Ticker: $BHC 💊 
Price: $7.17 (+2.43% as of Aug-13-2025, 4:10 PM ET)

🚀 Breakout Update (Aug 2025)

1) Paulson at it again.
John Paulson — yes, that John Paulson of “Big Short” fame — just added another 3.24M shares of Bausch Health at $6.56, worth a cool $21.3M. His total ownership is now over 36M shares, up 10%. When Paulson keeps loading up, you take notice.

2) Stock up 30% since last month.
That’s right — since our original piece in June, BHC has rallied 30%. From a contrarian “fallen angel” to a rising phoenix? Maybe.

3) Q2 2025 Results: Recovery on Track.

• Revenue: $2.53B (+5% YoY)

• GAAP Net Income: $148M (big improvement from prior losses)

• Adj. EBITDA: $842M (+6% YoY)

• Ex-Bausch + Lomb: 9th straight quarter of growth

• Debt: ~$900M repayment coming, using cash on hand

• M&A: Acquiring DURECT Corp., bringing in late-stage treatment for alcohol-induced hepatitis

The recovery story is intact, fundamentals are improving, and the technicals suggest BHC may have completed a multi-year (triple) bottom. Add in Paulson, Icahn, and GoldenTree on board, and you’ve got one heck of a turnaround cocktail. 🍸

👉 Original June article below for the full background:

Ticker: BHC 💊 
Price: $5.51 (+3.38%, as of Jun 12, 2025)
Trigger: 📌 Insider Buy — and not just any insider...

💰 Who’s Buying? The Big Short Legend Himself

John Paulson — hedge fund billionaire, Harvard MBA, and the guy who shorted the housing market and made $4 billion — just added 2.79 million shares of Bausch Health to his personal shopping cart.

🧾 Trade Date: June 10, 2025
💵 Buy Price: $5.27
📈 New Total Stake: 29.2M shares
💸 Cost of Entry: $14.7 million

Paulson knows a good discount when he sees one. So… should retail investors follow?

🧠 Paulson’s Portfolio Priorities (Before This Buy)

Top 5 Holdings in Paulson & Co’s Portfolio:

Yup — Bausch is still deep in the red for him. But he added anyway. That’s conviction. Or something.

🔍 For full Institutional Ownership breakdown, see here.

🏛️ Smart Money Check-In

You’re not alone if you’re curious. Bausch Health is stacked with heavyweight investors:

• 🧔 Carl Icahn — 34.7M shares (9.4%)

• 💰 GoldenTree Asset Mgmt — 30.2M shares

• 💸 Paulson & Co — 29.2M shares

• 🧳 Nomura — 23.4M shares

• 🏥 Ontario Pension Plan — 13M shares

• 🏦 Vanguard — 11.75M shares

Big names, big stakes. But what’s so special about this company?

👁️ So What Does Bausch Do?

Bausch Health develops and sells treatments for:

• Stomach and liver stuff 🍽️

• Mental health and neurology 🧠

• Skin and smiles 🧴🦷

• Eyes (via its Bausch + Lomb stake) 👁️

• Beauty (Solta Medical 💉)

• Plus, some global pharma arms 🌍

It’s a diversified health and wellness cocktail. But how’s the mix performing?

📊 Q1 2025 Results: Mixed Bag, But Building Momentum

• Revenue: $2.26B (↑5% YoY)

• Adjusted EBITDA: $661M (flat)

• Net Loss: $58M (yikes)

• ✅ Ex-Bausch + Lomb: 8th straight quarter of revenue and EBITDA growth

• 🔄 Completed $7.9B refinancing

• ⚖️ Legal win vs FDA

• 🎯 Reaffirmed 2025 guidance

The non-GAAP picture looks... not awful.

🔁 2024 Full-Year Recap: The Recovery Continues

• Revenue: $9.63B (↑10%)

• Adjusted EBITDA: $3.31B (↑10%)

• Net Income: $93M (Q4); Loss of $46M for full year

• ✅ All segments grew

• 💊 Solta sales ↑33% organically YoY

• 🧠 Aplenzin (depression treatment) shows promise

• 💡 Q4 profit was a hopeful sign

👉 Want the full picture? Dive into Bausch Health’s financials here.

📉 But Let’s Talk Risks

• ⚠️ Still not consistently profitable

• 📉 Stock is down 98% (!) from its $263 ATH (2015)

• 💼 Bill Ackman got burned — and bailed

• 🏋️♂️ Debt remains hefty despite recent refinancing

• ⚖️ Regulatory pressure, pricing risks, and macro jitters remain

Interested in another investment idea?
Check our take on UnitedHealth Group.

📈 Why Paulson Might Be Right This Time

1. Revenue growth across segments

2. Solta’s 33% jump is no joke

3. Recent profitability hints at a turning tide

4. Shares are cheap: Forward P/E = 1.52 | Price/Sales = 0.21 (whoa!)

5. 🧠 Smart money says yes (Paulson, Icahn, Tananbaum)

🤔 Final Take: Contrarian or Catastrophe?

Is BHC a screaming buy or a mirage in a lab coat?
We don’t know. But if you like turnarounds, drama, and billionaire shadowing, Bausch Health might just be your next guilty pleasure.

Just... don’t go all-in like it’s 2015. 
Or perhaps do - your call!

🧴 Disclaimer

We might not be doctors, but we’ve definitely used eye drops.
This is not financial advice — just a spicy look at the markets.
💥 Invest at your own risk. And maybe keep a Band-Aid handy.

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