Bausch Health Cos., Inc.

Bausch Health Cos., Inc.

Bausch Health Cos., Inc.

Overview
Date Founded

2013

Headquarters

2150 St. Elzéar Boulevard West,Laval, QC H7L 4A8

Type of Company

Public

Employees (Worldwide)

21.6K

Industries

Pharmaceuticals
Wholesale: Consumer Non-Durables/Sundries

Company Description

Bausch Health Cos., Inc. engages in the development, manufacture, and market of a range of branded, generic and branded generic pharmaceuticals, medical devices and over-the-counter products. It operates through the following segments: The Bausch + Lomb/International, Salix, Ortho Dermatologics and Diversified Products. The Bausch + Lomb/International segment consists of the sale of pharmaceutical products, over-the-counter products, and medical devices products. The Branded Rx segment comprises of pharmaceutical products related to the Salix product portfolio; dermatological product portfolio; branded pharmaceutical products, branded generic pharmaceutical products; over-the-counter products; medical device products; Bausch + Lomb products sold in Canada; and the oncology, dentistry, and health products for women. The Salix Segment consists of sales in the U.S. of GI Products, The Ortho Dermatologics segment consists of sales in the U.S. of Ortho Dermatologics (dermatological) products and global sales of Solta medical aesthetic devices. The Diversified Products segment consists of sales in the U.S. of pharmaceutical products in the areas of neurology and certain other therapeutic classes, in the U.S. of generic products, in the U.S. of dentistry products. The company was founded on March 29, 1994 and is headquartered in Laval, Canada.

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Executives & Employees

Chairman of the Board & Chief Executive Officer

Chief Financial Officer & Executive Vice President

Executive Vice President & Chief Financial Officer

Executive Vice President & General Counsel

Chief Strategy Officer & Senior Vice President

Senior Vice President, Controller & Chief Accounting Officer

Chief Human Resources Officer & Senior Vice President

General Manager, Neuro & Other, Generics & Obagi

Senior Vice President & General Manager, Consumer Business

General Manager, US Dermatology Business

Board of Directors

Chairman of the Board & Chief Executive Officer at Bausch Health Cos., Inc.

Founder at Paulson & Co.

Vice President Revenue Cycle at Trinity Mother Frances Health System

Former Chief Financial Officer at BMO Financial Group, Inc.

President at The Volcker Alliance

Venture Partner at Apple Tree Partners

Former Director at Valeant Pharmaceuticals International Corp.

Senior Manager-Public Relations at Harmonic, Inc.

Partner at ValueAct Capital Management LP

Adjunct Clinical Professor in Psychiatry at Cornell University - Weill Cornell Medical College

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Bausch Health Cos., Inc.
Owners & Shareholders
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Paulson’s investment strategies are all based on the same underlying investment philosophy of capital preservation and low correlation to the broad markets. They perform fundamental and legal analysis on investments, including reviews of company financials and review of legal documentation related to proposed investment opportunities. The firm’s products are provided through collective investment vehicles, including both domestic partnerships and offshore private investment companies, and separately managed accounts that deploy all or a subset of the firm's investment strategies. Paulson’s investment objective is to achieve positive excess returns through trading the securities and/or derivatives thereon of companies that are the subject of proposed changes in corporate structure or control such as tender offers, mergers, spin-offs, proxy contests, liquidations, recapitalizations, restructurings and bankruptcy reorganizations.

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ValueAct Capital was initially formed in June 2000 to manage the capital of its three founders, along with the capital of a limited number of outside investors, in an investment strategy that combines intensive due diligence, a concentrated number of investments, and active, constructive involvement in the value creation at those investments. Today, with offices in San Francisco and Boston, ValueAct Capital manages more than $8.0 billion on behalf of some of the world's most respected institutional and individual investors. ValueAct Capital concentrates on acquiring significant ownership stakes in a limited number of companies that it believes are fundamentally undervalued. The investment team seeks to identify companies that are out of favor, or may be undergoing significant transition. Such companies may be temporarily mispriced for a variety of reasons, including perceived unfavorable industry conditions, poor business performance, changes in management or ownership, reorganizations, or other external factors. These conditions can often result in fundamentally "good" businesses that are available at depressed valuations. The goal in each investment is to work productively with management and/or the company's board to implement a strategy or strategies that maximize returns for all shareholders. ValueAct Capital is typically one of the largest independent shareholders at each of its core company investments and works in a constructive manner with management and/or the company's board to successfully implement strategies that generate superior returns on invested capital. The seven investment partners have extensive experience working effectively with portfolio companies as long-term large shareholders, and oftentimes as members of the companies' boards. At any given time, the portfolio consists of ten to eighteen core company investments, as well as a small "farm team" of additional investments in development.

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Glenview's investment process employs deep, fundamental research and individual security selection primarily within equity and credit-oriented strategies. The firm employs a GARP investment approach that focuses on companies in stable industries, with recurring revenue streams or entrenched market positions. They may also focus on contrarian investments (cyclical or company specific). Glenview often combines GARP and contrarian investing when a steady growth business emerges within a company as the dominant economic force over a more challenged business unit. GCM invests in stored or hidden value situations, where excess balance sheet capacity may be used to accelerate returns or where contractual rights or startup operations show no present value but may be significant drivers of value tomorrow. In addition to long equity investments, GCM commits significant capital to short equity positions. They look for companies whose industries face cyclical, transitory or secular headwinds, whose competitive position is likely to erode over the near- to medium-term, and companies whose liquidity profile will potentially create equity value impairment or cause future issuance of additional equity at lower prices. GCM may also maintain short positions in equity index futures or other index products to reduce net market risk. The firm also engages in long and short credit positions with emphasis on business or asset stability over growth. They may seek to reduce the risk through other hedges that protect the overall portfolio of the funds, including interest rates, foreign currencies or sovereign, corporate or asset-backed credit spreads.

Recent Transactions
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purchases Bausch Health Cos., Inc. /Bausch + Lomb Business from Bausch Health Cos., Inc.

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JW Pharmaceutical Corp. purchases Euvipharm Pharmaceutical JSC from Bausch Health Cos., Inc.

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Bausch Health Cos., Inc. purchases Synergy Pharmaceuticals LLC

Transaction Advisors
Legal Advisor

Advised onBausch Health Cos., Inc. purchases Salix Pharmaceuticals Ltd.

Legal Advisor

Advised onBausch Health Cos., Inc. purchases Salix Pharmaceuticals Ltd.

Legal Advisor

Advised on purchases Bausch Health Cos., Inc. /Bausch + Lomb Business from Bausch Health Cos., Inc.

Legal Advisor

Advised onBausch Health Cos., Inc. purchases Obagi Medical Products, Inc.

Legal Advisor

Advised onBausch Health Cos., Inc. purchases Salix Pharmaceuticals Ltd.

Legal Advisor

Advised onBausch Health Cos., Inc. purchases Synergetics USA, Inc.

Advisors & Consultants
Advisor

Chairman, President & Chief Executive Officer at The Allergan Foundation

Consultant

Executive Partner, Chief Operating Officer at Flagship Pioneering

Legal Advisor

Co-Chair, Products Liability Practice at Jenner & Block LLP

Clients

Walgreens Boots Alliance, Inc. engages in the provision of drug store services. It operates through the following segments: Retail Pharmacy USA, Retail Pharmacy International, and Pharmaceutical Wholesale. The Retail Pharmacy USA segment consists of the Walgreens business, which includes the operation of retail drugstores, health and wellness services, and mail and central specialty pharmacy services. The Retail Pharmacy International segment consists of pharmacy-led health and beauty retail businesses and optical practices. The Pharmaceutical Wholesale segment consists of the Alliance Healthcare pharmaceutical wholesaling and distribution businesses and an equity method investment in AmerisourceBergen. The company was founded in 1901 and is headquartered in Deerfield, IL.

CVS Health Corp. engages in the provision of health care services. It operates through the following segments: Pharmacy Services, Retail or Long Term Care, Health Care Benefits, and Corporate/Other. The Pharmacy Services segment offers pharmacy benefit management solutions. The Retail or Long Term Care segment includes selling of prescription drugs and assortment of general merchandise. The Health Care Benefits segment offers traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, medical management capabilities. The Corporate/Other segment involves in providing management and administrative services. The company was founded by Stanley P. Goldstein and Ralph Hoagland in 1963 and is headquartered in Woonsocket, RI.

Walmart, Inc. engages in retail and wholesale business. The Company offers an assortment of merchandise and services at everyday low prices. It operates through the following business segments: Walmart U.S., Walmart International, and Sam's Club. The Walmart U.S. segment operates as a merchandiser of consumer products, operating under the Walmart, Wal-Mart, and Walmart Neighborhood Market brands, as well as walmart.com and other eCommerce brands. The Walmart International segment manages supercenters, supermarkets, hypermarkets, warehouse clubs, and cash & carry outside of the United States. The Sam's Club segment comprises membership-only warehouse clubs and samsclubs.com. The company was founded by Samuel Moore Walton and James Lawrence Walton in 1945 and is headquartered in Bentonville, AR.

Key Stats and Financials As of 2020
Market Capitalization
$11.2B
Total Enterprise Value
$29.8B
Earnings Per Share
$-1.58
Revenue
$8.03B
EBITDAMargin
39.11%
Enterprise Value / Sales
3.72x
Enterprise Value EBITDAOperating
9.42x
TEVNet Income
-53.29x
Debt TEV
0.81x
EBITDA
$3.14B
Total Debt
$24.2B
Total Equity
$605M
Net Profit
$-560M
Three Year Compounded Annual Growth Rate Of Revenue
-1.67%
Non-Profit Donations & Grants
$15K - $25K
2017
$15K - $25K
2016
Investments
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Pele Nova Biotecnologia SA researches, develops and produces cosmetic products for tissue regeneration. It products include Regederm which stimulates angiogenesis and tissue granulation and Biocure which obtained from biomembrane. The company was founded by Ozires Silva in 1993 and is headquartered in São Paulo, Brazil.

Investors
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Senior Vice President of Growth at Suzy, Inc.

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Founder at Launch Media, Inc.

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Co-Founder at Longitude Capital Management Co. LLC

Suppliers
Aceto Corp. Medical Products & Equipment | Port Washington, NY

Aceto functions as a virtual manufacturing company, distributing more than 1,100 chemical compounds used principally as raw materials or finished products. With business operations in nine countries, Aceto’s global reach is distinctive in the industry, enabling the Company to source and supply quality products on a worldwide basis. Leveraging local professionals, Aceto sources more than two-thirds of its products from Asia, buying from approximately 500 companies in China and 200 in India.

Gilead Sciences, Inc. Hospitals & Patient Services | Foster City, CA

Since 1987, Gilead Sciences has worked to discover, develop and commercialize medications to advance the care of patients suffering from life-threatening diseases in areas of unmet medical need. In 25 years, Gilead has become a leading biopharmaceutical company with a portfolio of 15 marketed products, a growing pipeline of investigational drugs and approximately 5,000 employees in offices across four continents. Gilead's therapeutic areas of focus include HIV/AIDS, hepatitis, serious respiratory, cardiovascular, and metabolic conditions, cancer and inflammation

Nektar Therapeutics Pharmaceuticals | San Francisco, CA

Nektar Therapeutics is a clinical-stage biopharmaceutical company developing a pipeline of drug candidates that utilize its PEGylation and polymer conjugate technology platforms, which are designed to improve the benefits of drugs for patients. Its product pipeline consists of drug candidates across a number of therapeutic areas, including oncology, pain, anti-infectives, anti-viral and immunology. Nektar's research and development activities involve small molecule drugs, peptides and other potential biologic drug candidates. Its drug candidates are designed to improve the pharmacokinetics, pharmacodynamics, half-life, bioavailability, metabolism or distribution of drugs and improve the overall benefits and use of a drug for the patient.

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