Bausch Health is a specialty pharmaceutical and medical device company with two major pillars: a diversified pharmaceutical business spanning GI, dermatology, neurology, and aesthetics; and an approximately 88%-owned eye health subsidiary, Bausch + Lomb, which trades independently on the NYSE and TSX. The cornerstone of Bausch Health's non-B+L business is Xifaxan (rifaximin), a branded antibiotic approved for IBS-D and overt hepatic encephalopathy (OHE), which generated over $2.2B in revenue in FY25 and represents roughly 85% of the Salix segment. Bausch Health sells branded drugs at net prices (list price minus rebates and discounts to payers and PBMs), with adjusted gross margins around 70–72%. Xifaxan faces two near-term headwinds: IRA-mandated Medicare price negotiations effective January 2027, and generic entry beginning January 2028. The Solta Medical segment sells aesthetic devices — primarily the Thermage radiofrequency skin-tightening platform — to clinics and dermatologists, predominantly in Asia Pacific. Solta uses a capital-equipment-plus-consumables model, where recurring consumable sales grow alongside the installed base. Bausch + Lomb sells contact lenses, cataract surgical platforms, ophthalmic pharmaceuticals, and OTC eye care products globally. Bausch Health carries roughly $16B in gross debt and directs operating cash flow primarily to deleveraging, with a planned monetization of its B+L stake as the primary path to further debt reduction.