial and operational information compared to the previous year's filings.

Filing Documents

• bhc-20240331.htm (10-Q) — 2092KB
• exhibit101.htm (EX-10.1) — 53KB
• exhibit102.htm (EX-10.2) — 11KB
• exhibit311q12024.htm (EX-31.1) — 10KB
• exhibit312q12024.htm (EX-31.2) — 10KB
• exhibit321q12024.htm (EX-32.1) — 6KB
• exhibit322q12024.htm (EX-32.2) — 7KB
• image_0.jpg (GRAPHIC) — 101KB
• 0000885590-24-000019.txt (&nbsp;) — 11747KB
• bhc-20240331.xsd (EX-101.SCH) — 94KB
• bhc-20240331_cal.xml (EX-101.CAL) — 89KB
• bhc-20240331_def.xml (EX-101.DEF) — 546KB
• bhc-20240331_lab.xml (EX-101.LAB) — 845KB
• bhc-20240331_pre.xml (EX-101.PRE) — 716KB
• bhc-20240331_htm.xml (XML) — 1903KB

Financial Information

Part I. Financial Information

Condensed Consolidated Financial Statements (unaudited)

Item 1. Condensed Consolidated Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Shareholders' (Deficit) Equity for the three months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 5 Notes to the Condensed Consolidated Financial Statements 6

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 45

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 76

Controls and Procedures

Item 4. Controls and Procedures 77 Part II . Other Information

Legal Proceedings

Item 1. Legal Proceedings 78

Risk Factors

Item 1A. Risk Factors 78

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 78

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 78

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 78

Other Information

Item 5. Other Information 78

Exhibits

Item 6. Exhibits 78

Signatures

Signatures 80 i BAUSCH HEALTH COMPANIES INC. FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2024 Introductory Note Except where the context otherwise requires, all references in this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024 (this "Form 10-Q") 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-Q, references to "$" are to United States ("U.S.") 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-Q are presented as of March 31, 2024.

Forward-Looking Statements

Forward-Looking Statements This Form 10-Q 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 may be 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 2 of Part I of this Form 10-Q. Additional information about these factors and about the material factors or assumptions underlying such forward-looking statements may be found (i) in our Annual Report on Form 10-K for the year ended December 31, 2023, filed on February 22, 2024, under Item 1A. "Risk Factors"; (ii) under Item 1A. "Risk Factors" of Part II of this Form 10-Q; and (iii) 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 such 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-Q 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 list of important factors, as described in more detail under the heading "Forward-Looking Statements" in Item 2 of Part I of this Form 10-Q, that may affect future results is not exhaustive and should not be considered a complete statement of all potential risks and uncertainties. ii

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements BAUSCH HEALTH COMPANIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except share amounts) (Unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 733 $ 947 Restricted cash 22 15 Trade receivables, net 2,048 1,998 Inventories, net 1,636 1,544 Prepaid expenses and other current assets 957 1,092 Total current assets 5,396 5,596 Property, plant and equipment, net 1,713 1,707 Intangible assets, net 6,183 6,456 Goodwill 11,160 11,183 Deferred tax assets, net 2,149 2,101 Other non-current assets 312 307 Total assets $ 26,913 $ 27,350 Liabilities Current liabilities: Accounts payable $ 642 $ 719 Accrued and other current liabilities 3,225 3,133 Current portion of long-term debt 538 450 Total current liabilities 4,405 4,302 Acquisition-related contingent consideration 225 253 Non-current portion of long-term debt 21,536 21,938 Deferred tax liabilities, net 170 163 Other non-current liabilities 751 776 Total liabilities 27,087 27,432 Commitments and contingencies (Note 17) Deficit Common shares, no par value, unlimited shares authorized, 366,674,264 and 365,238,917 issued and outstanding at March 31, 2024 and December 31, 2023, respectively 10,480 10,423 Additional paid-in capital 164 214 Accumulated deficit ( 9,842 ) ( 9,778 ) Accumulated other comprehensive loss ( 1,917 ) ( 1,881 ) Total Bausch Health Companies Inc. shareholders' deficit ( 1,115 ) ( 1,022 ) Noncontrolling interest 941 940 Total deficit ( 174 ) ( 82 ) Total liabilities and deficit $ 26,913 $ 27,350 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 BAUSCH HEALTH COMPANIES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share amounts) (Unaudited) Three Months Ended March 31, 2024 2023 Revenues Product sales $ 2,129 $ 1,922 Other revenues 24 22 2,153 1,944 Expenses Cost of goods sold (exclu

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View this 10-Q filing on SEC EDGAR