Bausch Health Approves $50 Million Share Repurchase Program
Key Facts
Bausch Health’s board of directors approved a common share repurchase program for an aggregate amount of up to $50 million, according to the company’s statement issued on October 28, 2026. The company said the primary purpose is to manage the potential dilutive impact of future share-based employee compensation. The authorization sets a financial limit on purchases, but does not require the company to buy the full amount or a specified number of shares. The move comes alongside the company’s third-quarter results and an increase in its 2026 consolidated revenue outlook. The results announcement also showed year-over-year revenue growth and a reduction in net debt during the quarter, the company said.
Purchases may begin on November 3, 2026, and the program will end no later than November 3, 2027. The company intends to carry them out in the open market on the New York Stock Exchange and other published U.S. markets. However, its statement says it is not obligated to acquire any specified number of shares. It may suspend, amend or terminate the program at any time. The announcement therefore sets a possible execution period and purchase mechanism, while leaving the size and continuation of purchases to the company.
The company set a cap on the number of shares repurchased at no more than 5% of outstanding common shares. There were 374,266,716 shares outstanding as of October 23, 2026, the date the company used to calculate the percentage. This limit does not mean the company will buy the full amount; it said it is not obligated to purchase a specified number. All shares acquired under the program will be canceled. According to the statement, the program’s execution relies on the exemption set out in section 4.8(3) of Canada’s National Instrument NI 62-104, Take-Over Bids and Issuer Bids.
In the third quarter of 2026, consolidated revenue was $2.94 billion, up 10% on a reported basis and 8% organically from the same period in 2025. Net income attributable to the company under generally accepted accounting principles was $436 million, compared with $179 million in the third quarter of 2025. The chief executive said the company, excluding Bausch + Lomb, reduced net debt by more than $500 million during the quarter. The CEO attributed the reduction to what he described as strong cash generation. The company raised its 2026 consolidated revenue outlook to a range of $10.975 billion to $11.175 billion.
Third-quarter results follow consolidated revenue of $2.85 billion in the second quarter of 2026, up 13% on a reported basis from the second quarter of 2025. The chief executive said at the time that the company, excluding Bausch + Lomb, had recorded its thirteenth consecutive quarter of year-over-year growth in revenue and adjusted earnings before interest, taxes, depreciation and amortization. In its 2025 annual report, the company said refinancing $9.6 billion of debt during the year strengthened its financial flexibility, and its improved position enabled two strategic acquisitions. It recorded cash flows from operating activities of $1.40 billion in 2025, compared with $1.60 billion in 2024. This financial record places the new program alongside the company’s revenue, debt and cash-flow trajectory, without the repurchase statement linking those indicators to the authorization decision.
The company announced on October 6 that it would release its third-quarter results after the market close on October 28, 2026, and hold a live call at 5:00 p.m. Eastern Time to discuss them and provide a business update. BHC shares closed at $6.31 on October 27, according to EL7 data. In its repurchase announcement, the company did not specify a target number of shares or a confirmed purchase amount within the announced cap. The possibility of purchases beginning remains tied to the date set out in the statement, with the program ending no later than November 3, 2027. Any shares actually purchased will be canceled, under the program’s announced terms.