Bausch Health

Bausch Health Companies Inc. is a Canadian multinational pharmaceutical company headquartered in Laval, Quebec, with a U.S. headquarters in Bridgewater, New Jersey. The business develops, manufactures and markets branded prescription medicines, generic medicines, over-the-counter products, medical devices and other healthcare products. Its principal areas include gastroenterology and hepatology, dermatology, ophthalmology and contact lenses, neuroscience, dentistry, medical aesthetics and international pharmaceuticals. Products are sold directly or through partners in more than 90 countries and regions. The company traces its corporate history to ICN Pharmaceuticals, founded by Milan Panić in 1959. ICN built a portfolio through internal development and acquisitions, and became particularly associated with ribavirin, an antiviral medicine used in hepatitis C treatment. After Panić left in 2002, ICN adopted the Valeant Pharmaceuticals name in 2003. Valeant later merged with Biovail in 2010, retaining the Valeant name and becoming a Canadian-incorporated company. Under chief executive J. Michael Pearson, Valeant pursued an acquisition-led growth model. Important transactions included the purchase of dermatology, ophthalmology, gastrointestinal and international pharmaceutical businesses, most notably Bausch & Lomb in 2013 and Salix Pharmaceuticals in 2015. The strategy expanded the company’s product portfolio and scale, but its debt burden, price increases on certain acquired medicines, distribution arrangements involving Philidor Rx Services, and accounting disclosures generated intense regulatory, political and investor scrutiny in 2015 and 2016. The company’s share price subsequently declined sharply, Pearson departed, and Joseph Papa became chief executive in 2016. Papa’s turnaround program emphasized divestitures, debt reduction, portfolio simplification and organic growth. The company sold or returned several businesses, including skincare assets, Dendreon, iNova, Obagi and Sprout. In July 2018, Valeant changed its corporate name to Bausch Health Companies Inc., while Bausch + Lomb remained a major operating division and consumer-facing brand. The company later continued to focus on specialty pharmaceuticals and eye health, including Xifaxan, dermatology therapies, gastrointestinal products, oral-health offerings and ophthalmic devices. Thomas J. Appio became chief executive in 2022. Bausch Health remains a publicly traded company, although its corporate portfolio and strategic direction continue to be shaped by debt management, litigation, product development and the separation or valuation of major business units.

Bausch Health’s history begins with ICN Pharmaceuticals, established by Milan Panić in 1959. ICN initially grew by acquiring specialized pharmaceutical assets and developing products including ribavirin, which became an important antiviral treatment associated with hepatitis C care. In 1994, ICN combined with SPI Pharmaceuticals, Viratek and ICN Biomedicals. Panić left the company in 2002, and the organization adopted the Valeant Pharmaceuticals name in 2003. The Valeant period initially involved geographic expansion and acquisitions across dermatology, generics, over-the-counter medicines and specialty pharmaceuticals. The company acquired or developed products such as Cesamet and expanded through transactions involving Coria Laboratories, DermaTech, Dow Pharmaceutical Sciences, Tecnofarma, Laboratoire Dr. Renaud, Aton Pharmaceuticals and other businesses. In 2010, Valeant merged with Biovail. J. Michael Pearson became chief executive, and the combined company was incorporated in Canada. From 2011 through 2015, Pearson directed an aggressive acquisition program. Valeant bought PharmaSwiss, Ortho Dermatologics, Sanitas, iNova, Dermik, Medicis, Obagi, Solta Medical, PreCision Dermatology and other assets. Its largest strategic transactions included the 2013 acquisition of Bausch & Lomb, which established a substantial eye-health platform, and the 2015 purchase of Salix Pharmaceuticals, which strengthened gastrointestinal and hepatology operations. Other notable moves included the attempted expansion into women’s health through Sprout Pharmaceuticals and the purchase of Amoun Pharmaceutical in Egypt. The acquisition model was accompanied by substantial leverage and scrutiny of post-acquisition pricing. In 2015, criticism intensified after reports concerning steep price increases for certain medicines, including Nitropress, Isuprel and Glumetza. Separately, short-seller allegations about Valeant’s relationship with Philidor Rx Services raised questions about distribution practices, sales recording and the presentation of revenue. Valeant denied that the allegations were accurate, but announced that it would end the Philidor relationship. U.S. congressional committees, prosecutors, securities regulators and other authorities sought information about pricing, distribution, accounting and patient assistance programs. The Federal Trade Commission also challenged aspects of Valeant’s control of the rigid gas-permeable contact-lens supply chain. The resulting loss of investor confidence led to a major leadership transition. In 2016, Joseph Papa replaced Pearson and began a restructuring program based on selling non-core businesses, paying down debt, resolving litigation and rebuilding organic growth. Divestitures included skincare brands sold to L’Oréal, Dendreon, iNova, Obagi and Sprout. By 2018, management reported meaningful debt reduction and a return to profitability. That year, the corporate name changed from Valeant to Bausch Health Companies Inc. The post-2018 company continued to operate through specialized businesses, particularly Bausch + Lomb, Salix, dermatology and OraPharma. Legal and regulatory matters remained part of the company’s history. In 2019, Bausch Health agreed to resolve a shareholder class action concerning alleged misleading statements, without admitting wrongdoing. In 2020, the SEC announced a settlement concerning revenue recognition and disclosures, involving a corporate penalty and payments by former executives. In gastrointestinal medicine, continuing patent litigation concerning Xifaxan supported the company’s efforts to protect the product from generic competition. Thomas J. Appio became chief executive in 2022, and the company subsequently continued product development, international commercialization and disease-awareness initiatives.

1. 2022Thomas J. Appio becomes CEO

   Appio succeeds Joseph Papa as chief executive.

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2. 2020SEC settlement

   Bausch Health agrees to resolve SEC charges concerning revenue recognition and disclosures.

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3. 2018Valeant becomes Bausch Health

   The corporate name changes to Bausch Health Companies Inc.

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4. 2016Turnaround leadership begins

   Joseph Papa replaces J. Michael Pearson as chief executive and begins a divestiture and debt-reduction program.

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5. 2015Salix Pharmaceuticals is acquired

   Valeant completes the acquisition of Salix, strengthening gastrointestinal and hepatology operations.

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6. 2013Bausch & Lomb is acquired

   Valeant purchases Bausch & Lomb, substantially expanding its ophthalmology and eye-care platform.

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7. 2010Valeant merges with Biovail

   The merger creates a Canadian-incorporated pharmaceutical company retaining the Valeant name.

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8. 2003ICN adopts the Valeant name

   The company rebrands as Valeant Pharmaceuticals.

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9. 1994ICN combines with related pharmaceutical companies

   ICN merges with SPI Pharmaceuticals, Viratek and ICN Biomedicals.

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10. 1959ICN Pharmaceuticals is founded

    Milan Panić establishes ICN Pharmaceuticals, the corporate predecessor of Bausch Health.

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A diversified specialty pharmaceutical and healthcare company focused on durable branded products, complex therapies, eye health and selected high-growth therapeutic categories.

• XifaxanGastroenterology and hepatology

  A rifaximin-based gastrointestinal medicine marketed by the company’s Salix business. It is used for specified gastrointestinal indications, including reducing the risk of recurrence of overt hepatic encephalopathy and treating certain forms of travelers’ diarrhea and irritable bowel syndrome with diarrhea, subject to applicable regulatory labeling.

• JubliaDermatology2014

  A topical dermatology product containing efinaconazole and used for fungal nail infection. It is part of Bausch Health’s branded dermatology portfolio and is marketed in jurisdictions where approved.

• Bausch + LombEye health

  A major operating and commercial platform covering contact lenses, lens-care products, ophthalmic medicines, surgical products and other eye-health solutions. Bausch Health acquired Bausch & Lomb in 2013, making the business one of the company’s central franchises.

• CABTREODermatology2023

  A triple-combination topical prescription treatment for acne vulgaris. The product combines established dermatology ingredients in a single formulation and has been expanded into additional markets, including a Canadian launch reported in 2024.

• OraPharmaOral health2012

  A specialty oral-health business offering products and professional solutions associated with periodontal and dental care. OraPharma also conducts disease-awareness activity, including the Cover Your Bases gum-disease campaign launched with Alex Rodriguez.

• CesametNeuroscience and specialty pharmaceuticals2006

  A prescription medicine containing nabilone, a synthetic cannabinoid. Valeant received U.S. marketing approval in 2006 and acquired European rights during the same period.

• 2023Cover Your Bases

  United States

  OraPharma partnered with Alex Rodriguez on an awareness initiative designed to encourage discussion of gum disease and the importance of oral-health care.

  Outcome. Public disease-awareness campaign; specific commercial outcome not reported.

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• 2023Defend Xifaxan patent protectionOther

  Norwich Pharmaceuticals sought approval for a rifaximin generic, while Bausch Health argued that its Xifaxan patents remained enforceable for the relevant indication.

  What changed. Bausch Health pursued patent litigation and maintained the validity of the relevant Xifaxan protections.

  Aftermath. A federal ruling continued to block approval of the proposed generic for the specified use until October 2029.

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• 2018Rebrand from Valeant to Bausch HealthStrategy

  The company had undergone severe reputational damage and financial pressure during the Valeant period while owning the established Bausch & Lomb franchise.

  What changed. Management changed the corporate name to Bausch Health Companies Inc. and retained Bausch + Lomb as a major business and consumer brand.

  Aftermath. The rebrand marked the company’s repositioning as a diversified healthcare group, although litigation, debt and investor concerns continued.

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• 2016Launch a divestiture and debt-reduction programStrategy

  The acquisition-heavy strategy had left Valeant highly leveraged and exposed to litigation, pricing criticism and declining investor confidence.

  What changed. Under Joseph Papa, the company sold non-core businesses, pursued organic growth and reduced debt.

  Aftermath. The company reported renewed profitability and substantial debt reduction by early 2018, while simplifying its portfolio.

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• 2015End Philidor relationshipOther

  Public allegations questioned Philidor’s billing, distribution and relationship with Valeant’s revenue reporting.

  What changed. Valeant announced that it would terminate its relationship with Philidor, with Walgreens Boots Alliance taking over distribution for Valeant products.

  Aftermath. The controversy became part of wider investigations into the company’s commercial practices and disclosures.

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• 2020SEC revenue-recognition settlementControversy

  The SEC announced that Bausch Health agreed to pay a penalty to settle charges involving improper revenue recognition and misleading disclosures. Former executives also agreed to monetary settlements. The company did not admit wrongdoing in the settlement.

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• 2015Philidor distribution and accounting controversyControversy

  Allegations concerning Valeant’s relationship with Philidor Rx Services raised questions about revenue recognition, pharmacy operations, billing practices and the routing of customers toward Valeant products. Valeant rejected the allegations but ended the relationship and faced multiple investigations.

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• 2015Drug-pricing controversyControversy

  Valeant attracted political and regulatory criticism for substantial price increases affecting several acquired or licensed medicines, including Nitropress, Isuprel, Glumetza and flucytosine.

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• 2023OraPharma launches Cover Your Bases campaign

  The oral-health business partnered with Alex Rodriguez on a public awareness campaign about gum disease.

  Campaign
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• 2023Court upholds Xifaxan patent protection against a proposed generic

  A federal court ruling continued to block FDA approval of Norwich Pharmaceuticals’ proposed rifaximin generic for specified Xifaxan uses until 2029.

  LawsuitRegulation
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• 2022Thomas J. Appio becomes chief executive

  Thomas J. Appio replaced Joseph Papa as chief executive as the company continued managing its specialty-pharmaceutical portfolio and balance sheet.

  Leadership change
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• 2018Valeant adopts the Bausch Health name

  The company changed its corporate name from Valeant Pharmaceuticals International to Bausch Health Companies to emphasize its broader healthcare portfolio and distance the corporate identity from the Valeant-era crisis.

  Other
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• 2016Valeant appoints Joseph Papa as chief executive

  Joseph Papa was selected to replace J. Michael Pearson and lead a turnaround centered on divestitures, debt reduction and operational stabilization.

  Leadership change
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1. Bausch Health
2. SEC announces Bausch Health settlement
3. Bausch Health investor relations