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Bausch Health Companies Inc. (BHC) SEC Filing 10-Q Quarterly Report for the period ending Friday, March 31, 2023

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Bausch Health Companies Inc.

HISTORY TOOLS
CIK: 812306 Ticker: BHC
Exhibit 99.1

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Investor Contact:Media Contact:
Mark Maico
Kevin Wiggins
ir@bauschhealth.com
corporate.communications@bauschhealth.com
(908) 541-2102
(908) 541-3785
(877) 281-6642 (toll free)    

BAUSCH HEALTH ANNOUNCES FIRST-QUARTER 2023 RESULTS

•First-Quarter revenues of $1.94 billion, up 1% reported and 4% organic1
•Solid revenue growth across core products, led by Xifaxan with 7% reported growth
•Mid- and late-stage product pipeline advancing
•Bausch Health provides consolidated full-year guidance, and Bausch Health (excl. B+L) confirms 2023 guidance

LAVAL, QC, May 4, 2023 – Bausch Health Companies Inc. (NYSE/TSX: BHC) (“Bausch Health” or the “Company” or “we” or “our”) today announced its first-quarter 2023 financial results.

“We are encouraged with the top-line improvement in the first quarter, with four out of five segments delivering revenue growth on both a reported revenue and organic basis1 and are pleased that demand for key products has remained resilient in the current macro environment,” said Thomas J. Appio, Chief Executive Officer, Bausch Health. “We are progressing our mid- and late-stage pipeline, and we look forward to bringing new products to the patients who can benefit from them,” concluded Appio.

Bausch Health (excl. B+L) Pipeline Update
•Amiselimod: Phase 2 trial is progressing and expected to be completed in the second half of 2023.
•RED-C: Investments related to Reduction of Early Decompensation in Cirrhosis (RED-C) program have accelerated. Two global Phase 3 studies are currently underway and enrollment is on-track. The Company held scientific advisory meetings with the Medicines Evaluation Board (MEB) in the Netherlands and with Health Canada, and plans to engage with relevant authorities in Japan and China later this year.
•IDP-126: The FDA accepted the Company's new drug application and received an October 20, 2023, PDUFA date. If approved by the FDA, IDP-126 would be a first-in-class treatment with a triple combination of benzoyl peroxide, clindamycin phosphate and adapalene. A submission in Canada is planned for the second quarter of this year.
•Solta Medical: We are planning a regulatory submission for Clear and Brilliant Touch in Europe and Canada in 2024 and for Asia Pacific markets in 2025. FDA submission is expected for Next Generation Fraxel in Q4 2023.

First Quarter 2023 Revenue Performance
Total reported revenues were $1.94 billion for the first quarter of 2023, compared with $1.92 billion in the first quarter of 2022, an increase of $26 million, or 1%. Excluding the unfavorable impact of foreign exchange of $40 million and the impact of acquisitions, divestitures, and discontinuations of $7 million, revenue increased by 4% organically1 compared with the first quarter of 2022.



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1     This is a non-GAAP measure or a non-GAAP ratio. For further information on non-GAAP measures and non-GAAP ratios, please refer to the “Non-GAAP Information” section of this news release. Please also refer to tables at the end of this news release for a reconciliation of this and other non-GAAP measures to the most directly comparable GAAP measure.

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The following information was filed by Bausch Health Companies Inc. (BHC) on Thursday, May 4, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Bausch Health Companies Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Loss
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Shareholders' Equity (Deficit)
Accrued And Other Current Liabilities
Accrued And Other Current Liabilities (Tables)
Accrued And Other Current Liabilities - Summary Of Accrued And Other Current Liabilities (Details)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Narrative (Details)
Accumulated Other Comprehensive Loss - Summary Of Components Of Accumulated Other Comprehensive Loss (Details)
Description Of Business
Description Of Business - Narrative (Details)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Tables)
Earnings (Loss) Per Share - Narrative (Details)
Earnings (Loss) Per Share - Schedule Of Calculation Of Loss Per Share (Details)
Fair Value Measurements And Financial Instruments
Fair Value Measurements And Financial Instruments (Tables)
Fair Value Measurements And Financial Instruments - Acquisition-Related Contingent Consideration Obligations, Narrative (Details)
Fair Value Measurements And Financial Instruments - Acquisition-Related Contingent Consideration Obligations, Reconciliation Of Contingent Consideration Obligations (Details)
Fair Value Measurements And Financial Instruments - Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Fair Value Measurements And Financial Instruments - Assets And Liabilities Measured At Fair Value On A Recurring Basis, Narrative (Details)
Fair Value Measurements And Financial Instruments - Assets And Liabilities Measured On A Non-Recurring Basis And Fair Value Of Long-Term Debt, Narrative (Details)
Fair Value Measurements And Financial Instruments - Cross-Currency Swaps Included In Consolidated Balance Sheets (Details)
Fair Value Measurements And Financial Instruments - Cross-Currency Swaps, Effect Of Hedging Instruments On Financial Instruments (Details)
Fair Value Measurements And Financial Instruments - Cross-Currency Swaps, Narrative (Details)
Fair Value Measurements And Financial Instruments - Foreign Currency Exchange Contracts, Narrative (Details)
Fair Value Measurements And Financial Instruments - Foreign Exchange Contracts Included In Consolidated Balance Sheets (Details)
Fair Value Measurements And Financial Instruments - Foreign Exchange Contracts Included On Consolidated Statements Of Operations And Consolidated Statements Of Cash Flows (Details)
Financing Arrangements
Financing Arrangements (Tables)
Financing Arrangements - Aggregate Maturities Of Long-Term Debt (Details)
Financing Arrangements - Covenant Compliance (Details)
Financing Arrangements - Exchange Offer (Details)
Financing Arrangements - Senior Secured Credit Facilities (Details)
Financing Arrangements - Senior Secured Notes (Details)
Financing Arrangements - Senior Unsecured Notes (Details)
Financing Arrangements - Summary Of Consolidated Long-Term Debt (Details)
Financing Arrangements - Weighted Average Stated Rate Of Interest (Details)
Income Taxes
Income Taxes - Narrative (Details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Tables)
Intangible Assets And Goodwill - Amortization Expense (Details)
Intangible Assets And Goodwill - Changes In Carrying Amount Of Goodwill (Details)
Intangible Assets And Goodwill - Major Components Of Intangible Assets (Details)
Intangible Assets And Goodwill - Narrative (Details)
Inventories
Inventories (Tables)
Inventories - Components Of Inventories (Details)
Legal Proceedings
Legal Proceedings - Antitrust (Details)
Legal Proceedings - General Civil Actions (Details)
Legal Proceedings - Intellectual Property (Details)
Legal Proceedings - Legal Proceeds (Details)
Legal Proceedings - Product Liability (Details)
Legal Proceedings - Securities And Rico Class Actions And Related Matters (Details)
Licensing Agreements And Acquisition
Licensing Agreements And Acquisition - Narrative (Details)
Other Expense, Net
Other Expense, Net (Tables)
Other Expense, Net - Summary Of Other Expense, Net (Details)
Research And Development
Research And Development (Tables)
Research And Development - Summary Of Research And Development (Details)
Restructuring, Integration, Separation And Ipo Costs
Restructuring, Integration, Separation And Ipo Costs - Narrative (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Activity In Allowance For Credit Losses (Details)
Revenue Recognition - Narrative (Details)
Revenue Recognition - Variable Consideration Provisions (Details)
Segment Information
Segment Information (Tables)
Segment Information - Disaggregation Of Revenue (Details)
Segment Information - Major Customers (Details)
Segment Information - Narrative (Details)
Segment Information - Narrative (Details)
Segment Information - Revenue By Geographic Area (Details)
Segment Information - Segment Revenues And Profit (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Narrative (Details)
Share-Based Compensation - Summary Of Share-Based Compensation Award Activity (Details)
Share-Based Compensation - Summary Of Share-Based Compensation Expense (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies - Narrative (Details)
Ticker: BHC
CIK: 885590
Form Type: 10-Q Quarterly Report
Accession Number: 0000885590-23-000018
Submitted to the SEC: Thu May 04 2023 4:41:21 PM EST
Accepted by the SEC: Thu May 04 2023
Period: Friday, March 31, 2023
Industry: Pharmaceutical Preparations

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