NYSE$BHC

Bausch Health Companies Inc · Q1 2023 earnings

Q1 2023 earnings · · Investor relations

Briefing

Bausch Health's Q1 2023 performance was marked by revenue growth and advancements in its product pipeline.

Bausch Health reported a 1% increase in first-quarter revenue to $1.94 billion, with organic revenue growth of 4%. The company is progressing its mid- and late-stage pipeline and reaffirmed its full-year guidance for Bausch Health (excl. B+L) and provided full year consolidated guidance.

  • First-Quarter revenues reached $1.94 billion, a 1% increase reported and 4% organic growth.
  • Xifaxan led core product revenue growth with a 7% reported increase.
  • The mid- and late-stage product pipeline is advancing.
  • Consolidated full-year guidance provided; Bausch Health (excl. B+L) confirms 2023 guidance.

Headline financials

Total Revenue

$1.94B

Previous: $1.92B+1.4%
EPS (adj)

$0.52

Previous: $0.72-27.8%
Adjusted EBITDA

$588M

Previous: $732M-19.7%
Cash from Operations

$154M

Previous: -$63M+344.4%
Capital Expenditures

-$47M

Previous: -$46M-2.2%
Free Cash Flow

-$248M

Previous: -$115M-115.7%
Net Income

-$201M

Previous: -$69M-191.3%
Operating Income

$175M

Previous: $285M-38.6%
Gross Profit

$1.36B

Previous: $1.37B-0.4%
Cash & Equivalents

$518M

Previous: $1.25B-58.5%
Total Assets

$25.4B

Previous: $29.1B-12.5%
Stock-Based Comp

$41M

Previous: $32M+28.1%

Revenue & EPS history

Bausch Health · Revenue · Quarterly

$1.94B

Q1 2023+1.4%vs Q1 2022
Beat estimate in 12 of 15 quarters(80%)
ActualEstimate

Revenue by segment

Bausch Health · $1.62B total across 3 segments · Q1 2023

  • Bausch + Lomb/International
    $931M+4.7%
  • Salix
    $496M+6.9%
  • Diversified Products
    $197M-20.9%

Forward guidance

The Company confirmed its full year guidance for Bausch Health (excl. B+L) and is providing full year consolidated guidance as follows:

Tailwinds

  • Full year revenue range of $8.35 - $8.55 billion
  • Full year Adjusted EBITDA (non-GAAP) range of $3.00 - $3.15 billion

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q1 2023

Historical avgQ1 2023

+0.2%

Avg return

Earnings day

-0.6%

Avg return

5 days after

-1.9%

Avg return

30 days after

51%

35 / 68 earnings

Positive

+30.6%

Q1 2017

Best reaction

-21.5%

Q1 2022

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+10.9%+0.9%-4.1%
Q4 2025-4.5%-2.7%-19.1%
Q3 2025+12.4%+14.2%+7.6%
Q1 2025+0.0%-10.6%-14.5%
Q4 2024+10.3%+15.8%+10.0%
Q3 2024+12.7%+13.5%+2.6%
Q2 2024-6.6%-10.6%-1.7%
Q1 2024-10.6%-15.3%-25.0%
Q4 2023+5.9%+5.9%+10.3%
Q3 2023+6.9%+2.4%+4.0%
Q2 2023-2.9%-4.6%-9.3%
Q1 2023-21.2%-20.8%+11.2%
Q4 2022+10.8%+7.8%-16.3%
Q3 2022+7.5%+8.4%+21.4%
Q2 2022-3.3%+2.9%+14.7%
Q1 2022-21.5%-16.0%-35.0%
Q4 2021-1.9%+1.9%-3.3%
Q3 2021-4.5%-1.9%-17.8%
Q2 2021-15.5%-10.1%-0.7%
Q1 2021-10.8%-10.6%+0.9%
Q4 2020-0.9%+0.6%-1.8%
Q3 2020-3.1%-4.0%+11.0%
Q2 2020-7.2%-9.2%-16.3%
Q1 2020-1.8%+0.2%+12.4%
Q4 2019-5.8%-7.3%-51.3%
Q3 2019+0.8%+1.1%+10.6%
Q2 2019-4.0%-3.0%-6.9%
Q1 2019+8.7%+8.0%-9.0%
Q4 2018-6.7%-7.3%-2.0%
Q3 2018+6.1%+6.4%-5.2%
Q2 2018+5.4%-2.9%-7.3%
Q1 2018+11.5%+14.8%+37.4%
Q4 2017-17.5%-16.8%-13.9%
Q3 2017+23.6%+27.7%+46.4%
Q2 2017-8.5%-9.6%-12.9%
Q1 2017+30.6%+40.0%+36.6%
Q4 2016-18.7%-21.8%-33.7%
Q3 2016-15.9%-5.9%-19.3%
Q2 2016+21.7%+11.0%+33.5%
Q1 2016-17.1%-16.3%-18.6%
Q4 2015-7.4%
Q3 2015-17.4%
Q2 2015+5.4%
Q1 2015+5.6%
Q4 2014+14.7%
Q3 2014+8.5%
Q2 2014-6.1%
Q1 2014-1.6%
Q4 2013-1.0%
Q3 2013+2.0%
Q2 2013+6.2%
Q1 2013+1.8%
Q4 2012+1.3%
Q3 2012-2.6%
Q2 2012+2.2%
Q1 2012+2.1%
Q4 2008+6.3%
Q4 2010+6.3%
Q4 2011+6.3%
Q3 2011-2.9%
Q2 2011+3.9%
Q1 2010+0.0%
Q1 2011+6.3%
Q3 2010-5.4%
Q3 2009-5.4%
Q2 2009+2.0%
Q2 2010+2.0%
Q4 2009+2.0%

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