Bausch Health Files Q3 2024 10-Q
Ticker: BHC · Form: 10-Q · Filed: Oct 31, 2024 · CIK: 885590
Sentiment: neutral
Topics: 10-Q, financials, pharmaceuticals
TL;DR
Bausch Health's Q3 2024 10-Q is in. Check financials.
AI Summary
Bausch Health Companies Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as Valeant Pharmaceuticals International, Inc., reported its financial performance for the third quarter and the first nine months of the year. Key financial data and business operations are detailed within this filing.
Why It Matters
This filing provides investors and analysts with the latest financial performance data for Bausch Health, crucial for understanding the company's current standing and future prospects.
Risk Assessment
Risk Level: medium — As a pharmaceutical company, Bausch Health faces inherent risks related to product development, regulatory approvals, and market competition, which are typically detailed in 10-Q filings.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
- 2024-10-31 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
Key Players & Entities
- Bausch Health Companies Inc. (company) — Filer of the 10-Q
- Valeant Pharmaceuticals International, Inc. (company) — Former name of Bausch Health Companies Inc.
- 2024-09-30 (date) — End of the reporting period
- 2024-10-31 (date) — Filing date
FAQ
What was Bausch Health's revenue for the third quarter of 2024?
The filing covers the period ending September 30, 2024, but specific revenue figures for Q3 2024 are not detailed in the provided header information.
What is the company's primary industry classification?
Bausch Health Companies Inc. is classified under Pharmaceutical Preparations [2834].
When did the company change its name from Valeant Pharmaceuticals International, Inc.?
The company changed its name from Valeant Pharmaceuticals International, Inc. on September 28, 2010.
What is the fiscal year end for Bausch Health?
The fiscal year end for Bausch Health Companies Inc. is December 31.
What is the SEC file number for this filing?
The SEC file number for this 10-Q filing is 001-14956.
Filing Stats: 4,931 words · 20 min read · ~16 pages · Grade level 16.3 · Accepted 2024-10-30 19:13:33
Filing Documents
- bhc-20240930.htm (10-Q) — 2712KB
- exhibit101q32024.htm (EX-10.1) — 175KB
- exhibit102q32024.htm (EX-10.2) — 9KB
- exhibit311q32024.htm (EX-31.1) — 10KB
- exhibit312q32024.htm (EX-31.2) — 10KB
- exhibit321q32024.htm (EX-32.1) — 6KB
- exhibit322q32024.htm (EX-32.2) — 6KB
- image_0a.jpg (GRAPHIC) — 105KB
- 0000885590-24-000036.txt ( ) — 13671KB
- bhc-20240930.xsd (EX-101.SCH) — 97KB
- bhc-20240930_cal.xml (EX-101.CAL) — 92KB
- bhc-20240930_def.xml (EX-101.DEF) — 553KB
- bhc-20240930_lab.xml (EX-101.LAB) — 875KB
- bhc-20240930_pre.xml (EX-101.PRE) — 730KB
- bhc-20240930_htm.xml (XML) — 2381KB
Financial Information
Part I. Financial Information
Condensed Consolidated Financial Statements (unaudited)
Item 1. Condensed Consolidated Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive (Loss) Income for the three and nine months ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Shareholders' (Deficit) Equity for the three and nine months ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the nine months ended September 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 46
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 83
Controls and Procedures
Item 4. Controls and Procedures 84 Part II . Other Information
Legal Proceedings
Item 1. Legal Proceedings 85
Risk Factors
Item 1A. Risk Factors 85
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 85
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 85
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 85
Other Information
Item 5. Other Information 85
Exhibits
Item 6. Exhibits 85
Signatures
Signatures 87 i BAUSCH HEALTH COMPANIES INC. FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 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 September 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 September 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) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 719 $ 947 Restricted cash 31 15 Trade receivables, net 2,094 1,998 Inventories, net 1,655 1,544 Prepaid expenses and other current assets 852 1,092 Total current assets 5,351 5,596 Property, plant and equipment, net 1,789 1,707 Intangible assets, net 5,652 6,456 Goodwill 11,171 11,183 Deferred tax assets, net 2,188 2,101 Other non-current assets 389 307 Total assets $ 26,540 $ 27,350 Liabilities Current liabilities: Accounts payable $ 667 $ 719 Accrued and other current liabilities 3,386 3,133 Current portion of long-term debt 453 450 Total current liabilities 4,506 4,302 Acquisition-related contingent consideration 248 253 Non-current portion of long-term debt 21,054 21,938 Deferred tax liabilities, net 169 163 Other non-current liabilities 805 776 Total liabilities 26,782 27,432 Commitments and contingencies (Note 17) Deficit Common shares, no par value, unlimited shares authorized, 367,695,267 and 365,238,917 issued and outstanding at September 30, 2024 and December 31, 2023, respectively 10,489 10,423 Additional paid-in capital 201 214 Accumulated deficit ( 9,917 ) ( 9,778 ) Accumulated other comprehensive loss ( 1,947 ) ( 1,881 ) Total Bausch Health Companies Inc. shareholders' deficit ( 1,174 ) ( 1,022 ) Noncontrolling interest 932 940 Total deficit ( 242 ) ( 82 ) Total liabilities and deficit $ 26,540 $ 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues Product sales $ 2,482 $ 2,213 $ 6,990 $ 6,281