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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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)
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)

(514744-6792
(Registrant’s telephone number, including area code)
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, No Par ValueBHCNew 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.
Large accelerated filer
Accelerated filer Non-accelerated filerSmaller reporting companyEmerging 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
Part I.
Financial Information
Item 1.
Item 2.
Item 3.
Item 4.
Part II.
Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
i


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.
ii


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, net1,739 1,775 
Inventories, net1,056 993 
Prepaid expenses and other current assets718 720 
Total current assets4,010 5,607 
Property, plant and equipment, net1,507 1,598 
Intangible assets, net6,024 6,948 
Goodwill12,044 12,457 
Deferred tax assets, net2,372 2,252 
Other non-current assets341 340 
Total assets$26,298 $29,202 
Liabilities
Current liabilities:
Accounts payable$486 $407 
Accrued and other current liabilities2,934 4,791 
Current portion of long-term debt411  
Total current liabilities3,831 5,198 
Acquisition-related contingent consideration189 202 
Non-current portion of long-term debt20,804 22,654 
Deferred tax liabilities, net422 529 
Other non-current liabilities619 653 
Total liabilities25,865 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 capital129 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 interest958 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.

1


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,
2022202120222021
Revenues
Product sales$2,026 $2,088 $5,871 $6,167 
Other revenues20 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 revenues6 8 21 26 
Selling, general and administrative661 653 1,959 1,944 
Research and development
133 121 387 348 
Amortization of intangible assets290 338 902 1,055 
Goodwill impairments119  202 469 
Asset impairments, including loss on assets held for sale1 18 15 213 
Restructuring, integration, separation and IPO costs10 8 58 29 
Other expense (income), net4 (183)6 329 
1,802 1,537 5,241 6,155 
Operating income244 574 690 83 
Interest income3 2 8 6 
Interest expense(385)(351)(1,157)(1,083)
Gain (loss) on extinguishment of debt570 (12)683 (62)
Foreign exchange and other7 3 4 11 
Income (loss) before income taxes439 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
  Basic362.5 359.6 361.8 358.5 
  Diluted363.4 364.0 363.7 358.5 
The accompanying notes are an integral part of these consolidated financial statements.

2


BAUSCH HEALTH COMPANIES INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
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.

3


BAUSCH HEALTH COMPANIES INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT)
(in millions)
(Unaudited)
 Bausch Health Companies Inc. Shareholders’ Equity (Deficit)  
 Common SharesAdditional
Paid-In
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Bausch Health
Companies Inc.
Shareholders’
Deficit
Non-
controlling
Interest
Total
Equity
(Deficit)
SharesAmount
Three Months Ended September 30, 2022
Balances, July 1, 2022361.6 $10,380 $104 $(9,175)$(2,002)$(693)$946 $253 
Common shares issued under share-based compensation plans0.2 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, 2022361.8 $10,387 $129 $(8,776)$(2,265)$(525)$958 $433 
Three Months Ended September 30, 2021
Balances, July 1, 2021358.7 $10,300 $413 $(9,218)$(2,182)$(687)$76 $(611)
Common shares issued under share-based compensation plans0.5 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, 2021359.2 $10,312 $437 $(9,030)$(1,923)$(204)$69 $(135)
Nine Months Ended September 30, 2022
Balances, January 1, 2022359.4 $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 plans2.4 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, 2022361.8 $10,387 $129 $(8,776)$(2,265)$(525)$958 $433 
Nine Months Ended September 30, 2021
Balances, January 1, 2021355.4 $10,227 $454 $(8,013)$(2,133)$535 $70 $605 
Common shares issued under share-based compensation plans3.8 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, 2021359.2 $10,312 $437 $(9,030)$(1,923)$(204)$69 $(135)
The accompanying notes are an integral part of these consolidated financial statements.

4


BAUSCH HEALTH COMPANIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
Nine Months Ended
September 30,
20222021
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 assets1,034 1,189 
Amortization and write-off of debt premiums, discounts and issuance costs86 42 
Asset impairments, including loss on assets held for sale15 213 
Goodwill impairments202 469 
Acquisition-related contingent consideration2 8 
Allowances for losses on trade receivable and inventories36 51 
Deferred income taxes(195)(137)
Net gain on sale of assets(3)(2)
Adjustments to accrued legal settlements7 534 
Payments of accrued legal settlements(1,572)(144)
Share-based compensation91 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)