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Bausch Health Companies Inc. (BHC)

NYSE - NYSE Delayed Price. Currency in USD
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6.36+0.08 (+1.27%)
At close: 04:00PM EDT
6.37 +0.01 (+0.16%)
After hours: 07:13PM EDT
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  • D
    DrMRReddy
    BHC chairman bought BHC shares and increased his stake by 2.4% in BHC
    Bullish
  • M
    Mapu
    this is a summary of two most likely scenarios for 12/31/2025:

    A. BHC $12.50 and BLCO $24.30 (this assumes BHC shareholders received their 0.8 BLCO distribution)

    B. BHC $1.75 and BLCO $6.35 (this assumes BLCO shares of BHC were assigned to the Senior lenders, BHC defaulted on multiple loans and BLCO is occupied in litigation with BHC lenders)

    I think the likelihood of achieving A is currently at 25-32% and the more likely outcome is version B. Will update as after both BLCO and BHC report 3Q and we get additional updates on the patent and tax litigation of BHC.

    Good luck.
  • A
    Albert
    If you look at BHC's Cash Flow Statement, you will see that 'legal settlement payments' and 'extinguishment of debt' accounted for $300M. The working capital changes were roughly "breakeven" vis-a-vis 2022. BHC also paid off a much larger amount of trade payables this quarter ($300M more).

    It seems as if the business is generating $1.0B of operating cash flow, post interest payments, per annum. They can meet 2025 debt service, but cannot deal with a loss to the IRS or regarding Vasco.

    The main problem is 2027. The IRS is not going to bankrupt a solvent Canadian company. The onus is on the IRS to prove their case, and BHC seems highly confident that they will win the case.

    BHC also benefits from a $4.6B of equity support from BLCO, which would eliminate 2027 debt-service when coupled with 2025, 2026 and 2027 operating cash flow.

    It seems as if they can hold Norwich at bay for a couple of years. Not sure what Wall Street thinks about the IRS "case".

    By the time we reach 2027, interest rates will again be on a downward trajectory, which helps BHC.

    There are many risks, but it seems likely that BHC will meet its debt service obligations. If BHC emerges during January 2028 solvent, we will attain an outsized gain.
  • M
    Marc
    IV 45 - whats your opinion now on BHC paying their debt for thru 2026. Below is a summary from their most recent presentation. Seems to me that they have a lot of time to work this out....
    2022 = $63
    2023 = $125
    2024 = $125
    2025 = $3,375
    2026 = $1,625
  • r
    robby p
    Anyone know why it is surging today?
  • D
    Duke
    Partial Distributions of BLCO shs to BHC shareholders. Curious why BHC board doesn't do partial distribution of 80% BLCO shs slated to be distributed to BHC shareholders.
    ie, 20% dist (of 80%) BLCO shs to BHC shareholders mid-September, after IPO lockup expires,
    then 10% (of 80%), then 70% (of 80%), to minimize volatility to BHC pps & retain interest owning BHC shs.
    If Icahn Groupies can be installed on BLCO board PRIOR to BLCO dist vs. POST BLCO dist, CONTRARY to IPO Agreement, IPO Agreement is fungible. BHC would retain over 50% "ownership" of BLCO til after 3rd tranche of BLCO shs are returned to BHC shareholders-who owned BLCO w/out all these hurdles prior to BLCO IPO.
    Bullish
  • p
    pedro
    I bought weekly $5.50 puts early this week to hedge against a bad ER. I spent $13k on them, about all the money I had available to use for investments. The puts, of course, expired worthless. Now, I’m still long 33k shares of BHC and I am not sure if this will ever get back to my cost basis (of $18), especially in light of the patent loss and the recent junk status rating of its debt. In fact, there’s a good chance I’ll lose everything. But, do @BZ and @Anonymous think there is a chance this could fill the gap up to $8/$9 prior to year end?
  • A
    Anonymous
    Fitch Ratings - Chicago - 03 Aug 2022: Fitch Ratings has downgraded Bausch Health Companies Inc.'s (BHC) and Bausch Health Americas Inc.'s (BHA) Issuer Default Ratings (IDRs) to 'B-' from 'B' and the secured debt ratings to 'BB-'/'RR1' from 'BB'/'RR1'. In addition, Fitch has downgraded BHC's and BHA's unsecured debt ratings to 'B-'/'RR4' from 'B'/'RR4'. All issuer and instrument ratings have been placed on Rating Watch Negative, reflecting the potential for additional downgrades.
  • W
    Wasabi
    Any chance the stock go Bankruptcy ? It looks so cheap 🤷‍♂️
  • D
    Dan
    The market is completely ignoring the fact that BHC paid down almost 1/2 billion in debt this quarter, thanks to favorable market conditions in the bond market. If BHC can continue to extinguish debt at a huge discount to par, then they can pay down another 1.5 billion in debt pretty easily by this time next year.
  • S
    SmithR
    wow bhc said they have numerous other patents that they can file fresh new patent lawsuit against Norwich. this could stretch out any entry of a xifaxin generic beyond 2026.
  • J
    Jeffrey
    BHC will finally touch a TINY $6 today (8/11).
  • j
    jan
    If people are Selling on these Numbers , they must be crazy , but it proofs nobody likes this Stock / IR and management are really in bad standing / have given anything good to the market
    But Numbers are in Line / and Stock have lost 80 % last month and still hammering Down 10/15 % today
    What are people thinking that works with BHC ??
    Iam buying
  • D
    Duke
    To date, Norwich has not received tentative or final approval of its ANDA from the FDA. Unless and until FDA approves a revised Norwich ANDA that omits the XIFAXAN HE indication, and any injunction issued by the Court is modified, Norwich is not permitted to launch a generic equivalent of XIFAXIN.
    Norwich is not permitted to launch a generic equivalent of XIFAXIN. <<
    Bullish
  • J
    Jeffrey
    John Paulson should just put ALL of BHC (including BHC's 90% ownership of BLCO) up for sale for $7 to first buyer.
  • j
    joe
    This looks better than I anticipated. I think we go up today but what do I know.
  • M
    Marc
    Stifel Analyst as of 8/9/22

    Stifel analyst Annabel Samimy lowered the price target on Bausch Health Companies (NYSE: BHC) to $15.00 (from $40.00) while maintaining a Buy rating.
  • D
    Duke
    John Paulson, member of BLCO Board and chair of Board of Directors of Bausch Health: "Bausch Health and Bausch + Lomb remain committed to the spinoff of the Company from Bausch Health, which is currently anticipated to occur in 2023, following both the expiry of customary lock-ups related to the Company's IPO and achievement of Bausch Health's target leverage ratio, subject to market conditions and receipt of applicable shareholder and other necessary approvals and other factors."
    Bullish
  • j
    jan
    Lets see what happens tomorrow
    Bullish
  • j
    jan
    People are eager to talk the Stock Down / but nothing have really changed the past 3 month ( yes the us dollar is stronger / thats why sale in US dollar was Down 5 %)
    If you believe Paulsen and icahn Will work in order to save their money and the Company jump in / you Will never hit the bottom , but if you Think the Company Will survive in 2/3 years we are much higher than this level
    Maybe it Will hit 3-4 before ( idont Think so ) , here you pay a quarter for a dollar
    We Will hit much higher levels
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