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Bausch Health’s 12-Quarter Streak: Hidden Strength Or Xifaxan Risk Ahead?

Bausch Health reported a first quarter 2026 performance that continued its trend of consistent year-over-year growth, marking its 12th consecutive quarter of revenue and adjusted EBITDA increases for the company excluding its Bausch & Lomb segment. Total revenue for Bausch Health, excluding Bausch & Lomb, grew 14% reported (9% organic) to $1.28 billion, with adjusted EBITDA increasing 17% to $673 million. This growth was primarily driven by strong performance in its Salix and Solta Medical divisions. Salix benefited from the sustained high demand for Xifaxan in both IBS-D and OHE indications, aided by favorable payer channel optimizations and prescription trends. Solta Medical saw particularly robust growth, with revenues up 51% reported (19% organic), largely propelled by the integration of its Shibo distribution acquisition in China and solid demand in other international markets such as South Korea, the U.S., Europe, and Canada.