Bausch Health Files Q2 2024 10-Q

TL;DR

Bausch Health dropped its Q2 10-Q. Check financials.

AI Summary

Bausch Health Companies Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the company's financial performance and operations during the second quarter of 2024. Key financial details and operational updates are provided within this report.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational insights for Bausch Health Companies Inc., crucial for understanding the company's current performance and future outlook.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific content can reveal significant financial health or operational risks.

Key Players & Entities

• Bausch Health Companies Inc. (company) — Filer of the 10-Q
• 20240630 (date) — Period of report
• 20240801 (date) — Filing date
• Valeant Pharmaceuticals International, Inc. (company) — Former company name
• BIOVAIL Corp (company) — Former company name

FAQ

Filing Documents

• bhc-20240630.htm (10-Q) — 2650KB
• exhibit102-employeematters.htm (EX-10.2) — 312KB
• exhibit311q22024.htm (EX-31.1) — 10KB
• exhibit312q22024.htm (EX-31.2) — 10KB
• exhibit321q22024.htm (EX-32.1) — 6KB
• exhibit322q22024.htm (EX-32.2) — 7KB
• 0000885590-24-000029.txt ( ) — 13301KB
• bhc-20240630.xsd (EX-101.SCH) — 95KB
• bhc-20240630_cal.xml (EX-101.CAL) — 89KB
• bhc-20240630_def.xml (EX-101.DEF) — 532KB
• bhc-20240630_lab.xml (EX-101.LAB) — 855KB
• bhc-20240630_pre.xml (EX-101.PRE) — 704KB
• bhc-20240630_htm.xml (XML) — 2328KB

Financial Information

Part I. Financial Information

Condensed Consolidated Financial Statements (unaudited)

Item 1. Condensed Consolidated Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Shareholders' (Deficit) Equity for the three and six months ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 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 47

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 85

Controls and Procedures

Item 4. Controls and Procedures 85 Part II . Other Information

Legal Proceedings

Item 1. Legal Proceedings 86

Risk Factors

Item 1A. Risk Factors 86

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 86

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 86

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 86

Other Information

Item 5. Other Information 86

Exhibits

Item 6. Exhibits 87

Signatures

Signatures 89 i BAUSCH HEALTH COMPANIES INC. FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024 Introductory Note Except where the context otherwise requires, all references in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 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 June 30, 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) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 595 $ 947 Restricted cash 28 15 Trade receivables, net 2,102 1,998 Inventories, net 1,612 1,544 Prepaid expenses and other current assets 874 1,092 Total current assets 5,211 5,596 Property, plant and equipment, net 1,738 1,707 Intangible assets, net 5,903 6,456 Goodwill 11,127 11,183 Deferred tax assets, net 2,187 2,101 Other non-current assets 329 307 Total assets $ 26,495 $ 27,350 Liabilities Current liabilities: Accounts payable $ 579 $ 719 Accrued and other current liabilities 3,338 3,133 Current portion of long-term debt 452 450 Total current liabilities 4,369 4,302 Acquisition-related contingent consideration 230 253 Non-current portion of long-term debt 21,208 21,938 Deferred tax liabilities, net 170 163 Other non-current liabilities 745 776 Total liabilities 26,722 27,432 Commitments and contingencies (Note 17) Deficit Common shares, no par value, unlimited shares authorized, 366,985,967 and 365,238,917 issued and outstanding at June 30, 2024 and December 31, 2023, respectively 10,483 10,423 Additional paid-in capital 181 214 Accumulated deficit ( 9,832 ) ( 9,778 ) Accumulated other comprehensive loss ( 2,007 ) ( 1,881 ) Total Bausch Health Companies Inc. shareholders' deficit ( 1,175 ) ( 1,022 ) Noncontrolling interest 948 940 Total deficit ( 227 ) ( 82 ) Total liabilities and deficit $ 26,495 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues Product sales $ 2,379 $ 2,146 $ 4,508 $ 4,068 Other revenues 24 21

View Full Filing

View this 10-Q filing on SEC EDGAR