The land of Wall Street, where fortunes rise and fall like the tide, has turned its gaze upon Bausch Health. Lombard Odier Asset Management (USA) Corp, a shepherd of capital with a steady hand, has cut its herd by 3,334,000 shares in the third quarter, leaving $22,564,800 behind like a plowshare in dry soil. The filing of November 14, 2025, reads not as a ledger but as a lament-a quiet acknowledgment of shifting tides.
- This reduction, 1.53% of the fund’s reportable U.S. equity assets, is the erosion of a mountain by drops of water.
- The remaining 1,716,000 shares, worth $11,068,200, now sit outside the top five holdings, like a ghost in the machine.
- At 0.74% of AUM, the position has shrunk from a cornerstone to a footnote.
What happened
The SEC filing of November 14 tells a tale of subtraction. Lombard Odier, once a tenant of 3,334,000 shares, now holds 1,716,000. The value of the position, $11.07 million as of September 30, 2025, is a shadow of its former self. The market, ever the fickle lover, has seen its worth dwindle, and the fund has adjusted its course accordingly.
What else to know
Bausch Health now occupies 0.74% of the fund’s reportable assets, a fall from 2.6% the previous quarter. The top holdings, like the constellations in a trader’s sky, shift with the seasons:
- NASDAQ: SLN: $7.12 million (1.9% of AUM)
- NYSE: RSG: $6.99 million (1.86% of AUM)
- NYSE: VZ: $5.01 million (1.34% of AUM)
- NASDAQ: GOOGL: $4.76 million (1.27% of AUM)
- NYSE: RBC: $4.70 million (1.25% of AUM)
As of November 13, 2025, Bausch’s shares traded at $6.62, a 24.6% drop over the past year. The S&P 500, that great benchmark of modern finance, has outpaced it by 40.08 percentage points. The stock’s decline is not merely a number-it is the sound of a bell tolling in the distance.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close 2025-11-13) | $6.62 |
| Market Capitalization | $2.34 billion |
| Revenue (TTM) | $8.26 billion |
| Net Income (TTM) | $362.00 million |
Company Snapshot
Bausch Health Companies Inc. is a titan in the world of healthcare, yet its shadow stretches long over a landscape of pharmaceuticals, medical devices, and consumer goods. Its eye health, gastroenterology, and dermatology divisions are the plows that turn the soil of its revenue. Yet, for all its breadth, the company is a farmer in a drought, dependent on rain that has not come.
The company’s revenue flows from the development, manufacturing, and distribution of drugs-both branded and generic-across the globe. It serves hospitals, clinics, and pharmacies, its reach extending to every corner of the earth. But even the most fertile soil can wither under the weight of debt.
Foolish take
Lombard Odier’s move is not a betrayal but a recalibration. In the world of investing, where the line between faith and folly is thin, the fund has chosen to trim its sails rather than strike them entirely. This is the language of measured men: not panic, but prudence. The reduction suggests that Bausch Health is not doomed, but its days of unbridled optimism are over.
The company’s portfolio is mature, its cash flows steady but not robust. It leans on franchises that were never meant to carry the weight of $2.34 billion in market cap. The Valeant era, with its reckless bets, casts a long shadow. Bausch has tried many strategies, but the question remains: can it generate enough cash to service its debt and its liabilities? The stock price, low as it is, hints at a company with its back against the wall, its options dwindling like the last drops in a canteen.
For investors, the next chapter hinges on Bausch’s ability to breathe without suffocating. Refinancing, cash conversion, and leverage reduction are the tools it must wield. If the company can show that its cash flows are strong enough to ease the burden of its capital structure, the stock may yet rise from the dust. But until then, it remains a relic of a bygone era, waiting for the storm to pass.
Glossary
Asset Management: The stewardship of wealth, a delicate dance between risk and reward.
Stake: A claim to a share, a piece of the pie in a world that gobbles pies whole.
Position: The measure of one’s gamble, the bet laid bare in numbers.
Reportable U.S. equity assets: The visible portion of the iceberg, the part that must be named.
AUM (Assets Under Management): The sum of all bets, the weight of all hopes.
Top holdings: The stars in a fund’s sky, the beacons that guide its course.
Filing: A confession to the gods of regulation, a parchment sealed in fire.
TTM: The past year, a mirror held up to the present.
Branded drugs: The names we trust, the promises we buy.
Generic drugs: The same cure, stripped of its crown.
Therapeutic segments: The fields where medicine sows and reaps.
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2025-12-11 07:19