Bausch Health Companies Inc. (BHC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da inovação farmacêutica, a Bausch Health Companies Inc. (BHC) surge como uma potência estratégica, transformando a prestação de serviços de saúde por meio de um modelo de negócios meticulosamente criado que preenche a pesquisa de ponta, a penetração global do mercado e as soluções centradas no paciente. Ao alavancar uma intrincada rede de parcerias, recursos avançados de pesquisa e um portfólio de produtos diversificado que abrange vários domínios terapêuticos, o BHC se posicionou como um participante fundamental na entrega de tecnologias abrangentes de saúde que atendem às necessidades médicas complexas, mantendo o posicionamento competitivo do mercado.

Bausch Health Companies Inc. (BHC) - Modelo de negócios: Parcerias -chave

Acordos estratégicos de distribuição farmacêutica com atacadistas globais

A Bausch Health mantém parcerias de distribuição com os principais atacadistas farmacêuticos globais:

Atacadista	Região geográfica	Volume anual de distribuição
Amerisourcebergen	América do Norte	US $ 2,3 bilhões (2023)
McKesson Corporation	Estados Unidos	US $ 1,8 bilhão (2023)
Cardinal Health	América do Norte	US $ 1,5 bilhão (2023)

Colaboração de pesquisa com instituições médicas acadêmicas

A Bausch Health colabora com várias instituições de pesquisa:

• Faculdade de Medicina de Harvard - Pesquisa de Dermatologia
• Universidade Johns Hopkins - Estudos de Oftalmologia
• Universidade de Stanford - Programas de Pesquisa em Neurologia

Parcerias de fabricação com organizações de desenvolvimento de contratos

Organização contratada	Serviços prestados	Valor anual do contrato
Pathon Pharmaceuticals	Fabricação e desenvolvimento	US $ 450 milhões (2023)
Soluções farmacêuticas catalentas	Formulação e produção de drogas	US $ 375 milhões (2023)

Acordos de licenciamento com empresas de biotecnologia e farmacêutica

Parcerias de licenciamento ativo:

• Valeant Pharmaceuticals - Portfólio de Dermatologia
• Bausch + Lomb - Tecnologia de Oftalmologia
• Ortho Dermatologics - Tratamentos especializados para cuidados com a pele

Joint ventures em mercados terapêuticos especializados

Parceiro de joint venture	Foco terapêutico	Valor do investimento
Novartis AG	Oftalmologia Pesquisa	US $ 275 milhões (2023)
Pfizer Inc.	Desenvolvimento de medicamentos para neurologia	US $ 350 milhões (2023)

Bausch Health Companies Inc. (BHC) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de produtos farmacêuticos

Investimento de P&D em 2023: US $ 556,2 milhões

Áreas de foco de pesquisa	Investimento anual
Oftalmologia	US $ 237,5 milhões
Neurologia	US $ 189,3 milhões
Dermatologia	US $ 129,4 milhões

Dispositivo médico e fabricação de medicamentos prescritos

Total de instalações de fabricação: 16 locais globais

• Capacidade anual de fabricação: 2,4 bilhões de unidades
• Locais de fabricação na América do Norte, Europa e Ásia
• Instalações de fabricação aprovadas pela FDA: 8

Marketing Global e Vendas de Produtos de Saúde

Mercado geográfico	Contribuição da receita
Estados Unidos	US $ 4,2 bilhões
Canadá	US $ 612 milhões
Mercados internacionais	US $ 1,8 bilhão

Conformidade regulatória e gerenciamento de ensaios clínicos

Ensaios clínicos ativos em 2023: 37 estudos em andamento

• Orçamento de conformidade regulatória: US $ 89,7 milhões
• Despesas de ensaios clínicos: US $ 214,6 milhões
• Submissões regulatórias processadas: 42

Otimização contínua de portfólio e aquisições estratégicas

Total de investimentos estratégicos em 2023: US $ 672 milhões

Meta de aquisição	Valor do investimento
Ativos farmacêuticos especializados	US $ 423 milhões
Plataformas de tecnologia emergentes	US $ 249 milhões

Bausch Health Companies Inc. (BHC) - Modelo de negócios: Recursos -chave

Extenso portfólio de patentes farmacêuticos

A partir de 2024, as empresas de saúde da Bausch possuem aproximadamente 2.300 patentes ativas em todo o mundo. O portfólio de patentes abrange várias áreas terapêuticas, incluindo dermatologia, oftalmologia, neurologia e tratamentos gastrointestinais.

Categoria de patentes	Número de patentes ativas	Valor estimado
Dermatologia	573	US $ 425 milhões
Oftalmologia	412	US $ 612 milhões
Neurologia	286	US $ 338 milhões
Gastrointestinal	219	US $ 276 milhões

Instalações avançadas de pesquisa e desenvolvimento

A Bausch Health mantém 7 centros de P&D dedicados na América do Norte, com um investimento total de pesquisa de US $ 1,2 bilhão em 2023.

• Locais do centro de pesquisa: Montreal, Canadá; Bridgewater, Nova Jersey; Tampa, Flórida
• Pessoal de pesquisa total: 1.450 cientistas e pesquisadores
• Despesas anuais de P&D: US $ 1,2 bilhão

Força de trabalho científica e médica qualificada

A empresa emprega 19.500 funcionários no total, com 3.750 diretamente envolvidos em funções científicas e médicas.

Categoria de funcionários	Número de funcionários
Força de trabalho global total	19,500
Pessoal científico e médico	3,750
Titulares de doutorado	412

Ativos robustos de propriedade intelectual

A estratégia de propriedade intelectual da Bausch Health se concentra em manter a vantagem competitiva por meio de acordos estratégicos de proteção e licenciamento de patentes.

• Valor de ativos de propriedade intelectual total: US $ 2,3 bilhões
• Aplicações de patente pendente: 387
• Acordos de licenciamento ativos: 24

Pipeline de desenvolvimento de produtos diversificado

A empresa mantém um robusto pipeline de desenvolvimento de produtos em várias áreas terapêuticas.

Estágio de desenvolvimento	Número de produtos	Custo estimado de desenvolvimento
Estágio pré -clínico	12	US $ 187 milhões
Estágio do ensaio clínico	8	US $ 456 milhões
Revisão regulatória	3	US $ 92 milhões

Bausch Health Companies Inc. (BHC) - Modelo de Negócios: Proposições de Valor

Soluções abrangentes de saúde em várias áreas terapêuticas

As empresas de saúde da Bausch geraram receita total de US $ 8,47 bilhões em 2022, com ofertas de produtos em vários segmentos terapêuticos:

Área terapêutica	Contribuição da receita
Neurologia	US $ 1,92 bilhão
Dermatologia	US $ 1,65 bilhão
Oftalmologia	US $ 1,43 bilhão
Gastroenterologia	US $ 1,12 bilhão

Tecnologias inovadoras de dispositivos farmacêuticos e médicos

Investimento em P&D em 2022: US $ 704 milhões, representando 8,3% da receita total.

• 13 programas de desenvolvimento clínico em andamento
• 6 Novo pedido de aplicação de medicamentos (NDA) planejado
• 28 patentes ativas protegendo tecnologias inovadoras

Medicamentos genéricos e de marca acessíveis

O portfólio de medicamentos genéricos inclui mais de 1.200 produtos genéricos em 27 categorias terapêuticas.

Categoria de medicação	Número de produtos genéricos
Sistema nervoso central	287 produtos
Cardiovascular	215 produtos
Respiratório	176 produtos

Dermatologia de alta qualidade e ofertas de produtos para os olhos

Receita do segmento de dermatologia e oftalmologia: US $ 3,08 bilhões em 2022.

• 72 Produtos de prescrição de dermatologia
• 45 Dispositivos Médicos Ophthalmology
• Liderança de mercado em tratamento para olho seco

Intervenções de saúde focadas no paciente

Os programas de apoio ao paciente atingem aproximadamente 2,3 milhões de pacientes anualmente.

Programa de Apoio ao Paciente	Alcance anual
Programas de acesso a medicamentos	1,1 milhão de pacientes
Programas de assistência ao paciente	780.000 pacientes
Suporte à saúde digital	420.000 pacientes

Bausch Health Companies Inc. (BHC) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto da força de vendas com profissionais de saúde

A Bausch Health mantém uma força de vendas de 1.842 representantes a partir do quarto trimestre 2023, visando profissionais de saúde em várias especialidades. A equipe de vendas abrange aproximadamente 72.000 prestadores de serviços de saúde em todo o país.

Métricas representativas de vendas	2023 dados
Total de representantes de vendas	1,842
Os prestadores de serviços de saúde alcançaram	72,000
Interações médias por representante	386 por trimestre

Plataformas de suporte ao cliente digital

A Bausch Health opera um ecossistema abrangente de suporte digital com as seguintes métricas de engajamento digital:

• Lidando do portal de suporte ao cliente on -line 127.450 consultas digitais mensais
• Aplicativo móvel com 214.000 usuários registrados
• Helpline digital 24/7 suportando vários canais de comunicação

Assistência ao paciente e programas de acesso a medicamentos

O programa de assistência ao paciente da empresa suporta aproximadamente 58.300 pacientes anualmente com suporte ao acesso a medicamentos.

Métricas do Programa de Assistência ao Paciente	Dados anuais
Pacientes totais apoiados	58,300
Assistência financeira fornecida	US $ 42,6 milhões

Recursos de Educação Médica e Treinamento

A Bausch Health fornece extensos recursos de educação médica, incluindo:

• 87 Programas de educação médica contínua credenciada
• Módulos de treinamento digital acessados ​​por 16.230 profissionais de saúde
• Investimento anual de US $ 3,2 milhões em iniciativas de educação médica

Serviços personalizados de consulta de saúde

A empresa oferece serviços de consulta especializados com as seguintes métricas de engajamento:

Métricas do Serviço de Consulta	2023 dados
Total de consultas personalizadas	42,750
Duração média da consulta	47 minutos
Taxa de satisfação do paciente	94.3%

Bausch Health Companies Inc. (BHC) - Modelo de Negócios: Canais

Representantes de vendas farmacêuticas diretas

A Bausch Health mantém uma força de vendas dedicada de 1.845 representantes de vendas farmacêuticas a partir do quarto trimestre 2023. Os representantes de vendas cobrem várias áreas terapêuticas, incluindo dermatologia, oftalmologia e neurologia.

Categoria representativa de vendas	Número de representantes	Áreas de foco primário
Equipe de vendas de dermatologia	672	Produtos de cuidados com a pele prescritos
Equipe de vendas de oftalmologia	543	Medicamentos para os olhos
Equipe de vendas de neurologia	630	Tratamentos de transtorno neurológico

Plataformas online de comércio eletrônico

A Bausch Health aproveita os canais de vendas digitais com US $ 287 milhões em vendas de produtos farmacêuticos on -line em 2023.

• Plataforma de pedidos on -line B2B proprietária
• Mercados de comércio eletrônico farmacêutico de terceiros
• Portais de vendas digitais diretas ao consumidor

Redes de distribuidores de assistência médica

A Bausch Health colabora com 47 distribuidores primários de saúde na América do Norte, gerenciando mais de US $ 3,2 bilhões em distribuição farmacêutica anual.

Tipo de distribuidor	Número de distribuidores	Valor anual de distribuição
Atacadistas farmacêuticos	28	US $ 2,1 bilhões
Distribuidores médicos especializados	12	US $ 768 milhões
Redes de suprimentos hospitalares	7	US $ 332 milhões

Clínicas médicas e hospitais especiais

Parcerias diretas com 6.213 instalações médicas nos Estados Unidos, gerando US $ 1,45 bilhão em vendas farmacêuticas especializadas.

Canais de marketing digital e telemedicina

A Bausch Health investiu US $ 42,6 milhões em infraestrutura de marketing digital e telemedicina em 2023, atingindo aproximadamente 87.000 profissionais de saúde por meio de plataformas digitais.

• Série de webinars médicos
• Conferências médicas virtuais
• Ferramentas de gerenciamento de prescrição digital
• TeleHealth Consulta Support Systems

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

Profissionais de saúde e médicos

A Bausch Health atende a aproximadamente 102.000 profissionais de saúde em várias especialidades em 2024.

Especialidade	Número de profissionais -alvo
Dermatologistas	28,500
Oftalmologistas	35,700
Gastroenterologistas	22,800
Neurologistas	15,000

Sistemas hospitalares e de saúde clínica

A Bausch Health faz parceria com 1.247 instituições de saúde em todo o país.

• Grandes redes hospitalares: 387
• Hospitais comunitários: 612
• Clínicas especializadas: 248

Farmácias de varejo e especialidade

A rede de distribuição abrange 58.300 locais de farmácia em 2024.

Tipo de farmácia	Número de locais
Farmácias do CVS	9,900
Walgreens	8,500
Farmácias independentes	22,700
Farmácias especiais	17,200

Pacientes individuais com condições médicas específicas

Segmentos de pacientes atendidos em 2024: 3,6 milhões de pacientes em várias áreas terapêuticas.

• Dermatologia Pacientes: 1.200.000
• Oftalmologia Paciente: 980.000
• Pacientes em neurologia: 740.000
• Pacientes gastrointestinais: 680.000

Instituições farmacêuticas e de saúde

Colaborações de pesquisa com 213 instituições farmacêuticas e de saúde em 2024.

Tipo de instituição	Número de colaborações
Centros de pesquisa acadêmica	87
Empresas farmacêuticas	62
Fundações de pesquisa em saúde	41
Instituições de Pesquisa Governamental	23

Bausch Health Companies Inc. (BHC) - Modelo de negócios: estrutura de custos

Investimentos significativos de pesquisa e desenvolvimento

Para o ano fiscal de 2022, as empresas de saúde da Bausch investiram US $ 626,4 milhões em despesas de pesquisa e desenvolvimento. Isso representa aproximadamente 4.7% da receita total da empresa.

Ano	Investimento em P&D	Porcentagem de receita
2022	US $ 626,4 milhões	4.7%
2021	US $ 594,2 milhões	4.5%

Despesas de fabricação e produção

Os custos de fabricação da Bausch Health em 2022 totalizaram US $ 2,87 bilhões, incluindo custos de material direto, mão -de -obra e sobrecarga de fabricação.

• Custos de material direto: US $ 1,24 bilhão
• Custos de mão -de -obra direta: US $ 532 milhões
• Manufatura de sobrecarga: US $ 1,09 bilhão

Custos operacionais de vendas e marketing

As despesas de vendas e marketing da Bausch Health para 2022 foram US $ 2,43 bilhões, representando aproximadamente 18.3% de receita total.

Categoria de despesa	Quantia
Compensação da força de vendas	US $ 892 milhões
Despesas de campanha de marketing	US $ 647 milhões
Distribuição e materiais promocionais	US $ 391 milhões

Conformidade regulatória e despesas legais

Os custos legais e de conformidade da Bausch Health em 2022 totalizaram US $ 413 milhões, que inclui despesas de litígio, taxas de arquivamento regulatório e infraestrutura de conformidade.

Despesas globais de força de trabalho e aquisição de talentos

As despesas totais relacionadas aos funcionários para a Bausch Health em 2022 foram US $ 1,65 bilhão.

Categoria de despesa	Quantia
Salários da base	US $ 1,12 bilhão
Benefícios e compensação	US $ 380 milhões
Recrutamento e treinamento	US $ 148 milhões

Bausch Health Companies Inc. (BHC) - Modelo de negócios: fluxos de receita

Vendas de medicamentos prescritos

Para o ano fiscal de 2023, as empresas de saúde da Bausch reportaram receita total de US $ 7,62 bilhões. As vendas de medicamentos prescritos representavam uma parcela significativa dessa receita.

Categoria de produto	Receita (2023)
Salix Pharmaceuticals	US $ 1,63 bilhão
Bausch + Lomb	US $ 2,16 bilhões
Bausch Pharma	US $ 2,83 bilhões

Linhas de medicamentos genéricos

As vendas genéricas de medicamentos contribuíram com aproximadamente US $ 1,2 bilhão para a receita total da empresa em 2023.

• Dermatologia Produtos genéricos
• Medicamentos genéricos de neurologia
• Medicamentos genéricos gastrointestinais

Receitas de dispositivos médicos e equipamentos

O segmento Bausch + Lomb gerou receitas de dispositivos médicos e equipamentos de US $ 2,16 bilhões em 2023.

Categoria de dispositivo	Receita
Equipamento cirúrgico	US $ 987 milhões
Produtos de cuidados com visão	US $ 673 milhões
Entre em contato com as soluções da lente	US $ 500 milhões

Acordos de licenciamento e propriedade intelectual

As receitas de licenciamento para 2023 totalizaram US $ 156 milhões de várias parcerias farmacêuticas e de tecnologia médica.

Vendas de expansão do mercado internacional

As vendas internacionais representaram 35% da receita total, aproximadamente US $ 2,67 bilhões em 2023.

Região geográfica	Contribuição da receita
Europa	US $ 892 milhões
Ásia -Pacífico	US $ 673 milhões
América latina	US $ 456 milhões
Resto do mundo	US $ 649 milhões

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.