<ul>
<li>在 2025 年 11 月底，投资者约翰·保尔森增加了对 Bausch Health Companies 的持股 250 万股，使其总持股达到 73,255,869 股，成为其投资组合中的重要部分。</li>
<li>这位高知名度的并购套利投资者的大额投资引起了人们对 Bausch Health 在资产负债表修复和胃肠病学、肝病学及美容领域晚期管线的关注。</li>
<li>接下来，我们将探讨保尔森更大持股比例可能如何影响 Bausch Health 的投资叙事，特别是其减债和管线执行。</li>
</ul>
<p>寻找现金流潜力良好但交易价格低于其公允价值的公司。</p>
<h2>Bausch Health Companies 投资叙事回顾</h2>
<p>要在今天拥有 Bausch Health，你必须相信公司能够在 Xifaxan 价格压力来临之前，继续修复其资产负债表，同时将其晚期胃肠病学和肝病学管线转化为可持续的现金流。约翰·保尔森的更大持股并未改变核心的短期故事，关键催化剂仍然是减债和管线里程碑的执行，而最大风险仍然是美国医疗保险对 Xifaxan 的潜在降价。</p>
<p>在最近的公告中，计划中的 70 亿美元新票据和定期贷款再融资方案尤为突出，因为它直接针对 Bausch Health 的杠杆问题。对于关注保尔森投资的股东来说，这一再融资努力是管理层降低利息支出并释放更多现金用于产品开发和未来可能收购的实际考验。</p>
<p>然而，在这一改善的资产负债表背景下，尚未解决的医疗保险对 Xifaxan 的定价威胁是投资者应当关注的...</p>
<p>阅读关于 Bausch Health Companies 的完整叙事（免费！）</p>
<p>Bausch Health Companies 的叙事预计到 2028 年收入为 101 亿美元，盈利为 2.644 亿美元。这需要每年收入下降 0.9%，而盈利从今天的 9800 万美元增加约 1.66 亿美元。</p>
<p>揭示 Bausch Health Companies 的预测如何得出 7.08 美元的公允价值，与其当前价格相符。</p>
<h2>探索其他视角</h2>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/e3225d0b-d27b-4165-8df9-4ea78deeabd6/chart/community-fair-value?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/e3225d0b-d27b-4165-8df9-4ea78deeabd6/chart/community-fair-value"/></p>
<p>截至 2025 年 12 月 BHC 社区公允价值</p>
<p>Simply Wall St 社区的五名成员将 Bausch Health 的估值在每股约 7 美元到 69 美元之间，反映出对公司未来的截然不同的看法。在权衡这些意见时，请记住 Bausch Health 对 Xifaxan 和 Salix 部门的高度依赖使得收入风险集中在少数产品上。</p>
<p>探索 Bausch Health Companies 的其他 5 个公允价值估计——为什么该股票可能价值当前价格的 9 倍以上！</p>
<h2>构建你自己的 Bausch Health Companies 叙事</h2>
<p>不同意现有叙事？在 3 分钟内创建你自己的叙事——非凡的投资回报往往不是来自随大流。</p>
<ul>
<li>进行 Bausch Health Companies 研究的一个良好起点是我们的分析，强调 4 个关键回报和 1 个重要警示信号，这可能影响你的投资决策。</li>
<li>我们免费的 Bausch Health Companies 研究报告提供了全面的基本面分析，汇总在一个视觉图中——雪花图，使你能够一目了然地评估 Bausch Health Companies 的整体财务健康。</li>
</ul>
<h2>想要一些替代方案？</h2>
<p>我们的每日扫描揭示了具有突破潜力的股票。不要错过这个机会：</p>
<ul>
<li>特朗普承诺将&#34;释放&#34;美国的石油和天然气，这 22 只美国股票的发展将受益。</li>
<li>揭示财务稳健的便士股票，平衡风险与回报，发现下一个大机会。</li>
<li>这 13 家公司在 COVID 后生存并蓬勃发展，具备在特朗普关税下生存的正确要素。在你的投资组合感受到贸易战压力之前，了解原因。</li>
</ul>
<p><em>本文由 Simply Wall St 撰写，性质一般。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章不意图作为财务建议。</strong> 它不构成买卖任何股票的推荐，也未考虑你的目标或财务状况。我们的目标是为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>

<p>投资者约翰·保尔森（John Paulson）将其在博施健康公司的股份增加了 250 万股，使其总持股达到 7330 万股。这一举动引起了人们对博施健康在资产负债表修复和其胃肠病学及肝病学晚期管线方面努力的关注。公司的再融资方案和潜在的医疗保险定价威胁是投资者关注的关键因素。博施健康预计到 2028 年的收入为 101 亿美元，Simply Wall St 社区对其公允价值的估计各不相同</p>

<ul>
<li>In late November 2025, investor John Paulson increased his holdings in Bausch Health Companies by 2,500,000 shares, bringing his total stake to 73,255,869 shares and making the position a major portion of his portfolio.</li>
<li>This sizeable commitment from a high-profile merger-arbitrage investor has drawn fresh attention to Bausch Health’s balance-sheet repair efforts and late-stage pipeline in gastroenterology, hepatology, and aesthetics.</li>
<li>Next, we’ll examine how Paulson’s larger ownership stake may influence Bausch Health’s investment narrative, particularly its debt reduction and pipeline execution.</li>
</ul>
<div class="lb-trans"><ul>
<li>在 2025 年 11 月底，投资者约翰·保尔森增加了对 Bausch Health Companies 的持股 250 万股，使其总持股达到 73,255,869 股，成为其投资组合中的重要部分。</li>
<li>这位高知名度的并购套利投资者的大额投资引起了人们对 Bausch Health 在资产负债表修复和胃肠病学、肝病学及美容领域晚期管线的关注。</li>
<li>接下来，我们将探讨保尔森更大持股比例可能如何影响 Bausch Health 的投资叙事，特别是其减债和管线执行。</li>
</ul>
</div><p>Find companies with promising cash flow potential yet trading below their fair value.</p>
<div class="lb-trans"><p>寻找现金流潜力良好但交易价格低于其公允价值的公司。</p>
</div><h2>Bausch Health Companies Investment Narrative Recap</h2>
<div class="lb-trans"><h2>Bausch Health Companies 投资叙事回顾</h2>
</div><p>To own Bausch Health today, you have to believe the company can keep repairing its balance sheet while converting its late stage GI and hepatology pipeline into sustainable cash flow before Xifaxan pricing pressure bites. John Paulson’s larger stake does not change the core near term story, where the key catalyst remains execution on debt reduction and pipeline milestones, and the biggest risk is still potential U.S. Medicare price cuts for Xifaxan.</p>
<div class="lb-trans"><p>要在今天拥有 Bausch Health，你必须相信公司能够在 Xifaxan 价格压力来临之前，继续修复其资产负债表，同时将其晚期胃肠病学和肝病学管线转化为可持续的现金流。约翰·保尔森的更大持股并未改变核心的短期故事，关键催化剂仍然是减债和管线里程碑的执行，而最大风险仍然是美国医疗保险对 Xifaxan 的潜在降价。</p>
</div><p>Among recent announcements, the planned US$7.0 billion refinancing package of new notes and a term loan stands out, because it goes straight to the heart of Bausch Health’s leverage problem. For shareholders watching Paulson’s investment, this refinancing effort is a practical test of management’s ability to lower interest expense and free up more cash for product development and possible future acquisitions.</p>
<div class="lb-trans"><p>在最近的公告中，计划中的 70 亿美元新票据和定期贷款再融资方案尤为突出，因为它直接针对 Bausch Health 的杠杆问题。对于关注保尔森投资的股东来说，这一再融资努力是管理层降低利息支出并释放更多现金用于产品开发和未来可能收购的实际考验。</p>
</div><p>Yet against this improving balance sheet picture, the unresolved Medicare pricing threat to Xifaxan is something investors should be aware of...</p>
<div class="lb-trans"><p>然而，在这一改善的资产负债表背景下，尚未解决的医疗保险对 Xifaxan 的定价威胁是投资者应当关注的...</p>
</div><p>Read the full narrative on Bausch Health Companies (it's free!)</p>
<div class="lb-trans"><p>阅读关于 Bausch Health Companies 的完整叙事（免费！）</p>
</div><p>Bausch Health Companies' narrative projects $10.1 billion revenue and $264.4 million earnings by 2028. This requires a 0.9% yearly revenue decline and an earnings increase of about $166 million from $98.0 million today.</p>
<div class="lb-trans"><p>Bausch Health Companies 的叙事预计到 2028 年收入为 101 亿美元，盈利为 2.644 亿美元。这需要每年收入下降 0.9%，而盈利从今天的 9800 万美元增加约 1.66 亿美元。</p>
</div><p>Uncover how Bausch Health Companies' forecasts yield a $7.08 fair value, in line with its current price.</p>
<div class="lb-trans"><p>揭示 Bausch Health Companies 的预测如何得出 7.08 美元的公允价值，与其当前价格相符。</p>
</div><h2>Exploring Other Perspectives</h2>
<div class="lb-trans"><h2>探索其他视角</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/e3225d0b-d27b-4165-8df9-4ea78deeabd6/chart/community-fair-value" alt="" original-src="https://images.simplywall.st/company/e3225d0b-d27b-4165-8df9-4ea78deeabd6/chart/community-fair-value"/></p>
<p>BHC Community Fair Values as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月 BHC 社区公允价值</p>
</div><p>Five members of the Simply Wall St Community value Bausch Health between about US$7 and US$69 per share, reflecting very different views on the company’s future. As you weigh those opinions, remember that Bausch Health’s heavy reliance on Xifaxan and the Salix segment concentrates revenue risk in a small group of products.</p>
<div class="lb-trans"><p>Simply Wall St 社区的五名成员将 Bausch Health 的估值在每股约 7 美元到 69 美元之间，反映出对公司未来的截然不同的看法。在权衡这些意见时，请记住 Bausch Health 对 Xifaxan 和 Salix 部门的高度依赖使得收入风险集中在少数产品上。</p>
</div><p>Explore 5 other fair value estimates on Bausch Health Companies - why the stock might be worth over 9x more than the current price!</p>
<div class="lb-trans"><p>探索 Bausch Health Companies 的其他 5 个公允价值估计——为什么该股票可能价值当前价格的 9 倍以上！</p>
</div><h2>Build Your Own Bausch Health Companies Narrative</h2>
<div class="lb-trans"><h2>构建你自己的 Bausch Health Companies 叙事</h2>
</div><p>Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.</p>
<div class="lb-trans"><p>不同意现有叙事？在 3 分钟内创建你自己的叙事——非凡的投资回报往往不是来自随大流。</p>
</div><ul>
<li>A great starting point for your Bausch Health Companies research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.</li>
<li>Our free Bausch Health Companies research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Bausch Health Companies' overall financial health at a glance.</li>
</ul>
<div class="lb-trans"><ul>
<li>进行 Bausch Health Companies 研究的一个良好起点是我们的分析，强调 4 个关键回报和 1 个重要警示信号，这可能影响你的投资决策。</li>
<li>我们免费的 Bausch Health Companies 研究报告提供了全面的基本面分析，汇总在一个视觉图中——雪花图，使你能够一目了然地评估 Bausch Health Companies 的整体财务健康。</li>
</ul>
</div><h2>Want Some Alternatives?</h2>
<div class="lb-trans"><h2>想要一些替代方案？</h2>
</div><p>Our daily scans reveal stocks with breakout potential. Don't miss this chance:</p>
<div class="lb-trans"><p>我们的每日扫描揭示了具有突破潜力的股票。不要错过这个机会：</p>
</div><ul>
<li>Trump has pledged to &#34;unleash&#34; American oil and gas and these 22 US stocks have developments that are poised to benefit.</li>
<li>Uncover the next big thing with financially sound penny stocks that balance risk and reward.</li>
<li>These 13 companies survived and thrived after COVID and have the right ingredients to survive Trump's tariffs. Discover why before your portfolio feels the trade war pinch.</li>
</ul>
<div class="lb-trans"><ul>
<li>特朗普承诺将&#34;释放&#34;美国的石油和天然气，这 22 只美国股票的发展将受益。</li>
<li>揭示财务稳健的便士股票，平衡风险与回报，发现下一个大机会。</li>
<li>这 13 家公司在 COVID 后生存并蓬勃发展，具备在特朗普关税下生存的正确要素。在你的投资组合感受到贸易战压力之前，了解原因。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>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.</strong> 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.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，性质一般。<strong>我们提供基于历史数据和分析师预测的评论，仅使用无偏见的方法，我们的文章不意图作为财务建议。</strong> 它不构成买卖任何股票的推荐，也未考虑你的目标或财务状况。我们的目标是为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div>

为什么在 John Paulson 加大持股后，Bausch Health（BHC）上涨了 9.1%——接下来会发生什么