1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
While Bausch Health’s second-quarter results were slightly disappointing, they were overshadowed by the firm’s surprise decision to pursue an initial public offering of Solta Medical, which will occur before moving ahead with the Bausch + Lomb spin-off. We are maintaining our $26 fair value estimate and no-moat, very high uncertainty ratings.
Formerly known as Valeant Pharmaceuticals, Bausch Health is a global specialty pharmaceutical, consumer health, and medical device company with a focus on branded products for the dermatology, gastrointestinal, and ophthalmology markets. The company reports revenue in four segments: Bausch+Lomb and international (55% of revenue), Salix pharmaceuticals (25%), ortho dermatology (6%), and diversified products (14%), and approximately 13% of revenue is attributable to non-U.S. markets. Bausch is the market leader in consumer visioncare in India and China, and the fourth- largest visioncare company by sales in the United States.
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