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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended | September 30, 2022 |
OR |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to |
| | |
Commission File Number: 001-14956
Bausch Health Companies Inc.
(Exact name of registrant as specified in its charter)
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British Columbia | , | Canada | 98-0448205 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
2150 St. Elzéar Blvd. West, Laval, Québec, Canada H7L 4A8
(Address of Principal Executive Offices) (Zip Code)
(514) 744-6792
(Registrant’s telephone number, including area code)
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Shares, No Par Value | BHC | New York Stock Exchange | , | Toronto Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common shares, no par value — 361,868,131 shares outstanding as of October 28, 2022.
BAUSCH HEALTH COMPANIES INC.
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022
INDEX
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Part I. | Financial Information | |
Item 1. | | |
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Item 2. | | |
Item 3. | | |
Item 4. | | |
Part II. | Other Information | |
Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
Item 5. | | |
Item 6. | | |
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BAUSCH HEALTH COMPANIES INC.
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022
Introductory Note
Except where the context otherwise requires, all references in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022 (this “Form 10-Q”) to the “Company”, “we”, “us”, “our” or similar words or phrases are to Bausch Health Companies Inc. and its subsidiaries, taken together. In this Form 10-Q, references to “$” are to United States (“U.S.”) dollars, references to “€” are to euros and references to “CAD” are to Canadian dollars. Unless otherwise indicated, the statistical and financial data contained in this Form 10-Q are presented as of September 30, 2022.
Forward-Looking Statements
This Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and may be forward-looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”), as described in more detail under the heading “Forward-Looking Statements” in Item 2 of Part I of this Form 10-Q. Additional information about these factors and about the material factors or assumptions underlying such forward-looking statements may be found in (i) our Annual Report on Form 10-K for the year ended December 31, 2021, filed on February 23, 2022, under Item 1A. “Risk Factors”; (ii) under Item 1A. Risk Factors in Part II of this Form 10-Q; and (iii) in the Company’s other filings with the U.S. Securities and Exchange Commission (the “SEC”) and the Canadian Securities Administrators (the “CSA”). When relying on our forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. These forward-looking statements speak only as of the date made. We undertake no obligation to update or revise any of these forward-looking statements to reflect events or circumstances after the date of this Form 10-Q or to reflect actual outcomes, except as required by law. We caution that, as it is not possible to predict or identify all relevant factors that may impact forward-looking statements, the foregoing list of important factors that may affect future results is not exhaustive and should not be considered a complete statement of all potential risks and uncertainties.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
BAUSCH HEALTH COMPANIES INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except share amounts)
(Unaudited)
| | | | | | | | | | | |
| September 30, 2022 | | December 31, 2021 |
Assets | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 486 | | | $ | 582 | |
Restricted cash and other settlement deposits | 11 | | | 1,537 | |
Trade receivables, net | 1,739 | | | 1,775 | |
Inventories, net | 1,056 | | | 993 | |
Prepaid expenses and other current assets | 718 | | | 720 | |
Total current assets | 4,010 | | | 5,607 | |
Property, plant and equipment, net | 1,507 | | | 1,598 | |
Intangible assets, net | 6,024 | | | 6,948 | |
Goodwill | 12,044 | | | 12,457 | |
Deferred tax assets, net | 2,372 | | | 2,252 | |
Other non-current assets | 341 | | | 340 | |
Total assets | $ | 26,298 | | | $ | 29,202 | |
Liabilities | | | |
Current liabilities: | | | |
Accounts payable | $ | 486 | | | $ | 407 | |
Accrued and other current liabilities | 2,934 | | | 4,791 | |
Current portion of long-term debt | 411 | | | — | |
Total current liabilities | 3,831 | | | 5,198 | |
Acquisition-related contingent consideration | 189 | | | 202 | |
Non-current portion of long-term debt | 20,804 | | | 22,654 | |
Deferred tax liabilities, net | 422 | | | 529 | |
Other non-current liabilities | 619 | | | 653 | |
Total liabilities | 25,865 | | | 29,236 | |
Commitments and contingencies (Note 18) | | | |
Equity (Deficit) | | | |
Common shares, no par value, unlimited shares authorized, 361,781,292 and 359,405,748 issued and outstanding at September 30, 2022 and December 31, 2021, respectively | 10,387 | | | 10,317 | |
Additional paid-in capital | 129 | | | 462 | |
Accumulated deficit | (8,776) | | | (8,961) | |
Accumulated other comprehensive loss | (2,265) | | | (1,924) | |
Total Bausch Health Companies Inc. shareholders’ deficit | (525) | | | (106) | |
Noncontrolling interest | 958 | | | 72 | |
Total equity (deficit) | 433 | | | (34) | |
Total liabilities and equity (deficit) | $ | 26,298 | | | $ | 29,202 | |
The accompanying notes are an integral part of these consolidated financial statements.
BAUSCH HEALTH COMPANIES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
Revenues | | | | | | | |
Product sales | $ | 2,026 | | | $ | 2,088 | | | $ | 5,871 | | | $ | 6,167 | |
Other revenues | 20 | | | 23 | | | 60 | | | 71 | |
| 2,046 | | | 2,111 | | | 5,931 | | | 6,238 | |
Expenses | | | | | | | |
Cost of goods sold (excluding amortization and impairments of intangible assets) | 578 | | | 574 | | | 1,691 | | | 1,742 | |
Cost of other revenues | 6 | | | 8 | | | 21 | | | 26 | |
Selling, general and administrative | 661 | | | 653 | | | 1,959 | | | 1,944 | |
Research and development | 133 | | | 121 | | | 387 | | | 348 | |
Amortization of intangible assets | 290 | | | 338 | | | 902 | | | 1,055 | |
Goodwill impairments | 119 | | | — | | | 202 | | | 469 | |
Asset impairments, including loss on assets held for sale | 1 | | | 18 | | | 15 | | | 213 | |
Restructuring, integration, separation and IPO costs | 10 | | | 8 | | | 58 | | | 29 | |
Other expense (income), net | 4 | | | (183) | | | 6 | | | 329 | |
| | | | | | | |
| 1,802 | | | 1,537 | | | 5,241 | | | 6,155 | |
Operating income | 244 | | | 574 | | | 690 | | | 83 | |
Interest income | 3 | | | 2 | | | 8 | | | 6 | |
Interest expense | (385) | | | (351) | | | (1,157) | | | (1,083) | |
Gain (loss) on extinguishment of debt | 570 | | | (12) | | | 683 | | | (62) | |
Foreign exchange and other | 7 | | | 3 | | | 4 | | | 11 | |
Income (loss) before income taxes | 439 | | | 216 | | | 228 | | | (1,045) | |
(Provision for) benefit from income taxes | (36) | | | (25) | | | (30) | | | 36 | |
Net income (loss) | 403 | | | 191 | | | 198 | | | (1,009) | |
Net income attributable to noncontrolling interest | (4) | | | (3) | | | (13) | | | (8) | |
Net income (loss) attributable to Bausch Health Companies Inc. | $ | 399 | | | $ | 188 | | | $ | 185 | | | $ | (1,017) | |
| | | | | | | |
Earnings (loss) per share attributable to Bausch Health Companies Inc. | | | | | | | |
Basic | $ | 1.10 | | | $ | 0.52 | | | $ | 0.51 | | | $ | (2.84) | |
| | | | | | | |
Diluted | $ | 1.10 | | | $ | 0.52 | | | $ | 0.51 | | | $ | (2.84) | |
| | | | | | | |
Weighted-average common shares | | | | | | | |
Basic | 362.5 | | | 359.6 | | | 361.8 | | | 358.5 | |
Diluted | 363.4 | | | 364.0 | | | 363.7 | | | 358.5 | |
| | | | | | | |
The accompanying notes are an integral part of these consolidated financial statements.
BAUSCH HEALTH COMPANIES INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
Net income (loss) | $ | 403 | | | $ | 191 | | | $ | 198 | | | $ | (1,009) | |
Other comprehensive loss | | | | | | | |
Foreign currency translation adjustment | (243) | | | (80) | | | (465) | | | (128) | |
Pension and postretirement benefit plan adjustments, net of income taxes | (1) | | | (1) | | | 6 | | | (1) | |
Other comprehensive loss | (244) | | | (81) | | | (459) | | | (129) | |
Comprehensive income (loss) | 159 | | | 110 | | | (261) | | | (1,138) | |
Comprehensive income attributable to noncontrolling interest | (23) | | | (3) | | | (32) | | | (9) | |
Comprehensive income (loss) attributable to Bausch Health Companies Inc. | $ | 136 | | | $ | 107 | | | $ | (293) | | | $ | (1,147) | |
The accompanying notes are an integral part of these consolidated financial statements.
BAUSCH HEALTH COMPANIES INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT)
(in millions)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Bausch Health Companies Inc. Shareholders’ Equity (Deficit) | | | | |
| | Common Shares | | Additional Paid-In Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Loss | | Bausch Health Companies Inc. Shareholders’ Deficit | | Non- controlling Interest | | Total Equity (Deficit) |
| | Shares | | Amount | | | | |
| | Three Months Ended September 30, 2022 |
Balances, July 1, 2022 | | 361.6 | | | $ | 10,380 | | | $ | 104 | | | $ | (9,175) | | | $ | (2,002) | | | $ | (693) | | | $ | 946 | | | $ | 253 | |
| | | | | | | | | | | | | | | | |
Common shares issued under share-based compensation plans | | 0.2 | | | 7 | | | (7) | | | — | | | — | | | — | | | — | | | — | |
Share-based compensation | | — | | | — | | | 33 | | | — | | | — | | | 33 | | | — | | | 33 | |
Employee withholding taxes related to share-based awards | | — | | | — | | | (1) | | | — | | | — | | | (1) | | | — | | | (1) | |
| | | | | | | | | | | | | | | | |
Noncontrolling interest distributions | | — | | | — | | | — | | | — | | | — | | | — | | | (11) | | | (11) | |
| | | | | | | | | | | | | | | | |
Net income | | — | | | — | | | — | | | 399 | | | — | | | 399 | | | 4 | | | 403 | |
Other comprehensive (loss) income | | — | | | — | | | — | | | — | | | (263) | | | (263) | | | 19 | | | (244) | |
Balances, September 30, 2022 | | 361.8 | | | $ | 10,387 | | | $ | 129 | | | $ | (8,776) | | | $ | (2,265) | | | $ | (525) | | | $ | 958 | | | $ | 433 | |
| | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2021 |
Balances, July 1, 2021 | | 358.7 | | | $ | 10,300 | | | $ | 413 | | | $ | (9,218) | | | $ | (2,182) | | | $ | (687) | | | $ | 76 | | | $ | (611) | |
Common shares issued under share-based compensation plans | | 0.5 | | | 12 | | | (6) | | | — | | | — | | | 6 | | | — | | | 6 | |
Share-based compensation | | — | | | — | | | 33 | | | — | | | — | | | 33 | | | — | | | 33 | |
Employee withholding taxes related to share-based awards | | — | | | — | | | (3) | | | — | | | — | | | (3) | | | — | | | (3) | |
Release of foreign currency translation losses upon disposal of assets held for sale | | — | | | — | | | — | | | — | | | 340 | | | 340 | | | — | | | 340 | |
Noncontrolling interest distributions | | — | | | — | | | — | | | — | | | — | | | — | | | (10) | | | (10) | |
Net income | | — | | | — | | | — | | | 188 | | | — | | | 188 | | | 3 | | | 191 | |
Other comprehensive loss | | — | | | — | | | — | | | — | | | (81) | | | (81) | | | — | | | (81) | |
Balances, September 30, 2021 | | 359.2 | | | $ | 10,312 | | | $ | 437 | | | $ | (9,030) | | | $ | (1,923) | | | $ | (204) | | | $ | 69 | | | $ | (135) | |
| | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2022 |
Balances, January 1, 2022 | | 359.4 | | | $ | 10,317 | | | $ | 462 | | | $ | (8,961) | | | $ | (1,924) | | | $ | (106) | | | $ | 72 | | | $ | (34) | |
Proceeds from B+L initial public offering, net of costs (Note 2) | | — | | | — | | | (327) | | | | | 137 | | | (190) | | | 865 | | | 675 | |
Common shares issued under share-based compensation plans | | 2.4 | | | 70 | | | (67) | | | — | | | — | | | 3 | | | — | | | 3 | |
Share-based compensation | | — | | | — | | | 91 | | | — | | | — | | | 91 | | | — | | | 91 | |
Employee withholding taxes related to share-based awards | | — | | | — | | | (30) | | | — | | | — | | | (30) | | | — | | | (30) | |
Noncontrolling interest distributions | | — | | | — | | | — | | | — | | | — | | | — | | | (11) | | | (11) | |
Net income | | — | | | — | | | — | | | 185 | | | — | | | 185 | | | 13 | | | 198 | |
Other comprehensive (loss) income | | — | | | — | | | — | | | — | | | (478) | | | (478) | | | 19 | | | (459) | |
Balances, September 30, 2022 | | 361.8 | | | $ | 10,387 | | | $ | 129 | | | $ | (8,776) | | | $ | (2,265) | | | $ | (525) | | | $ | 958 | | | $ | 433 | |
| | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2021 |
Balances, January 1, 2021 | | 355.4 | | | $ | 10,227 | | | $ | 454 | | | $ | (8,013) | | | $ | (2,133) | | | $ | 535 | | | $ | 70 | | | $ | 605 | |
Common shares issued under share-based compensation plans | | 3.8 | | | 85 | | | (64) | | | — | | | — | | | 21 | | | — | | | 21 | |
Share-based compensation | | — | | | — | | | 95 | | | — | | | — | | | 95 | | | — | | | 95 | |
Employee withholding taxes related to share-based awards | | — | | | — | | | (48) | | | — | | | — | | | (48) | | | — | | | (48) | |
Release of foreign currency translation losses upon disposal of assets held for sale | | — | | | — | | | — | | | — | | | 340 | | | 340 | | | | | 340 | |
Noncontrolling interest distributions | | — | | | — | | | — | | | — | | | — | | | — | | | (10) | | | (10) | |
Net (loss) income | | — | | | — | | | — | | | (1,017) | | | — | | | (1,017) | | | 8 | | | (1,009) | |
Other comprehensive (loss) income | | — | | | — | | | — | | | — | | | (130) | | | (130) | | | 1 | | | (129) | |
Balances, September 30, 2021 | | 359.2 | | | $ | 10,312 | | | $ | 437 | | | $ | (9,030) | | | $ | (1,923) | | | $ | (204) | | | $ | 69 | | | $ | (135) | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these consolidated financial statements.
BAUSCH HEALTH COMPANIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2022 | | 2021 |
Cash Flows From Operating Activities | | | |
Net income (loss) | $ | 198 | | | $ | (1,009) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | |
Depreciation and amortization of intangible assets | 1,034 | | | 1,189 | |
Amortization and write-off of debt premiums, discounts and issuance costs | 86 | | | 42 | |
Asset impairments, including loss on assets held for sale | 15 | | | 213 | |
Goodwill impairments | 202 | | | 469 | |
Acquisition-related contingent consideration | 2 | | | 8 | |
Allowances for losses on trade receivable and inventories | 36 | | | 51 | |
Deferred income taxes | (195) | | | (137) | |
Net gain on sale of assets | (3) | | | (2) | |
Adjustments to accrued legal settlements | 7 | | | 534 | |
Payments of accrued legal settlements | (1,572) | | | (144) | |
Share-based compensation | 91 | | | 95 | |
Foreign exchange (gain) loss | (1) | | | 8 | |
Gain excluded from hedge effectiveness | (3) | | | (17) | |
(Gain) loss on extinguishment of debt | (683) | | | 62 | |
Third party fees paid in connection with the Exchange Offer | (31) | | | — | |
Payments of contingent consideration adjustments, including accretion | (1) | | | (16) | |
Other | (11) | | | (33) | |
Changes in operating assets and liabilities: | | | |
Trade receivables | (26) | | | (177) | |
Inventories | (194) | | | (62) | |
Prepaid expenses and other current assets | (32) | | | |