Bausch Investors Initially Pessimistic Following B+L Spinout

Following several years of preparation and build-up of anticipation, the Bausch Health Companies Inc. split went into effect on 10 May, with the closing of a $630m initial public offering for Bausch + Lomb Inc., effectively separating the eye care unit from the rest of the business. Bausch executives have pledged that the spinout of B+L will unlock the eye care business’s value and provide funding to pay down Bausch Health’s considerable debt, dating back to its hectic deal-making days as Valeant.

Bausch Health, which now will be led by incoming CEO Thomas Appio as his predecessor Joseph Papa moves over to B+L, also presented its first quarter 2022 sales and earnings on 10 May, reporting revenue of nearly $1.92bn, a 5% decrease from Q1 2021. Appio maintained, however, that revenues were flat year-over-year when factoring in the negative impact of foreign exchange and revenues lost in the March 2021 sale of Amoun Pharmaceutical Company S.A.E.to an Abu Dhabi-based holding company