Bausch Health Weighs China Aesthetics Push Against ARESTIN Milestone And Debt

Simply Wall St

Mon, February 23, 2026 at 8:12 AM GMT+9 4 min read

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Bausch Health Companies (NYSE:BHC) agreed to acquire Shibo's aesthetics distribution business in China, expanding its presence in that market.

The company marked the 25th anniversary of its ARESTIN® product, highlighting its long-running role in the portfolio.

ARESTIN® has been introduced into additional markets, including Canada and Puerto Rico, alongside adjustments to Bausch Health's capital structure.

Bausch Health Companies, listed as NYSE:BHC, operates across eye health, gastroenterology, and dermatology, and it also offers aesthetics and dental products as part of its broader healthcare portfolio. The move to acquire Shibo’s aesthetics distribution business gives the company a wider commercial reach in China, where demand for medical aesthetics has drawn attention from global healthcare players.

For you as an investor, the combination of a long-standing product such as ARESTIN® and expansion into new geographies provides additional context beyond quarterly headlines. These updates, together with capital structure adjustments, can be used to evaluate how NYSE:BHC is positioning its product mix and geographic footprint over time, rather than focusing only on short term earnings commentary.

Stay updated on the most important news stories for Bausch Health Companies by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Bausch Health Companies.

NYSE:BHC Earnings & Revenue Growth as at Feb 2026

4 things going right for Bausch Health Companies that this headline doesn’t cover.

The Shibo acquisition and ARESTIN® milestone sit alongside Bausch Health Companies’ recent earnings as part of a broader effort to refine its portfolio and geographic reach. Shibo gives Bausch a ready-made aesthetics distribution platform in China, which could matter for how its Solta and other aesthetics brands stack up against larger peers such as AbbVie and Galderma in a competitive medical aesthetics market. At the same time, the 25 year track record for ARESTIN®, and its status as the only FDA approved locally applied antibiotic for its indication, helps anchor the dental segment with a product that has a clear regulatory position.

How This Fits Into The Bausch Health Companies Narrative

The Shibo acquisition and ARESTIN® expansion into Canada and Puerto Rico line up with the narrative around international growth and using acquisitions to broaden exposure to healthcare demand in more markets.

Reliance on deals such as Shibo and clinical assets like DURECT's larsucosterol, alongside goodwill impairment of US$145 million, ties back to the narrative risk that growth through acquisition can introduce execution and integration challenges.

The focus on aesthetics and dental antibiotics may not be fully reflected in narratives that emphasize gastroenterology and hepatology, so investors might want to factor in how these segments contribute to diversification away from key products such as Xifaxan.

 






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The Risks and Rewards Investors Should Consider

⚠️ The company reported a fourth quarter net loss of US$112 million and recorded US$145 million of goodwill impairment, which highlights that not all past deals have translated cleanly into earnings.

⚠️ Analysts have flagged high leverage and interest coverage as a key risk, so even with US$9.6b of refinancing and a US$1.7b debt exchange, interest costs remain an important factor for equity holders.

🎁 Full year 2025 revenue of US$10.27b compared to US$9.63b the prior year, along with 11 consecutive quarters of revenue and adjusted EBITDA growth, indicates that the existing portfolio is supporting consistent top line progress.

🎁 Expansion in China through Shibo and broader access for ARESTIN® in Canada and Puerto Rico add more country and product diversity, which can help reduce dependence on any single therapy area over time.

What To Watch Going Forward

From here, you might want to track how quickly Shibo is integrated and whether Bausch discloses any revenue contribution from the Chinese aesthetics channel over the next few reporting periods. It is also worth watching how ARESTIN® performs in new markets and whether management continues to lean into business-development deals after the recent debt refinancing and goodwill impairment. On the financial side, keep an eye on the balance between revenue growth, earnings quality after one off items, and any updates on potential monetization of the Bausch + Lomb stake, since those decisions could influence future capital structure and flexibility.

To ensure you are always in the loop on how the latest news impacts the investment narrative for Bausch Health Companies, head to the community page for Bausch Health Companies to stay up to date on the top community narratives.

_ This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned._

Companies discussed in this article include BHC.

Have feedback on this article? Concerned about the content? Get in touch with us directly._ Alternatively, email editorial-team@simplywallst.com_

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