Bausch Health Companies Inc. (BHC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la innovación farmacéutica, Bausch Health Companies Inc. (BHC) surge como una potencia estratégica, transformando la prestación de atención médica a través de un modelo de negocio meticulosamente elaborado que une la investigación de vanguardia, la penetración del mercado global y las soluciones centradas en el paciente. Al aprovechar una intrincada red de asociaciones, capacidades de investigación avanzadas y una cartera de productos diversa que abarca múltiples dominios terapéuticos, BHC se ha posicionado como un jugador fundamental en la entrega de tecnologías de atención médica integrales que abordan necesidades médicas complejas mientras mantienen una posición competitiva del mercado.

Bausch Health Companies Inc. (BHC) - Modelo de negocios: asociaciones clave

Acuerdos de distribución farmacéutica estratégica con mayoristas globales

Bausch Health mantiene asociaciones de distribución con importantes mayoristas farmacéuticos globales:

Mayorista	Región geográfica	Volumen de distribución anual
AmerisourceBergen	América del norte	$ 2.3 mil millones (2023)
McKesson Corporation	Estados Unidos	$ 1.8 mil millones (2023)
Salud cardinal	América del norte	$ 1.5 mil millones (2023)

Colaboración de investigación con instituciones médicas académicas

Bausch Health colabora con múltiples instituciones de investigación:

• Harvard Medical School - Dermatology Research
• Universidad Johns Hopkins - Estudios de oftalmología
• Universidad de Stanford - Programas de investigación de neurología

Asociaciones de fabricación con organizaciones de desarrollo de contratos

Organización contractual	Servicios proporcionados	Valor anual del contrato
Patheon Pharmaceuticals	Fabricación y desarrollo	$ 450 millones (2023)
Soluciones farmacéuticas catalent	Formulación y producción de drogas	$ 375 millones (2023)

Acuerdos de licencia con biotecnología y compañías farmacéuticas

Asociaciones de licencia activa:

• Valeant Pharmaceuticals - Portafolio de dermatología
• Bausch + Lomb - Tecnología de oftalmología
• Ortho Dermatologics - Tratamientos especializados para el cuidado de la piel

Empresas conjuntas en mercados terapéuticos especializados

Socio de empresa conjunta	Enfoque terapéutico	Monto de la inversión
Novartis AG	Investigación de oftalmología	$ 275 millones (2023)
Pfizer Inc.	Desarrollo de fármacos neurología	$ 350 millones (2023)

Bausch Health Companies Inc. (BHC) - Modelo de negocio: actividades clave

Investigación y desarrollo de productos farmacéuticos

Inversión en I + D en 2023: $ 556.2 millones

Áreas de enfoque de investigación	Inversión anual
Oftalmología	$ 237.5 millones
Neurología	$ 189.3 millones
Dermatología	$ 129.4 millones

Dispositivo médico y fabricación de medicamentos recetados

Instalaciones de fabricación total: 16 ubicaciones globales

• Capacidad de fabricación anual: 2.4 mil millones de unidades
• Sitios de fabricación en América del Norte, Europa y Asia
• Instalaciones de fabricación aprobadas por la FDA: 8

Marketing global y ventas de productos de atención médica

Mercado geográfico	Contribución de ingresos
Estados Unidos	$ 4.2 mil millones
Canadá	$ 612 millones
Mercados internacionales	$ 1.8 mil millones

Cumplimiento regulatorio y gestión de ensayos clínicos

Ensayos clínicos activos en 2023: 37 estudios en curso

• Presupuesto de cumplimiento regulatorio: $ 89.7 millones
• Gastos de ensayos clínicos: $ 214.6 millones
• Presentaciones regulatorias procesadas: 42

Optimización continua de cartera y adquisiciones estratégicas

Inversiones estratégicas totales en 2023: $ 672 millones

Objetivo de adquisición	Monto de la inversión
Activos farmacéuticos especializados	$ 423 millones
Plataformas de tecnología emergentes	$ 249 millones

Bausch Health Companies Inc. (BHC) - Modelo de negocio: recursos clave

Cartera de patentes farmacéuticas extensas

A partir de 2024, Bausch Health Companies posee aproximadamente 2,300 patentes activas a nivel mundial. La cartera de patentes abarca múltiples áreas terapéuticas que incluyen dermatología, oftalmología, neurología y tratamientos gastrointestinales.

Categoría de patente	Número de patentes activas	Valor estimado
Dermatología	573	$ 425 millones
Oftalmología	412	$ 612 millones
Neurología	286	$ 338 millones
Gastrointestinal	219	$ 276 millones

Investigaciones avanzadas y instalaciones de desarrollo

Bausch Health mantiene 7 centros de I + D dedicados en América del Norte, con una inversión de investigación total de $ 1.2 mil millones en 2023.

• Ubicaciones del centro de investigación: Montreal, Canadá; Bridgewater, Nueva Jersey; Tampa, Florida
• Personal de investigación total: 1.450 científicos e investigadores
• Gastos anuales de I + D: $ 1.2 mil millones

Fuerza laboral científica y médica calificada

La compañía emplea a 19,500 empleados en todo el mundo, con 3.750 directamente involucrados en roles científicos y médicos.

Categoría de empleado	Número de empleados
Fuerza laboral global total	19,500
Personal científico y médico	3,750
Titulares de doctorado	412

Activos de propiedad intelectual robusto

La estrategia de propiedad intelectual de Bausch Health se centra en mantener una ventaja competitiva a través de la protección estratégica de patentes y los acuerdos de licencia.

• Valor total de activos de propiedad intelectual: $ 2.3 mil millones
• Aplicaciones de patentes pendientes: 387
• Acuerdos de licencia activa: 24

Tubería de desarrollo de productos diversificados

La compañía mantiene una sólida canal de desarrollo de productos en múltiples áreas terapéuticas.

Etapa de desarrollo	Número de productos	Costo de desarrollo estimado
Etapa preclínica	12	$ 187 millones
Etapa de ensayo clínico	8	$ 456 millones
Revisión regulatoria	3	$ 92 millones

Bausch Health Companies Inc. (BHC) - Modelo de negocio: propuestas de valor

Soluciones de atención médica integrales en múltiples áreas terapéuticas

Las compañías de salud de Bausch generaron ingresos totales de $ 8.47 mil millones en 2022, con ofertas de productos en múltiples segmentos terapéuticos:

Área terapéutica	Contribución de ingresos
Neurología	$ 1.92 mil millones
Dermatología	$ 1.65 mil millones
Oftalmología	$ 1.43 mil millones
Gastroenterología	$ 1.12 mil millones

Tecnologías innovadoras de dispositivos farmacéuticos y médicos

Inversión en I + D en 2022: $ 704 millones, lo que representa el 8.3% de los ingresos totales.

• 13 Programas de desarrollo clínico en curso
• 6 presentaciones de solicitud de medicamentos nuevos (NDA) planificadas
• 28 patentes activas que protegen tecnologías innovadoras

Medicamentos recetados genéricos y de marca asequibles

La cartera de medicamentos genéricos incluye más de 1,200 productos genéricos en 27 categorías terapéuticas.

Categoría de medicamentos	Número de productos genéricos
Sistema nervioso central	287 productos
Cardiovascular	215 productos
Respiratorio	176 productos

Ofertas de dermatología y cuidado de la vista de alta calidad.

Ingresos del segmento de dermatología y oftalmología: $ 3.08 mil millones en 2022.

• 72 productos recetados de dermatología
• 45 dispositivos médicos de oftalmología
• Liderazgo en el mercado en el tratamiento de ojos secos

Intervenciones de atención médica centradas en el paciente

Los programas de apoyo al paciente alcanzan aproximadamente 2,3 millones de pacientes anualmente.

Programa de apoyo al paciente	Alcance anual
Programas de acceso a medicamentos	1.1 millones de pacientes
Programas de asistencia al paciente	780,000 pacientes
Soporte de salud digital	420,000 pacientes

Bausch Health Companies Inc. (BHC) - Modelo de negocios: relaciones con los clientes

Compromiso directo de la fuerza de ventas con profesionales de la salud

Bausch Health mantiene una fuerza de ventas de 1.842 representantes a partir del cuarto trimestre de 2023, dirigido a profesionales de la salud en múltiples especialidades. El equipo de ventas cubre aproximadamente 72,000 proveedores de atención médica en todo el país.

Métricas representativas de ventas	2023 datos
Representantes de ventas totales	1,842
Los proveedores de atención médica llegaron	72,000
Interacciones promedio por representante	386 por trimestre

Plataformas de atención al cliente digital

Bausch Health opera un ecosistema integral de soporte digital con las siguientes métricas de participación digital:

• Manejo de portal de atención al cliente en línea Manejo de 127,450 consultas digitales mensualmente
• Aplicación móvil con 214,000 usuarios registrados
• Línea de línea digital 24/7 que admite múltiples canales de comunicación

Programas de asistencia para el paciente y acceso a medicamentos

El programa de asistencia al paciente de la compañía respalda aproximadamente 58,300 pacientes anualmente con soporte de acceso a medicamentos.

Métricas del programa de asistencia para el paciente	Datos anuales
Total de pacientes apoyados	58,300
Asistencia financiera proporcionada	$ 42.6 millones

Recursos de educación y capacitación de educación médica

Bausch Health proporciona amplios recursos de educación médica, que incluyen:

• 87 programas acreditados de educación médica continua
• Módulos de capacitación digital a los que se accede por 16.230 profesionales de la salud
• Inversión anual de $ 3.2 millones en iniciativas de educación médica

Servicios de consulta de atención médica personalizada

La compañía ofrece servicios de consulta especializados con las siguientes métricas de participación:

Métricas de servicio de consulta	2023 datos
Consultas personalizadas totales	42,750
Duración de consulta promedio	47 minutos
Tasa de satisfacción del paciente	94.3%

Bausch Health Companies Inc. (BHC) - Modelo de negocios: canales

Representantes de ventas farmacéuticas directas

Bausch Health mantiene una fuerza de ventas dedicada de 1.845 representantes de ventas farmacéuticas a partir del cuarto trimestre de 2023. Los representantes de ventas cubren múltiples áreas terapéuticas, incluidas dermatología, oftalmología y neurología.

Categoría de representante de ventas	Número de representantes	Áreas de enfoque primario
Equipo de ventas de dermatología	672	Productos para el cuidado de la piel con receta
Equipo de ventas de oftalmología	543	Medicamentos para el cuidado de la vista
Equipo de ventas de neurología	630	Tratamientos de trastorno neurológico

Plataformas de comercio electrónico en línea

Bausch Health aprovecha los canales de ventas digitales con $ 287 millones en ventas de productos farmacéuticos en línea en 2023.

• Plataforma de pedido en línea B2B Propietario
• Mercados de comercio electrónico farmacéutico de terceros
• Portales de ventas digitales directas a consumidores

Redes de distribuidores de atención médica

Bausch Health colabora con 47 distribuidores de atención médica primaria en América del Norte, lo que administra más de $ 3.2 mil millones en distribución farmacéutica anual.

Tipo de distribuidor	Número de distribuidores	Valor de distribución anual
Mayoristas farmacéuticos	28	$ 2.1 mil millones
Distribuidores médicos especializados	12	$ 768 millones
Redes de suministro del hospital	7	$ 332 millones

Clínicas médicas y hospitales especializados

Asociaciones directas con 6,213 instalaciones médicas en los Estados Unidos, generando $ 1.45 mil millones en ventas farmacéuticas especializadas.

Mercadeo digital y canales de telemedicina

Bausch Health invirtió $ 42.6 millones en marketing digital e infraestructura de telemedicina en 2023, llegando a aproximadamente 87,000 profesionales de la salud a través de plataformas digitales.

• Serie de seminarios web médicos
• Conferencias médicas virtuales
• Herramientas de gestión de recetas digitales
• Sistemas de soporte de consulta de telesalud

Bausch Health Companies Inc. (BHC) - Modelo de negocio: segmentos de clientes

Profesionales de la salud y médicos

Bausch Health atiende a aproximadamente 102,000 profesionales de la salud en múltiples especialidades en 2024.

Especialidad	Número de profesionales específicos
Dermatólogos	28,500
Oftalmólogos	35,700
Gastroenterólogos	22,800
Neurólogos	15,000

Hospital y sistemas de atención médica clínica

Bausch Health se asocia con 1.247 instituciones de salud en todo el país.

• Grandes redes hospitalarias: 387
• Hospitales comunitarios: 612
• Clínicas especializadas: 248

Farmacias minoristas y especializadas

La red de distribución cubre 58.300 ubicaciones de farmacia en 2024.

Tipo de farmacia	Número de ubicaciones
Farmacias CVS	9,900
Walgreens	8,500
Farmacias independientes	22,700
Farmacias especializadas	17,200

Pacientes individuales con afecciones médicas específicas

Los segmentos de pacientes atendieron en 2024: 3.6 millones de pacientes en varias áreas terapéuticas.

• Pacientes de dermatología: 1,200,000
• Oftalmología Pacientes: 980,000
• Pacientes de neurología: 740,000
• Pacientes gastrointestinales: 680,000

Instituciones farmacéuticas y de atención médica

Colaboraciones de investigación con 213 instituciones farmacéuticas y de salud en 2024.

Tipo de institución	Número de colaboraciones
Centros de investigación académicos	87
Compañías farmacéuticas	62
Fundamentos de investigación en salud	41
Instituciones de investigación gubernamentales	23

Bausch Health Companies Inc. (BHC) - Modelo de negocio: Estructura de costos

Inversiones significativas de investigación y desarrollo

Para el año fiscal 2022, Bausch Health Companies invirtió $ 626.4 millones en gastos de investigación y desarrollo. Esto representa aproximadamente 4.7% de los ingresos totales de la compañía.

Año	Inversión de I + D	Porcentaje de ingresos
2022	$ 626.4 millones	4.7%
2021	$ 594.2 millones	4.5%

Gastos de fabricación y producción

Los costos de fabricación para Bausch Health en 2022 totalizaron $ 2.87 mil millones, incluyendo costos directos de materiales, mano de obra y gastos generales de fabricación.

• Costos de material directo: $ 1.24 mil millones
• Costos laborales directos: $ 532 millones
• Sobrecoss de fabricación: $ 1.09 mil millones

Costos operativos de ventas y marketing

Los gastos de ventas y marketing de Bausch Health para 2022 fueron $ 2.43 mil millones, representando aproximadamente 18.3% de ingresos totales.

Categoría de gastos	Cantidad
Compensación de la fuerza de ventas	$ 892 millones
Gastos de campaña de marketing	$ 647 millones
Materiales de distribución y promoción	$ 391 millones

Cumplimiento regulatorio y gastos legales

Los costos legales y de cumplimiento para Bausch Health en 2022 ascendieron a $ 413 millones, que incluye gastos de litigio, tarifas de presentación regulatoria e infraestructura de cumplimiento.

Gastos globales de adquisición de la fuerza laboral y el talento

Los gastos totales relacionados con los empleados para Bausch Health en 2022 fueron $ 1.65 mil millones.

Categoría de gastos	Cantidad
Salarios base	$ 1.12 mil millones
Beneficios y compensación	$ 380 millones
Reclutamiento y capacitación	$ 148 millones

Bausch Health Companies Inc. (BHC) - Modelo de negocio: flujos de ingresos

Venta de medicamentos recetados

Para el año fiscal 2023, Bausch Health Companies informó ingresos totales de $ 7.62 mil millones. Las ventas de medicamentos recetados representaron una parte significativa de este ingreso.

Categoría de productos	Ingresos (2023)
Salix Pharmaceuticals	$ 1.63 mil millones
Bausch + Lomb	$ 2.16 mil millones
Pharma Bausch	$ 2.83 mil millones

Líneas genéricas de productos de medicamentos

La venta genérica de medicamentos contribuyó con aproximadamente $ 1.2 mil millones a los ingresos totales de la compañía en 2023.

• Dermatología productos genéricos
• Neurología medicamentos genéricos
• Drogas genéricas gastrointestinales

Ingresos de dispositivos y equipos médicos

El segmento Bausch + Lomb generó ingresos de dispositivos médicos y equipos de $ 2.16 mil millones en 2023.

Categoría de dispositivo	Ganancia
Equipo quirúrgico	$ 987 millones
Productos de cuidado de la visión	$ 673 millones
Soluciones de lente de contacto	$ 500 millones

Acuerdos de licencia y propiedad intelectual

Los ingresos por licencias para 2023 ascendieron a $ 156 millones de varias asociaciones de tecnología farmacéutica y médica.

Ventas de expansión del mercado internacional

Las ventas internacionales representaron el 35% de los ingresos totales, aproximadamente $ 2.67 mil millones en 2023.

Región geográfica	Contribución de ingresos
Europa	$ 892 millones
Asia Pacífico	$ 673 millones
América Latina	$ 456 millones
Resto del mundo	$ 649 millones

Bausch Health Companies Inc. (BHC) - Canvas Business Model: Value Propositions

You're looking at the core value Bausch Health Companies Inc. delivers to its customers and stakeholders as of late 2025. It's about established franchises meeting new growth drivers.

Established, market-leading brands in gastroenterology (Salix) and aesthetics (Solta Medical) provide a solid revenue base. The Salix segment, for instance, delivered reported revenues of $716 million for the third quarter of 2025, marking a 12% increase over the prior year period. Xifaxan®, a key product in this segment, saw 16% revenue growth in that same quarter.

The aesthetics business under Solta Medical shows significant momentum. Revenues for Solta Medical reached $140 million in the third quarter of 2025, representing a 25% reported growth year-over-year. This growth is broad-based, with organic revenue up 24%, led by strong performance in APAC, particularly South Korea.

Bausch Health Companies Inc. maintains a diversified portfolio across multiple therapeutic areas, which helps manage risk. For the third quarter of 2025, Bausch Health excluding Bausch + Lomb reported total revenues of $1.400 billion. Overall, total consolidated reported revenues for the third quarter of 2025 were $2.681 billion, a 7% increase. Management raised the full-year 2025 revenue guidance to be between $5 billion and $5.1 billion.

The company is delivering on new, high-growth product launches. Cabtreo, the triple-combination acne gel, achieved triple-digit growth in the third quarter of 2025. Still, you should note that in the first quarter of 2025, the Dermatology business saw an 8% decline, as Cabtreo's launch impact was initially offset by pricing pressures.

The aesthetic solutions offer a proven track record. Solta Medical's Thermage technology recently surpassed a significant milestone of 5 million skin tightening and smoothing treatments performed worldwide as of September 5, 2025. This non-surgical technology is trusted globally for facial, body, and eye treatments.

Here's a quick look at the key segment revenue performance for the latest reported quarter:

Segment	Q3 2025 Reported Revenue (in millions)	Year-over-Year Reported Growth Pct.	Year-over-Year Organic Growth Pct.
Salix	$716	12%	11%
Solta Medical	$140	25%	24%
Diversified	$258	(4%)	(6%)

The company's consolidated Adjusted EBITDA attributable to Bausch Health for the third quarter of 2025 was $986 million, up 8% on a reported basis.

You can see the value proposition rests on these pillars:

• Established brands like Xifaxan® driving 16% growth in Q3 2025.
• Solta Medical revenue growth of 25% reported in Q3 2025.
• Thermage system achieving 5 million total treatments globally.
• New product Cabtreo delivering triple-digit growth in Q3 2025.
• Overall Bausch Health (excl. B+L) revenue growth of 7% reported in Q3 2025.

Finance: draft 13-week cash view by Friday.

Bausch Health Companies Inc. (BHC) - Canvas Business Model: Customer Relationships

Bausch Health Companies Inc. employs a multi-pronged approach to managing relationships across its diverse customer base, which spans specialist physicians, patients, and consumers, particularly in the aesthetics space.

For specialty pharmaceuticals, such as those in the Salix segment, the company relies on dedicated sales teams to provide high-touch support to healthcare professionals (HCPs). This direct engagement supports product adoption and continued use. For instance, the Salix business saw 67,000 new patient starts in the second quarter of 2025 alone. This focus on the prescriber base is a core relationship driver for prescription products.

To ensure patient access and adherence for specialty pharmaceuticals, Bausch Health Companies Inc. maintains patient support programs. The company has communicated its intention to cease participation in the Medicaid Drug Rebate Program (MDRP) and the 340B Drug Pricing Program, effective October 1, 2025. For Medicaid patients whose plans no longer cover Bausch Health products due to this change, the Patient Assistance Program (PAP) is available. This PAP offers certain Bausch Health medicines to qualifying patients with limited or no insurance or demonstrated financial need, providing medication at no cost, including no co-pays or shipping costs, for up to one year, subject to annual reapplication.

The relationship strategy shifts for consumer-facing areas like medical aesthetics and some over-the-counter (OTC) products, where direct-to-consumer (DTC) marketing plays a larger role. Management confirmed in mid-2025 a focus on investing heavily behind DTC efforts, alongside Oral Health Education (OHE). The Solta Medical segment, which handles aesthetics devices, shows strong growth driven by these efforts and strategic market acquisitions. The company is committed to improving the quality of life for patients by supporting the on-going medical and scientific education of HCPs, often through grants for bona-fide educational programs.

The company's commitment to direct engagement is evident across its global footprint, marketing products in more than 90 countries and regions. The acquisition of Wuhan Shibo Zhenmei Technology Co., Ltd. on December 1, 2025, directly reinforces the relationship in the critical Chinese aesthetics market by bringing distribution in-house.

Here's a look at some key operational metrics that reflect the scale of these customer-facing activities:

Area of Focus	Metric Detail	Value (Latest Available 2025 Data)	Context/Period
Salix Segment (Specialty Pharma)	New Patient Starts	67,000	Q2 2025
Solta Medical (Aesthetics)	Revenue	$140 million	Q3 2025
Solta Medical (Aesthetics)	Organic Revenue Growth	33%	Q1 2025
Global Reach	Countries of Market Presence	>90	As of 2025
Overall Company Scale	Total Employees (Approximate)	c. 7,000	As of 2025

Long-term relationships with Key Opinion Leaders (KOLs) are supported through ongoing scientific engagement. Bausch Health Companies Inc. actively supports investigator-initiated Phase 2 studies, such as the one for Relistor, demonstrating a commitment to advancing science in core therapeutic areas like hepatology and gastroenterology. This scientific collaboration is a key component of maintaining influence and trust with leading specialists.

The company's relationship structure involves several key support mechanisms:

• Dedicated sales teams supporting specialist physicians.
• Patient Assistance Programs for qualifying uninsured/underinsured patients.
• Direct investment in DTC media for growth products.
• Support for investigator-initiated studies and KOL education.

The Solta Medical segment, for example, saw its revenues increase by 25% year-over-year to $140 million in the third quarter of 2025, showing that the direct control over distribution, like the acquisition in China, is intended to immediately gain access to a large customer base.

Finance: draft 13-week cash view by Friday.

Bausch Health Companies Inc. (BHC) - Canvas Business Model: Channels

You're looking at how Bausch Health Companies Inc. gets its diverse portfolio-from prescription drugs to aesthetic devices-into the hands of customers. It's a multi-pronged approach, relying on direct engagement, pharmacy networks, and global logistics.

Direct sales force to hospitals, clinics, and physician offices.

Bausch Health Companies Inc. maintains a dedicated direct sales force to reach specialists, particularly for its Salix segment products, like Xifaxan®, which drove 10% revenue growth in Q2 2025. The company markets its portfolio, which includes pharmaceuticals and aesthetic medical devices, directly or indirectly in approximately 90 countries globally. This direct channel is crucial for driving adoption of specialized treatments within the US healthcare system.

Retail and specialty pharmacies for prescription drug fulfillment.

For the bulk of its pharmaceutical offerings, Bausch Health Companies Inc. relies on established relationships with retail and specialty pharmacies. This channel handles fulfillment for the US-marketed products in the Salix segment, which reported revenues of $716 million in Q3 2025, and the Diversified segment, which reported $258 million in Q3 2025. The overall consolidated reported revenues for Bausch Health Companies Inc. reached $2.68 billion in the third quarter of 2025.

International distribution networks across EMEA, Canada, and LATAM.

The International segment, which covers sales outside the US and Puerto Rico for most products excluding Bausch + Lomb and Solta Medical, uses established international distribution networks. This segment reported revenues of $286 million in Q3 2025, down 2% reported from the prior year, though organic growth was partially offset by strength in EMEA. The segment's revenue for the first quarter of 2025 was $262 million, and for the second quarter of 2025, it was $278 million. Growth in Canada and Latin America (LATAM) has been a historical driver for this channel.

Direct control over Solta Medical's distribution in China following the Shibo acquisition.

A significant channel shift occurred in late 2025 for the aesthetics business. Bausch Health Companies Inc.'s Solta Medical segment completed the acquisition of its longtime distribution partner, Wuhan Shibo Zhenmei Technology Co., Ltd., effective December 1, 2025. This move gives Solta Medical direct control over the distribution of its products, including Thermage® FLX, in the Chinese market. The Solta Medical segment, which saw revenues of $140 million in Q3 2025, up 25% year-over-year, is heavily influenced by Asia Pacific growth, with China being a key focus area. This acquisition is intended to accelerate revenue trajectory and improve operational efficiency in one of the fastest-growing global aesthetics markets.

Here's a quick look at the segment revenue contribution in Q3 2025, showing the scale of the segments relying on these channels:

Segment	Q3 2025 Reported Revenue
Bausch + Lomb	$1.28 billion
Salix	$716 million
International	$286 million
Diversified	$258 million
Solta Medical	$140 million

The company's gross profit margin stood at 70.67% as of late 2025, supporting the high-value nature of these distribution efforts. However, managing the balance sheet remains key, with long-term debt obligations at $21 billion as of September 30, 2025.

The channel strategy is supported by:

• Leveraging an existing distribution network in China post-acquisition.
• Strong organic growth in Asia Pacific markets for Solta Medical.
• Focus on localized solutions and proven technologies in key international areas.
• A diversified portfolio spread across multiple segments to mitigate channel-specific risk.

Finance: draft 13-week cash view by Friday.

Bausch Health Companies Inc. (BHC) - Canvas Business Model: Customer Segments

You're analyzing Bausch Health Companies Inc. (BHC) and need a clear picture of who they sell to. Honestly, BHC targets very distinct groups across its specialized business units, which is why segmenting the customer base is key to understanding their revenue drivers.

The customer segments are clearly defined by the therapeutic area or specialty focus, which aligns closely with their internal reporting structure. The performance of these segments in the third quarter of 2025 gives you a good snapshot of where the current focus and growth lie.

Here's a breakdown of the primary customer groups:

• Patients with chronic gastrointestinal and liver diseases.
• Dermatologists and patients needing acne and skin treatment.
• Aesthetic medical practices and consumers.
• Ophthalmologists and patients globally.

The Salix segment directly addresses the first group. This unit focuses on treatments for conditions like Irritable Bowel Syndrome with Diarrhea (IBS-D). A major customer base driver here is the continued success of Xifaxan, which saw its revenue jump by 16% in the third quarter of 2025 compared to the prior year period. Furthermore, Bausch Health Companies Inc. completed the acquisition of DURECT Corporation, bringing in Larsucosterol, which targets alcohol-associated hepatitis (AH), signaling a commitment to expanding services for complex liver disease patients. The Salix segment reported revenues of $716 million for the third quarter of 2025.

For dermatologists and their patients, the focus is split. While some dermatology products fall into the Diversified segment, the high-growth aesthetic side is captured by Solta Medical. For acne and general skin treatment, which includes products like Cabtreo, the performance is mixed within the broader structure. The Diversified segment, which includes some of these areas, posted revenues of $258 million in Q3 2025, but this was a 4% decrease year-over-year.

Aesthetic medical practices and consumers are the core of the Solta Medical segment. This group drives demand for non-invasive aesthetic procedures. This segment was a powerhouse in Q3 2025, reporting revenues of $140 million, representing a significant 25% increase over the third quarter of 2024. Their organic revenue growth was even stronger at 24%, led by APAC, especially South Korea.

Ophthalmologists and patients worldwide are served through the Bausch + Lomb segment, which is a separate, publicly traded entity in which Bausch Health Companies Inc. holds a controlling interest. This is the largest revenue contributor. For the twelve months ending September 30, 2025, Bausch + Lomb's trailing twelve-month (TTM) revenue stood at $4.97 Billion USD. In the third quarter of 2025 specifically, this segment brought in $1.28 billion, marking a 7% reported increase year-over-year.

Here's a quick look at how the main product-focused segments stacked up in Q3 2025:

Customer Segment Focus (BHC Segment)	Q3 2025 Reported Revenue (in millions)	Year-over-Year Growth (Reported)
Ophthalmology (Bausch + Lomb)	$1,280	7%
Gastroenterology/Liver (Salix)	$716	12%
Aesthetics (Solta Medical)	$140	25%
Dermatology/Other (Diversified)	$258	-4%

The company's overall strategy, as indicated by the CFO, involves making these best businesses more valuable, which directly relates to maximizing engagement and sales within these specific customer groups. If onboarding takes 14+ days, churn risk rises, especially in the high-growth Solta Medical space where patient satisfaction with procedure scheduling is critical.

Bausch Health Companies Inc. (BHC) - Canvas Business Model: Cost Structure

The Cost Structure for Bausch Health Companies Inc. is heavily influenced by its capital structure and the operational demands of a diversified, global pharmaceutical and medical device portfolio. You need to watch the interest burden closely, as it directly impacts cash flow available for reinvestment.

The most significant financial anchor in the cost structure is the debt load. As of September 30, 2025, Bausch Health Companies Inc. reported $21,042 million in Total long-term debt and other, net of premiums, discounts and issuance costs. This substantial figure means interest expense is a major, non-discretionary cost. For instance, in the second quarter of 2025, higher interest expense partially offset gains from higher revenues, and in the third quarter of 2025, higher interest expense partially offset the increase in adjusted net income.

Operating costs are substantial, covering global sales, marketing, and corporate overhead. The Selling, General, and Administrative (SG&A) category is a large component, which includes Selling, Advertising & Promotion (A&P) and General & Administrative (G&A) expenses. For the third quarter of 2025, GAAP Selling, A&P was reported at $583 million, and GAAP G&A was $212 million. To be fair, management noted lower SG&A expenses as a driver for higher operating income in Q3 2025 compared to Q3 2024.

Innovation and pipeline maintenance require significant outlay in Research and Development (R&D). This cost is amplified by strategic moves, such as the acquisition of DURECT Corporation, which brought in non-recurring charges. In the third quarter of 2025, GAAP R&D expense was $166 million, and there was an additional $81 million charge for Acquired IPR&D (In-Process Research and Development).

Manufacturing and supply chain costs support the diverse product range spanning Salix, Solta Medical, and other segments. These costs are embedded within the Cost of Revenues, which, for Q3 2025, resulted in a Gross Margin of 62.6% on reported revenues of $2.68 billion. The complexity of managing a global supply chain for prescription drugs, aesthetics devices, and consumer products inherently drives these costs.

Legal defense costs for key product Intellectual Property (IP) are an ongoing, though often variable, cost. While specific annual figures aren't always broken out clearly, the successful defense against challenges, such as the Norwich case mentioned in Q1 2025 updates, is critical to protecting future revenue streams, making the associated legal spend a necessary investment against potential revenue loss.

Here's a quick look at the major cost categories from the third quarter of 2025 results (in millions USD):

Cost Category	Q3 2025 GAAP Amount ($M)	Q3 2025 Adjusted Amount ($M)
Selling, A&P	583	N/A (Included in Total Adj. OpEx)
G&A	212	194
R&D	166	166
Acquired IPR&D Charge	81	N/A (Often excluded from Adjusted)
Total Operating Expense (Excl. COGS)	1,058	1,024

You can see the impact of the IPR&D charge clearly when comparing GAAP to Adjusted figures. The total operating expense reduction from GAAP to Adjusted was about $34 million for the quarter, primarily driven by the exclusion of the IPR&D charge and other items.

Key cost drivers that you should monitor include:

• Interest Expense on total debt of approximately $21.042 billion as of September 30, 2025.
• SG&A expenses, which were $795 million (GAAP A&P + G&A) in Q3 2025.
• Acquired IPR&D charges, such as the $81 million recognized in Q3 2025.
• The cost of goods sold necessary to support the $2.68 billion in Q3 2025 consolidated revenues.
• Debt refinancing costs, like the approximately $602 million paid in August 2025 to redeem 9.25% Senior Unsecured Notes due 2026.

Finance: draft 13-week cash view by Friday.

Bausch Health Companies Inc. (BHC) - Canvas Business Model: Revenue Streams

You're looking at how Bausch Health Companies Inc. (BHC) brings in the money as we approach the end of 2025. It's a mix of specialty pharma, devices, and consumer health, but the revenue streams are clearly segmented.

The overall expectation for the year is solid, showing management's confidence after recent strategic moves. Consolidated full-year 2025 revenue guidance is set between $10.05 billion and $10.25 billion. This guidance was raised following strong third-quarter execution.

The Salix segment, focused on gastroenterology, remains a core revenue engine. Product sales from this segment are heavily influenced by key brands. For instance, Xifaxan saw a notable 10% revenue growth in Q2 2025, which helped drive the segment's overall performance. By the third quarter, the Salix segment reported revenues of $716 million, marking a 12% year-over-year increase.

The Solta Medical segment, dealing in aesthetic and dermatological devices, has shown impressive acceleration. Revenue from this segment grew by 25% year-over-year in Q3 2025, reaching $140 million. This strong growth was largely fueled by demand in the Asia-Pacific region, especially South Korea.

The Bausch + Lomb segment, which is now a separate entity but still contributes significantly to the consolidated view, reported $1.28 billion in Q3 2025 revenue. This represented a 7% increase compared to the third quarter of 2024.

Here's a quick look at the segment revenue snapshot from Q3 2025:

Segment	Q3 2025 Revenue (Reported)	Year-over-Year Growth Mentioned in Outline/Data
Bausch + Lomb	$1.28 billion	N/A (Segment Revenue Provided)
Salix	$716 million	Xifaxan growth of 10% (Q2 2025)
Solta Medical	$140 million	25% growth (Q3 2025)

Finally, Bausch Health Companies Inc. also generates smaller, yet strategic, income from non-core activities. This includes licensing agreements and milestone payments from partnerships. While these are definitely a smaller stream compared to product sales, they reflect the value of the company's intellectual property and pipeline development, such as the recent acquisition of DURECT Corporation.

You can see the primary sources of cash flow generation below:

• Product sales from the Salix segment.
• Revenue from the Solta Medical segment.
• Sales from the Bausch + Lomb segment.
• Income from licensing deals and milestones.

Finance: draft 13-week cash view by Friday.