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BHC · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Bausch Health Companies Inc. (BHC) stock moving?
Bausch Health reported a strong Q3 2026 beat on Oct 28: revenue rose 10% to $2.94B (8% organic), adjusted EPS rose 53% to $1.77 versus $1.29 expected, and adjusted EBITDA rose 32% to $1,305M. Management raised full-year 2026 revenue, adjusted EBITDA and adjusted cash flow guidance, with FY2026 sales now $10.975B–$11.175B versus $10.790B–$11.040B before. The company also cited over $500M of net debt reduction in the quarter, plans to redeem about $643M of 8.5% 2027 notes from cash, and authorized a $50M buyback aimed at offsetting equity-award dilution. Price moved sharply: the stock rose from a $6.31 close on Oct 27 to $8.91 on Oct 29 on roughly 33.8M shares, about 20x the prior daily volume. Since then it has traded in a $7.96–$8.46 range, closing at $8.29 on Nov 10, while daily volume has eased to 2.5M–4.0M shares. RBC raised its target to $10 (Sector Perform) and Jefferies kept a Hold with an $8 target, close to the current price. Salix's Liver Meeting data is a minor, non-financial update. The results are largely ex-Bausch + Lomb, and the news flow does not cover that segment.
News behind the analysis
- Bausch Health's Salix Pharmaceuticals to Present New Data at The Liver Meeting 2026Bausch Health and its Salix Pharmaceuticals division will present research on cirrhosis trends and severe alcohol-associated hepatitis at the AASLD's The Liver Meeting 2026.
- Bausch Health And Gastroenterology Unit Salix Pharmaceuticals To Present New Data On Cirrhosis Trends And Severe Alcohol-Associated Hepatitis At The Liver Meeting, November 5–9Salix will present new cirrhosis and alcohol-associated hepatitis data at The Liver Meeting, held November 5–9.
- Jefferies Maintains Hold on Bausch Health Companies, Raises Price Target to $8Jefferies kept its Hold rating and raised its price target to $8 after the third-quarter results.
- RBC Capital Maintains Sector Perform on Bausch Health Companies, Raises Price Target to $10RBC kept its Sector Perform rating and raised its price target to $10, citing the third-quarter results.
- RBC Raises Price Target on Bausch Health to $10 From $9RBC raised its Bausch Health price target to $10 from $9 and kept its Sector Perform rating.
- Bausch Health Announces Third Quarter 2026 Financial Results and Raises GuidanceConsolidated revenue rose 10% and adjusted EPS increased, leading the company to raise its full-year 2026 guidance.
- Bausch Health Authorizes $50 Million Share Repurchase ProgramThe board authorized buybacks of up to $50 million of common shares, mainly to offset dilution from employee equity awards.
- Bausch Health Announces Full Redemption of 8.500% Senior Notes Due 2027Bausch Health plans to redeem about $643 million of its 8.500% senior notes due 2027 using cash on hand.
- Bausch Health Companies Q3 2026 Earnings Call TranscriptThe transcript of the third-quarter 2026 earnings call, held on Wednesday, Oct 28, has been published.
- Bausch Health Companies Q3 Adj. EPS $1.77 Beats $1.29 Estimate, Sales $2.941B Beat $2.757B EstimateThird-quarter adjusted EPS of $1.77 and sales of $2.941B beat analyst estimates of $1.29 and $2.757B.
About Bausch Health Companies Inc
Bausch Health is a Canadian drugmaker, headquartered in Laval, Quebec, that sells gastrointestinal drugs (through its Salix unit), skin-care and aesthetics products (Solta Medical), and other branded and generic medicines worldwide. It also owns most of the eye-health company Bausch + Lomb (BLCO), which it includes in its own reported results, and it carries a very large debt load that it has been working to pay down and push further out.
How it makes money
It makes money selling prescription drugs and medical devices. Salix is the largest unit, and its gut drug Xifaxan brings in a big share of profit. Other sources are Solta's aesthetic devices, international pharma sales, and branded and generic dermatology and neurology products. Including Bausch + Lomb's contact lenses, eye drugs and surgical products, total revenue is about $10–11 billion a year (approximate). On its own, Bausch Health excluding B+L expects about $5.5–5.6 billion in 2026 revenue.
What usually moves BHC
- Xifaxan sales, Medicare price negotiation and patent/generic timing
- Debt reduction, refinancing and interest costs
- Plans for the Bausch + Lomb stake or a separation
- Salix and Solta Medical growth
- Litigation and legal settlements